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       March 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:

                  May 9, 2002 - 925,328 shares of common stock
--------------------------------------------------------------------------------

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

                                  Page 1 of 15

<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                                         9


PART II  -        OTHER INFORMATION                                           14

SIGNATURES                                                                    15



                                       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                                                                                2002                2001
<S>                                                                                         <C>                 <C>
Cash and due from banks                                                                     $   584             $   507
Interest-bearing deposits in other financial institutions                                     1,512               2,069
                                                                                            -------             -------
         Cash and cash equivalents                                                            2,096               2,576

Investment securities available for sale - at market                                         11,019               8,179
Mortgage-backed securities available for sale - at market                                    21,616              14,635
Loans receivable - net                                                                       41,393              45,720
Office premises and equipment - at depreciated cost                                           1,180               1,137
Real estate acquired through foreclosure                                                         45                  --
Federal Home Loan Bank stock - at cost                                                        1,460               1,399
Accrued interest receivable                                                                     504                 464
Prepaid expenses and other assets                                                                81                  81
Prepaid federal income taxes                                                                     20                   7
                                                                                            -------             -------

         Total assets                                                                       $79,414             $74,198
                                                                                            =======             =======

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                    $54,696             $52,430
Advances from the Federal Home Loan Bank                                                     11,798               8,811
Accrued interest payable                                                                        168                 158
Other liabilities                                                                               421                 190
Deferred federal income taxes                                                                    46                  69
                                                                                            -------             -------
         Total liabilities                                                                   67,129              61,658

Shareholders' equity
  Preferred stock - authorized 500,000 shares of $.01 par value;
    no shares issued                                                                             --                  --
  Common stock - authorized 3,000,000 shares of $.01 par value;
    1,388,625 shares issued                                                                      14                  14
  Additional paid-in capital                                                                  9,264               9,264
  Retained earnings - restricted                                                              9,121               8,986
  Less shares acquired by stock benefit plans                                                  (555)               (555)
  Less 463,297 and 448,460 shares of treasury stock at March 31,
    2002 and June 30, 2001, respectively - at cost                                           (5,444)             (5,254)
  Accumulated comprehensive income (loss), unrealized gains (losses) on
     securities designated as available for sale, net of related tax effects                   (115)                 85
                                                                                            -------             -------
         Total shareholders' equity                                                          12,285              12,540
                                                                                            -------             -------

         Total liabilities and shareholders' equity                                         $79,414             $74,198
                                                                                            =======             =======
</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,
                                                                         2002         2001              2002         2001
<S>                                                                    <C>          <C>              <C>          <C>
Interest income
  Loans                                                                $2,681       $2,749            $  838       $  935
  Mortgage-backed securities                                              838          726               312          231
  Investment securities                                                   319          403               109          135
  Interest-bearing deposits and other                                      94           93                26           28
                                                                       ------       ------            ------       ------
         Total interest income                                          3,932        3,971             1,285        1,329

Interest expense
  Deposits                                                              1,503        1,710               435          573
  Borrowings                                                              363          354               122          134
                                                                       ------       ------            ------       ------
         Total interest expense                                         1,866        2,064               557          707
                                                                       ------       ------            ------       ------

         Net interest income                                            2,066        1,907               728          622

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

         Net interest income after provision
           for losses on loans                                          2,036        1,877               719          613

Other income
  Gain on investment securities transactions                               --            3                --           --
  Service charges on deposit accounts                                     113          111                36           35
  Other operating                                                          42           45                15           15
                                                                       ------       ------            ------       ------
         Total other income                                               155          159                51           50

General, administrative and other expense
  Employee compensation and benefits                                      652          758               207          260
  Occupancy and equipment                                                 127          129                42           45
  Data processing                                                         116          102                41           34
  State franchise tax                                                      48           48                15           15
  Other operating                                                         269          246                92           81
                                                                       ------       ------            ------       ------
         Total general, administrative and other expense                1,212        1,283               397          435
                                                                       ------       ------            ------       ------

         Earnings before income taxes                                     979          753               373          228

