FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
(Mark One)

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

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

                                       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 No. 1-13904

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

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

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

Issuer's telephone number, including area code: (859)  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 7, 2001, the latest practicable date, 940,165 shares of the
registrant's common stock, $.01 par value per share, were issued and
outstanding.

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                                            16


SIGNATURES                                                                   17




                                        2



<PAGE>


ITEM I  FINANCIAL STATEMENTS


                          KENTUCKY FIRST BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                                          MARCH 31,            JUNE 30,
         ASSETS                                                                                2001                2000
<S>                                                                                       <C>                 <C>
Cash and due from banks                                                                     $   558             $   378
Interest-bearing deposits in other financial institutions                                     1,219               1,223
                                                                                            -------              ------
         Cash and cash equivalents                                                            1,777               1,601

Investment securities available for sale - at market                                          9,267               6,783
Investment securities held to maturity - at amortized cost,
  approximate market value of $2,223 as of June 30, 2000                                       -                  2,235
Mortgage-backed securities available for sale - at market                                    13,606               6,548
Mortgage-backed securities held to maturity - at amortized cost,
  approximate market value of $7,823 as of June 30, 2000                                       -                  8,075
Loans receivable - net                                                                       45,735              44,920
Office premises and equipment - at depreciated cost                                           1,143               1,203
Federal Home Loan Bank stock - at cost                                                        1,375               1,301
Accrued interest receivable                                                                     516                 424
Prepaid expenses and other assets                                                                80                 520
Prepaid federal income taxes                                                                     96                  86
Deferred federal income tax assets                                                             -                    165
                                                                                             ------              ------

         Total assets                                                                       $73,595             $73,861
                                                                                             ======              ======

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                    $51,821             $53,284
Advances from the Federal Home Loan Bank                                                      8,815               6,827
Accrued interest payable                                                                        123                 147
Other liabilities                                                                               437                 620
Deferred federal income taxes                                                                   105                  -
                                                                                             ------              ------
         Total liabilities                                                                   61,301              60,878

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                                                                  9,247               9,320
  Retained earnings - restricted                                                              8,917               8,754
  Less shares acquired by stock benefit plans                                                  (798)               (798)
  Less 448,126 and 333,933 shares of treasury stock - at cost                                (5,251)             (4,039)
  Accumulated comprehensive gain (loss), unrealized gains (losses) on
    securities designated as available for sale, net of related tax effects                     165                (268)
                                                                                             ------              ------
         Total shareholders' equity                                                          12,294              12,983
                                                                                             ------              ------

         Total liabilities and shareholders' equity                                         $73,595             $73,861
                                                                                             ======              ======
</TABLE>

                                        3


<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,
                                                                       2001         2000           2001          2000
<S>                                                                    <C>          <C>            <C>          <C>
Interest income
  Loans                                                              $  2,749     $  2,814        $    935     $    931
  Mortgage-backed securities                                              726          740             231          241
  Investment securities                                                   403          384             135          133
  Interest-bearing deposits and other                                      93           92              28           34
                                                                       ------       ------         -------       ------
         Total interest income                                          3,971        4,030           1,329        1,339

Interest expense
  Deposits                                                              1,710        1,685             573          559
  Borrowings                                                              354          284             134           97
                                                                       ------       ------         -------       ------
         Total interest expense                                         2,064        1,969             707          656
                                                                       ------       ------         -------       ------

         Net interest income                                            1,907        2,061             622          683

Provision for losses on loans                                              30           27               9            9
                                                                       ------       ------         -------       ------

         Net interest income after provision
           for losses on loans                                          1,877        2,034             613          674

Other income
  Gain on investment securities transactions                                3         -                -           -
  Service charges on deposit accounts                                     111          124              35           41
  Other operating                                                          45           33              15           12
                                                                       ------       ------         -------       ------
         Total other income                                               159          157              50           53

General, administrative and other expense
  Employee compensation and benefits                                      758          756             260          255
  Occupancy and equipment                                                 129          125              45           41
  Federal deposit insurance premiums                                        8           20               3            3
  Data processing                                                         102          107              34           35
  Other operating                                                         286          298              93          105
                                                                       ------       ------         -------       ------
         Total general, administrative and other expense                1,283        1,306             435          439
                                                                       ------       ------         -------       ------

