<PAGE>
<PAGE>
                           FORM 10-QSB

                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

(Mark One)

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

For the quarterly period ended March 31, 1999
                                       --------------
                               OR

  [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
        OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to _______

Commission File Number: No. 1-13904

               KENTUCKY FIRST BANCORP, INC.
________________________________________________________________
    (Exact name of registrant as specified in its charter)
 

        Delaware                              61-1281483
-------------------------------          -------------------
(State of other jurisdiction of          (I.R.S. Employer
incorporation or organization)           Identification Number)


306 N. Main Street
Cynthiana, Kentucky                                 41031
-----------------------------------------        -----------
(Address of principal executive office)          (Zip Code)


Issuer's telephone number, including area code:(606)234-1440
                                               -------------

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

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

As of May 6, 1999, the latest practicable date, 1,188,914 shares
of the registrant's common stock, $.01 par value, were issued
and outstanding.

Transitional small business disclosure format (check one):

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

                         Page 1 of 19 pages<PAGE>
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                                 INDEX

                                                           Page
                                                           ----

PART I

ITEM 1  - FINANCIAL INFORMATION

          Consolidated Statements of Financial Condition    3

          Consolidated Statements of Earnings               4

          Consolidated Statements of Comprehensive Income   5

          Consolidated Statements of Cash Flows             6

          Notes to Consolidated Financial Statements        8

ITEM II   MANAGEMENT'S DISCUSSION AND ANALYSIS OR
          PLAN OF OPERATIONS                                11

PART II - OTHER INFORMATION                                 18

SIGNATURES                                                  19

                                 2


<PAGE>
<PAGE>
ITEM 1  FINANCIAL STATEMENTS

                       KENTUCKY FIRST BANCORP, INC.

              CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                      (In thousands, except share data)
<TABLE>
<CAPTION>
                                                          MARCH 31,     JUNE 30,
                                                            1999          1998
                                                        ------------   ----------
     ASSETS
<S>                                                      <C>           <C>
Cash and due from banks                                    $   688    $   522
Interest-bearing deposits in other financial 
  institutions                                               1,793      1,435
                                                           -------    -------
     Total cash and cash equivalents                         2,481      1,957

Investment securities available for sale - at market         5,962      4,607
Investment securities held to maturity - at amortized cost,  
  approximate market value of $1,685 and $5,211 as of 
  March 31, 1999 and June 30, 1998                           1,630      5,162
Mortgage-backed securities available for sale - at market    6,915      3,213
Mortgage-backed securities held to maturity - at 
  amortized cost,  approximate market value of $10,885 
  and $14,797 as of March 31, 1999 and June 30, 1998        10,775     14,680
Loans receivable - net                                      47,446     48,801
Office premises and equipment - at depreciated cost          1,301      1,356
Federal Home Loan Bank stock - at cost                       1,191      1,130
Accrued interest receivable                                    447        492
Prepaid expenses and other assets                              462        460
Prepaid federal income taxes                                   200        144
Deferred federal income tax assets                              63         44
                                                           -------    -------
     Total assets                                          $78,873    $82,046
                                                           =======    =======

     LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                   $57,588    $56,566
Advances from the Federal Home Loan Bank                     6,506     10,412
Accrued interest payable                                        93        117
Other liabilities                                              790        543
                                                           -------    -------
     Total liabilities                                      64,977     67,638

Shareholders' equity
  Preferred stock - authorized 500,000 shares of 
    $.01 par value; no shares issued                             -          -
  Common stock, authorized 3,000,000 shares of 
    $.01 par value;    1,388,625 shares issued                  14         14
  Additional paid-in capital                                 9,272      9,291
  Retained earnings - restricted                             8,365      8,144
  Less shares acquired by stock benefit plans               (1,249)    (1,249)
  Less 194,411 and 147,520 shares of treasury 
      stock - at cost                                       (2,541)    (1,883)
  Unrealized gains on securities designated as available 
      for sale, net of related tax effects                      35         91
                                                           -------    -------
     Total shareholders' equity                             13,896     14,408
                                                           -------    -------

     Total liabilities and shareholders' equity            $78,873    $82,046
                                                           =======    =======

</TABLE>
                               3<PAGE>
<PAGE>
                    KENTUCKY FIRST BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF EARNINGS
                  (In thousands, except share data)

<TABLE>
<CAPTION>
                                          NINE MONTHS ENDED        THREE MONTHS ENDED
                                               MARCH 31,                MARCH 31,
                                         ---------------------    --------------------
                                            1999        1998        1999        1998  
                                         ----------  ---------    --------    --------
<S>                                      <C>         <C>          <C>          <C>
Interest income
  Loans                                   $2,950      $3,083       $  962       $1,024
  Mortgage-backed securities                 825         980          267          316
  Investment securities                      415         609          142          186
  Interest-bearing deposits and other         93          72           39           24
                                          ------      ------       ------       ------
           Total interest income           4,283       4,744        1,410        1,550

