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

                                   FORM 10-QSB

(Mark One)

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

For the quarterly period ended          December 31, 2001
                               ------------------------------------

                                       OR

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

For the transition period from ____________ to _______________

Commission File Number:    1-13904
                       --------------

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

             Delaware                                   61-1281483
------------------------------------           ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)

                308 North Main Street, Cynthiana, Kentucky 41031
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (859) 234-1440
--------------------------------------------------------------------------------
                           (Issuer's telephone number)


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


                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest  practicable  date:
          February 12, 2002 -                 925,328 shares of common stock
--------------------------------------------------------------------------------

Transitional Small Business Disclosure Format (Check one):  Yes [  ]  No [X]

                               Page 1 of 17 pages

<PAGE>

                                      INDEX

                                                                            Page
                                                                            ----
PART I

  ITEM I     -   FINANCIAL STATEMENTS

                 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 OPERATION                                         10


PART II  -        OTHER INFORMATION                                           15

SIGNATURES                                                                    17

                                        2

<PAGE>


ITEM I  FINANCIAL STATEMENTS


                          KENTUCKY FIRST BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                            DECEMBER 31,           JUNE 30,
         ASSETS                                                                    2001                2001
<S>                                                                             <C>                 <C>
Cash and due from banks                                                         $   585             $   507
Interest-bearing deposits in other financial institutions                         1,946               2,069
                                                                                -------             -------
         Cash and cash equivalents                                                2,531               2,576

Investment securities available for sale - at market                              7,660               8,179
Mortgage-backed securities available for sale - at market                        20,651              14,635
Loans receivable - net                                                           44,777              45,720
Office premises and equipment - at depreciated cost                               1,129               1,137
Real estate acquired through foreclosure                                             45                  --
Federal Home Loan Bank stock - at cost                                            1,444               1,399
Accrued interest receivable                                                         440                 464
Prepaid expenses and other assets                                                    68                  81
Prepaid federal income taxes                                                         85                   7
                                                                                -------             -------

         Total assets                                                           $78,830             $74,198
                                                                                =======             =======
         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                        $53,964             $52,430
Advances from the Federal Home Loan Bank                                         11,803               8,811
Accrued interest payable                                                            145                 158
Other liabilities                                                                   227                 190
Deferred federal income taxes                                                       147                  69
                                                                                -------             -------
         Total liabilities                                                       66,286              61,658

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                                                      9,264               9,264
  Retained earnings - restricted                                                  9,151               8,986
  Less shares acquired by stock benefit plans                                      (555)               (555)
  Less 461,297 and 448,460 shares of treasury stock at December 31,
    2001 and June 30, 2001, respectively - at cost                               (5,419)             (5,254)
  Accumulated comprehensive income, unrealized gains on securities
    designated as available for sale, net of related tax effects                     89                  85
                                                                                -------             -------
         Total shareholders' equity                                              12,544              12,540
                                                                                -------             -------
         Total liabilities and shareholders' equity                             $78,830             $74,198
                                                                                =======             =======
</TABLE>

                                        3
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                       CONSOLIDATED STATEMENTS OF EARNINGS

                        (In thousands, except share data)

<TABLE>
<CAPTION>
                                                            SIX MONTHS ENDED              THREE MONTHS ENDED
                                                              DECEMBER 31,                   DECEMBER 31,
                                                            2001         2000              2001         2000
<S>                                                       <C>          <C>              <C>          <C>
Interest income
  Loans                                                   $1,843       $1,814           $   910      $   908
  Mortgage-backed securities                                 526          495               299          243
  Investment securities                                      210          268                96          134
  Interest-bearing deposits and other                         68           65                29           34
                                                          ------       ------            ------       ------
         Total interest income                             2,647        2,642             1,334        1,319

Interest expense
  Deposits                                                 1,068        1,137               506          571
  Borrowings                                                 241          220               130          114
                                                          ------       ------            ------       ------
         Total interest expense                            1,309        1,357               636          685
                                                          ------       ------            ------       ------

         Net interest income                               1,338        1,285               698          634

Provision for losses on loans                                 21           21                18            9
                                                          ------       ------            ------       ------

         Net interest income after provision
           for losses on loans                             1,317        1,264               680          625

