FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

(Mark One)

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

For the quarterly period ended              December 31, 2000
                               ------------------------------------------------

                                       OR

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

For the transition period from ____________ to _______________

Commission File No. 1-13904

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

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

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

Issuer's telephone number, including area code: (859)  234-1440
                                                      ---------

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

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

As of February  8, 2001,  the latest  practicable  date,  943,219  shares of the
registrant's   common  stock,   $.01  par  value  per  share,  were  issued  and
outstanding.

Transitional small business disclosure format (check one):

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








                               Page 1 of 17 pages

<PAGE>



                                      INDEX

                                                                            Page
                                                                            ----

PART I

  ITEM I  -  FINANCIAL STATEMENTS

             Consolidated Statements of Financial Condition                  3

             Consolidated Statements of Earnings                             4

             Consolidated Statements of Comprehensive Income                 5

             Consolidated Statements of Cash Flows                           6

             Notes to Consolidated Financial Statements                      8

  ITEM II -  MANAGEMENT'S DISCUSSION AND ANALYSIS
             OR PLAN OF OPERATION                                           10


PART II  -   OTHER INFORMATION                                              16


SIGNATURES                                                                  17





                                       2
<PAGE>


ITEM I  FINANCIAL STATEMENTS


                          KENTUCKY FIRST BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                                       DECEMBER 31,            JUNE 30,
         ASSETS                                                                                2000                2000

<S>                                                                                         <C>                 <C>
Cash and due from banks                                                                     $   528             $   378
Interest-bearing deposits in other financial institutions                                       168               1,223
                                                                                             ------              ------
         Cash and cash equivalents                                                              696               1,601

Investment securities available for sale - at market                                          9,155               6,783
Investment securities held to maturity - at amortized cost,
  approximate market value of $2,223 as of June 30, 2000                                       -                  2,235
Mortgage-backed securities available for sale - at market                                    13,935               6,548
Mortgage-backed securities held to maturity - at amortized cost,
  approximate market value of $7,823 as of June 30, 2000                                       -                  8,075
Loans receivable - net                                                                       45,788              44,920
Office premises and equipment - at depreciated cost                                           1,163               1,203
Federal Home Loan Bank stock - at cost                                                        1,350               1,301
Accrued interest receivable                                                                     438                 424
Prepaid expenses and other assets                                                                83                 520
Prepaid federal income taxes                                                                     36                  86
Deferred federal income tax assets                                                               49                 165
                                                                                             ------              ------

         Total assets                                                                       $72,693             $73,861
                                                                                             ======              ======

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                    $51,275             $53,284
Advances from the Federal Home Loan Bank                                                      8,819               6,827
Accrued interest payable                                                                        106                 147
Other liabilities                                                                               310                 620
                                                                                             ------              ------
         Total liabilities                                                                   60,510              60,878

Shareholders' equity
  Preferred stock - authorized 500,000 shares of $.01 par value;
    no shares issued                                                                           -                   -
  Common stock - authorized 3,000,000 shares of $.01 par value;
    1,388,625 shares issued                                                                      14                  14
  Additional paid-in capital                                                                  9,274               9,320
  Retained earnings - restricted                                                              8,885               8,754
  Less shares acquired by stock benefit plans                                                  (798)               (798)
  Less 442,406 and 333,933 shares of treasury stock - at cost                                (5,192)             (4,039)
  Accumulated comprehensive loss, unrealized losses on securities
    designated as available for sale, net of related tax effects                               -                   (268)
                                                                                             ------              ------
         Total shareholders' equity                                                          12,183              12,983
                                                                                             ------              ------

         Total liabilities and shareholders' equity                                         $72,693             $73,861
                                                                                             ======              ======

</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,
                                                                         2000         1999            2000         1999
<S>                                                                    <C>          <C>            <C>          <C>
Interest income
  Loans                                                                $1,814       $1,883         $   908      $   927
  Mortgage-backed securities                                              495          499             243          241
  Investment securities                                                   268          251             134          126
  Interest-bearing deposits and other                                      65           58              34           29
                                                                      -------       ------         -------      -------
         Total interest income                                          2,642        2,691           1,319        1,323

Interest expense
  Deposits                                                              1,137        1,126             571          557
  Borrowings                                                              220          187             114           98
                                                                      -------       ------         -------      -------
         Total interest expense                                         1,357        1,313             685          655
                                                                      -------       ------         -------      -------

         Net interest income                                            1,285        1,378             634          668

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

         Net interest income after provision
           for losses on loans                                          1,264        1,360             625          659