Interest expense                                     
  Deposits                                 1,839       1,837          585          613
  Borrowings                                 306         697           84          194
                                          ------      ------       ------       ------
     Total interest expense                2,145       2,534          669          807
                                          ------      ------       ------       ------

     Net interest income                   2,138       2,210          741          743

Provision for losses on loans                 23          25            8            7
                                          ------      ------       ------       ------
     Net interest income after 
       provision for losses on loans       2,115       2,185          733          736

Other income
  Gain on investment securities 
    transactions                               5          16            -            -
  Service charges                             98          96           33           31
  Other operating                             37          31           18           12
                                          ------      ------       ------       ------
     Total other income                      140         143           51           43

General, administrative and other expense
  Employee compensation and benefits         778         745          260          237
  Occupancy and equipment                    132         110           49           37
  Federal deposit insurance premiums          25          26            8            9
  Data processing                             97          96           34           33
  Other operating                            316         298          112           97
                                          ------      ------       ------       ------
     Total general, administrative and 
       other expense                       1,348       1,275          463          413
                                          ------      ------       ------       ------
     Earnings before income taxes            907       1,053          321          366

Federal income taxes
  Current                                    246         337          107          130
  Deferred                                    15          (4)         (14)         (10)
                                          ------      ------       ------       ------
     Total federal income taxes              261         333           93          120
                                          ------      ------       ------       ------
     NET EARNINGS                         $  646      $  720       $  228       $  246
                                          ======      ======       ======       ======
     EARNINGS PER SHARE
       Basic                              $  .57      $  .60       $  .20       $  .21
                                          ======      ======       ======       ======

       Diluted                            $  .55      $  .58       $  .20       $  .20
                                          ======      ======       ======       ======
</TABLE>
                                  4
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<PAGE>
                    KENTUCKY FIRST BANCORP, INC.
                                  
          CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

<TABLE>
<CAPTION>
                                           NINE MONTHS ENDED        THREE MONTHS ENDED
                                               MARCH 31,                 MARCH 31,
                                         ---------------------    --------------------
                                            1999        1998        1999        1998  
                                         ----------  ---------    --------    --------
<S>                                      <C>         <C>          <C>          <C>
Net earnings                             $  646      $ 720        $  228       $  246
Other comprehensive income, net of tax:                              
    Unrealized holding gains (losses) 
      on securities during the period       (56)        35           (49)         (33)
  Reclassification adjustment for 
      realized gains included 
      in earnings                             -         (3)            -            - 
                                         ------     ------        ------       ------
Comprehensive income                     $  590     $  752        $  179       $  213
                                         ======     ======        ======       ======
                                 
</TABLE>
                             5<PAGE>
<PAGE>
                    KENTUCKY FIRST BANCORP, INC.
                                  
                CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  
                  For the nine months ended March 31,
                              (In thousands)
<TABLE>
<CAPTION>
                                                             1999          1998
<S>                                                         <C>          <C>
Cash flows from operating activities:
  Net earnings for the period                                $  646     $    720
  Adjustments to reconcile net earnings to net cash 
  provided by (used in) operating activities:
    Amortization of discounts and premiums on loans,               
      investments and mortgage-backed securities - net          (10)         (31)
    Depreciation and amortization                                68           41
    Amortization of deferred loan origination fees              (22)         (22)
    Provision for losses on loans                                23           25
    Amortization of expense related to stock benefit plans      211          226
    Gain on investment securities transactions                   (5)         (16)
    Federal Home Loan Bank stock dividends                      (61)         (58)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                46          169
      Prepaid expenses and other assets                          10          (36)
      Accrued interest payable                                  (24)         (27)
      Other liabilities                                          10          (32)
      Federal income taxes
        Current                                                 (62)         (10)
        Deferred                                                 15           (4)
                                                            -------     --------
           Net cash provided by operating activities            845          945

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities             6,560        6,463
  Proceeds from sale of investment securities                     -          155
  Purchase of investment securities designated as 
    available for sale                                       (4,374)      (1,810)
  Purchase of mortgage-backed securities designated as 
    available for sale                                       (3,975)           -   
  Principal repayments on mortgage-backed securities          4,097        2,297
  Purchase of loans                                          (1,938)           -   
  Loan principal repayments                                  11,661        8,175
  Loan disbursements                                         (8,355)      (8,526)
  Purchase of office premises and equipment                     (12)         (13)
                                                            -------     --------
           Net cash provided by investing activities          3,664        6,741