Other income
  Gain on investment securities transactions                  --            3                --           --
  Service charges on deposit accounts                         77           76                39           32
  Other operating                                             27           30                13           17
                                                          ------       ------            ------       ------
         Total other income                                  104          109                52           49

General, administrative and other expense
  Employee compensation and benefits                         445          498               217          247
  Occupancy and equipment                                     85           84                42           43
  Data processing                                             75           68                39           34
  State franchise tax                                         33           33                18           17
  Other operating                                            177          165                98           84
                                                          ------       ------           -------      -------
         Total general, administrative and other expense     815          848               414          425
                                                          ------       ------            ------       ------

         Earnings before income taxes                        606          525               318          249

Federal income taxes
  Current                                                    100          169                22           79
  Deferred                                                    76          (21)               71           (9)
                                                          ------       ------            ------       ------
         Total federal income taxes                          176          148                93           70
                                                          ------       ------           -------      -------
         NET EARNINGS                                     $  430       $  377            $  225       $  179
                                                          ======       ======            ======       ======
         EARNINGS PER SHARE
           Basic                                           $.48         $.39              $.25         $.19
                                                           ====         ====              ====         ====
           Diluted                                         $.47         $.39              $.25         $.19
                                                           ====         ====              ====         ====
</TABLE>
                                        4
<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                 (In thousands)

<TABLE>
<CAPTION>
                                                                            SIX MONTHS ENDED         THREE MONTHS ENDED
                                                                               DECEMBER 31,              DECEMBER 31,
                                                                             2001        2000           2001       2000
<S>                                                                           <C>        <C>             <C>        <C>
Net earnings                                                                  $430       $ 377           $ 225      $179

Other comprehensive income (loss), net of tax:
  Cumulative effect of transfer of securities from held to maturity
    to available for sale                                                       --        (174)             --        --
  Unrealized holding gains (losses) on securities during the period, net
    of taxes (benefits) of $2, $229, $(137) and $133 during the
    respective periods                                                           4         618            (265)      259

  Reclassification adjustment for realized gains included in earnings,
    net of tax of $1 in 2000                                                    --          (2)             --        --
                                                                              ----       -----           -----      ----

Comprehensive income (loss)                                                   $434       $ 819           $ (40)     $438
                                                                              ====       =====           =====      ====

Accumulated comprehensive income                                              $ 89       $  --           $  89      $ --
                                                                              ====       =====           =====      ====
</TABLE>

                                        5

<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                      For the six months ended December 31,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                 2001       2000
<S>                                                            <C>        <C>
Cash flows from operating activities:
  Net earnings for the period                                  $   430    $   377
  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)        (7)
    Depreciation and amortization                                   39         42
    Amortization of deferred loan origination fees                 (12)        (6)
    Provision for losses on loans                                   21         21
    Gain on investment securities transactions                      --         (3)
    Federal Home Loan Bank stock dividends                         (45)       (49)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                   24        (14)
      Prepaid expenses and other assets                             13        437
      Accrued interest payable                                     (13)       (41)
      Other liabilities                                             37       (310)
      Federal income taxes
        Current                                                    (78)         4
        Deferred                                                    76        (21)
                                                               -------    -------
         Net cash provided by operating activities                 482        430

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                1,528        629
  Purchase of investment securities                             (1,000)      (500)
  Purchase of mortgage-backed securities                        (8,090)        --
  Principal repayments on mortgage-backed securities             2,080        837
  Purchase of loans                                                 --     (2,285)
  Loan principal repayments                                      6,428      5,643
  Loan disbursements                                            (5,539)    (4,241)
  Purchase of office premises and equipment                        (31)        (2)
                                                               -------    -------
         Net cash provided by (used in) investing activities    (4,624)        81

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposits                            1,534     (2,009)
  Proceeds from borrowed funds                                   3,000      5,300
  Repayment of borrowed funds                                       (8)    (3,308)
  Proceeds from exercise of stock options                           --          1
  Purchase of treasury stock                                      (164)    (1,154)
  Dividends on common stock                                       (265)      (246)
                                                               -------    -------
         Net cash provided by (used in) financing activities     4,097     (1,416)
                                                               -------    -------