         Earnings before income taxes                                     753          885             228          288

Federal income taxes
  Current                                                                 163          178              (6)          94
  Deferred                                                                 47           73              68          (13)
                                                                       ------       ------         -------       ------
         Total federal income taxes                                       210          251              62           81
                                                                       ------       ------         -------       ------

         NET EARNINGS                                                $    543     $    634        $    166     $    207
                                                                       ======       ======         =======       ======

         EARNINGS PER SHARE
           Basic                                                     $ .58        $ .59           $ .19        $ .20
                                                                       ===          ===             ===          ===

           Diluted                                                   $ .57        $ .58           $ .18        $ .19
                                                                       ===          ===             ===          ===
</TABLE>


                                        4

<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                 (In thousands)

<TABLE>
<CAPTION>
                                                                          NINE MONTHS ENDED          THREE MONTHS ENDED
                                                                              MARCH 31,                   MARCH 31,
                                                                         2001         2000            2001         2000

<S>                                                                  <C>          <C>             <C>          <C>
Net earnings                                                         $    543     $    634        $    166     $    207
Other comprehensive income, net of tax:
  Unrealized holding gains (losses) on securities during
    the period, net of taxes (benefits) of $314, $(70),
    $86, $(19), for the respective periods                                609         (137)            165          (37)
  Reclassification adjustment for realized gain included
    in earnings, net of tax of $1 for the nine months
    ended March 31, 2001                                                   (2)          -               -            -
                                                                    ---------     --------        --------     --------

Comprehensive income                                                  $ 1,150     $    497        $    331     $    170
                                                                       ======      =======         =======      =======

Accumulated comprehensive income (loss)                              $    165     $   (251)       $    165     $   (251)
                                                                      =======      =======         =======      =======

</TABLE>







                                        5



<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                       For the nine months ended March 31,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                                 2001              2000
<S>                                                                                           <C>               <C>
Cash flows from operating activities:
  Net earnings for the period                                                                $    543          $    634
  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                                            (12)               (2)
    Depreciation and amortization                                                                  63                62
    Amortization of deferred loan origination fees                                                (10)              (13)
    Provision for losses on loans                                                                  30                27
    Gain on investment securities transactions                                                     (3)              -
    Federal Home Loan Bank stock dividends                                                        (74)              (66)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                                 (92)              (50)
      Prepaid expenses and other assets                                                           440               (20)
      Accrued interest payable                                                                    (24)               24
      Other liabilities                                                                          (183)              204
      Federal income taxes
        Current                                                                                   (77)               37
        Deferred                                                                                   47                73
                                                                                              -------          --------
         Net cash provided by operating activities                                                648               910

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                                                 642                72
  Purchase of investment securities designated as available for sale                             (500)             (486)
  Purchase of mortgage-backed securities designated as available for sale                         -                (979)
  Principal repayments on mortgage-backed securities                                            1,297             2,314
  Purchase of loans                                                                            (2,560)           (2,161)
  Loan principal repayments                                                                     7,598             8,437
  Loan disbursements                                                                           (5,873)           (4,463)
  Purchase of office premises and equipment                                                        (3)               (9)
                                                                                              -------          --------
         Net cash provided by investing activities                                                601             2,725

Cash flows provided by (used in) financing activities:
  Net decrease in deposits                                                                     (1,463)           (2,043)
  Proceeds from Federal Home Loan Bank advances and other borrowings                            7,600             3,911
  Repayment of Federal Home Loan Bank advances and other borrowings                            (5,612)           (3,708)
  Purchase of treasury stock                                                                   (1,245)           (1,073)
  Proceeds from exercise of stock options                                                          27                10
  Dividends on common stock                                                                      (380)             (407)
                                                                                              -------          --------
         Net cash used in financing activities                                                 (1,073)           (3,310)
                                                                                              -------          --------

Net increase in cash and cash equivalents                                                         176               325

Cash and cash equivalents at beginning of period                                                1,601             1,444
                                                                                              -------          --------

Cash and cash equivalents at end of period                                                   $  1,777          $  1,769
                                                                                              =======           =======

</TABLE>



                                        6


<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                       For the nine months ended March 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                                                                     $    240          $    141
                                                                                              =======           =======