Federal income taxes
  Current                                                                 207          163               107           (6)
  Deferred                                                                 81           47                 5           68
                                                                       ------      -------            ------       ------
         Total federal income taxes                                       288          210               112           62
                                                                       ------      -------            ------       ------

         NET EARNINGS                                                  $  691      $   543            $  261       $  166
                                                                       ======      =======            ======       ======
         EARNINGS PER SHARE
           Basic                                                       $  .78      $   .58            $  .30       $  .19
                                                                       ======      =======            ======       ======

           Diluted                                                     $  .75      $   .57            $  .28       $  .18
                                                                       ======      =======            ======       ======
</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,
                                                                              2002       2001           2002       2001
<S>                                                                          <C>         <C>           <C>         <C>
Net earnings                                                                 $ 691      $ 543          $ 261       $166

Other comprehensive income (loss), net of tax:
  Cumulative effect of transfer of securities from held to maturity
    to available for sale                                                       --       (174)            --         --
  Unrealized holding gains (losses) on securities during the period, net
    of taxes (benefits) of $(103), $314, $(105) and $85 during the
    respective periods                                                        (200)       609           (204)       165

  Reclassification adjustment for realized gains included in earnings,
    net of tax of $1 in 2001                                                    --         (2)            --         --
                                                                             -----      -----          -----       ----

Comprehensive income                                                         $ 491      $ 976          $  57       $331
                                                                             =====      =====          =====       ====

Accumulated comprehensive income (loss)                                      $(115)     $ 165          $(115)      $165
                                                                             =====      =====          =====       ====
</TABLE>

                                       5
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                       For the nine months ended March 31,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                                2002              2001
<S>                                                                                         <C>                 <C>
Cash flows from operating activities:
  Net earnings for the period                                                               $     691           $   543
  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                                            (11)              (12)
    Depreciation and amortization                                                                  58                63
    Amortization of deferred loan origination fees                                                (26)              (10)
    Provision for losses on loans                                                                  30                30
    Gain on investment securities transactions                                                     --                (3)
    Federal Home Loan Bank stock dividends                                                        (61)              (74)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                                 (40)              (92)
      Prepaid expenses and other assets                                                            --               440
      Accrued interest payable                                                                     10               (24)
      Other liabilities                                                                           231              (183)
      Federal income taxes
        Current                                                                                   (13)              (77)
        Deferred                                                                                   81                47
                                                                                            ---------           -------
         Net cash provided by operating activities                                                950               648

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                                               2,041               642
  Purchase of investment securities                                                            (4,980)             (500)
  Purchase of mortgage-backed securities                                                      (11,169)               --
  Principal repayments on mortgage-backed securities                                            3,994             1,297
  Purchase of loans                                                                                --            (2,560)
  Loan principal repayments                                                                    11,617             7,598
  Loan disbursements                                                                           (7,339)           (5,873)
  Purchase of office premises and equipment                                                      (101)               (3)
                                                                                            ---------           --------
         Net cash provided by (used in) investing activities                                   (5,937)              601

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposits                                                           2,266            (1,463)
  Proceeds from borrowed funds                                                                  3,000             7,600
  Repayment of borrowed funds                                                                     (13)           (5,612)
  Proceeds from exercise of stock options                                                          --                27
  Purchase of treasury stock                                                                     (190)           (1,245)
  Dividends on common stock                                                                      (556)             (380)
                                                                                            ---------           -------
         Net cash provided by (used in) financing activities                                    4,507            (1,073)
                                                                                            ---------           -------

Net increase (decrease) in cash and cash equivalents                                             (480)              176

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

Cash and cash equivalents at end of period                                                  $   2,096           $ 1,777
                                                                                            =========           =======
</TABLE>

                                       6
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                       For the nine months ended March 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                                                                       $  201           $   240
                                                                                               ======           =======

    Interest on deposits and borrowings                                                        $1,856           $ 2,088
                                                                                               ======           =======

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

  Unrealized gains (losses) on securities designated as available
    for sale, net of related tax effects                                                       $ (200)          $   607
                                                                                               ======           =======

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

                                       7
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

           For the nine and three months ended March 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,  2001.  However,  in the
     opinion of management, all adjustments (consisting of only normal recurring
     accruals)  which are  necessary  for a fair  presentation  of the financial
     statements have been included.  The results of operations for the three and
     nine month periods ended March 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,  which gives effect to 45,810 unallocated ESOP shares, totaled
     887,023 and 880,362  for the nine and three month  periods  ended March 31,
     2002,  respectively.  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,
     respectively.