Other income
  Gain on investment securities transactions                                3         -                -           -
  Service charges on deposit accounts                                      76           83              32           43
  Other operating                                                          30           21              17            9
                                                                      -------       ------         -------      -------
         Total other income                                               109          104              49           52

General, administrative and other expense
  Employee compensation and benefits                                      498          501             247          256
  Occupancy and equipment                                                  84           84              43           43
  Federal deposit insurance premiums                                        5           17               2            9
  Data processing                                                          68           72              34           35
  Other operating                                                         193          193              99           96
                                                                      -------       ------         -------      -------
         Total general, administrative and other expense                  848          867             425          439
                                                                      -------       ------         -------      -------

         Earnings before income taxes                                     525          597             249          272

Federal income taxes
  Current                                                                 169           84              79          (13)
  Deferred                                                                (21)          86              (9)          89
                                                                      -------       ------         -------      -------
         Total federal income taxes                                       148          170              70           76
                                                                      -------       ------         -------      -------

         NET EARNINGS                                                $    377     $    427        $    179     $    196
                                                                      =======      =======         =======      =======

         EARNINGS PER SHARE
           Basic                                                     $    .39     $    .39        $    .19     $    .18
                                                                          ===          ===             ===          ===

           Diluted                                                   $    .39     $    .39        $    .19     $    .18
                                                                          ===          ===             ===          ===
</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,
                                                                         2000         1999            2000         1999

<S>                                                                  <C>          <C>             <C>          <C>
Net earnings                                                         $    377     $    427        $    179      $   196
Other comprehensive income, net of tax:
  Unrealized holding gains (losses) on securities during the
    period, net of tax of $228, $(52), $133, $(42), for the
    respective periods                                                    444         (100)            259          (81)
  Reclassification adjustment for realized gain included
    in earnings, net of tax of $1 for the six months
    ended December 31, 2000                                                (2)          -               -            -
                                                                      -------      -------         -------       ------

Comprehensive income                                                 $    819     $    327        $    438      $   115
                                                                      =======      =======         =======       ======

Accumulated comprehensive loss                                       $      -     $   (214)       $      -      $  (214)
                                                                      =======      =======         =======       ======
</TABLE>



                                        5

<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                      For the six months ended December 31,
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                                 2000              1999
<S>                                                                                           <C>               <C>
Cash flows from operating activities:
  Net earnings for the period                                                                 $   377           $   427
  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                                             (7)               (4)
    Depreciation and amortization                                                                  42                41
    Amortization of deferred loan origination fees                                                 (6)               (8)
    Provision for losses on loans                                                                  21                18
    Gain on investment securities transactions                                                     (3)              -
    Federal Home Loan Bank stock dividends                                                        (49)              (44)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                                 (14)               19
      Prepaid expenses and other assets                                                           437               (17)
      Accrued interest payable                                                                    (41)                1
      Other liabilities                                                                          (310)              107
      Federal income taxes
        Current                                                                                     4               (32)
        Deferred                                                                                  (21)               86
                                                                                              -------           -------
         Net cash provided by operating activities                                                430               594

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                                                 629                59
  Purchase of investment securities designated as available for sale                             (500)             (486)
  Principal repayments on mortgage-backed securities                                              837             1,911
  Purchase of loans                                                                            (2,285)           (1,181)
  Loan principal repayments                                                                     5,643             6,099
  Loan disbursements                                                                           (4,241)           (3,552)
  Purchase of office premises and equipment                                                        (2)               (9)
                                                                                              -------           -------
         Net cash provided by investing activities                                                 81             2,841

Cash flows provided by (used in) financing activities:
  Net decrease in deposits                                                                     (2,009)           (2,341)
  Proceeds from Federal Home Loan Bank advances and other borrowings                            5,300             3,332
  Repayment of Federal Home Loan Bank advances and other borrowings                            (3,308)           (3,705)
  Purchase of treasury stock                                                                   (1,154)             (474)
  Proceeds from exercise of stock options                                                           1               -
  Dividends on common stock                                                                      (246)             (273)
                                                                                              -------           -------
         Net cash used in financing activities                                                 (1,416)           (3,461)
                                                                                              -------           -------

Net decrease in cash and cash equivalents                                                        (905)              (26)

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

Cash and cash equivalents at end of period                                                   $    696          $  1,418
                                                                                              =======           =======

</TABLE>
                                        6


<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

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

<TABLE>
<CAPTION>
                                                                                                 2000              1999

<S>                                                                                         <C>                <C>
Supplemental  disclosure of cash flow  information:
  Cash paid during the period for:
    Federal income taxes                                                                     $    165          $    116
                                                                                              =======           =======

