<PAGE>  1


                                  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, 2003

                                       Or

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

                        Commission File Number 000-49781

                          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.)

318 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 - 1,518,892
shares outstanding as of November 14, 2003.

Transitional Small Business Disclosure Format (check one):
                               ___ Yes   X   No


                                                                        1

<PAGE>  2


                          FIRST SECURITY BANCORP, INC.
TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

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

PART II -OTHER INFORMATION
Item 6.   Exhibits and Reports on Form 8-K


                                                                        2

<PAGE>  3



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

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

<TABLE>
<CAPTION>

<S>                                     <C>                      <C>                    <C>

Assets                                  September 30,             December 31,          September 30,
                                                 2003                     2002                   2002
                                                 ----                     ----                   ----

Cash and due from banks                       $ 5,403                 $  4,744               $  4,706
Federal funds sold                              8,686                    4,069                  1,168
                                           ----------               ----------             ----------
Total cash and cash equivalents                14,089                    8,813                  5,874
Securities available for sale                  38,386                   43,046                 52,335
Loans held for sale                               961                    3,390                  4,172
Loans                                         162,934                  167,458                160,227
Less allowance for loan losses                (2,224)                  (2,459)                (1,675)
                                           ----------               ----------             ----------
Net loans                                     160,710                  164,999                158,552
Federal Home Loan Bank stock                      764                      742                    729
Leasehold improvements, premises
   and equipment, net                           7,635                    7,932                  7,993
Accrued interest receivable                       920                    1,176                  1,164
Other assets                                    1,536                      988                    693
                                          -----------              -----------            -----------
Total Assets                                 $225,001                 $231,086               $231,512
                                          ===========              ===========            ===========
Liabilities and Shareholders' Equity

Liabilities
 Deposits
Non-interest bearing                         $ 21,944                 $ 20,478              $  19,218
Time deposits $100,000 and over                54,203                   50,255                 46,844
Other interest bearing                        111,624                  118,222                120,380
                                         ------------            -------------          -------------
Total Deposits                                187,771                  188,955                186,442
Repurchase agreements and
short-term borrowings                           3,723                    8,211                 11,047
Federal Home Loan Bank advances                13,065                   14,517                 14,271
Accrued interest payable                          509                      578                    608
Other liabilities                                 531                      361                    434
                                         ------------            -------------          -------------
Total Liabilities                           $ 205,599                $ 212,622              $ 212,802
                                         ------------           --------------          -------------


                                                                        3
<PAGE>  4


Shareholders' Equity

Common stock no par value                       8,656                    8,385                  8,385
Paid-in capital                                 8,656                    8,385                  8,385
Retained earnings                               2,006                    1,432                  1,340
Accumulated other comprehensive
   income                                          84                      262                    600
                                          -----------              -----------            -----------
Total Shareholders' Equity                     19,402                   18,464                 18,710
                                          -----------              -----------            -----------
Total Liabilities and Shareholders' Equity   $225,001                 $231,086               $231,512
                                          ===========              ===========            ===========

</TABLE>

                                                                        4

<PAGE>  5


                          First Security Bancorp, Inc.
                  Consolidated Statements of Income (Unaudited)
                      (in thousands, except per share data)

<TABLE>
<CAPTION>

                                            Three Months Ended                    Nine Months Ended
                                                September 30                         September 30
                                            2003               2002               2003               2002
                                            ----               ----               ----               ----
<S>                                      <C>                <C>                <C>               <C>

Interest Income
     Loans, including fees                   $2,513            $2,822             $7,713            $8,365
     Securities- taxable                        152               390                520             1,080
     Securities- nontaxable                      64               138                329               471
     Federal funds sold and other                39                22                 86                51
                                          ---------         ---------          ---------         ---------
                                              2,768             3,372              8,648             9,967
                                          ---------         ---------          ---------         ---------
Interest Expense
     Deposits                                 1,187             1,562              3,785             4,976
     Other                                      146            156                   456               364
                                          ---------         ---------          ---------         ---------
                                              1,333             1,718              4,241             5,340
                                          ---------         ---------          ---------         ---------
Net Interest Income                           1,435             1,654              4,407             4,627
Provision for loan losses                        50               272                519               662
                                          ---------         ---------          ---------         ---------
Net interest income after
     provision for loan loss                  1,385             1,382              3,888             3,965

Non-Interest Income
     Service charges and deposit
         fees                                   162               198                531               459
     Gain on sale of loans                      312               211                907               232
     Gain on sale of securities - net           260               303                603               368
     Other                                       60                58                173               173
                                          ---------          --------           --------          --------
                                                794               770              2,214             1,232
                                          ---------          --------           --------          --------
Non-Interest Expense
     Salaries and employee benefits             880               753              2,570             1,954
     Occupancy and equipment                    290               251                845               705
     Data processing                             86                55                295               186
     Advertising                                 55                62                144               140
     Professional fees                          150                55                464               161
     Taxes other than payroll, property,
       and income                                48                48                128               145
     Other                                      346               251                951               644
                                          ---------         ---------          ---------         ---------
                                              1,855             1,475              5,397             3,935
                                          ---------         ---------          ---------         ---------


Income before income taxes                      324               677                705             1,262

Provision for income taxes                       75               206                131               305


                                                                        5

<PAGE>  6


                                          ---------         ---------          ---------         ---------
Net income                                     $249              $471               $574              $957
                                          =========         =========          =========         =========


Weighted average common shares outstanding:
     Basic                                    1,491             1,456              1,476             1,456
     Diluted                                  1,523             1,521              1,499             1,508