Net decrease in cash and cash equivalents                          (45)      (905)

Cash and cash equivalents at beginning of period                 2,576      1,601
                                                               -------    -------

Cash and cash equivalents at end of period                     $ 2,531    $   696
                                                               =======    =======
</TABLE>

                                        6

<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

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

<TABLE>
<CAPTION>
                                                                       2001       2000
<S>                                                                  <C>         <C>
Supplemental disclosure of cash flow information:
  Cash paid during the period for:
    Federal income taxes                                             $     159   $   165
                                                                     =========   =======

    Interest on deposits and borrowings                              $   1,322   $ 1,398
                                                                     =========   =======

Supplemental disclosure of noncash investing activities:
  Transfer of investment and mortgage-backed securities from
    held to maturity to an available for sale classification         $      --   $10,310
                                                                     =========   =======

  Unrealized gains on securities designated as available for sale,
    net of related tax effects                                       $       4   $   444
                                                                     =========   =======

  Transfers from loans to real estate acquired through foreclosure   $      45   $    --
                                                                     =========   =======
</TABLE>

                                        7
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

          For the six and three months ended December 31, 2001 and 2000

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
accounting  principles  generally  accepted  in the  United  States of  America.
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, 2001. 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 three and six month periods ended  December 31, 2001 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 45,810  unallocated  ESOP  shares,  totaled  890,282 and
886,208  for  the  six  and  three  month  periods  ended   December  31,  2001,
respectively.  Weighted-average  common shares deemed  outstanding,  which gives
effect to 56,229  unallocated  ESOP shares,  totaled 967,439 and 950,818 for the
six and three month periods ended December 31, 2000, respectively.

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 923,578
and 919,642 for the six and three month  periods  ended  December 31, 2001,  and
975,497 and 959,801 for the six and three month periods ended December 31, 2000,
respectively.  Incremental  shares  related  to the  assumed  exercise  of stock
options included in the calculation of diluted earnings per share totaled 33,296
and 33,434 for the six and three month  periods  ended  December 31,  2001,  and
8,058 and 8,983 for the six and three month  periods  ended  December  31, 2000,
respectively.

4.   Effects of Recent Accounting Pronouncements
     -------------------------------------------

In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial  Accounting  Standards  ("SFAS") No. 141  "Business  Combinations,"
which requires that all business  combinations  initiated after June 30, 2001 be
accounted  for using the purchase  method.  The  pooling-of-interests  method of
accounting is prohibited except for combinations initiated before June 30, 2001.
The remaining provisions of SFAS No. 141 relating to business combinations

                                        8
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

          For the six and three months ended December 31, 2001 and 2000


4.   Effects of Recent Accounting Pronouncements (continued)
     -------------------------------------------

accounted for by the purchase  method,  including  identification  of intangible
assets,  accounting for negative goodwill,  financial statement presentation and
disclosure,  are  effective  for  combinations  completed  after June 30,  2001.
Management adopted SFAS No. 141 effective June 30, 2001, without material effect
on the Corporation's financial position or results of operations.

In June 2001,  the FASB issued SFAS No. 142  "Goodwill and  Intangible  Assets,"
which prescribes  accounting for all purchased  goodwill and intangible  assets.
Pursuant to SFAS No. 142, acquired goodwill is not amortized,  but is tested for
impairment  at the  reporting  unit level  annually and  whenever an  impairment
indicator  arises.  SFAS No. 142 is effective for fiscal years  beginning  after
December 15, 2001. SFAS No. 142 is not expected to have a material effect on the
Corporation's financial position or results of operations.

The  foregoing  discussion  of the effects of recent  accounting  pronouncements
contains  forward-looking  statements  that  involve  risks  and  uncertainties.
Changes in economic  circumstances  could  cause the  effects of the  accounting
pronouncements to differ from management's foregoing assessment.

                                        9

<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 and the effect of recent accounting pronouncements.


Discussion  of  Financial  Condition  Changes from June 30, 2001 to December 31,
--------------------------------------------------------------------------------
2001
----

At December 31, 2001, the  Corporation's  consolidated  total assets amounted to
$78.8 million,  an increase of $4.6 million, or 6.2%, over the total at June 30,
2001.  The  increase  in assets was funded  primarily  from an  increase of $1.5
million in deposits and an increase in advances  from the Federal Home Loan Bank
of $3.0 million.

