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, 2002
                                -------------------

                                       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 ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the issuer filed all documents and reports required to be filed by
Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities
under a plan confirmed by a court.

Yes [ ]         No  [ ]

                      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:
January 30, 2003 - 879,142 shares of common stock
-------------------------------------------------

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

                                  Page 1 of 19
<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

  ITEM III                 CONTROLS AND PROCEDURES                            15


PART II  -        OTHER INFORMATION                                           16

SIGNATURES                                                                    17

CERTIFICATIONS                                                                18


                                       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                                                            2002        2002

<S>                                                                   <C>         <C>
Cash and due from banks                                               $    470    $    600
Interest-bearing deposits in other financial institutions                2,807       3,079
                                                                      --------    --------
         Cash and cash equivalents                                       3,277       3,679

Investment securities available for sale - at market                    14,703      11,105
Mortgage-backed securities available for sale - at market               18,294      22,204
Loans receivable - net                                                  37,027      39,355
Office premises and equipment - at depreciated cost                      1,333       1,237
Real estate acquired through foreclosure                                    --          45
Federal Home Loan Bank stock - at cost                                     711       1,477
Accrued interest receivable                                                482         484
Prepaid expenses and other assets                                           69          86
                                                                      --------    --------

         Total assets                                                 $ 75,896    $ 79,672
                                                                      ========    ========

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                               $52,984    $ 54,119
Advances from the Federal Home Loan Bank                                 8,985      11,794
Accrued interest payable                                                   143         156
Other liabilities                                                          294         179
Accrued federal income taxes                                                61           5
Deferred federal income taxes                                              335         269
                                                                      --------    --------
         Total liabilities                                              62,802      66,522

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                                             9,280       9,301
  Retained earnings - restricted                                         9,612       9,386
  Less shares acquired by stock benefit plans                             (462)       (462)
  Less 506,983 and 463,297 shares of treasury stock at December 31,
    2002 and June 30, 2002, respectively - at cost                      (6,112)     (5,444)
  Accumulated comprehensive income, unrealized gains on securities
    designated as available for sale, net of related tax effects           762         355
                                                                      --------    --------
         Total shareholders' equity                                     13,094      13,150
                                                                      --------    --------

         Total liabilities and shareholders' equity                   $ 75,896    $ 79,672
                                                                      ========    ========
</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,
                                                             2002       2001       2002      2001
<S>                                                        <C>        <C>       <C>        <C>
Interest income
  Loans                                                    $ 1,463    $ 1,843   $   717    $   910
  Mortgage-backed securities                                   571        526       264        299
  Investment securities                                        319        210       161         96
  Interest-bearing deposits and other                           43         68        22         29
                                                           -------    -------   -------    -------
         Total interest income                               2,396      2,647     1,164      1,334

Interest expense
  Deposits                                                     718      1,068       343        506
  Borrowings                                                   247        241       121        130
                                                           -------    -------   -------    -------
         Total interest expense                                965      1,309       464        636
                                                           -------    -------   -------    -------

         Net interest income                                 1,431      1,338       700        698

Provision for (recoveries of) losses on loans                  (50)        21        --         18
                                                           -------    -------   -------    -------

         Net interest income after provision
           for (recoveries of) losses on loans               1,481      1,317       700        680

Other income
  Service charges on deposit accounts                           70         77        35         39
  Other operating                                               30         27        12         13
                                                           -------    -------   -------    -------
         Total other income                                    100        104        47         52

General, administrative and other expense
  Employee compensation and benefits                           484        445       231        217
  Occupancy and equipment                                       88         85        43         42
  Data processing                                               75         75        37         39
  State franchise tax                                           33         33        17         18
  Other operating                                              173        177        99         98
                                                           -------    -------   -------    -------
         Total general, administrative and other expense       853        815       427        414
                                                           -------    -------   -------    -------

         Earnings before income taxes                          728        606       320        318

Federal income taxes
  Current                                                      368        100       210         22
  Deferred                                                    (144)        76      (113)        71
                                                           -------    -------   -------    -------
         Total federal income taxes                            224        176        97         93
                                                           -------    -------   -------    -------

         NET EARNINGS                                      $   504    $   430   $   223    $   225
                                                           =======    =======   =======    =======

         EARNINGS PER SHARE
           Basic                                           $   .59    $   .48   $   .27    $   .25
                                                           =======    =======   =======    =======