     Diluted  earnings per share is computed  taking into  consideration  common
     shares  outstanding and dilutive potential common shares to be issued under
     the Corporation's stock option plan.  Weighted-average common shares deemed
     outstanding  for purposes of computing  diluted  earnings per share totaled
     920,806 and 915,128  for the nine and three month  periods  ended March 31,
     2002,  and 951,321 and 901,998 for the nine and three month  periods  ended
     March 31, 2001,  respectively.  Incremental  shares  related to the assumed
     exercise of stock options  included in the calculation of diluted  earnings
     per share  totaled  33,783 and 34,766 for the nine and three month  periods
     ended  March 31,  2002,  and 10,070 and 14,286 for the nine and three month
     periods ended March 31, 2001, respectively.

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

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

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


                                       8
<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, 2001 to March 31, 2002
------------------------------------------------------------------------------

At March 31, 2002, the Corporation's consolidated total assets amounted to $79.4
million,  an increase of $5.2 million, or 7.0%, over the total at June 30, 2001.
The increase in assets, which was centered in increases in investment securities
and  mortgage-backed  securities,  was funded primarily from an increase of $2.3
million in deposits and an increase in advances  from the Federal Home Loan Bank
of $3.0 million.

Liquid assets (i.e. cash,  interest-bearing  deposits and investment securities)
increased by $2.4 million, or 21.9%, during the nine month period, to a total of
$13.1 million at March 31, 2002.  Investment  securities  purchases  amounted to
$5.0 million, while maturities totaled $2.0 million during the nine months ended
March 31, 2002.  Mortgage-backed  securities  totaled $21.6 million at March 31,
2002,  an increase of $7.0  million,  or 47.7%,  over June 30, 2001 levels.  The
increase  in  mortgage-backed   securities  resulted  primarily  from  purchases
totaling $11.2 million,  which were partially offset by principal  repayments of
$4.0 million.

Loans receivable amounted to $41.4 million at March 31, 2002, a decrease of $4.3
million,  or 9.5%, compared to June 30, 2001.  Principal  repayments amounted to
$11.6 million and were partially  offset by loan  disbursements of $7.3 million.
The allowance for loan losses  totaled  $242,000 at March 31, 2002,  compared to
$480,000  at  June  30,  2001.  During  the  period  ended  March  31,  2002,  a
nonperforming loan was transferred to real estate acquired through  foreclosure,
which  resulted  in a decline  in the  allowance  for loan  losses.  Based on an
estimate of the fair value of the property at the time of transfer,  the Savings
Bank wrote down the value by $265,000.  Nonperforming  loans totaled  $73,000 at
March 31, 2002,  compared to $286,000 at June 30, 2001.  The  allowance for loan
losses represented 331.5% of nonperforming loans as of March 31, 2002 and 167.8%
at June 30, 2001.  Although  management  believes  that its  allowance  for loan
losses  at March  31,  2002 is  adequate  based  upon the  available  facts  and
circumstances,  there can be no assurance  that additions to such allowance will
not  be  necessary  in  future  periods,   which  could  adversely   affect  the
Corporation's results of operations.

Deposits  totaled  $54.7 million at March 31, 2002, an increase of $2.3 million,
or 4.3%,  over  June 30,  2001  levels.  The  increase  in  deposits  was due to
managements'  continuing marketing efforts.  Advances from the Federal Home Loan
Bank totaled $11.8  million at March 31, 2002,  an increase of $3.0 million,  or
33.9%,  over the total at June 30, 2001.  Proceeds  from  advances and growth in
deposits  were  generally  used to fund new loan  originations  and purchases of
investment and mortgage-backed securities.