Cash flows provided by (used in) financing activities:
  Net increase in deposits                                    1,022          776
  Proceeds from Federal Home Loan Bank advances               4,900       17,400
  Repayment of Federal Home Loan Bank advances               (8,806)     (24,606)
  Purchase of treasury stock                                   (767)      (1,124)
  Proceeds from exercise of stock options                        90           34
  Dividends on common stock                                    (424)        (455)
                                                            -------     --------
           Net cash used in financing activities             (3,985)      (7,975)
                                                            -------     --------

Net increase (decrease) in cash and cash equivalents            524         (289)

Cash and cash equivalents at beginning of period              1,957        1,267
                                                            -------     --------
Cash and cash equivalents at end of period                  $ 2,481     $    978
                                                            =======     ========
</TABLE>


                                  6
<PAGE>
<PAGE>

                    KENTUCKY FIRST BANCORP, INC.
          CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
                                  
               For the nine months ended March 31,
                         (In thousands)

<TABLE>
<CAPTION>

                                                            1999         1998
<S>                                                        <C>           <C>
Supplemental disclosure of cash flow information: 
 Cash paid during the period for: 
   Federal income taxes                                    $  308         $  356
                                                           ======         ======
   Interest on deposits and borrowings                     $2,169         $2,561
                                                           ======         ======
Supplemental disclosure of noncash investing activities: 
 Unrealized gains (losses) on securities designated as 
    available for sale, net of related tax effects         $  (56)        $   32 
                                                           ======         ======
</TABLE>
                                  7
<PAGE>
<PAGE>
             KENTUCKY FIRST BANCORP, INC.

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the nine and three months ended March 31, 1999 and 1998

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

The accompanying unaudited consolidated financial statements
were prepared in accordance with instructions for Form 10-QSB
and, therefore, do not include information or footnotes
necessary for a complete presentation of consolidated
financial position, results of operations and cash flows in
conformity with generally accepted accounting principles. 
Accordingly, these financial statements should be read in
conjunction with the consolidated financial statements and
notes thereto of Kentucky First Bancorp, Inc. (the
"Corporation") included in the Annual Report on Form 10-KSB
for the year ended June 30, 1998.  However, in the opinion of
management, all adjustments (consisting of only normal
recurring accruals) which are necessary for a fair
presentation of the financial statements have been included. 
The results of operations for the nine and three month periods
ended March 31, 1999 are not necessarily indicative of the
results which may be expected for an entire fiscal year.
  
2.    Principles of Consolidation
      ---------------------------
  
The accompanying consolidated financial statements include the
accounts of the Corporation and First Federal Savings Bank
(the "Savings Bank").  All significant intercompany items have
been eliminated.
  
3.    Earnings Per Share
      ------------------
  
Basic earnings per share is computed based upon the weighted-
average shares outstanding during the period, less shares in
the ESOP that are unallocated and not committed to be
released.  Weighted-average common shares deemed outstanding,
which gives effect to 80,153 unallocated ESOP shares, totaled
1,128,014 and 1,117,063, for the nine and three month periods
ended March 31, 1999.  Weighted-average common shares deemed
outstanding, which gives effect to 92,574 unallocated ESOP
shares, totaled 1,201,948 and 1,179,002 for the nine and three
month periods ended March 31, 1998.  
  
Diluted earnings per share is computed taking into
consideration common shares outstanding and dilutive potential
common shares to be issued under the Corporation's stock
option plan.  Weighted-average common shares deemed
outstanding for purposes of computing diluted earnings per
share totaled 1,170,357 and 1,154,631 for the nine and three
month periods ended March 31, 1999 and totaled 1,249,791 and
1,230,924 for the nine and three month periods ended March 31,
1998, respectively.
  
4.    Effects of Recent Accounting Pronouncements
      -------------------------------------------
  
In June 1997, the Financial Accounting Standards Board ( the
"FASB") issued SFAS No. 130, "Reporting Comprehensive Income." 
SFAS No. 130 establishes standards for reporting and display
of comprehensive income and its components (revenues,
expenses, gains and losses) in a full set of general-purpose
financial statements.  SFAS No. 130 requires that all items
that

  
                           8<PAGE>
<PAGE>
            KENTUCKY FIRST BANCORP, INC.
                          
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                          
 For the nine and three months ended March 31, 1999 and 1998
  
  
4.   Effects of Recent Accounting Pronouncements (continued)
     -------------------------------------------
  
are required to be recognized under accounting standards as
components of comprehensive income be reported in a financial
statement that is displayed with the same prominence as other
financial statements.  It does not require a specific format
for that financial statement but requires that an enterprise
display an amount representing total comprehensive income for
the period in that financial statement.
 