           Diluted                                         $   .56    $   .47   $   .25    $   .25
                                                           =======    =======   =======    =======
</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,
                                                                               2002    2001     2002   2001

<S>                                                                           <C>     <C>     <C>     <C>
Net earnings                                                                  $ 504   $ 430   $ 223   $ 225

Other comprehensive income (loss), net of tax:
  Unrealized holding gains (losses) on securities during the period,
    net of taxes (benefits) of $210, $2, $3 and $(137) during the
    respective periods                                                          407       4       6    (265)
                                                                              -----   -----   -----   -----

Comprehensive income (loss)                                                   $ 911   $ 434   $ 229   $ (40)
                                                                              =====   =====   =====   =====

Accumulated comprehensive income                                              $ 762   $  89   $ 762   $  89
                                                                              =====   =====   =====   =====
</TABLE>


                                       5
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

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

<TABLE>
<CAPTION>
                                                                     2002       2001
<S>                                                                <C>        <C>
Cash flows from operating activities:
  Net earnings for the period                                      $   504    $   430
  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                  22        (10)
    Depreciation and amortization                                       36         39
    Amortization of deferred loan origination fees                     (11)       (12)
    Provision for losses on loans                                       --         21
    Gain on sale of real estate acquired through foreclosure            (5)        --
    Federal Home Loan Bank stock dividends                             (34)       (45)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                        2         24
      Prepaid expenses and other assets                                 17         13
      Accrued interest payable                                         (13)       (13)
      Other liabilities                                                115         37
      Federal income taxes
        Current                                                         56        (78)
        Deferred                                                      (144)        76
                                                                   -------    -------
         Net cash provided by operating activities                     545        482

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                      535      1,528
  Purchase of investment securities                                 (3,905)    (1,000)
  Purchase of mortgage-backed securities                                --     (8,090)
  Principal repayments on mortgage-backed securities                 4,277      2,080
  Loan principal repayments                                          7,039      6,428
  Loan disbursements                                                (4,700)    (5,539)
  Purchase of office premises and equipment                           (132)       (31)
  Proceeds from redemption of Federal Home Loan Bank stock             800         --
  Proceeds from sale of real estate acquired through foreclosure        50         --
                                                                   -------    -------
         Net cash provided by (used in) investing activities         3,964     (4,624)

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposits                               (1,135)     1,534
  Proceeds from borrowed funds                                          --      3,000
  Repayment of borrowed funds                                       (2,809)        (8)
  Proceeds from exercise of stock options                              101         --
  Purchase of treasury stock                                          (790)      (164)
  Dividends on common stock                                           (278)      (265)
                                                                   -------    -------
         Net cash provided by (used in) financing activities        (4,911)     4,097
                                                                   -------    -------

Net decrease in cash and cash equivalents                             (402)       (45)

Cash and cash equivalents at beginning of period                     3,679      2,576
                                                                   -------    -------

Cash and cash equivalents at end of period                         $ 3,277    $ 2,531
                                                                   =======    =======
</TABLE>


                                       6
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

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


<TABLE>
<CAPTION>
                                                                      2002    2001
<S>                                                                  <C>      <C>
Supplemental disclosure of cash flow information:
  Cash paid during the period for:
    Federal income taxes                                             $  302   $  159
                                                                     ======   ======

    Interest on deposits and borrowings                              $  978   $1,322
                                                                     ======   ======

Supplemental disclosure of noncash investing activities:
  Unrealized gains on securities designated as available for sale,
    net of related tax effects                                       $  407   $    4
                                                                     ======   ======

  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, 2002 and 2001

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, 2002. 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, 2002 are not
necessarily  indicative  of the  results  which may be  expected  for the 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
gives effect to 36,651 and 45,810  unallocated ESOP shares for the six and three
month periods ended December 31, 2002 and 2001, 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. The computations are as follows:

<TABLE>
<CAPTION>
                                   FOR THE SIX MONTHS ENDED  FOR THE THREE MONTHS ENDED
                                          DECEMBER 31,              DECEMBER 31,
                                        2002       2001         2002     2001
<S>                                    <C>       <C>           <C>       <C>
Weighted-average common shares
  outstanding (basic)                  856,580   890,282       845,945   886,208
Dilutive effect of  assumed exercise
  of stock options                      46,605    33,296        50,774    33,434
                                       -------   -------       -------   -------
Weighted-average common shares
  outstanding (diluted)                903,185   923,578       896,719   919,642
                                       =======   =======       =======   =======
</TABLE>