The  Corporation's  shareholders'  equity  amounted  to $12.3  million and $12.5
million at March 31, 2002 and June 30, 2001,  respectively.  Net earnings during
the nine  months  ended  March 31,  2002 of  $691,000,  were more than offset by
unrealized  losses on available for sale securities of $200,000,  dividends paid
on common stock  totaling  $556,000 and  purchases  of treasury  stock  totaling
$190,000.

                                       9
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

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


Discussion of Financial Condition Changes from June 30, 2001 to March 31, 2002
------------------------------------------------------------------------------
(continued)

The Savings  Bank is required to meet each of three  minimum  capital  standards
promulgated by the Office of Thrift Supervision ("OTS"),  hereinafter  described
as the  tangible  capital  requirement,  the core  capital  requirement  and the
risk-based  capital  requirement.  The  tangible  capital  requirement  mandates
maintenance of shareholders'  equity less all intangible assets equal to 1.5% of
adjusted total assets. The core capital requirement provides for the maintenance
of tangible capital plus certain forms of supervisory  goodwill  generally equal
to 4% of adjusted total assets,  except for those  associations with the highest
examination  rating  and  acceptable  levels  of risk.  The  risk-based  capital
requirement  mandates  maintenance  of  core  capital  plus  general  loan  loss
allowances equal to 8% of risk-weighted assets as defined by OTS regulations.

At March 31, 2002,  the Savings Bank's  tangible and core capital  totaled $11.7
million, or 14.8%, of adjusted total assets, which exceeded the minimum tangible
and core capital  requirements of $1.2 million and $3.2 million by $10.5 million
and $8.5 million,  respectively.  The Savings Bank's risk-based capital of $12.0
million,  or 30.3% of  risk-weighted  assets,  exceeded the 8% of  risk-weighted
assets requirement by $8.8 million.


Comparison of Operating  Results for the Nine Month Periods Ended March 31, 2002
--------------------------------------------------------------------------------
and 2001
--------

General
-------

Net earnings  amounted to $691,000 for the nine months ended March 31, 2002,  an
increase of $148,000,  or 27.3%,  over the $543,000 of net earnings reported for
the nine months ended March 31, 2001.  The increase in net earnings was due to a
$159,000  increase  in net  interest  income and a $71,000  decrease  in general
administrative  and  other  expense,  which  were  partially  offset by a $4,000
decrease in other  income and a $78,000  increase in the  provision  for federal
income taxes.

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

Total interest  income  amounted to $3.9 million for the nine months ended March
31, 2002, a decrease of $39,000,  or 1.0%,  compared to the same period in 2001,
due to a 53 basis  point  decrease  in the  average  yield  on  interest-earning
assets,  from 7.49% in 2001 to 6.96% in 2002, offset by a $4.6 million, or 6.5%,
increase in the weighted-average  balance of interest-earning assets outstanding
year-to-year.  Interest  income on loans  decreased  by  $68,000,  or 2.5%,  due
primarily to a decrease in the average yield on loans,  from 8.08% to 7.90%, for
the nine month periods ended March 31, 2002 and 2001, respectively.

Interest income on mortgage-backed  securities increased by $112,000,  or 15.4%,
due  primarily to a $4.4  million  increase in the average  balance  outstanding
year-to-year, which was partially offset by an 82 basis point decrease in yield,
to 6.00% for the nine months ended March 31, 2002. Interest income on investment
securities and  interest-bearing  deposits  decreased by $83,000,  or 16.7%, due
primarily to a decrease in yield year-to-year.

Total interest  expense amounted to $1.9 million for the nine months ended March
31,  2002,  a decrease of $198,000,  or 9.6%,  compared to the 2001 period,  due
primarily  to a decrease  in the  average  cost of funds,  from 4.64% in 2001 to
3.88% in 2002, which was partially offset by a $4.8 million,  or 8.1%,  increase
in the  weighted-average  balance of  interest-bearing  liabilities  outstanding
year-to-year. Interest expense on deposits decreased


                                       10
<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, 2002
--------------------------------------------------------------------------------
and 2001 (continued)
--------------------