    Interest on deposits and borrowings                                                      $  2,088          $  1,945
                                                                                              =======           =======

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

Unrealized gains (losses) on securities designated as
    available for sale, net of related tax effects                                           $    607          $   (137)
                                                                                              =======           =======

</TABLE>

                                       7
<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

           For the nine and three months ended March 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 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, 2000. 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,
    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 56,229 unallocated ESOP shares, totaled
    941,251 and 887,712 for the nine and three month periods ended March 31,
    2001. Weighted-average common shares deemed outstanding, which gives effect
    to 65,935 unallocated ESOP shares, totaled 1,073,529 and 1,045,286 for the
    nine and three month periods ended March 31, 2000.

    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
    951,321 and 901,998 for the nine and three month periods ended March 31,
    2001 and totaled 1,087,314 and 1,051,314 for the nine and three month
    periods ended March 31, 2000, respectively. Incremental shares related to
    the assumed exercise of stock options included in the calculation of diluted
    earnings per share totaled 10,070 and 14,286 for the nine and three month
    periods ended March 31, 2001 and totaled 13,785 and 6,028 for the nine and
    three month periods ended March 31, 2000.





                                        8



<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

           For the nine and three months ended March 31, 2001 and 2000


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

    In June 1998, the Financial Accounting Standards Board (the "FASB") issued
    Statement of Financial Accounting Standards ("SFAS") 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.

    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, as amended by SFAS No. 137, is effective for fiscal years
    beginning after June 15, 2000. 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. Management adopted SFAS No. 133
    effective July 1, 2000, as required. Upon adoption, management elected to
    transfer all held to maturity securities to the available for sale
    classification. The adoption of SFAS No. 133 had no other material impact on
    the Corporation's financial statements.

    In September 2000, the FASB issued SFAS No. 140 "Accounting for Transfers
    and Servicing of Financial Assets and Extinquishments of Liabilities", which
    revises the standards for accounting for securitizations and other transfers
    of financial assets and collateral and requires certain disclosures, but
    carries over most of the provisions of SFAS No. 125 without reconsideration.
    SFAS No. 140 is effective after March 31, 2001. The Statement is effective
    for recognition and reclassification of collateral and for disclosures
    relating to securitization transactions and collateral for fiscal years
    ending after December 15, 2000. SFAS No. 140 is not expected to have a
    material effect on the Corporation's financial position or results of
    operations.





                                        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 loan losses and the effect of certain recent accounting pronouncements.


Discussion of Financial Condition Changes from June 30, 2000 to March 31, 2001
------------------------------------------------------------------------------

At March 31, 2001, the Corporation's consolidated total assets amounted to $73.6
million,  a decrease of $266,000,  or 0.4%, from the total at June 30, 2000. The
decrease in assets  resulted  from a decrease  of $1.5  million in  deposits,  a
decrease  of  $102,000  in accrued  interest  payable,  other  liabilities,  and
deferred federal income tax and a decrease in shareholders'  equity of $689,000,
which were partially offset by an increase of $2.0 million in borrowed funds.

Liquid assets (i.e. cash,  interest-bearing  deposits and investment securities)
increased  by $425,000,  or 4.0%,  during the nine month  period,  to a total of
$11.0  million  at March 31,  2001.  Mortgage-backed  securities  totaled  $13.6
million at March 31, 2001, a decrease of $1.0  million,  or 7.0%,  from June 30,
2000 levels. The decrease in mortgage-backed  securities resulted from principal
repayments.

Loans receivable  increased by $815,000,  or 1.8%, during the nine month period,
to a total of $45.7  million  at March 31,  2001.  Loan  disbursements  and loan
purchases  amounted to $8.4 million and were offset by principal  repayments  of
$7.6 million.  The allowance for loan losses totaled  $472,000 at March 31, 2001
compared to $443,000 at June 30, 2000.  Nonperforming  loans totaled $221,000 at
March 31, 2001  compared to $345,000 at June 30, 2000.  The  allowance  for loan
losses represented 213.6% and 128.4% of nonperforming loans as of March 31, 2001
and June 30, 2000, respectively. Although management believes that its allowance
for loan losses at March 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 $51.8 million at March 31, 2001, a decrease of $1.5 million, or
2.7%,  from June 30, 2000  levels.  The  decrease in deposits  was due to a $1.7
million  decrease  in  checking  and  savings  accounts,  which was  offset by a
$332,000  increase in  certificates  of deposit.  Borrowed  funds  totaled  $8.8
million at March 31, 2001, an increase of $2.0 million, or 29.1%, from the total
at June 30, 2000.