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

In August  2001,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial  Accounting  Standards ("SAFS") No. 144,  "Accounting for
the Impairment or Disposal of Long-Lived  Assets." SFAS No. 144 carries over the
recognition and measurement  provisions in SFAS No. 121. Accordingly,  an entity
must recognize an impairment loss if the carrying value of a long-lived asset or
asset group (a) is not  recoverable  and (b) exceeds its fair value.  Similar to
SFAS No.  121,  SFAS No. 144  requires an entity to test an asset or asset group
for impairment  whenever  events or changes in  circumstances  indicate that its
carrying amount may not be  recoverable.  SFAS No. 144 differs from SFAS No. 121
in  that  it  provides   guidance  on  estimating  future  cash  flows  to  test
recoverability.  An entity may use  either a  probability-weighted  approach  or
best-estimate   approach  in   developing   estimates  of  cash  flows  to  test
recoverability.  SFAS No. 144 is effective for financial  statements  issued for
fiscal years  beginning after December 15, 2001 and interim periods within those
fiscal years.  Management  adopted SFAS No. 144 effective July 1, 2002,  without
material  effect  on  the  Corporation's   financial  condition  or  results  of
operations.


                                       8
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

          For the six and three months ended December 31, 2002 and 2001


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

In June 2002,  the FASB issued SFAS No. 146,  "Accounting  for Costs  Associated
with Exit or Disposal  Activities." SFAS No. 146 provides  financial  accounting
and reporting  guidance for costs  associated with exit or disposal  activities,
including one-time termination  benefits,  contract termination costs other than
for a capital lease, and costs to consolidate  facilities or relocate employees.
SFAS No.  146 is  effective  for exit or  disposal  activities  initiated  after
December 31, 2002. SFAS No. 146 is not expected to have a material effect on the
Corporation's financial condition or results of operations.

In October 2002, the FASB issued SFAS No. 147, "Accounting for Certain Financial
Institutions:  An  Amendment  of  FASB  Statements  No.  72  and  144  and  FASB
Interpretation No. 9," which removes acquisitions of financial institutions from
the scope of SFAS No. 72,  "Accounting  for Certain  Acquisitions of Banking and
Thrift  Institutions,"  except  for  transactions  between  mutual  enterprises.
Accordingly,  the excess of the fair value of liabilities  assumed over the fair
value of tangible  and  intangible  assets  acquired  in a business  combination
should be recognized  and accounted for as goodwill in accordance  with SFAS No.
141,  "Business  Combinations," and SFAS No. 142, "Goodwill and Other Intangible
Assets."

SFAS No. 147 also requires that the acquisition of a  less-than-whole  financial
institution, such as a branch, be accounted for as a business combination if the
transferred  assets  and  activities  constitute  a  business.   Otherwise,  the
acquisition should be accounted for as the acquisition of net assets.

SFAS No.  147  also  amends  the  scope of SFAS  No.  144,  "Accounting  for the
Impairment  or Disposal of  Long-Lived  Assets," to include  long-term  customer
relationship  assets of financial  institutions  (including mutual  enterprises)
such as  depositor-  and  borrower-relationship  intangible  assets  and  credit
cardholder intangible assets.

The provisions of SFAS No. 147 related to  unidentifiable  intangible assets and
the  acquisition of a  less-than-whole  financial  institution are effective for
acquisitions  for which the date of  acquisition is on or after October 1, 2002.
The provisions related to impairment of long-term customer  relationship  assets
are effective October 1, 2002.  Transition  provisions for previously recognized
unidentifiable  intangible assets are effective on October 1, 2002, with earlier
application permitted.

SFAS No.  147 is not  expected  to have a material  effect on the  Corporation's
financial condition or results of operations.

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation  - Transition  and  Disclosure."  SFAS No. 148 amends SFAS No. 123,
"Accounting for Stock-Based  Compensation,"  to provide  alternative  methods of
transition  for a voluntary  change to the fair value based method of accounting
for  stock-based  employee  compensation.  In addition,  SFAS No. 148 amends the
disclosure requirements of SFAS No. 123 to require prominent disclosures in both
annual and  interim  financial  statements  about the method of  accounting  for
stock-based employee  compensation and the effect of the method used on reported
results. SFAS No. 148 is effective for fiscal years beginning after December 15,
2002.  The interim  disclosure  provisions  are effective for financial  reports
containing financial statements for interim periods beginning after December 15,
2002.  SFAS  No.  148  is  not  expected  to  have  a  material  effect  on  the
Corporation's financial position, results of operations or cash flows.