Earnings per share:
     Basic                                     $.17              $.32               $.39              $.66
     Diluted                                   $.16              $.31               $.38              $.63

</TABLE>

                                                                        6


<PAGE>  7


                          First Security Bancorp, Inc.
      Consolidated Statement of Changes In Shareholders' Equity (Unaudited)
                                 (in thousands)
<TABLE>
<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, 2003       1,456    $ 8,385          $ 8,385    $ 1,432          $   262        $ 18,464

Net Income                        -          -                -        574                -             574

Stock warrants exercised         35        172              173                                         345

Stock options exercised          14         99               98                                         197

Net change in unrealized gain (loss)
on securities available for sale, net
of reclassification and tax effects          -                -          -            (178)           (178)

                              -----     ------           ------     ------          -------         -------
Balance September 30, 2003    1,505     $8,656           $8,656     $2,006          $    84         $19,402
                              =====     ======           ======     ======          =======         =======

</TABLE>


                                                                        7


<PAGE>  8


                          First Security Bancorp, Inc.
                      Statements of Cash Flows (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                         Nine Months Ended
                                                                           September 30
                                                                     2003                    2002
                                                                     ----                    ----
<S>                                                                 <C>                <C>    <C>

Cash flows from Operating Activities:
Net income                                                          $   574             $     957
Adjustments to reconcile net income to net
  cash from operating activities
     Depreciation                                                       354                   333
     Amortization of identified intangibles                              10                     6
     Amortization and accretion on available for sale
          securities, net                                               601                   244
     Provision for loan losses                                          519                   662
     Federal Home Loan Bank Stock dividends                            (22)                  (21)
     Gain on sale of securities                                       (603)                 (368)
Gain on sale of mortgage loans                                        (907)                 (232)
     Originations of loans held for sale                           (56,973)              (15,105)
     Proceeds from sale of loans held for sale                       60,309                11,165
     Change in assets and liabilities:
         Accrued interest receivable                                    256                  (31)
         Other assets                                                    97                   199
         Accrued interest payable                                      (69)                 (224)
         Other liabilities                                              170                 (605)
                                                                 ----------            ----------
Net cash from operating activities                                    4,316               (3,020)
                                                                 ----------            ----------
Cash flows from investing activities
     Net change in loans                                              3,195               (8,330)
     Activity in available for sale securities
        Maturities, Calls, and principal repayments                  13,544                 5,889
        Purchases                                                  (16,774)              (54,089)
        Sales                                                         7,634                29,689
     Leasehold improvements and net purchases
         of premises and equipment                                     (57)                 (670)
     Purchases of FHLB Stock                                            ---                 (169)
     Cash paid in acquisition                                           ---                  (67)
                                                                 ----------            ----------
Net cash from investing activities                                    7,542              (27,747)
                                                                 ----------            ----------
Cash flows from financing activities
     Net change in deposits                                         (1,184)                17,698
     Net changes in repurchase agreements                           (4,488)               (1,910)
     Proceeds from Federal Home Loan Bank
         advances                                                       ---                12,500
     Repayments on Federal Home Bank advances                       (1,452)                 (565)
     Stock options and warrants exercised542                                                  ---
                                                                 ----------            ----------
Net cash from financing activities                                  (6,582)                27,723
                                                                 ----------            ----------



                                                                        8

<PAGE>  9


Net change in cash and cash equivalents5,276                        (3,044)

Cash and cash equivalents at beginning of period                      8,813                 8,918
                                                                 ----------            ----------
Cash and cash equivalents at end of period                       $   14,089            $    5,874
                                                                 ==========            ==========
Supplemental Disclosure of Cash Flow Information:
     Cash paid during the period for:
         Interest                                                $    4,310            $    5,564
         Income taxes                                            $      260            $        0

</TABLE>

                                                                        9


<PAGE>  10


                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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, Inc. (the "Bank") conform to accounting principles generally accepted
in the United States of America and to predominant  practices within the banking
industry. The significant policies are described below.

         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.

         Operating  Segments:   Internal  financial   information  is  primarily
recorded and aggregated in two lines of business,  banking and mortgage banking.
While  management  monitors  the  revenue  streams of the various  products  and
services,  the identifiable segments are not material and operations are managed
and financial performance is evaluated on a Company-wide basis. Accordingly, all
financial  service  operations  are  considered  by  management to be aggregated
within one reportable operating segment.

         The accompanying unaudited consolidated financial statements have been
prepared in accordance with the accounting principles generally accepted in the
United States of America for interim financial information and with the
instructions for Form 10-QSB. Accordingly, they do not include all of the
information and footnotes required by accounting principles generally accepted
in the United States of America 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. Where
appropriate, some items in the prior period financial statements have been
reclassified to conform to the current presentation.

         Operating  results for the  three-month  and nine-month  periods ending
September  30, 2003 are not  necessarily  indicative  of the results that may be
expected for the year ended December 31, 2003.

         Compensation   expense  under  Company  stock  option  arrangements  is
reported using the intrinsic value method.  No stock-based  compensation cost is
reflected in net income,  as all options  granted had an exercise price equal to
or  greater  than the market  price of the  underlying  common  stock at date of
grant. The following table illustrates the effect on net income and earnings per
share  if  Accounting   Standards  Board  Statement  No.  123,   Accounting  for
Stock-Based Compensation were followed.