SFAS No. 130 requires that an enterprise (a) classify items of
other comprehensive income by their nature in a financial
statement and (b) display the accumulated balance of other
comprehensive income separately from retained earnings and
additional paid-in capital.  SFAS No. 130 is effective for
fiscal years beginning after December 15, 1997. 
Reclassification of financial statements for earlier periods
provided for comparative purposes is required.  The
Corporation adopted SFAS No. 130 effective July 1, 1998, as
required, without material impact on the Corporation's
financial statements.
 
In June 1997, the FASB issued SFAS No. 131, "Disclosures about
Segments of an Enterprise and Related Information."  SFAS No.
131 significantly changes the way that public business
enterprises report information about operating segments in
annual financial statements and requires that those
enterprises report selected information about reportable
segments in interim financial reports issued to shareholders. 
It also establishes standards for related disclosures about
products and services, geographic areas and major customers. 
SFAS No. 131 uses a "management approach" to disclose financial
and descriptive information about the way that management
organizes the segments within the enterprise for making
operating decisions and assessing performance.  For many
enterprises, the management approach will likely result in
more segments being reported.  In addition, SFAS No. 131
requires significantly more information to be disclosed for
each reportable segment than is presently being reported in
annual financial statements and also requires that selected
information be reported in interim financial statements.  SFAS
No. 131 is effective for fiscal years beginning after December
15, 1997.  The Corporation adopted SFAS No. 131 effective July
1, 1998, as required, without material impact on the
Corporation's financial statements.
 
In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities," which requires
entities to recognize all derivatives in their financial
statements as either assets or liabilities measured at fair
value.  SFAS No. 133 also specifies new methods of accounting
for hedging transactions, prescribes the items and transactions
that may be hedged, and specifies detailed criteria to be met to
qualify for hedge accounting.
 
                             9
  
<PAGE>
<PAGE>
            KENTUCKY FIRST BANCORP, INC.
                          
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                          
For the nine and three months ended March 31, 1999 and 1998
  
  
4.   Effects of Recent Accounting Pronouncements (continued)
     -------------------------------------------
  
The definition of a derivative financial instrument is
complex, but in general, it is an instrument with one or more
underlyings, such as an interest rate or foreign exchange
rate, that is applied to a notional amount, such as an amount
of currency, to determine the settlement amount(s).  It
generally requires no significant initial investment and can
be settled net or by delivery of an asset that is readily
convertible to cash.  SFAS No. 133 applies to derivatives
embedded in other contracts, unless the underlying of the
embedded derivative is clearly and closely related to the host
contract.
 
SFAS No. 133 is effective for fiscal years beginning after
June 15, 1999.  On adoption, entities are permitted to
transfer held-to-maturity debt securities to the available-
for-sale or trading category without calling into question
their intent to hold other debt securities to maturity in the
future.  SFAS No. 133 is not expected to have a material
impact on the Corporation's financial statements.
 
  
  
  
                          10
                                <PAGE>
<PAGE>
              KENTUCKY FIRST BANCORP, INC.

ITEM II       MANAGEMENT'S DISCUSSION AND ANALYSIS
                   OR PLAN OF OPERATION
                          

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

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

Some of the forward-looking statements included herein are the
statements regarding management's determination of the amount
and adequacy of the allowance for losses on loans, the effect of
certain recent accounting pronouncements and the Corporation's
projected effects related to the year 2000 compliance issue.

Discussion of Financial Condition Changes from June 30, 1998 to
---------------------------------------------------------------
March 31, 1999
--------------

At March 31, 1999, the Corporation's consolidated total assets
amounted to $78.9 million, a decrease of $3.2 million, or 3.9%,
from the total at June 30, 1998.  The decrease in assets
resulted primarily from a decrease of $3.9 million in advances
from the Federal Home Loan Bank and a decline in shareholders'
equity of $512,000, which were partially offset by an increase
in deposits of $1.0 million.

Liquid assets (i.e. cash, interest-bearing deposits and
investment securities) decreased by $1.7 million, or 14.1%, over
the nine month period, to a total of $10.1 million at March 31,
1999.  Investment securities totaling $6.6 million matured or
were called during the period.  Purchases of investment
securities during the period were $4.4 million. Mortgage-backed
securities totaled $17.7 million at March 31, 1999, a decrease
of $203,000, or 1.1%, from June 30, 1998 levels.  The decrease
in mortgage-backed securities resulted from principal repayments
of $4.1 million during the period offset by purchases of $3.9
million.  