                                       10


<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

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


Discussion of Financial Condition Changes from June 30, 2000 to March 31, 2001
------------------------------------------------------------------------------
(continued)

The  Corporation's  shareholders'  equity amounted to $12.3 million at March 31,
2001, a decrease of $689,000,  or 5.3%, from June 30, 2000 levels.  The decrease
resulted  primarily  from  purchases of treasury stock totaling $1.2 million and
dividends paid on common stock totaling $380,000, which were partially offset by
unrealized gains on securities  designated as available for sale of $433,000 and
net earnings of $543,000.

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  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 March 31, 2001,  the Savings Bank's  tangible and core capital  totaled $10.6
million, or 14.4%, of adjusted total assets, which exceeded the minimum tangible
and core capital  requirements  of $1.1 million and $3.0 million by $9.5 million
and $7.6 million,  respectively.  The Savings Bank's risk-based capital of $10.8
million,  or  25.7%  of  risk-weighted  assets,   exceeded  the  current  8%  of
risk-weighted assets requirement by $7.5 million.


Comparison of Operating Results for the Nine Month Periods Ended March 31, 2001
-------------------------------------------------------------------------------
and 2000
--------

General
-------

Net  earnings  amounted to $543,000  for the nine months ended March 31, 2001, a
decrease of $91,000,  or 14.4%,  from the $634,000 of net earnings  reported for
the nine  months  ended March 31,  2000.  The  decrease  in net  earnings in the
current  period  was due to a $154,000  decrease  in net  interest  income and a
$3,000  increase  in the  provision  for losses on loans,  which were  partially
offset by a $2,000  increase  in other  income,  a $23,000  decrease in general,
administrative  and other  expense and a $41,000  decrease in the  provision for
federal income taxes.

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

Net  interest  income was $1.9 million for the nine months ended March 31, 2001,
which  represents  a decrease of $154,000,  or 7.5%,  compared to the nine month
period ended March 31, 2000.  Total  interest  income  decreased by $59,000,  or
1.5%, due to a $3.4 million, or 4.6%, decrease in the  weighted-average  balance
of interest-earning  assets outstanding year to year, which was partially offset
by an  increase in the average  yield on  interest-earning  assets from 7.25% to
7.49%.  Interest  income on loans  decreased by $65,000,  or 2.3%, due to a $2.1
million, or 4.3%, decrease in the weighted-average  balance of loans outstanding
year to year,  which was partially offset by an increase in the average yield on
loans from 7.90% to 8.07%.


                                       11


<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, 2001
-------------------------------------------------------------------------------
and 2000 (continued)
--------

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

Interest income on mortgage-backed securities decreased by $14,000, or 1.9%, due
to a $1.2 million, or 7.7%, decrease in the weighted-average balance outstanding
year to year,  which was partially offset by an increase in the average yield on
mortgage-backed  securities  from 6.40% to 6.80%.  Interest income on investment
securities and  interest-bearing  deposits increased by $20,000, or 4.2%, due to
an increase in the average yield from 5.65% to 5.97%, which was partially offset
by a $155,000,  or 1.4%,  decrease in the  weighted-average  balance outstanding
year to year.

Total interest expense increased by $95,000,  or 4.8%, due to an increase in the
average cost of funds from 4.22% to 4.64%,  which was partially offset by a $2.9
million, or 4.7%,  decrease in the weighted  average-balance of interest-bearing
liabilities  outstanding year to year. Interest expense on deposits increased by
$25,000,  or 1.5%, due to an increase in the average cost of deposits from 4.06%
to 4.44%, which was partially offset by a $4.0 million, or 7.2%, decrease in the
weighted-average  balance of deposits outstanding year to year. Interest expense
on borrowings  increased by $70,000,  or 24.6%, due to a $1.1 million, or 15.5%,
increase  in the  weighted-average  balance  of  advances  outstanding  from the
Federal  Home Loan Bank and due to an increase  in the average  cost of advances
from 5.50% to 5.94%.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  decreased by $154,000,  or 7.5%, to a total of $1.9 million
for the nine months ended March 31,  2001,  as compared to the nine months ended
March 31, 2000.  The interest rate spread  amounted to  approximately  2.85% and
3.03% during the nine month periods ended March 31, 2001 and 2000, respectively,
while the net interest margin amounted to  approximately  3.59% and 3.71% during
the nine month periods ended March 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 $30,000  and a $27,000  provision  for  losses on loans  during the nine month
periods ended March 31, 2001 and 2000,  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.