<TABLE>
<CAPTION>

                                            Three Months Ended               Nine Months Ended
                                                 September 30                    September 30
                                          2003            2002              2003               2002
                                       --------         --------          -------            --------
                                                  (in thousands, except for per share data)
<S>                                      <C>            <C>                <C>                <C>

Net income as reported                   $249           $471                $574               $957
Add or (deduct): Stock based
   Compensation expense determined
   under fair market value based


                                                                        10

<PAGE>  11


  method                                   71            (14)                (61)             (273)
                                    ---------        --------           ---------         ---------
Pro forma net income                     $320            $457                $513              $684
                                    =========        ========           =========         =========

Basic earning per share as reported      $.17            $.32                $.39              $.66
Pro forma basic earnings per share       $.22            $.31                $.35              $.47

Diluted earnings per share as reported   $.16            $.31                $.38              $.63
Pro forma diluted earnings per share     $.21            $.30                $.34              $.45

</TABLE>


NOTE 2 - SECURITIES

The amortized cost and fair value of available for sale securities and the
related unrealized holding gains and losses were as follows:
<TABLE>
<CAPTION>


                                            Gross             Gross             Gross
                                            Amortized         Unrealized        Unrealized       Fair
                                            Cost              Gains             Losses           Value
                                            ---------         ----------        -----------      ------
                                                              (in thousands)
Available for Sale
<S>                                        <C>                <C>               <C>             <C>

September 30, 2003
     U. S. Government and
         Federal Agency                     $   7,847         $      30         $        17      $ 7,860
     State and Municipal                        6,701               121                  19        6,803
     Mortgage-backed                           23,711               117                 105       23,723
                                            ---------         ---------         -----------      -------
     Total debt securities                  $  38,259         $     268         $       141      $38,386
                                            =========         =========         ===========      =======

December 31, 2002
     U. S. Government and
         Federal Agency                     $   1,009         $       8         $        --      $ 1,017
     State and Municipal                       14,072               241                  62       14,251
     Mortgage-backed                           27,580               200                   2       27,778
                                            ---------         ---------         -----------      -------
     Total debt securities                  $  42,661         $     449         $        64      $43,046
                                            =========         =========         ===========      =======
</TABLE>



         Securities pledged at September 30, 2003 and year-end 2002 had carrying
amounts of $4.2 million and $4.8 million, respectively, and were pledged to
secure customer repurchase agreements.


                                                                        11
<PAGE>  12


NOTE 3 - LOANS

Loans at September 30, 2003 and December 31, 2002 consisted of the following:

                           September 30, 2003                December 31, 2002
                           ------------------               ------------------
                                              (in thousands)
Commercial                         $   44,898                       $   47,612
Real Estate:
     Commercial                        63,180                           64,325
     Residential                       13,878                           17,871
     Construction                      22,034                           20,664
     Home Equity                       11,406                           10,180
Consumer Credit Card                      841                            1,033
Consumer                                6,697                            5,773
                                   ----------                       ----------
                                   $  162,934                       $  167,458
                                   ==========                       ==========


Changes in the allowance for loan losses were as follows:


                       Three Months Ended                  Nine Months Ended
                           September 30                       September 30
                     2003             2002               2003              2002
                     ----             ----               ----              ----
                                          (in thousands)

Beginning balance   $2,294           $1,526             $2,459           $1,538

Provision               50              272                519              662

Recoveries              93                1                104                5
Loans charged off    (213)            (124)              (858)            (530)
                    ------           ------             ------           ------
Ending balance      $2,224           $1,675             $2,224           $1,675
                    ======           ======             ======           ======


                                                                        12



<PAGE>  13


NOTE 4: EARNINGS PER SHARE

Earnings per share were computed as follows:

<TABLE>
<CAPTION>

                                            Three Months Ended                Nine Months Ended
                                                September 30                     September 30
                                           2003              2002             2003              2002
                                          ------            ------           ------            ------
                                                    (in thousands, except for per share data)
<S>                                        <C>               <C>                  <C>           <C>

Basic
     Net Income                            $  249            $  471               $  574         $  957
     Weighted average common
         shares outstanding                 1,491             1,456                1,476          1,456
Basic earnings per common share            $  .17            $  .32               $  .39         $  .66



Diluted
     Net Income                            $  249            $  471               $  574         $  957
     Weighted average common
         shares outstanding                 1,491             1,456                1,476          1,456

        Add: Dilutive effects of assumed
             exercises of stock warrants
             and options                       32                65                   23             52
                                           ------            ------               ------         ------
        Average shares and dilutive
           potential common shares          1,523             1,521                1,499          1,508
                                           ======            ======               ======         ======

Diluted earnings per common share          $  .16            $  .31               $  .38         $  .63

</TABLE>

Stock options for 62,000 shares of common stock were excluded from the
calculations for the three and nine month periods ended September 30, 2003
because their impact was antidilutive.


NOTE 5 - STOCK OPTIONS

         The Company  maintains a stock option plan whereby certain employees of
the  Company  are  eligible  to receive  incentive  stock  options.  The Plan is
accounted for in accordance with Accounting  Principles  Board Opinion (APB) No.
25,  "Accounting  for Stock Issued to Employees",  and related  interpretations.
Under the Plan, a maximum of 200,000 shares of the Company's common stock may be
issued  through the  exercise  of these  options.  The option  price is the fair
market value of the Company's  shares at the date of the grant.  The options are
exercisable  in five to ten  years  from  the  date of  grant  and  vest  either
immediately or over a five-year period.

         During the first  quarter of 2003 the  Company  awarded  each  external
(non-employee)  member of the Board of Directors one thousand (1,000) options to
purchase  shares of the Company's  common  stock.  These options were granted in
recognition  of  services  to the  Company  in lieu of  directors  fees  for the


                                                                        13

<PAGE>  14


preceding  year and were  established  at an exercise price of $19.55 per share,
which  equaled  the most  recent  market  price of the  stock at the date of the
grant. An aggregate of twenty-two thousand (22,000) options were granted at that
time.