Loans receivable decreased by $1.4 million, or 2.8%, during the
nine month period, to a total of $47.4 million at March 31,
1999.  Loan disbursements and loan purchases amounted to $10.3
million and were offset by principal repayments of $11.7
million.  The allowance for loan losses totaled $406,000 at
March 31, 1999, as compared to $384,000 at June 30, 1998. 
Nonperforming loans totaled $122,000 at March 31, 1999, as
compared to $141,000 at June 30, 1998.  The allowance for loan
losses represented 332.8% of nonperforming loans as of March 31,
1999 and 272.3% at June 30, 1998.  Although management believes
that its allowance for loan losses at March 31, 1999 is adequate
based upon the available facts and circumstances, there can be
no assurance that additions to such allowance will not be
necessary in future periods, which could adversely affect the
Corporation's results of operations.

Deposits totaled $57.6 million at March 31, 1999, an increase of
$1.0 million, or 1.8%, from June 30, 1998 levels.  During the
current period, management has not attempted to match premium
deposit rates offered by certain competitors and has instead
continued its conservative pricing strategy with respect to
deposit accounts during the current interest rate environment.


                         11<PAGE>
<PAGE>
            KENTUCKY FIRST BANCORP, INC.
                          
        MANAGEMENT'S DISCUSSION AND ANALYSIS
          OR PLAN OF OPERATION (CONTINUED)


Discussion of Financial Condition Changes from June 30, 1998 to
---------------------------------------------------------------
March 31, 1999 (continued)
--------------

Advances from the Federal Home Loan Bank totaled $6.5 million at
March 31, 1999, a decrease of $3.9 million, or 37.5%, from the
total at June 30, 1998, as proceeds from maturities of
investment securities and principal repayments of loans and
mortgage-backed securities were partially utilized to repay such
advances.

The Corporation's shareholders' equity amounted to $13.9 million
at March 31, 1999, a decrease of $512,000, or 3.6%, from June
30, 1998 levels.  The decrease resulted primarily from purchases
of treasury stock totaling $767,000 and dividends paid on common
stock totaling $424,000, which were partially offset by fiscal
1999 period net earnings of $646,000.

The Savings Bank is required to meet each of three minimum
capital standards promulgated by the Office of Thrift
Supervision ("OTS"), hereinafter described as the tangible
capital requirement, the core capital requirement and the
risk-based capital requirement.  The tangible capital
requirement mandates maintenance of shareholders' equity less
all intangible assets equal to 1.5% of adjusted total assets. 
The core capital requirement provides for the maintenance
of tangible capital plus certain forms of supervisory goodwill
equal to 3% of adjusted total assets, while the risk-based
capital requirement mandates maintenance of core capital plus
general loan loss allowances equal to 8% of risk-weighted assets
as defined by OTS regulations.  

At March 31, 1999, the Savings Bank's tangible and core capital
totaled $11.5 million, or 14.7%, of adjusted total assets, which
exceeded the minimum tangible and core capital requirements of
$1.2 million and $2.4 million by $10.3 million and $9.1 million,
respectively.  The Savings Bank's risk-based capital of $11.9
million, or 26.5% of risk-weighted assets, exceeded the current
8% of risk-weighted assets requirement by $8.3 million.

Comparison of Operating Results for the Nine Month Periods Ended
----------------------------------------------------------------
March 31, 1999 and 1998
-----------------------

General
-------

Net earnings amounted to $646,000 for the nine months ended
March 31, 1999, a decrease of $74,000, or 10.3%, from the
$720,000 of net earnings reported for the nine months ended
March 31, 1998.  The decrease in net earnings in the current
period was due to a $72,000 decrease in net interest income, a
$3,000 decrease in other income and a $73,000 increase in
general administrative and other expense, which were partially
offset by a $2,000 decrease in the provision for losses on loans
and a $72,000 decrease in the provision for federal income
taxes.

                         12
<PAGE>
<PAGE>
              KENTUCKY FIRST BANCORP, INC.