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

by $207,000,  or 12.1%,  due to a 67 basis point decrease in the average cost of
deposits, to 3.76% for the nine months ended March 31, 2002, partially offset by
a $1.9 million,  or 3.6%, increase in the  weighted-average  balance of deposits
outstanding year-to-year. Interest expense on borrowings increased by $9,000, or
2.5%, due to a $2.9 million, or 37.1%, increase in the weighted-average  balance
of borrowed funds outstanding year-to-year,  which was partially offset by a 150
basis point  decrease in the average  cost of borrowed  funds,  to 4.47% for the
nine  months  ended  March 31,  2002.  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.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  increased by $159,000,  or 8.3%, to a total of $2.1 million
for the nine months  ended  March 31,  2002,  compared to the nine months  ended
March 31, 2001. The interest rate spread  amounted to 3.08% and 2.85% during the
nine month  periods ended March 31, 2002 and 2001,  respectively,  while the net
interest  margin amounted to 3.66% and 3.59% during the nine month periods ended
March 31, 2002 and 2001, 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  provision  for losses on loans during each of the nine month  periods
ended  March  31,  2002 and  2001.  The  provision  in the  current  period  was
predicated upon an analysis of the Savings Bank's nonperforming loans integrated
with the potential effects of the weakening economic  environment.  There can be
no assurance  that the loan loss  allowance of the Savings Bank will be adequate
to cover losses on nonperforming assets in the future.

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

Other income  decreased by $4,000,  or 2.5%, for the nine months ended March 31,
2002,  compared to the nine months  ended March 31,  2001,  due  primarily  to a
$3,000,  or  6.7%,  decrease  in other  operating  income  and a $3,000  gain on
investment securities transactions recorded during the 2001 period.

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

General,  administrative  and other  expense  totaled  $1.2 million for the nine
months  ended March 31, 2002,  a decrease of $71,000,  or 5.5%,  compared to the
nine  months  ended March 31,  2001.  The  decrease  resulted  primarily  from a
$106,000,  or  14.0%,  decrease  in  employee  compensation  and  benefits,  due
primarily to the expiration of a stock benefit plan effective  April 2001.  This
decrease  was  partially  offset  by a  $14,000,  or  13.7%,  increase  in  data
processing and a $23,000, or 9.3%, increase in other operating expense, both due
primarily to the Corporation's overall growth 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 Nine Month Periods Ended March 31, 2002
--------------------------------------------------------------------------------
and 2001 (continued)
--------------------

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

The  provision  for federal  income taxes  totaled  $288,000 for the nine months
ended March 31,  2002,  an increase of $78,000,  or 37.1%,  compared to the nine
months ended March 31, 2001. The increase  resulted  primarily from the increase
in net earnings before taxes of $226,000, or 30.0%. The effective tax rates were
29.4%  and 27.9%  for the nine  month  periods  ended  March 31,  2002 and 2001,
respectively.


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

General
-------

Net earnings  amounted to $261,000 for the three months ended March 31, 2002, an
increase of $95,000,  or 57.2%,  over the $166,000 of net earnings  reported for
the three months ended March 31, 2001. The increase in net earnings was due to a
$106,000  increase in net interest income, a $1,000 increase in other income and
a $38,000  decrease  in general  administrative  and other  expense,  which were
partially  offset by a $50,000  increase in the  provision  for  federal  income
taxes.

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

Total interest  income amounted to $1.3 million for the three months ended March
31, 2002, a decrease of $44,000,  or 3.3%, compared to the same quarter in 2001,
due to a decrease in the average yield on interest-earning assets, from 7.49% in
2001 to  6.68% in 2002,  offset  by a $6.2  million,  or 8.7%,  increase  in the
weighted-average balance of interest-earning assets outstanding. Interest income
on loans  decreased  by  $97,000,  or  10.4%,  due to a $3.1  million,  or 6.7%,
decrease in the weighted-average balance of loans outstanding  year-to-year,  as
well as a 31 basis point  decrease in the average  yield on loans,  to 7.78% for
the three months ended March 31, 2002.