NOTE 6 - ACQUISTION

         On March 15, 2002,  the Bank acquired  certain assets of First Mortgage
Company,  Inc.  ("First  Mortgage")  in  Lexington,   Kentucky.  First  Mortgage
originated  mortgage  loans for sale into the  secondary  market.  The  purchase
agreement included a purchase price of up to $476,000,  $69,000 of which was due
at closing.  The remainder of the purchase price is payable  contingent upon the
earnings of the mortgage  division of the Bank over the next four years.  During
2003, no additional contingent purchase liability has been accrued, based on the
minimum  profitability levels required for such additional  contingent payments.
The  agreement  also  requires  the Bank to enter  into a  four-year  employment
agreement with First  Mortgage's  former  shareholder  and president at a salary
level similar to that of other executives of the Bank.


NOTE 7 - SEVERANCE AGREEMENT

         On July 11, 2003,  the Company's  former  president  (who also held the
position of chairman of the board of directors)  resigned effective September 1,
2003.  Coincident  with the acceptance of his  resignation,  the Company and the
president entered into a termination agreement which provides for a continuation
of salary  and  benefits  for a limited  period in  exchange  for,  among  other
benefits to the Company,  a non-competition  agreement  covering a period of one
year.  The cost to the Company is  approximately  $90,000 and was  recorded as a
liability in the  Company's  financial  statements  in the third quarter of 2003
such that the present value of the contract was expensed  commensurate  with the
signing and effective date of the agreement.

Part I Item 2.

Management's Discussion and Analysis or Plan of Operation

General

         First  Security  Bancorp is a one bank holding  company  that  conducts
business through its wholly-owned subsidiary,  First Security Bank, a commercial
banking  organization  organized under the laws of the Commonwealth of Kentucky.
First  Security  Bank offers a variety of products  and  services  through  four
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.  First  Security  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 available
for sale. The Bank also engages in mortgage banking activities originating loans
for sale in the secondary market.

         On July 11,  2003 the  Company's  former  president  (who also held the
position of chairman of the board of directors) resigned, with an effective date
of September  1, 2003.  The  chairman of the Bank's  Executive  Committee of the
Board was  elected  as the new  Chairman  of the  Board on July 15,  2003 and on
September 3, 2003, the chief financial  officer for the Company was appointed as
the interim  president  of the  Company.  The board of  directors  is  presently
evaluating candidates to for the permanent position of president of the Company.

         The Company has 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


                                                                        14

<PAGE>  15



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 First  Security  Bancorp,  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;  the extent and timing of  legislative
and regulatory actions and reforms; and other factors disclosed  periodically in
the Company's filings with the Securities and Exchange Commission.

         Because  of the risks and  uncertainties  inherent  in  forward-looking
statements,  readers of this  report on Form 10-QSB are  cautioned  not to place
undue  reliance  on such  statements,  whether  included  in this report or made
elsewhere from time to time by the Company or on its behalf. The Company assumes
no obligation to update any forward-looking statements.

Overview

         The mission of First  Security  Bank is to firmly  establish  itself in
Lexington,  Kentucky as a full-service bank providing  traditional  products and
services  typically offered by commercial banks. The Lexington banking market is
highly  competitive with 19 commercial banks and thrift  institutions  currently
serving  the  market.  Most of the banks in  Lexington  are part of larger  bank
holding companies  headquartered outside of the Lexington/Fayette  County market
and Kentucky.  Promoting local  management has proven  effective for the Bank in
attracting customers,  fostering loyalty and establishing and maintaining strong
asset quality.


Results of Operations

Net Income

         Net income for the three months ended  September 30, 2003 was $249,000,
as  compared to  $471,000  for the same period in 2002.  Net income for the nine
month period ended September 30, 2003 was $574,000,  as compared to $957,000 for
the same period in 2002. The decline in net income for both  comparable  periods
resulted  primarily  from  decreases  in net  interest  income and  increases in
non-interest expenses.

         For the nine months ended  September 30, the bank's  provision for loan
losses was $519,000 as compared to $662,000 for the  comparable  period of 2002,
and  $1,472,000  for the  entire  year of 2002.  A  substantial  portion  of the
provision  expense for the current year and 2002 was attributable to two problem
credits  relationships  in the bank. The first was charged off during the second
quarter of 2003. The second  relationship  consists of loans that are considered
to be a troubled  debt  restructuring,  as more fully  discussed  in the section
titled as Allowance and Provision for Loan Losses. In accordance with the Bank's
evaluation of credit risk,  loans to this second borrower have been reserved for
in an amount that  management  believes to be  sufficient  for  probable  losses
incurred in these loans.

Net Interest Income

         The Company's  principal source of revenue is net interest income.  Net
interest income is the difference  between  interest income on  interest-earning
assets,  such as loans and securities,  and the interest  expense on liabilities
used to fund those assets, such as interest-bearing deposits and borrowings. Net
interest  income is impacted by both  changes in the amount and  composition  of
interest-earning  assets  and  interest-bearing  liabilities  as well as  market
interest rates.


                                                                        15


<PAGE>  16


         Net interest income was $1,435,000 for the three months ended September
30, 2003, as compared to $1,654,000 in 2002,  resulting in a decline of $219,000
or 13.24%.  On a year-to-date  basis through  September 30, net interest  income
totaled $4,407,000 for 2003, as compared to $4,627,000 for the comparable period
of 2002, for a decline of $220,000, or 4.75%.