                                       12

<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, 2001
-------------------------------------------------------------------------------
and 2000 (continued)
--------

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

Other income  increased by $2,000,  or 1.3%, for the nine months ended March 31,
2001,  compared to the nine months ended March 31, 2000, due to a gain of $3,000
on investment securities transactions in the current period compared to the lack
of any gain or loss on such  transactions  in the  previous  period and due to a
$12,000,  or 36.4%,  increase in other  operating  income,  which were partially
offset by a $13,000, or 10.5%, decrease in service charges on deposit accounts.

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

General,  administrative and other expense decreased by $23,000, or 1.8%, during
the nine months ended March 31, 2001 compared to the nine months ended March 31,
2000. The decrease in general,  administrative and other expense resulted from a
$12,000, or 60.0%,  decrease in federal deposit insurance premiums, a $5,000, or
4.7%,  decrease in data processing expense and a $12,000,  or 4.0%,  decrease in
other operating  expense,  which were offset by a $2,000,  or 0.3%,  increase in
employee  compensation and benefits and a $4,000, or 3.2%, increase in occupancy
and equipment expense.

The  decrease in federal  deposit  insurance  premiums  was  primarily  due to a
decrease  in the rate  assessed by the Federal  Deposit  Insurance  Corporation,
effective  January 1, 2000. The decrease in data processing was primarily due to
decreased  charges for on-line services and ATM processing  related to preparing
computer  systems for the change to year 2000 during the  previous  period.  The
decrease  in other  operating  expense  was  largely  related to  reduced  legal
expense, franchise tax, and office supplies.

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

The provision for federal income taxes decreased by $41,000,  or 16.3%,  for the
nine months  ended March 31,  2001  compared to the nine months  ended March 31,
2000. The decrease  resulted  primarily  from a decrease in net earnings  before
taxes of $132,000,  or 14.9%.  The  effective tax rates were 27.9% and 28.4% for
the nine month periods ended March 31, 2001 and 2000, respectively.


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

General
-------
Net earnings amounted to $166,000 for the three months ended March 31, 2001, a
decrease of $41,000, or 19.8%, from the $207,000 of net earnings reported for
the three months ended March 31, 2000. The decrease in net earnings in the
current period was due to a $61,000 decrease in net interest income and a $3,000
decrease in other income, which were partially offset by a $4,000 decrease in
general, administrative and other expense and a $19,000 decrease in the
provision for federal income taxes.


                                       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 March 31, 2001
--------------------------------------------------------------------------------
and 2000 (continued)
--------

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

Net  interest  income was  $622,000  for the three  months ended March 31, 2001,
which  represents  a decrease of $61,000,  or 8.9%,  compared to the three month
period ended March 31, 2000.  Total  interest  income  decreased by $10,000,  or
0.7%, due to a $2.1 million, or 2.9%, decrease in the  weighted-average  balance
of interest-earning  assets outstanding year to year, which was partially offset
by an  increase in the average  yield on  interest-earning  assets from 7.32% to
7.49%.

Interest income on loans increased by $4,000, or 0.4%, due to an increase in the
average  yield on loans from  7.98% to 8.10%,  which was  partially  offset by a
$542,000, or 1.2%, decrease in the weighted-average balance of loans outstanding
year to  year.  Interest  income  on  mortgage-backed  securities  decreased  by
$10,000, or 4.1%, due to a $929,000,  or 6.3%, decrease in the  weighted-average
balance  outstanding  year to year, which was partially offset by an increase in
the average yield on  mortgage-backed  securities from 6.57% to 6.72%.  Interest
income on  investment  securities  and  interest-bearing  deposits  decreased by
$4,000, or 2.4%, due to a $676,000,  or 5.7%,  decrease in the  weighted-average
balance  outstanding  year to year, which was partially offset by an increase in
the average yield from 5.66% to 5.91%.