                                       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 recent accounting pronouncements.


Discussion  of  Financial  Condition  Changes from June 30, 2002 to December 31,
--------------------------------------------------------------------------------
2002
----

At December 31, 2002, the  Corporation's  consolidated  total assets amounted to
$75.9 million,  a decrease of $3.8 million,  or 4.7%, from the total at June 30,
2002. The decrease in assets, which was centered in decreases in mortgage-backed
securities and loans,  was accompanied by a decrease of $1.1 million in deposits
and a decrease of $2.8 million in advances from the Federal Home Loan Bank.

Liquid assets (i.e. cash,  interest-bearing  deposits and investment securities)
increased by $3.2 million,  or 21.6%, during the six month period ended December
31,  2002,  to a total  of  $18.0  million  at  December  31,  2002.  Investment
securities  purchases  totaling  $3.9  million  were  funded  generally  through
proceeds  from  principal  repayments on loans and  mortgage-backed  securities.
Mortgage-backed  securities  totaled  $18.3  million at  December  31,  2002,  a
decrease of $3.9 million,  or 17.6%, from June 30, 2002 levels.  The decrease in
mortgage-backed  securities resulted primarily from principal repayments of $4.3
million, which were partially offset by an increase in unrealized gains.

Loans  receivable  amounted to $37.0 million at December 31, 2002, a decrease of
$2.3 million, or 5.9%, compared to June 30, 2002.  Principal repayments amounted
to $7.0 million and were partially offset by loan disbursements of $4.7 million.
The allowance for loan losses totaled $345,000 at December 31, 2002, compared to
$241,000 at June 30,  2002.  During the period  ended  December  31,  2002,  the
Corporation  realized a recovery  totaling  $150,000  from the  settlement  of a
nonperforming  loan  of  which  $100,000  was  recorded  as an  addition  to the
allowance  for loan losses which  accounted  for the increase in the  allowance.
Nonperforming loans totaled $95,000 at December 31, 2002, compared to $51,000 at
June 30, 2002. The allowance for loan losses represented 363.2% of nonperforming
loans as of December 31, 2002 and 472.5% at June 30, 2002.  Although  management
believes  that its  allowance  for loan losses at December 31, 2002 was 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 $53.0 million at December 31, 2002, a decrease of $1.1 million,
or 2.1%,  from June 30, 2002 levels.  Although  management  generally  pursues a
strategy of moderate growth in deposits,  the Savings Bank  historically has not
engaged in sporadic  increases and decreases in interest rates offered,  nor has
it offered the highest interest rate in its market area.

Advances  from the Federal  Home Loan Bank  totaled $9.0 million at December 31,
2002, a decrease of $2.8 million, or 23.8%,  compared to June 30, 2002. Advances
were repaid during the period with proceeds from  principal  repayments on loans
and mortgage-backed securities.


                                       10
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

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


Discussion  of  Financial  Condition  Changes from June 30, 2002 to December 31,
--------------------------------------------------------------------------------
2002 (continued)
----------------

The  Corporation's  shareholders'  equity  amounted  to $13.1  million and $13.2
million at  December  31, 2002 and June 30,  2002,  respectively.  Net  earnings
during the six months  ended  December  31, 2002 of $504,000  and an increase in
unrealized  gains on available for sale  securities of $407,000,  were partially
offset by dividends  paid on common  stock  totaling  $278,000 and  purchases of
treasury stock totaling $790,000.

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 December 31, 2002, the Savings Bank's tangible and core capital totaled $11.5
million, or 15.4%, of adjusted total assets, which exceeded the minimum tangible
and core capital  requirements of $1.1 million and $3.0 million by $10.4 million
and $8.5 million,  respectively.  The Savings Bank's risk-based capital of $11.9
million,  or 33.6% of  risk-weighted  assets,  exceeded the 8% of  risk-weighted
assets requirement by $9.0 million.