          MANAGEMENT'S DISCUSSION AND ANALYSIS
             OR PLAN OF OPERATION (CONTINUED)


Comparison of Operating Results for the Nine Month Periods Ended
----------------------------------------------------------------
March 31, 1999 and 1998 (continued)
----------------------------------

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

Net interest income was $2.1 million for the nine months ended
March 31, 1999, which represents a decrease of $72,000, or 3.3%,
compared to the nine month period ended March 31, 1998.  Total
interest income decreased by $461,000, or 9.7%, due to a $7.4
million, or 8.8%, decrease in the weighted-average balance of
interest-earning assets outstanding year to year and due to a
decrease in the average yield of interest-earning assets, from
7.50% to 7.42%.  Interest income on loans decreased by $133,000,
or 4.3%, due to a $1.6 million, or 3.2%, decrease in the
weighted-average balance of loans outstanding year to year and
due to a decrease in the average yield on loans, from 8.25% to
8.16%.  Interest income on mortgage-backed securities decreased
by $155,000, or 15.8%, due primarily to a $2.9 million, or
14.7%, decrease in the weighted-average balance outstanding year
to year.  Interest income on investment securities and
interest-bearing deposits decreased by $173,000, or 25.4%, due
primarily to a $2.9 million, or 19.6%, decrease in the
weighted-average balance outstanding year to year.

Total interest expense decreased by $389,000, or 15.4%, due to a
$6.6 million, or 9.3%, decrease in the weighted average balance
of interest-costing liabilities year to year and due to a
decrease in the average cost of funds, from 4.73% to 4.41%. 
Interest expense on deposits increased by $2,000, or 0.1%, due
to a $1.6 million, or 3.0%, increase in the weighted-average
balance of deposits outstanding year to year, which was mostly
offset by a decrease in the average cost of deposits, from 4.43%
to 4.31%.  Interest expense on borrowings decreased by $391,000,
or 56.1%, due to an $8.3 million, or 51.1%, decrease in the
weighted-average balance of advances outstanding from the
Federal Home Loan Bank and due to a decrease in the average cost
of advances, from 5.75% to 5.17%. 

As a result of the foregoing changes in interest income and
interest expense, net interest income decreased by $72,000, or
3.3%, to a total of $2.1 million for the nine months ended March
31, 1999, as compared to the nine months ended March 31, 1998. 
The interest rate spread amounted to approximately 3.01% and
2.77% during the nine month periods ended March 31, 1999 and
1998, respectively, while the net interest margin amounted to
approximately 3.70% in fiscal 1999 and 3.49% in fiscal 1998.

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

A provision for losses on loans is charged to earnings to bring
the total allowance for loan losses to a level considered
appropriate by management based on historical experience, the
volume and type of lending conducted by the Savings Bank, the
status of past due principal and interest payments, general
economic conditions, particularly as such conditions relate to
the Savings Bank's market area, and other factors related to the
collectibility of the Savings Bank's loan portfolio.  As a
result of such analysis, management recorded a $23,000 and a
$25,000 provision for losses on loans during the nine month
periods ended March 31, 1999 and 1998, respectively.  There can
be no assurance that the loan loss allowance of the Savings Bank
will be adequate to cover losses on nonperforming assets in the
future.

                         13

<PAGE>
<PAGE>
            KENTUCKY FIRST BANCORP, INC.
                          
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
         AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Nine Month Periods Ended
----------------------------------------------------------------
March 31, 1999 and 1998 (continued)
-----------------------------------

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

Other income decreased by $3,000, or 2.1%, for the nine months
ended March 31, 1999, compared to the nine months ended March
31, 1998, due to an $11,000, or 68.8%, decrease in gain on
investment securities transactions offset by a $2,000, or 2.1%,
increase in service charges and a $6,000, or 19.4%, increase in
other operating income.

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

General, administrative and other expense increased by $73,000,
or 5.7%, during the nine months  ended March 31, 1999, compared
to the nine months ended March 31, 1998.  The increase in
general, administrative and other expense resulted from a
$33,000, or 4.4%, increase in employee compensation and
benefits, a $22,000, or 20.0%, increase in occupancy and
equipment expense, and an $18,000, or 6.0%, increase in other
operating expense.  The increase in employee compensation and
benefits was primarily due to increased staffing levels.  The
increase in occupancy and equipment expense was primarily due to
an increase in depreciation expense on furniture, fixture and
equipment.  

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

The provision for federal income taxes decreased by $72,000, or
21.6%, for the nine months ended March 31, 1999, as compared to
the nine months ended March 31, 1998.  The decrease resulted
primarily from the decrease in net earnings before taxes of
$146,000, or 13.9%.  The effective tax rates were 28.8% and
31.6% for the nine month periods ended March 31, 1999 and 1998,
respectively.

Comparison of Operating Results for the Three Month Periods
-----------------------------------------------------------
Ended March 31, 1999 and 1998
-----------------------------

General
-------

Net earnings amounted to $228,000 for the three months ended
March 31, 1999, a decrease of $18,000, or 7.3%, from the
$246,000 of net earnings reported for the three months ended
March 31, 1998.  The decrease in net earnings in the current
period was due to a $2,000 decrease in net interest income, a
$1,000 increase in provision for losses on loans, a $50,000
increase in general administrative and other expense, offset by
an $8,000 increase in other income and a $27,000 decrease in the
provision for federal income taxes. 