    Interest on deposits and borrowings                                                      $  1,398          $  1,312
                                                                                              =======           =======

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

Unrealized gains (losses) on securities designated as
    available for sale, net of related tax effects                                           $    444          $   (100)
                                                                                              =======           =======

</TABLE>






                                        7


<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

          For the six and three months ended December 31, 2000 and 1999


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

    The accompanying  unaudited  consolidated financial statements were prepared
    in  accordance  with  instructions  for Form 10-QSB and,  therefore,  do not
    include  information or footnotes  necessary for a complete  presentation of
    consolidated  financial  position,  results of operations  and cash flows in
    conformity with generally accepted accounting principles. Accordingly, these
    financial  statements  should be read in conjunction  with the  consolidated
    financial statements and notes thereto of Kentucky First Bancorp,  Inc. (the
    "Corporation")  included  in the Annual  Report on Form  10-KSB for the year
    ended June 30, 2000. However, in the opinion of management,  all adjustments
    (consisting  of only normal  recurring  accruals)  which are necessary for a
    fair  presentation  of the  financial  statements  have been  included.  The
    results of operations for the six and three month periods ended December 31,
    2000 are not necessarily indicative of the results which may be expected for
    an entire fiscal year.

    2.   Principles of Consolidation
         ---------------------------

    The accompanying  consolidated  financial statements include the accounts of
    the  Corporation and First Federal  Savings Bank (the "Savings  Bank").  All
    significant intercompany items have been eliminated.

    3.   Earnings Per Share
         ------------------

    Basic earnings per share is computed based upon the weighted-average  shares
    outstanding during the period,  less shares in the ESOP that are unallocated
    and not  committed to be released.  Weighted-average  common  shares  deemed
    outstanding,  which gives effect to 56,229 unallocated ESOP shares,  totaled
    967,439 and 950,818 for the six and three month periods  ended  December 31,
    2000. Weighted-average common shares deemed outstanding,  which gives effect
    to 65,935 unallocated ESOP shares, totaled 1,087,498 and 1,073,111,  for the
    six and three month periods ended December 31, 1999.

    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
    975,497 and 959,801 for the six and three month periods  ended  December 31,
    2000 and totaled 1,104,932 and 1,082,123 for the six and three month periods
    ended  December 31, 1999,  respectively.  Incremental  shares related to the
    assumed  exercise of stock options  included in the  calculation  of diluted
    earnings  per share  totaled  8,058  and  8,983 for the six and three  month
    periods ended December 31, 2000 and totaled 17,434 and 9,012 for the six and
    three month periods ended December 31, 1999.


                                        8

<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

          For the six and three months ended December 31, 2000 and 1999


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

    In June 1998, the Financial  Accounting  Standards Board (the "FASB") issued
    Statement of Financial  Accounting  Standards ("SFAS") 133,  "Accounting for
    Derivative  Instruments and Hedging  Activities," which requires entities to
    recognize all derivatives in their financial  statements as either assets or
    liabilities  measured at fair value. SFAS No. 133 also specifies new methods
    of  accounting   for  hedging   transactions,   prescribes   the  items  and
    transactions that may be hedged,  and specifies  detailed criteria to be met
    to qualify for hedge accounting.

    The  definition  of a derivative  financial  instrument  is complex,  but in
    general,  it is an  instrument  with  one or  more  underlyings,  such as an
    interest  rate or  foreign  exchange  rate,  that is  applied  to a notional
    amount,  such  as  an  amount  of  currency,  to  determine  the  settlement
    amount(s).  It generally requires no significant  initial investment and can
    be settled  net or by delivery  of an asset that is readily  convertible  to
    cash.  SFAS No. 133  applies to  derivatives  embedded  in other  contracts,
    unless the  underlying  of the  embedded  derivative  is clearly and closely
    related to the host contract.

    SFAS No.  133, as amended by SFAS No. 137,  is  effective  for fiscal  years
    beginning  after June 15,  2000.  On  adoption,  entities  are  permitted to
    transfer  held-to-maturity  debt  securities  to the  available-for-sale  or
    trading  category  without  calling into question their intent to hold other
    debt securities to maturity in the future.  Management  adopted SFAS No. 133
    effective July 1, 2000, as required.  Upon adoption,  management  elected to
    transfer  all  held  to  maturity  securities  to  the  available  for  sale
    classification. The adoption of SFAS No. 133 had no other material impact on
    the Corporation's financial statements.