Liquid assets (i.e. cash,  interest-bearing  deposits and investment securities)
decreased by $564,000, or 5.2%, during the six month period, to a total of $10.2
million at December 31, 2001.  Mortgage-backed  securities totaled $20.7 million
at December 31, 2001, an increase of $6.0 million,  or 41.1%, over June 30, 2001
levels.  The increase in  mortgage-backed  securities  resulted  primarily  from
purchases  totaling  $8.1  million,  which were  partially  offset by  principal
repayments of $2.1 million.

Loans  receivable  amounted to $44.8 million at December 31, 2001, a decrease of
$943,000,  or 2.1%,  compared  to June 30,  2001.  Loan  disbursements  and loan
purchases  amounted to $5.5 million and were offset by principal  repayments  of
$6.4 million.  The allowance  for loan losses  totaled  $233,000 at December 31,
2001,  compared to $480,000 at June 30, 2001.  During the period ended  December
31, 2001, a nonperforming  loan was transferred to real estate acquired  through
foreclosure,  which  resulted  in a decline  in the  allowance  for loan  losses
totaling  $265,000.  Nonperforming  loans totaled $171,000 at December 31, 2001,
compared to $286,000 at June 30, 2001. The allowance for loan losses represented
136.3% of  nonperforming  loans as of  December  31, 2001 and 167.8% at June 30,
2001.  Although  management  believes  that its  allowance  for loan  losses  at
December 31, 2001 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  $54.0  million at  December  31,  2001,  an  increase of $1.5
million, or 2.9%, over June 30, 2001 levels. The increase in deposits was due to
managements' continuing marketing efforts.  Borrowed funds totaled $11.8 million
at December 31, 2001, an increase of $3.0 million,  or 34.0%,  over the total at
June 30, 2001.  Proceeds from  borrowings  and growth in deposits were generally
used to fund new loan originations and purchases of mortgage-backed securities.

The  Corporation's  shareholders'  equity  amounted  to  $12.5  million  at both
December  31, 2001 and June 30, 2001.  Net earnings  during the six months ended
December 31, 2001 of $430,000 and an increase in  unrealized  gains on available
for sale securities of $4,000, were partially offset by dividends paid on common
stock totaling $265,000 and purchases of treasury stock totaling $164,000.

                                       10
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

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


Discussion of Financial Condition Changes from June 30, 2001 to December 31,
----------------------------------------------------------------------------
2001 (continued)
----

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  generally equal
to 4% of adjusted total assets,  except for those  associations with the highest
examination  rating  and  acceptable  levels  of risk.  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 December 31, 2001, the Savings Bank's tangible and core capital totaled $11.5
million, or 14.6%, of adjusted total assets, which exceeded the minimum tangible
and core capital  requirements of $1.2 million and $3.1 million by $10.3 million
and $8.4 million,  respectively.  The Savings Bank's risk-based capital of $11.7
million,  or 28.3% of  risk-weighted  assets,  exceeded the 8% of  risk-weighted
assets requirement by $8.4 million.


Comparison of Operating  Results for the Six Month  Periods  Ended  December 31,
--------------------------------------------------------------------------------
2001 and 2000
-------------

General
-------

Net earnings amounted to $430,000 for the six months ended December 31, 2001, an
increase of $53,000,  or 14.1%,  over the $377,000 of net earnings  reported for
the six months ended  December 31, 2000. The increase in net earnings was due to
a $53,000  increase  in net  interest  income and a $33,000  decrease in general
administrative  and  other  expense,  which  were  partially  offset by a $5,000
decrease in other  income and a $28,000  increase in the  provision  for federal
income taxes.

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

Total interest income amounted to $2.6 million for the six months ended December
31, 2001,  an increase of $5,000,  or .2%,  compared to the same period in 2000,
due to a 38 basis  point  decrease  in the  average  yield  on  interest-earning
assets,  from 7.49% in 2000 to 7.11% in 2001, offset by a $3.9 million, or 5.6%,
increase in the weighted-average  balance of interest-earning assets outstanding
year to year.  Interest income on loans increased by $29,000,  or 1.6%, due to a
$1.2  million,  or  2.6%,  increase  in the  weighted-average  balance  of loans
outstanding  year to year,  offset by a decrease in the average  yield on loans,
from 8.05% to 7.97%, for the six month periods ended December 31, 2000 and 2001,
respectively.