Comparison of Operating  Results for the Six Month  Periods  Ended  December 31,
--------------------------------------------------------------------------------
2002 and 2001
-------------

General
-------

Net earnings amounted to $504,000 for the six months ended December 31, 2002, an
increase of $74,000,  or 17.2%,  over the $430,000 of net earnings  reported for
the six months ended  December 31, 2001. The increase in net earnings was due to
a  $93,000  increase  in net  interest  income  and a  $71,000  decrease  in the
provision for losses on loans, which were partially offset by a $38,000 increase
in  general,  administrative  and other  expense  and a $48,000  increase in the
provision for federal income taxes.

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

Total interest income amounted to $2.4 million for the six months ended December
31, 2002, a decrease of $251,000,  or 9.5%, compared to the same period in 2001,
due to a decrease in the average yield on interest-earning assets, from 7.11% in
2001 to 6.35% in 2002, partially offset by a $989,000,  or 1.3%, increase in the
weighted-average balance of interest-earning assets outstanding. Interest income
on loans  decreased  by $380,000,  or 20.6%,  due to a $7.5  million,  or 16.1%,
decrease in the weighted-average balance of loans outstanding  year-to-year,  as
well as a 43 basis point  decrease in the average  yield on loans,  to 7.54% for
the six months ended December 31, 2002.

Interest income on mortgage-backed securities increased by $45,000, or 8.6%, due
primarily  to a  $3.0  million,  or  17.5%,  increase  in  the  average  balance
outstanding,  which was  partially  offset by a decrease in the average yield on
mortgage-backed  securities,  from 6.08% in the 2001 period to 5.61% in the 2002
period.  Interest income on investment securities and interest-bearing  deposits
increased by $84,000,  or 30.2%, due primarily to a $5.4 million increase in the
average balance outstanding year-to-year.


                                       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,
--------------------------------------------------------------------------------
2002 and 2001 (continued)
-------------------------

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

Total  interest  expense  amounted to $965,000 for the six months ended December
31,  2002,  a decrease of $344,000,  or 26.3%,  from the 2001  period,  due to a
decrease  in the  average  cost of funds,  from  4.14% in 2001 to 2.99% in 2002,
which  was  partially  offset  by a  $1.4  million,  or  2.2%,  increase  in the
weighted-average    balance   of   interest-bearing    liabilities   outstanding
year-to-year.  Interest expense on deposits decreased by $350,000, or 32.8%, due
to a 134 basis point  decrease in the average  cost of deposits to 2.70% for the
2002 six month period,  partially offset by a $245,000,  or .5%, increase in the
weighted-average balance of deposits outstanding year-to-year.  Interest expense
on borrowings  increased by $6,000,  or 2.5%,  due to a $1.1 million,  or 10.8%,
increase in the  weighted-average  balance of borrowed funds outstanding,  which
was partially  offset by a decrease in the average cost of borrowed funds,  from
4.65% in the 2001 period to 4.30% in the 2002 period. The decreases in the level
of yields on interest-earning  assets and costs of interest-bearing  liabilities
resulted  primarily  from the overall  decrease in interest rates in the economy
during  calendar  2001.  This low interest rate  environment  continued  through
December 31, 2002.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  increased by $93,000,  or 7.0%, to a total of $1.4 million
for the six months ended  December  31,  2002,  compared to the six months ended
December 31, 2001.  The interest rate spread  amounted to 3.36% and 2.97% during
the six month periods ended December 31, 2002 and 2001, respectively,  while the
net interest  margin  amounted to 3.79% and 3.59%  during the six month  periods
ended December 31, 2002 and 2001, respectively.

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

The  Corporation  records a 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.  During the six month period ended December 31,
2002, the  Corporation  realized a $150,000  recovery on a  nonperforming  loan.
Based upon the foregoing  analysis,  management elected to record $100,000 as an
addition to the allowance for loan losses and $50,000 to  operations.  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  $100,000  for the six months  ended  December 31, 2002, a
decrease of $4,000, or 3.8%, compared to the six months ended December 31, 2001,
due  primarily  to a $7,000,  or 9.1%,  decrease  in service  charges on deposit
accounts.