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

Net interest income was $741,000 for the three months ended
March 31, 1999, which represents a decrease of $2,000, or .3%,
compared to the three months ended March 31, 1998. Total
interest income decreased by $140,000, or 9.0%, due to a $6.1
million, or 7.5%, decrease in the weighted average balance of
interest-earning assets outstanding year to year and due to a
decrease in the average yield of interest-earning assets, from
7.53% to 7.40%. 
                         14

<PAGE>
            KENTUCKY FIRST BANCORP, INC.
                          
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
        AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three Month Periods
-----------------------------------------------------------
Ended March 31, 1999 and 1998 (continued)
-----------------------------

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

Interest income on loans decreased by $62,000, or 6.1%, due
primarily to a $2.9 million, or 5.7%, decrease in the weighted-
average balance of loans outstanding year to year.  Interest
income on mortgage-backed securities decreased by $49,000, or
15.5%, due primarily to a $2.6 million, or 13.7%, decrease in
the weighted-average balance outstanding year to year.  Interest
income on investment securities and interest-bearing deposits
decreased by $29,000, or 13.8%, due to a $665,000, or 5.0%,
decrease in the weighted-average balance outstanding year to
year and due to a decrease in the average yield, from 6.33% to
5.76%.

Total interest expense decreased by $138,000, or 17.1%, due to a
$5.5 million, or 7.9%, decrease in the weighted-average balance
of interest-costing liabilities year to year and due to a
decrease in the average cost of funds, from 4.64% to 4.18%. 
Interest expense on deposits decreased by $28,000, or 4.6%, due
to a decrease in the average cost of deposits year to year, from
4.36% to 4.07%, which was partially offset by a $1.3 million, or
2.2%, increase in the weighted-average balance of deposits
outstanding.  Interest expense on borrowings decreased by
$110,000, or 56.7%, due primarily to a $6.7 million, or 50.2%,
decrease in the weighted-average balance of advances outstanding
from the Federal Home Loan Bank. 

As a result of the foregoing changes in interest income and
interest expense, net interest income decreased by $2,000, or
 .3%, to a total of $741,000 for the three months ended March 31,
1999, as compared to the three months ended March 31, 1998.  The
interest rate spread amounted to approximately 3.23% and 2.89%
during the three month periods ended March 31, 1999 and 1998,
respectively, while the net interest margin amounted to
approximately 3.89% in fiscal 1999 and 3.61% in fiscal 1998.

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

A provision for losses on loans is charged to earnings to bring
the total allowance for loan losses to a level considered
appropriate by management based on historical experience, the
volume and type of lending conducted by the Savings Bank, the
status of past due principal and interest payments, general
economic conditions, particularly as such conditions relate to
the Savings Bank's market area, and other factors related to the
collectibility of the Savings Bank's loan portfolio.  As a
result of such analysis, management recorded an $8,000 and a
$7,000 provision for losses on loans during the three month
periods ended March 31, 1999 and 1998, respectively.  There can
be no assurance that the loan loss allowance of the Savings Bank
will be adequate to cover losses on nonperforming assets in the
future.

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

Other income increased by $8,000, or 18.6%, for the three months
ended March 31, 1999, compared to the three months ended March
31, 1998, due to a $2,000, or 6.5%, increase in service charges
and a $6,000, or 50.0%, increase in other operating income.

                         15
<PAGE>
<PAGE>
            KENTUCKY FIRST BANCORP, INC.
                          
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
        AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three Month Periods
-----------------------------------------------------------
Ended March 31, 1999 and 1998 (continued)
-----------------------------

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

General, administrative and other expense increased by $50,000,
or 12.1%, during the three month period ended March 31, 1999,
compared to the three months ended March 31, 1998.  The increase
in general, administrative and other expense resulted from a
$23,000, or 9.7%, increase in employee compensation and
benefits, a $12,000, or 32.4%, increase in occupancy and
equipment expense, and a $15,000, or 15.5%, increase in other
operating expense. The increase in employee compensation and
benefits was primarily due to increased staffing levels.  The
increase in occupancy and equipment expense was primarily due to
an increase in depreciation expense on furniture, fixture and
equipment.  

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

The provision for federal income taxes decreased by $27,000, or
22.5%, for the three months ended March 31, 1999, as compared to
the three months ended March 31, 1998.  This decrease resulted
primarily from the decrease in net earnings before taxes of
$45,000, or 12.3%.  The effective tax rates were 29.0% and 32.8%
for the three month periods ended March 31, 1999 and 1998,
respectively.