         The  decreases in net  interest  income are  attributable  primarily to
decreases in loan and investment  income caused by the rapid decline in interest
rates starting in 2001.  This decline in the general  interest rate  environment
has been reflected in declining  loan yields  starting in 2001 and continuing to
the present as the adjustable rate loans declined with the market and short term
fixed rate loans have been  renewed or replaced at much lower  rates.  Over this
time  span,  the  bank had  made  substantial  investments  in  mortgage  backed
securities, in the form of investments in mortgage pools, often paying a premium
for the  investments.  As general  interest rates have fallen,  borrowers  whose
mortgage debt was included in the pools,  refinanced  their debt to obtain lower
rates.  This caused these investments to be repaid much faster than anticipated.
With the faster  repayment,  the  premiums on the  investments  were written off
against  investment  income,  causing the yields to decline.  In  addition,  the
proceeds from the repayments were  reinvested  into lower yielding  investments,
including  mortgage  backed  securities,  federal  funds  sold  and  other  U.S.
Government and Agency bonds.

         The decreases in the interest rate  environment  have not resulted in a
correspondingly  large  decrease  in the cost of the Bank's  sources of funding.
That funding is in the form of deposits (primarily  certificates of deposit) and
fixed rate advances from the Federal Home Loan Bank. As general  interest  rates
declined,  customers  sought to lock in higher  rates on their  certificates  of
deposit by extending  maturities.  As a result, the cost savings to the Bank are
essentially  on a delayed  basis,  with the benefits of a falling  interest rate
environment to be realized over the next several quarters,  as the funds reprice
or are replaced.

         During 2002,  the Bank obtained long term  (maturities in excess of one
year) fixed rate advances from the Federal Home Loan Bank in the total amount of
$13.2 million,  at a dollar weighted (or average) interest rate of 3.70%.  These
advances have maturities ranging from May 1, 2004 through January 1, 2008. Other
than a single advance in the amount of $2 million which is due in full on May 1,
2004, all of the advances  obtained in 2002 are being repaid on a monthly basis.
The  aggregate  cost of all  advances  from the  Federal  Home  Loan Bank was at
approximately 4.14% as of September 30, 2003.

         The change in net interest  income is typically  measured by changes in
net  interest  spread  and net  interest  margin.  Net  interest  spread  is the
difference between the average yield on interest-earning  assets and the average
cost of  interest-bearing  liabilities.  Net interest  margin is  determined  by
dividing net interest income by interest-earning assets.

         Net interest  margin was 2.65% for the three months ended September 30,
2003, as compared to 3.08% for the same period in 2002. The net interest  margin
for the third quarter of 2003 declined  slightly from the 2.76% and 2.79% levels
for the second and first quarters of 2003, respectively. The net interest margin
for the nine month  period  ended  September  30,  2003 was 2.72% as compared to
3.01% for the comparable period in 2002.

         Net interest  spread was 2.00% for the three months ended September 30,
2003, as compared to  approximately  2.25% for the same period in 2002.  The net
interest  spread for the third quarter of 2003 improved  slightly from the 1.97%
and 1.94% levels for the second and first  quarters of 2003,  respectively.  Net
interest  spread  increased  during  the  quarter  as a result of rates  paid on
deposits  decreasing  faster than the  decrease  in yields on  interest  bearing
assets.

Non-Interest Income and Expenses

         Non-interest income is made up of several income categories,  including
service charges and deposit, gain on sale of loans, gains on sale of securities,
and other fees.  Non-interest  income increased to


                                                                        16

<PAGE>  17



$794,000 for the three months ended  September 30, 2003, as compared to $770,000
earned in the same period in 2002. On a year-to-date basis,  non-interest income
increased  to  $2,214,000  from  $1,232,000  for the same  period  in 2002.  The
increase in  non-interest  income for both the current  quarter and year to date
periods  is  primarily  attributable  to  increases  in  gains  from the sale of
mortgage loans and securities.

         Total non-interest expense increased to $1,855,000 for the three months
ended  September 30, 2003 as compared to $1,475,000 for the same period in 2002.
On a year-to-date  basis, total non-interest  expense increased to $5,397,000 as
compared to $3,935,000 for the same period in 2002. The increase in non-interest
expense for these comparable  periods is primarily  attributable to increases in
salaries and benefits  and  occupancy  and  equipment  expenses  relating to the
operation of the Bank's mortgage  banking division (see Note 6) and increases in
legal and professional fees relating to strategic planning matters.

         Salaries and benefits  increased to $880,000 for the three months ended
September  30, 2003 as compared  to $753,000  for the same period in 2002.  On a
year-to-date basis, salaries and benefits increased to $2,570,000 as compared to
$1,954,000  for the same  period  in 2002.  Included  in these  amounts  for the
quarter and year to date periods is the cost of the  severance  expenses paid to
the  Company's  former  president  in the  approximate  amount  of  $90,000.  As
previously  noted,  the primary cause of this increase is the cost of additional
staff in the mortgage  banking  division,  which was started in May,  2002.  The
number of full-time  equivalent  employees at  September  30, 2003 was 61.5,  as
compared to 59 at September 30, 2002 and 56.5 at December 31, 2002. The increase
in staffing levels is a result of the continued  expansion of customer  services
and the acquisition of First Mortgage (see Note 6).

         Occupancy and equipment  expenses totaled $290,000 for the three months
ended  September  30, 2003, as compared to $251,000 for the same period in 2002.
On a year-to-date basis,  occupancy and equipment expenses totaled $845,000,  as
compared to $705,000 for the same period in 2002.  These higher expenses reflect
the full year operation of the mortgage banking offices.