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

General,  administrative  and other expense totaled  $853,000 for the six months
ended  December 31, 2002, an increase of $38,000,  or 4.7%,  compared to the six
months  ended  December 31, 2001.  The increase in general,  administrative  and
other expense resulted primarily from a $39,000,  or 8.8%,  increase in employee
compensation  and benefits.  The increase in employee  compensation and benefits
was due  primarily  to an  increase  in  benefit  plan  costs and  normal  merit
increases 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,
--------------------------------------------------------------------------------
2002 and 2001 (continued)
-------------------------

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

The provision for federal income taxes totaled $224,000 for the six months ended
December 31, 2002, an increase of $48,000, or 27.3%,  compared to the six months
ended  December 31, 2001. The increase  resulted  primarily from the increase in
net earnings before taxes of $122,000,  or 20.1%, and a decrease in the level of
nontaxable  interest income year to year. The effective tax rates were 30.8% and
29.0% for the six month periods ended December 31, 2002 and 2001, respectively.


Comparison of Operating  Results for the Three Month Periods Ended  December 31,
--------------------------------------------------------------------------------
2002 and 2001
-------------

General
-------

Net earnings  amounted to $223,000 for the three months ended December 31, 2002,
a decrease of $2,000, or .9%, from the $225,000 of net earnings reported for the
three months ended  December 31, 2001. The decrease in net earnings was due to a
$5,000 decrease in other income, a $13,000  increase in general,  administrative
and other  expense and a $4,000  increase in the  provision  for federal  income
taxes,  which were partially  offset by a $2,000 increase in net interest income
and an $18,000 decrease in the provision for losses on loans.

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

Total  interest  income  amounted  to $1.2  million for the three  months  ended
December  31,  2002,  a decrease  of  $170,000,  or 12.7%,  compared to the same
quarter in 2001,  due to a decrease  in the  average  yield on  interest-earning
assets,  from  6.98%  in 2001 to 6.22% in  2002,  and a $1.6  million,  or 2.2%,
decrease in the weighted-average balance of interest-earning assets outstanding.
Interest income on loans decreased by $193,000, or 21.2%, due to a $7.5 million,
or  16.4%,  decrease  in  the  weighted-average  balance  of  loans  outstanding
year-to-year,  as well as a 45 basis  point  decrease  in the  average  yield on
loans, to 7.49% for the three months ended December 31, 2002.

Interest income on mortgage-backed  securities  decreased by $35,000,  or 11.7%,
due  primarily  to  a  $661,000,  or  3.3%,  decrease  in  the  average  balance
outstanding and a decrease in the average yield on  mortgage-backed  securities,
from 5.97% in the 2001 quarter to 5.45% in the 2002 quarter.  Interest income on
investment  securities and  interest-bearing  deposits increased by $58,000,  or
46.4%,  due  primarily  to a  $6.5  million  increase  in  the  average  balance
outstanding year-to-year.

Total interest  expense amounted to $464,000 for the three months ended December
31, 2002,  a decrease of $172,000,  or 27.0%,  from the 2001  quarter,  due to a
decrease in the average cost of funds, from 3.90% in 2001 to 2.90% in 2002 and a
$1.2   million,   or  1.9%,   decrease  in  the   weighted-average   balance  of
interest-bearing  liabilities  outstanding  year-to-year.  Interest  expense  on
deposits  decreased by $163,000,  or 32.2%, due to a 120 basis point decrease in
the average cost of deposits to 2.59% for the 2002 quarter,  and a $438,000,  or
..8%,  decrease  in  the   weighted-average   balance  of  deposits   outstanding
year-to-year.  Interest expense on borrowings  decreased by $9,000, or 6.9%, due
to a $772,000,  or 6.5%,  decrease in the  weighted-average  balance of borrowed
funds  outstanding  and a decrease in the average cost of borrowed  funds,  from
4.41% in the 2001  quarter to 4.39% in the 2002  quarter.  The  decreases in the
level of  yields  on  interest-earning  assets  and  costs  of  interest-bearing
liabilities  resulted  primarily from the overall  decrease in interest rates in
the economy during calendar 2001. This low interest rate  environment  continued
through December 31, 2002.


                                       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,
--------------------------------------------------------------------------------
2002 and 2001 (continued)
-------------------------

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

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income increased by $2,000,  or .3%, to a total of $700,000 for the
three  months  ended  December  31,  2002,  compared to the three  months  ended
December 31, 2001.  The interest rate spread  amounted to 3.32% and 3.08% during
the three month periods ended  December 31, 2002 and 2001,  respectively,  while
the net  interest  margin  amounted  to 3.74% and 3.65%  during the three  month
periods ended December 31, 2002 and 2001, respectively.