Interest income on mortgage-backed  securities  increased by $81,000,  or 35.1%,
due  primarily  to a $7.5  million,  or 54.4%,  increase in the average  balance
outstanding,  which was  partially  offset by a decrease in the average yield on
mortgage-backed  securities, from 6.72% in the 2001 quarter to 5.87% in the 2002
quarter.  Interest income on investment securities and interest-bearing deposits
decreased  by  $28,000,   or  17.2%,  due  primarily  to  a  decrease  in  yield
year-to-year.

Total interest expense amounted to $557,000 for the three months ended March 31,
2002, a decrease of $150,000, or 21.2%, from the 2001 quarter, due to a decrease
in the  average  cost of funds,  from 4.71% in 2001 to 3.38% in 2002,  which was
partially offset by a $6.0 million,  or 9.9%,  increase in the  weighted-average
balance  of  interest-bearing  liabilities  outstanding  year-to-year.  Interest
expense on deposits  decreased by $138,000,  or 24.1%,  due to a 132 basis point
decrease in the average cost of deposits, partially offset by a $3.6 million, or
7.1%,  increase  in  the   weighted-average   balance  of  deposits  outstanding
year-to-year.  Interest expense on borrowings decreased by $12,000, or 9.0%, due
to a decrease in the  average  cost of  borrowed  funds,  from 5.66% in the 2001
quarter  to 4.17% in the 2002  quarter,  which  was  partially  offset by a $2.3
million, or 24.8%,  increase in the  weighted-average  balance of borrowed funds
outstanding   year-to-year.   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.


                                       12
<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, 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 $106,000,  or 17.0%, to a total of $728,000 for
the three months  ended March 31, 2002,  compared to a total of $622,000 for the
three months ended March 31, 2001.  The interest  rate spread  amounted to 3.30%
and 2.79%  during  the  three  month  periods  ended  March  31,  2002 and 2001,
respectively,  while the net interest  margin amounted to 3.78% and 3.50% during
the three month periods ended March 31, 2002 and 2001, respectively.

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

Based upon an analysis of historical experience,  the volume and type of lending
conducted by the Savings  Bank,  the status of past due  principal  and interest
payments, general economic conditions, particularly as such conditions relate to
the Savings Bank's market area, and other factors related to the  collectibility
of the Savings Bank's loan portfolio, management recorded a provision for losses
on loans totaling  $9,000 during each of the three month periods ended March 31,
2002 and 2001.  The  provision  in the  current  period was  predicated  upon an
analysis of the Savings Bank's nonperforming loans integrated with the potential
effects of the weakening  economic  environment.  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  $51,000 for the three  months  ended March 31,  2002,  an
increase of $1,000, or 2.0%,  compared to the three months ended March 31, 2001,
due  primarily  to a $1,000,  or 2.9%,  increase  in service  charges on deposit
accounts.

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

General,  administrative and other expense totaled $397,000 for the three months
ended March 31,  2002,  a decrease of  $38,000,  or 8.7%,  compared to the three
months ended March 31, 2001. The decrease in general,  administrative  and other
expense  resulted  primarily  from a $53,000,  or 20.4%,  decrease  in  employee
compensation and benefits,  which was partially offset by an $11,000,  or 13.6%,
increase in other operating expense.  The decrease in employee  compensation and
benefits was due primarily to the  expiration of a stock benefit plan  effective
April 2001.  The increase in other  operating  expense was due  primarily to the
Corporation's overall growth year-to-year.

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

The provision for federal income taxes increased by $50,000,  or 80.6%,  for the
three months ended March 31, 2002,  compared to the three months ended March 31,
2001. The increase  resulted  primarily from the increase in net earnings before
taxes of $145,000,  or 63.6%.  The  effective tax rates were 30.0% and 27.2% for
the three month periods ended March 31, 2002 and 2001, respectively.


                                       13
<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
         ---------------------------------------------------

                  Not applicable

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

                  None


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

                  Reports on Form 8-K:                        None.

                  Exhibits:                                   None.

                                       14
<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 9, 2002                   By: /s/ Betty J. Long
       ------------------------               ----------------------------------
                                              Betty J. Long
                                              President and Chief
                                              Executive Officer



Date:       May 9, 2002                   By: /s/ Robbie Cox
       ------------------------               ----------------------------------
                                              Robbie Cox
                                              Principal Accounting Officer


                                       15