Financial Condition

         Total assets decreased slightly during the quarter, from $232.9 million
at June 30, 2003 to $225.0  million at  September  30, 2003.  On a  year-to-date
basis,  total assets  decreased  slightly from the $231.1  million  amount as of
December  31,  2002.  The  decreases  were  primarily  in loans  and  investment
securities.

         Earning assets before deduction for the allowance for loan losses as of
September 30, 2003 were $210.9  million,  as compared to $212.3  million at June
30, 2003 and $218.7  million at December 31, 2002.  The decline is  attributable
primarily to lower  amounts of loans and  investment  securities.  For the three
month and nine month periods ended  September 30, 2003,  average  earning assets
totaled $215.3 million and $216.5 million, respectively.

Investment Securities

         First  Security  Bank's  investment  portfolio  consists  primarily  of
mortgage  backed bonds and state and  municipal  bonds.  The  amortized  cost of
investment  securities increased from $36.8 million as of June 30, 2003 to $38.3
million at September 30, 2003.  During the quarter ended September 30, 2003, the
investment portfolio composition was adjusted through both normal repayments and
sales and reinvestments to reduce long term  investments,  particularly in fixed
rate  municipal  bonds.  The  shortening  of the  duration of the  portfolio  is
expected to result in benefit to the Bank as the general  interest  rate markets
increase over the coming year.

Loans

         Loans,  net of the  allowance for loan losses,  decreased  $1.7 million
during the quarter from $162.4  million as of June 30, 2003 to $160.7 million as
of September  30, 2003.  For the nine month  period  ended


                                                                        17

<PAGE>  18


September 30, 2003,  loans,  net of the allowance for loan losses,  decreased by
$4.3  million,  from $165  million at December  31,  2002 to the $160.7  million
balance at  September  30,  2003.  The decline  for the nine month  period was a
result of several large commercial repayments in the first quarter of 2003. Most
of these repayments were expected.

         As of December 31, 2002 and throughout 2003,  approximately  67% of the
Bank's loan portfolio was in loans to commercial  businesses and commercial real
estate borrowers.  Loans in the consumer sector of the portfolio, which includes
consumer mortgage and other consumer loans,  comprised  approximately 33% of the
portfolio as of the end of both periods. The Bank desires increased  penetration
within the consumer  loan market and believes  its new branch  locations  should
help build new customer relationships.

Allowance and Provision for Loan Losses

         The  provision  for  loan  losses  for the  three  month  period  ended
September  30,  2003 and 2002,  respectively,  was  $50,000  and  $272,000.  The
provision for the nine month  year-to-date  periods ended September 30, 2003 and
2002 was $519,000 and $662,000, respectively. Net loans charged off for the nine
month periods ended September 30, 2003 and 2002, respectively,  was $754,000 and
$525,000.  Included  in the  net  loan  charge-offs  in 2003  was  approximately
$418,000  relating to one customer.  In addition to that charge off of $418,000,
the Bank recognized a loss of $100,000 on the disposition of collateral  pledged
by that  customer.  The allowance for loan losses to total loans was 1.36% as of
September  30,  2003 as  compared  to 1.47% at  December  31,  2002 and 1.05% at
September 30, 2002.

         The level of non-performing assets is an important element in assessing
asset  quality  and  the  relevant   risk  in  the  Bank's   credit   portfolio.
Non-performing  assets include  non-accrual  loans,  loans delinquent 90 days or
more,  restructured  loans  and  repossessed  assets.  Loans are  classified  as
non-accrual  when  management  believes that collection of interest is doubtful,
but for which principal is considered collectible. A loan is defined as impaired
when full payment under the terms is not expected.  Impaired  loans also include
troubled debt restructurings.  Impairment is evaluated on an aggregate basis for
smaller  balance  loans of  similar  nature  such as  residential  mortgage  and
consumer loans, and on an individual basis for larger balance  commercial loans.
The Bank's  policy is to charge off all or a portion  of an  impaired  loan upon
determination that it is probable the full amount will not be collected.

         As of September 30, 2003, nonperforming assets totaled $4.3 million, as
compared to $4.6 million as of June 30, 2003, $6.0 million at March 31, 2003 and
$6.7  million at December  31, 2002.  Non-performing  assets as a percentage  of
total loans was 2.66% at September  30,  2003,  as compared to 2.80% at June 30,
2003,  3.77% at March 31,  2003 and 3.97% at  December  31,  2002.  Included  in
nonperforming  assets at September 30, 2003 was  repossessed  real estate in the
amount  of  $575,000.  This  consisted  of three  properties,  each of which was
evaluated  by  management  at the time they were  acquired,  and recorded on the
Bank's books at the related loan balance or fair value, whichever was lower. The
decreases in the levels of nonperforming  assets were due to an increased effort
by management to identify  problem  credits,  to charge off credits deemed to be
uncollectible and to enforce collection on delinquent loans.

         Included in  non-performing  assets are loans that are considered to be
troubled debt restructurings in the amount of approximately $3.3 million.  These
loans to a  troubled  franchise  restaurant  operator  were  restructured  as of
December  31, 2002 in an effort by the Bank to gain  additional  security in the
form of cash,  liens  on  business  assets  and  certain  franchise  rights  and
mortgages. However, there can be no assurance as to the value of such additional
collateral,  nor assurance as to the immunity of the Bank's security position in
the event of a bankruptcy proceeding involving such borrower.