Year 2000 Compliance Matters
----------------------------

As with all providers of financial services, the Savings Bank's
operations are heavily dependent on information technology
systems. The Savings Bank is addressing the potential problems
associated with the possibility that the computers that control
or operate the Bank's information technology system and
infrastructure may not be programmed to read four-digit date
codes and, upon arrival of the year 2000, may recognize the
two-digit code "00" as the year 1900, causing systems to fail to
function or to generate erroneous data. 

As part of the awareness and assessment phases of its action
plan related to the Year 2000 problem, the Savings Bank
identified the operating systems that it considers critical to
the on-going operations of the Savings Bank.  The Savings Bank
is working with companies that supply or service its information
technology systems to remedy any year 2000 problems.

Of the systems that the Savings Bank identified as mission-
critical, the most significant is the on-line core account
processing system that is performed by a third party service
provider, Intrieve, Inc.  The service provider has converted its
hardware to a new Year 2000 compliant system.  The Savings
Bank's conversion to this new system was completed on October
17, 1998.  The service provider successfully performed Year 2000
proxy testing with several of its larger users during early
October 1998.  On November 15, 1998, the Savings Bank performed
final customer testing, which was designed to test the Savings
Bank's unique equipment configuration and communications link to
the service provider.

                         16
<PAGE>
<PAGE>
            KENTUCKY FIRST BANCORP, INC.
                          
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
        AND RESULTS OF OPERATIONS (CONTINUED)


Year 2000 Compliance Matters (continued)
----------------------------

In September 1998, the Savings Bank developed a contingency plan
in case the mission-critical systems are not successfully
renovated in a timely manner or if they actually fail at Year
2000 critical dates.  The contingency plan states that the
Savings Bank deems the likelihood of failure of the service
provider's efforts to renovate Year 2000 changes to the on-line
core account processing system to be remote; however, a more
likely scenario is that the service provider's system will be
down for several days or weeks upon arrival of Year 2000.  The
plan, therefore, primarily addresses action to deal with the
latter possibility rather than with a catastrophic event.  The
Savings Bank does not consider contingency planning to be a
static process; therefore, the plan will be amended to address a
catastrophic event if testing results indicate greater concern.

Management of the Savings Bank has developed an estimate of
expenses that are reasonably likely to be incurred by the
Savings Bank in connection with this issue; however, the Savings
Bank does not expect to incur significant expense to implement
the necessary corrective measures.  The amount estimated by the
Savings Bank to achieve compliance is $20,000, of which less
than $5,000 has been expended as of March 31, 1999.  No
assurance can be given, however, that significant expense will
not be incurred in future periods.  In the event that the
Savings Bank is ultimately required to purchase replacement
computer systems, programs and equipment, or incur substantial
expense to make the Savings Bank's current systems, programs and
equipment Year 2000 compliant, the Savings Bank's net earnings
and financial condition could be adversely affected.

In addition to possible expense related to its own systems, the
Savings Bank could incur losses if loan payments are delayed due
to Year 2000 problems affecting any major borrowers in the
Savings Bank's primary market area.  Because the Savings Bank's
loan portfolio is highly diversified with regard to individual
borrowers and types of businesses and the Savings Bank's primary
market area is not significantly dependent upon one employer or
industry, the Savings Bank does not expect any significant or
prolonged difficulties that will affect net earnings or cash
flow.


                         17

<PAGE>
<PAGE>
              KENTUCKY FIRST BANCORP, INC.

                       PART II


ITEM 1.   Legal Proceedings
          -----------------
          
          Not applicable

ITEM 2.   Changes in Securities and Use of Proceeds
          -----------------------------------------
          
          Not applicable

ITEM 3.   Defaults Upon Senior Securities
          -------------------------------
          
          Not applicable

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

          None

ITEM 5.   Other Information
          -----------------
          
          None                    
          
ITEM 6.   Exhibits and Reports on Form 8-K
          --------------------------------

          Reports on Form 8-K: None

          Exhibit 3:         Bylaws, as amended

          Exhibit 27:        Financial Data Schedule for the
                             nine months ended March 31, 1999.


                              18
                                   
     <PAGE>
<PAGE>

                   KENTUCKY FIRST BANCORP, INC.

                           SIGNATURES
                           ----------


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



Date: May 14, 1999         By:  /s/Betty J. Long
                                -------------------------
                                Betty J. Long
                                President and Chief
                                Executive Officer



Date: May 14, 1999         By:  /s/Russell M. Brooks
                                -------------------------
                                Russell M. Brooks
                                Executive Vice President and
                                Financial Officer


                          19