Total interest expense increased by $51,000,  or 7.8%, due to an increase in the
average cost of funds from 4.29% to 4.71%,  which was partially offset by a $1.1
million,  or 1.8%,  decrease in the weighted average balance of interest-bearing
liabilities  outstanding year to year. Interest expense on deposits increased by
$14,000,  or 2.5%, due to an increase in the average cost of deposits from 4.11%
to 4.53%, which was partially offset by a $3.8 million, or 6.9%, decrease in the
weighted-average  balance of deposits outstanding year to year. Interest expense
on borrowings  increased by $37,000,  or 38.1%, due to a $2.7 million, or 39.1%,
increase  in the  weighted-average  balance  of  advances  outstanding  from the
Federal Home Loan Bank,  which was partially offset by a decrease in the average
cost of advances from 5.68% to 5.66%.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  decreased by $61,000,  or 8.9%, to a total of $622,000 for
the three  months  ended March 31, 2001 as  compared to the three  months  ended
March 31, 2000.  The interest rate spread  amounted to  approximately  2.79% and
3.04%  during  the  three  month   periods   ended  March  31,  2001  and  2000,
respectively,  while the net interest margin amounted to approximately 3.50% and
3.73%  during  the  three  month   periods   ended  March  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 $9,000  provision  for losses on loans during each of the three month  periods
ended  March 31,  2001 and 2000.  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.

                                       14


<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 March 31, 2001
--------------------------------------------------------------------------------
and 2000 (continued)
--------

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

Other income decreased by $3,000,  or 5.7%, for the three months ended March 31,
2001,  compared to the three months ended March 31,  2000,  due to a $6,000,  or
14.6%,  decrease in service charges on deposit  accounts,  which was offset by a
$3,000, or 25.0%, increase in other operating income.

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

General,  administrative  and other expense decreased by $4,000, or 0.9%, during
the three months  ended March 31, 2001  compared to the three months ended March
31, 2000.  The decrease in general,  administrative  and other expense  resulted
primarily from a $12,000, or 11.4%,  decrease in other operating expense,  which
was partially offset by a $5,000, or 2.0%, increase in employee compensation and
benefits and a $4,000, or 9.8%, increase in occupancy and equipment expense.

The decrease in other  operating  expense was largely  related to reduced  legal
expense,  franchise tax and office  supplies  expense.  The increase in employee
compensation  and benefits was due to normal  yearly  employee  wage  increases,
which was offset by an increase  in direct  costs of loan  department  personnel
being  deferred  related to higher loan  origination  volume  during the current
period.

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

The provision for federal income taxes decreased by $19,000,  or 23.5%,  for the
three  months  ended March 31, 2001 as compared to the three  months ended March
31, 2000. The decrease resulted primarily from a decrease in net earnings before
taxes of $60,000, or 20.8%. The effective tax rates were 27.2% and 28.1% for the
three month periods ended March 31, 2001 and 2000, respectively.












                                       15



<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                                     PART II


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

     The Bank is 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.  The lawsuit is a collection action seeking recovery of three loans of
which the Bank has an interest in two.  The suit also asks for the court to sell
the  property  securing  the  loans  with the  proceeds  to be used to repay all
amounts owed. The defendants  filed an answer on February 3, 2000 making various
counterclaims  alleging  breach  of  contract,  breach  of  fiduciary  duty  and
unspecified  violations of the federal  banking laws. The defendants are seeking
money damages (including punitive damages) of an unspecified amount.  Certain of
the  counterclaims  relate  only to the one loan in which the Bank does not have
any interest.


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

                  Not applicable

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

                  None

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

                  Exhibits:                                   None.

                  Reports on Form 8-K:                        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:  May 11, 2001                     By:  /s/ Betty J. Long
       ------------                          -----------------------------------
                                               Betty J. Long
                                               President and Chief
                                               Executive Officer




Date:  May 11, 2001                     By:  /s/ Russell M. Brooks
       ------------                          -----------------------------------
                                               Russell M. Brooks
                                               Executive Vice President and
                                                 Chief Financial Officer














                                       17