         The allowance for loan losses is regularly  evaluated by management and
reported monthly to the Board of Directors.  Management  maintains the allowance
for loan  losses at a level  believed to be  sufficient  for  probable  incurred
losses in the  portfolio  at a point in time.  Management's  allowance  for


                                                                        18

<PAGE>  19


loan losses  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  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.

         During the second half of 2002, in an effort to improve its  collection
process and loan review, the Bank hired a Chief Credit Officer, a Credit Manager
and an independent  consultant to perform  review of loans.  As a result of this
increased  attention and increased effort to analyze credit risk and collateral,
a few loans have  received a downgrade on their risk ratings.  These  downgrades
have led to additional  provisions to the allowance for loan losses.  Management
believes this process has been effective and that no further provisions for loan
losses  related to these  loans are  necessary  based on  information  currently
available.

         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 highest quality, above average, average, low average,
watch, substandard, doubtful, and loss. Loans graded watch or worse also include
loans  severely  past-due  and those not  accruing  interest.  Specific  reserve
allocations  are  calculated  for  individual  loans  having been graded  watch,
substandard,  doubtful, and loss based on the specific estimated  collectability
(and by reference,  estimated inherent risk of loss) of each loan. The aggregate
of the  estimated  inherent risk of loss then becomes a portion of the allowance
for loan losses to be specifically  allocated to that loan.  These  calculations
are referred to as specific allocations.

         For loans not individually graded watch, substandard, doubtful or loss,
an  estimated  loss factor is  calculated  and applied to each  category,  after
reducing the category  amounts for cash  equivalent  collateral held by the bank
(such as  certificates of deposit issued by the bank and held as collateral) and
guaranties  from the  federal  government  (such as SBA  guaranties).  A general
allowance  allocation is computed using totals of each loan grading category (as
adjusted)  multiplied  by an  estimated  loss  factor  applied  to each  grading
category.  The sum of the calculation for each grading  category  represents the
general  allowance.  These loss factors are typically  developed over time using
actual loss experience adjusted for the various factors discussed above.

         The  sum  of  the  specific  allocations  and  the  general  allocation
represents  management's best estimate of the probable incurred losses contained
in the loan portfolio at the measurement date.

         Management believes the allowance for loan losses at September 30, 2003
was adequate.  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.


Deposits and Other Borrowings

         The deposit base provides the major funding source for earning  assets.
Total deposits decreased by $1.2 million from December 31, 2002 to September 30,
2003.  Non-interest  bearing demand deposits  increased as a percentage of total
deposits from 10.8% as of December 31, 2002, to 11.7% as of September 30, 2003.

         The table below  illustrates  our  deposits by major  categories  as of
September 30, 2003 and December 31, 2002:

DEPOSITS


                                                                        19

<PAGE>  20


                                          September 30,             December 31
                                                 2003                   2002
                                                 ----                   ----
                                                       (in thousands)

Interest-bearing demand deposits              $  19,969                $ 19,472

Savings deposits                                 21,834                  20,634

Time deposits less than $100,000                 69,821                  78,116

Time deposits $100,000 and over                  54,203                  50,255
                                              ---------                --------

         Total interest-bearing deposits        165,827                 168,477

         Total non-interest-bearing deposits     21,944                  20,478
                                              ---------                --------
                  Total                        $187,771                $188,955
                                              =========                ========

Liquidity

         Liquidity  management  is the process by which  management  attempts to
ensure that adequate liquid funds are available to meet financial commitments on
a timely basis.  These commitments  include  withdrawals by depositors,  funding
credit  obligations  to  borrowers,  servicing  long-term  obligations,   paying
operating  expenses,   funding  capital  expenditures  and  maintaining  reserve
requirements.  Liquidity is monitored closely by the Asset/Liability  Management
Committee of the First Security Bank Board of Directors, which monitors interest
rates and  liquidity  risk while  implementing  appropriate  funding and balance
sheet strategies.

         The Bank has  established a limited  number of alternative or secondary
sources to provide  additional  liquidity  and  funding  sources  when needed to
support lending activity or other liquidity  needs.  These  alternative  funding
sources  currently  include  unsecured  federal  funds lines of credit from five
correspondent  banks aggregating  approximately  $22.5 million and a $20 million
secured  line of credit with the  Federal  Home Loan Bank of  Cincinnati,  which
allows  First  Security  Bank  to  borrow  based  on  the  level  of  qualifying
residential  loans  which serve as  collateral  for this type of  borrowing.  At
September 30, 2003, First Security Bank could borrow an additional $26.6 million
based on available lines.

         The Bank had total other  borrowings  of $16.8  million as of September
30, 2003 as compared to $22.7  million as of December  31, 2002.  Borrowings  at
September  30, 2003 were in the form of customer  repurchase  agreements  in the
amount of $3.7  million,  and Federal  Home Loan Bank  advances in the amount of
$13.1  million.  Customer  repurchase  agreements are deemed to be short term in
nature.  The Federal  Home Loan Bank  Advances  consist of nine  advances,  with
maturities  ranging from May 28, 2004 through  December 1, 2016.  The  aggregate
repayment requirement on these advances is as follows:

                                            Amount
         Repayment Terms               (in thousands)
         ---------------               --------------
         0 - 1 Year                          $  4,245
         1 - 2 Years                            3,491
         2 - 3 Years                              510
         3 - 4 Years                              436
         5 Years and beyond                     4,383
                                             --------


                                                                        20

<PAGE>  21


         Total                                $13,065
                                             ========

         The need for future borrowing arrangements above current levels will be
evaluated by management with consideration  given to the growth prospects of the
loan portfolio,  liquidity needs, costs 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

         Total shareholders'  equity as of September 30, 2003 increased to $19.4
million or 8.62% of assets from $18.5  million or 8.00% of assets as of December
31, 2002.  Of the $900,000  increase,  $542,000  represented  proceeds  from the
exercise of stock options and warrants.