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

The  Corporation  records a 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.  Based upon the foregoing  analysis,  management
determined  that the  allowance  for loan  losses  was  adequate,  therefore  no
provision  was recorded  during the current  quarter.  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  $47,000 for the three  months ended  December 31, 2002, a
decrease of $5,000,  or 9.6%,  compared to the three months  ended  December 31,
2001,  due  primarily  to a $4,000,  or 10.3%,  decrease  in service  charges on
deposit accounts.

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

General,  administrative and other expense totaled $427,000 for the three months
ended December 31, 2002, an increase of $13,000,  or 3.1%, compared to the three
months  ended  December 31, 2001.  The increase in general,  administrative  and
other expense resulted primarily from a $14,000,  or 6.5%,  increase in employee
compensation  and benefits.  The increase in employee  compensation and benefits
was due  primarily  to an  increase  in  benefit  plan  costs and  normal  merit
increases year-to-year.

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

The  provision  for federal  income taxes  totaled  $97,000 for the three months
ended December 31, 2002, an increase of $4,000,  or 4.3%,  compared to the three
months ended  December  31,  2001.  The  increase  resulted  primarily  from the
increase in net earnings  before taxes of $2,000,  or .6%, and a decrease in the
level of nontaxable  interest  income year to year. The effective tax rates were
30.3% and 29.2% for the three month  periods  ended  December 31, 2002 and 2001,
respectively.


                                       14
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

ITEM III                    CONTROLS AND PROCEDURES


The Company's Chief Executive Officer and Chief Financial Officer have evaluated
the Company's  disclosure  controls and  procedures  (as such term is defined in
Rule 13a-14 (c) under the Exchange  Act) as of a date within 90 days of the date
of filing of this Form 10-QSB.  Based upon such evaluation,  the Company's Chief
Executive  Officer and Chief Financial Officer have concluded that such controls
and  procedures  are  effective  to ensure that the  information  required to be
disclosed  by the  Company in the  reports it files  under the  Exchange  Act is
gathered, analyzed and disclosed with adequate timeliness.

There have been no significant  changes in the Company's internal controls or in
other factors that could  significantly  affect internal controls  subsequent to
the date of the evaluation described above.


                                       15
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                                     PART II



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

          None.


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  20,  2002,  the  Annual  Meeting  of  the  Corporation's
          Shareholders  was held. Two directors  nominated were elected to terms
          expiring in 2005 by the following votes:

          William D. Morris
               For: 699,731                     Withheld: 28,700

          Charles S. Brunker
               For: 699,331                     Withheld: 29,100


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

          None


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

          Reports on Form 8-K:          None.

          Exhibits:

          99.1                          Certification of Chief Executive Officer

          99.2                          Certification of Chief Financial Officer



                                       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 3, 2003         By: /s/ Betty J. Long
       ------------------------          ---------------------------------------
                                         Betty J. Long
                                         President and Chief
                                         Executive Officer




Date:       February 3, 2003         By: /s/ Robbie Cox
       ------------------------          ---------------------------------------
                                         Robbie Cox
                                         Principal Accounting Officer




                                       17
<PAGE>


                                  CERTIFICATION


I, Betty J. Long,  President  and Chief  Executive  Officer  of  Kentucky  First
Bancorp, Inc., certify that:

1. I have  reviewed  this  quarterly  report on Form  10-QSB of  Kentucky  First
Bancorp, Inc.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;


     (b)  Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     (c)  Presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
the  registrant's  board or  directors  (or persons  fulfilling  the  equivalent
functions):

     (a)  all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and


     (b)  any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date:    February 3, 2003
     ------------------------


                                        /s/Betty J. Long
                                        ----------------------------------------
                                        Betty J. Long
                                        President and Chief Executive Officer


                                       18
<PAGE>

                                  CERTIFICATION


I, Robbie Cox, Vice  President  and Chief  Financial  Officer of Kentucky  First
Bancorp, Inc., certify that:

1. I have  reviewed  this  quarterly  report on Form  10-QSB of  Kentucky  First
Bancorp, Inc.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;


     (b)  Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     (c)  Presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
the  registrant's  board or  directors  (or persons  fulfilling  the  equivalent
functions):

     (a)  all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     (b)  any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date:    February 3, 2003
     ------------------------


                                      /s/Robbie Cox
                                      ----------------------------------------
                                      Robbie Cox
                                      Vice President and Chief Financial Officer


                                       19