Interest income on mortgage-backed securities increased by $31,000, or 6.3%, due
primarily to a $2.9 million increase in the average balance  outstanding year to
year,  which was  partially  offset by an 81 basis point  decrease in yield,  to
6.08% for the six months ended December 31, 2001.  Interest income on investment
securities and  interest-bearing  deposits  decreased by $55,000,  or 16.5%, due
primarily to a decrease in yield year to year.

Total  interest  expense  amounted  to $1.3  million  for the six  months  ended
December 31, 2001, a decrease of $48,000,  or 3.5%, compared to the 2000 period,
due primarily to a decrease in the average cost of funds,  from 4.81% in 2000 to
4.14% in 2001, which was partially offset by a $4.3 million,  or 7.3%,  increase
in the weighted-average balance of interest-bearing liabilities outstanding year
to year. Interest expense on deposits decreased by $69,000, or 6.1%, due to a 37
basis point decrease in the

                                       11
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

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

Comparison of Operating Results for the Six Month Periods Ended December 31,
----------------------------------------------------------------------------
2001 and 2000 (continued)
-------------

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

average cost of deposits,  to 4.04% for the six months ended  December 31, 2001,
partially offset by a $1.2 million,  or 2.4%,  increase in the  weighted-average
balance of deposits  outstanding  year to year.  Interest  expense on borrowings
increased by $21,000, or 9.5%, due to a $3.0 million, or 41.6%,  increase in the
weighted-average  balance of borrowed funds  outstanding year to year, which was
partially  offset by a 137 basis point  decrease in the average cost of borrowed
funds,  to 4.64% for the six months ended  December  31,  2001.  The decrease in
yield  on  interest-earning  assets  and  cost of  interest-bearing  liabilities
resulted  primarily  from the overall  decrease in interest rates in the economy
during 2001.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  increased by $53,000,  or 4.1%, to a total of $1.3 million
for the six months ended  December  31,  2001,  compared to the six months ended
December 31, 2000.  The interest rate spread  amounted to 2.97% and 2.88% during
the six month periods ended December 31, 2001 and 2000, respectively,  while the
net interest  margin  amounted to 3.59% and 3.64%  during the six month  periods
ended December 31, 2001 and 2000, respectively.

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 $21,000  provision  for losses on loans  during each of the six month  periods
ended  December  31, 2001 and 2000.  The  provision  in the  current  period was
predicated upon growth in the loan portfolio, integrated with an analysis of the
Savings Bank's nonperforming loans. 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 decreased by $5,000, or 4.6%, for the six months ended December 31,
2001,  compared to the six months ended  December 31, 2000,  primarily  due to a
$3,000, or 10.0%, decrease in other operating income and due to a $3,000 gain on
investment securities transactions recorded during the 2000 period.

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

General,  administrative  and other expense totaled  $815,000 for the six months
ended  December 31, 2001,  a decrease of $33,000,  or 3.9%,  compared to the six
months ended December 31, 2000. The decrease resulted  primarily from a $53,000,
or 10.6%, decrease in employee  compensation and benefits,  due primarily to the
expiration  of a stock  benefit plan  effective  April 2001.  This  decrease was
partially  offset  by a $7,000,  or 10.3%,  increase  in data  processing  and a
$12,000, or 7.3%, increase in other operating expense, both due primarily to the
Corporation's overall growth year to year.

                                       12
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

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

Comparison of Operating  Results for the Six Month  Periods  Ended  December 31,
--------------------------------------------------------------------------------
2001 and 2000 (continued)
-------------------------

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

The provision for federal income taxes totaled $176,000 for the six months ended
December 31, 2001, an increase of $28,000, or 18.9%,  compared to the six months
ended  December 31, 2000. The increase  resulted  primarily from the increase in
net earnings  before taxes of $81,000,  or 15.4%.  The  effective tax rates were
29.0% and 28.2% for the six month  periods  ended  December  31,  2001 and 2000,
respectively.