         Regulatory  agencies  measure capital  adequacy within a framework that
makes capital  requirements,  in part, dependent on the individual risk profiles
of financial  institutions.  These  measurements of "risk based capital" include
equity  capital,  the allowance for loan losses in the capital base,  and assess
risk levels to various assets,  depending upon their individual risk assignment.
These capital  measurements are referred to as tier 1 capital,  tier two capital
and total capital.

         The  Company and the Bank exceed the  regulatory  requirements  for all
three  capital  ratios.  First  Security  Bancorp  intends to maintain a capital
position that meets or exceeds the "well-capitalized" requirements as defined by
these  regulations by exploring  opportunities  to raise new capital or moderate
its growth rate at levels sustaining a well capitalized position.

         In addition to capital regulations, state banking regulations may limit
the Bank's ability to pay dividends to the Company without prior approval. Under
these  regulations,  the Bank may pay dividends in any calendar year only to the
extent of current  year's  net  profits  plus the  retained  net  profits of the
preceding  two years and not in excess of the balance of retained  earnings then
on  hand.  The  Company  also  has  regulatory  limits  on  dividends,  but less
restrictive.  The Company does not anticipate  paying  dividends to shareholders
for the next several years as any earnings generated will be retained to support
future growth opportunities.

Part I.  Item 3.

Controls and Procedures

         Company  management has evaluated,  with the participation of the Chief
Executive  Officer and the Chief Financial  Officer,  the  effectiveness  of the
Company's  disclosure  controls  and  procedures  as of the  end of the  quarter
covered by the report. Based on the evaluation,  the Chief Executive Officer and
the Chief  Financial  Officer have concluded  that the  disclosure  controls and
procedures  were  effective as of the end of the quarter,  in ensuring  that all
material information required to be filed in this quarterly report has been made
known to them in a timely fashion.

         No change in the Company's  internal  control over financial  reporting
was  identified  in connection  with the  evaluation  that  occurred  during the
quarter ended  September 30, 2003, that  materially  affected,  or is reasonably
likely to materially  affect,  the  Company's  internal  control over  financial
reporting.


Part II - Other Information


                                                                        21

<PAGE>  22


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 or furnished as a part of this report.

        (b)   Reports on Form 8-K

              A  report  on Form  8-K  dated  July  11,  2003  was  filed by the
              registrant reporting under Item 5 the press release announcing the
              resignation effective September 1, 2003 of the Company's President
              and Chief Executive Officer, John S. Shropshire.

              A  report  on Form  8-K  dated  July  28,  2003  was  filed by the
              registrant  reporting  under  Item  5 the  announcement  that  Len
              Aldridge had been elected as Chairman of the Board of Directors.

              A report on Form 8-K dated  August  6, 2003 was  furnished  by the
              registrant  on August 18, 2003,  to furnish,  pursuant to Item 12,
              the registrant's  earnings release for the quarter ending June 30,
              2003.

              A report  on Form 8-K  dated  September  9,  2003 was filed by the
              registrant reporting under Item 5 the press release announcing the
              appointment  of John G.  Sullivan as interim  President  and Chief
              Executive  Officer of the  Company,  and Andrew C. Hils as interim
              President and Chief  Executive  Officer of First  Security Bank of
              Lexington, Inc.

              A report  on Form 8-K  dated  October  28,  2003 was  filed by the
              registrant on October 28, 2003, and amended by Form 8-K/A filed on
              November  14,  2003,   to  furnish,   pursuant  to  Item  12,  the
              registrant's earnings release for the quarter ending September 30,
              2003.

              A report on Form 8-K dated  November 10, 2003 was furnished by the
              registrant on November 13, 2003, to furnish,  pursuant to Item 12,
              the  registrant's  message to  shareholders  which  discussed  its
              financial results for the quarter ended September 30, 2003.


                                                                        22


<PAGE>  23


                                   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.

                            By: /s/ John G. Sullivan
Date:  November 14, 2003

                            _____________________________________________
                            John G. Sullivan
                            Interim President and Chief Executive Officer


                            By: /s/ John G. Sullivan
Date:  November 14, 2003

                            ____________________________________________________
                            John G. Sullivan
                            Chief Financial Officer and Executive Vice-President


                                                                        23


<PAGE>  24


                                    EXHIBITS


Exhibit 10.       Severance Agreement for John S. Shropshire (incorporated by
                  reference to Exhibit 10.2 of the Form 10-Q for the quarter
                  ended June 30, 2003, of First Security Bancorp, Inc.,
                  Commission File No. 000-49781).

Exhibit 11.       Statement regarding computation of Per Share Earnings in
                  the Notes to Consolidated Financial Statements in Part 1 of
                  this Report for such computation (see Note 4 "Earnings Per
                  Share").

Exhibit 31.       Certifications Pursuant to Section 302 of the Sarbanes-Oxley
                  Act of 2002.

Exhibit 32.1.     Certification of Principal Executive Officer Pursuant to
                  18 U.S.C. Section 1350, As Adopted Pursuant to Section 906
                  of the Sarbanes-Oxley Act of 2002.

Exhibit 32.2      Certification of Principal Financial Officer Pursuant to
                  18 U.S.C. Section 1350, As Adopted Pursuant to Section 906
                  of the Sarbanes-Oxley Act of 2002.


                                                                        24