Comparison of Operating  Results for the Three Month Periods Ended  December 31,
--------------------------------------------------------------------------------
2001 and 2000
-------------

General
-------

Net earnings  amounted to $225,000 for the three months ended December 31, 2001,
an increase of $46,000, or 25.7%, over the $179,000 of net earnings reported for
the three months ended  December 31, 2000.  The increase in net earnings was due
to a $64,000  increase in net interest income, a $3,000 increase in other income
and an $11,000 decrease in general  administrative and other expense, which were
partially offset by a $9,000 increase in the provision for losses on loans and a
$23,000 increase in the provision for federal income taxes.

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

Total  interest  income  amounted  to $1.3  million for the three  months  ended
December 31, 2001, an increase of $15,000, or 1.1%, compared to the same quarter
in 2000,  due to a $6.0  million,  or  8.5%,  increase  in the  weighted-average
balance of  interest-earning  assets  outstanding,  offset by a decrease  in the
average yield on  interest-earning  assets, from 7.49% in 2000 to 6.98% in 2001.
Interest  income on loans  increased by $2,000,  or .2%,  due to a $616,000,  or
1.4%,  increase in the  weighted-average  balance of loans  outstanding  year to
year, offset by a 9 basis point decrease in the average yield on loans, to 7.95%
for the three months ended December 31, 2001.

Interest income on mortgage-backed  securities  increased by $56,000,  or 23.0%,
due  primarily  to a $5.9  million,  or 41.5%,  increase in the average  balance
outstanding,   partially   offset  by  a  decrease  in  the  average   yield  on
mortgage-backed  securities, from 6.89% in the 2000 quarter to 5.97% in the 2001
quarter.  Interest income on investment securities and interest-bearing deposits
decreased  by $43,000,  or 25.6%,  due  primarily to a decrease in yield year to
year.

Total interest  expense amounted to $636,000 for the three months ended December
31,  2001,  a decrease  of $49,000,  or 7.2%,  from the 2000  quarter,  due to a
decrease  in the  average  cost of funds,  from  4.65% in 2000 to 3.90% in 2001,
partially offset by a $6.3 million, or 10.6%,  increase in the  weighted-average
balance  of  interest-bearing  liabilities  outstanding  year to year.  Interest
expense on  deposits  decreased  by $65,000,  or 11.4%,  due to a 66 basis point
decrease in the average cost of deposits, partially offset by a $2.1 million, or
4.0%, increase in the  weighted-average  balance of deposits outstanding year to
year.  Interest expense on borrowings  increased by $16,000,  or 14.0%, due to a
$4.2 million,  or 55.5%,  increase in the  weighted-average  balance of borrowed
funds  outstanding year to year, which was partially offset by a decrease in the
average cost of borrowed funds,  from 6.02% to 4.40%.  The decrease in yields on
interest-earning  assets  and  costs of  interest-bearing  liabilities  resulted
primarily  from the overall  decrease in  interest  rates in the economy  during
2001.

                                       13
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

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

Comparison of Operating  Results for the Three Month Periods Ended  December 31,
--------------------------------------------------------------------------------
2001 and 2000 (continued)
-------------------------

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

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  increased by $64,000,  or 10.1%, to a total of $698,000 for
the three  months ended  December 31, 2001,  compared to a total of $634,000 for
the three months ended December 31, 2000.  The interest rate spread  amounted to
3.08% and 2.84% during the three month periods ended December 31, 2001 and 2000,
respectively,  while the net interest  margin amounted to 3.66% and 3.60% during
the three month periods ended December 31, 2001 and 2000, respectively.

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

Based upon an analysis of 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, management recorded a provision for losses
on loans  totaling  $18,000  and $9,000  during the three  month  periods  ended
December 31, 2001 and 2000,  respectively.  The provision in the current  period
was predicated upon growth in the loan portfolio, integrated with an analysis of
the Savings Bank's  nonperforming loans. 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  totaled  $52,000 for the three months ended  December 31, 2001, an
increase of $3,000,  or 6.1%,  compared to the three months  ended  December 31,
2000,  primarily  due to a $7,000,  or 21.9%,  increase  in  service  charges on
deposit  accounts,  partially  offset by a $4,000  decrease  in other  operating
income.

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

General,  administrative and other expense totaled $414,000 for the three months
ended December 31, 2001, a decrease of $11,000,  or 2.6%,  compared to the three
months  ended  December 31, 2000.  The decrease in general,  administrative  and
other expense resulted primarily from a $30,000, or 12.1%,  decrease in employee
compensation and benefits,  which was partially  offset by a $14,000,  or 16.7%,
increase in other operating expense.  The decrease in employee  compensation and
benefits was due primarily to the  expiration of a stock benefit plan  effective
April 2001.

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

The provision for federal income taxes increased by $23,000,  or 32.9%,  for the
three  months  ended  December  31,  2001,  compared to the three  months  ended
December 31,  2000.  The increase  resulted  primarily  from the increase in net
earnings before taxes of $69,000,  or 27.7%.  The effective tax rates were 29.2%
and  28.1%  for the  three  month  periods  ended  December  31,  2001 and 2000,
respectively.

                                       14
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

                                     PART II

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

The Savings Bank was party to a lawsuit  captioned  Family  Bank,  FSB and First
Federal Savings Bank v. Oscar S. Blankenship  a/k/a O. Sam Blankenship and Jenny
Blankenship filed in the Johnson Circuit Court, Division No. II, Commonwealth of
Kentucky.  Effective  November 16, 2001,  the parties  entered into a Settlement
Agreement and Release pursuant to which the  Blankenships  agreed to execute and
deliver to the Family Bank and the Savings Bank a deed in lieu of foreclosure on
the property securing the loans that were subject of the collection  action. The
Blankenships also agreed to provide an assignment of certain proceeds in another
pending  action when and if such proceeds are received.  The  Blankenships  also
released with  prejudice all  counterclaims  against Family Bank and the Savings
Bank in connection with this action.

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
         ---------------------------------------------------

               On  November  7, 2001,  the Annual  Meeting of the  Corporation's
               Shareholders was held. Three directors  nominated were elected to
               terms expiring in 2004 by the following votes:

                  Betty J. Long
                           For:  762,885                   Withheld:  107,139

                  Milton G. Rees
                           For:  762,985                   Withheld:  107,039

                  Wilbur H. Wilson
                           For:  762,985                   Withheld:  107,039

               A  stockholder  of the  Corporation  had  submitted a stockholder
               proposal for inclusion in the proxy  statement of the Corporation
               pursuant to Rule 14a-8 under the Securities Exchange Act of 1934,
               as  amended.   Such   proposal   recommended   the  sale  of  the
               Corporation.  The proponent of this proposal  failed to attend or
               send a duly  appointed  representative  to the Annual  Meeting to
               present the proposal on his behalf. As such, the proposal was not
               considered  as a matter to be acted upon at the  Annual  Meeting.
               The  Corporation  did announce  that a tabulation  of the proxies
               received up to the Annual  Meeting showed that the proposal would
               have been defeated by the following results:

               PROPOSAL II -- STOCKHOLDER PROPOSAL  RECOMMENDING THE SALE OF THE
               -----------------------------------------------------------------
               COMPANY
               -------
                              NUMBER        PERCENTAGE          PERCENTAGE
                             OF VOTES     OF VOTES CAST    OF SHARES OUTSTANDING
                             --------     -------------    ---------------------

               FOR           179,184          20.6%             19.1%
               AGAINST       538,288          61.9%             57.3%
               ABSTAIN        19,138           2.2%              2.1%

                                       15
<PAGE>

ITEM 5.  Other Information
         -----------------
                  None


ITEM 6.  Exhibits and Reports on Form 8-K
         --------------------------------

                  Reports on Form 8-K:                        None.

                  Exhibits:                                   None.

                                       16


<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:  February 13, 2002                By:/s/ Betty J. Long
       -------------------                 -------------------------------------
                                           Betty J. Long
                                           President and Chief
                                           Executive Officer


Date:  February 13, 2002                By:/s/ Robbie Cox
       -------------------                 -------------------------------------
                                           Robbie Cox
                                           Principal Accounting Officer

                                       17