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




                                        9


<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

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


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

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

Some of the  forward-looking  statements  included  herein  are  the  statements
regarding management's determination of the amount and adequacy of the allowance
for loan losses and the effect of certain recent accounting pronouncements.


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

At December 31, 2000, the  Corporation's  consolidated  total assets amounted to
$72.7 million,  a decrease of $1.2 million,  or 1.6%, from the total at June 30,
2000.  The  decrease  in assets  resulted  from a  decrease  of $2.0  million in
deposits,  a  decrease  of  $351,000  in  accrued  interest  payable  and  other
liabilities  and a decrease  in  shareholders'  equity of  $800,000,  which were
partially offset by an increase of $2.0 million in borrowed funds.

Liquid assets (i.e. cash,  interest-bearing  deposits and investment securities)
decreased by $768,000,  or 7.2%, during the six month period, to a total of $9.9
million at December 31, 2000.  Mortgage-backed  securities totaled $13.9 million
at December  31,  2000,  a decrease  of  $688,000,  or 4.7%,  from June 30, 2000
levels.  The decrease in  mortgage-backed  securities  resulted  from  principal
repayments.

Loans receivable increased by $868,000, or 1.9%, during the six month period, to
a total of $45.8  million at December  31,  2000.  Loan  disbursements  and loan
purchases  amounted to $6.5 million and were offset by principal  repayments  of
$5.6 million.  The allowance  for loan losses  totaled  $463,000 at December 31,
2000 compared to $443,000 at June 30, 2000. Nonperforming loans totaled $200,000
at December 31, 2000  compared to $345,000 at June 30, 2000.  The  allowance for
loan losses represented 231.5% and 128.4% of nonperforming  loans as of December
31, 2000 and June 30, 2000, respectively.  Although management believes that its
allowance  for loan  losses at  December  31,  2000 is  adequate  based upon the
available facts and  circumstances,  there can be no assurance that additions to
such allowance will not be necessary in future  periods,  which could  adversely
affect the Corporation's results of operations.

Deposits totaled $51.3 million at December 31, 2000, a decrease of $2.0 million,
or 3.8%,  from June 30, 2000  levels.  The  decrease  in  deposits  was due to a
$981,000  decrease in checking and savings  accounts and a $1.0 million decrease
in certificates of deposit.  Borrowed funds totaled $8.8 million at December 31,
2000, an increase of $2.0 million, or 29.2%, from the total at June 30, 2000.


                                       10


<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

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


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

The Corporation's shareholders' equity amounted to $12.2 million at December 31,
2000, a decrease of $800,000,  or 6.2%, from June 30, 2000 levels.  The decrease
resulted  primarily  from  purchases of treasury stock totaling $1.2 million and
dividends paid on common stock totaling $246,000, which were partially offset by
unrealized gains on securities  designated as available for sale of $268,000 and
net earnings of $377,000.

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, 2000, the Savings Bank's tangible and core capital totaled $11.4
million, or 15.7%, of adjusted total assets, which exceeded the minimum tangible
and core capital  requirements of $1.1 million and $2.9 million by $10.3 million
and $8.5 million,  respectively.  The Savings Bank's risk-based capital of $11.7
million,  or  28.0%  of  risk-weighted  assets,   exceeded  the  current  8%  of
risk-weighted assets requirement by $8.3 million.


Comparison of Operating  Results for the Six Month  Periods  Ended  December 31,
--------------------------------------------------------------------------------
2000 and 1999
-------------

General
-------

Net earnings  amounted to $377,000 for the six months ended December 31, 2000, a
decrease of $50,000,  or 11.7%,  from the $427,000 of net earnings  reported for
the six months  ended  December  31,  1999.  The decrease in net earnings in the
current period was due to a $93,000 decrease in net interest income and a $3,000
increase in the provision for losses on loans,  which were partially offset by a
$5,000 increase in other income, a $19,000  decrease in general,  administrative
and other expense and a $22,000  decrease in the  provision  for federal  income
taxes.

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

Net interest income was $1.3 million for the six months ended December 31, 2000,
which  represents  a decrease  of  $93,000,  or 6.7%,  compared to the six month
period ended December 31, 1999. Total interest income  decreased by $49,000,  or
1.8%, due to a $3.5 million, or 4.8%, decrease in the  weighted-average  balance
of interest-earning  assets outstanding year to year, which was partially offset
by an  increase in the average  yield on  interest-earning  assets from 7.27% to
7.49%.  Interest  income on loans  decreased by $69,000,  or 3.7%, due to a $2.4
million, or 5.1%, decrease in the weighted-average  balance of loans outstanding
year to year,  which was partially offset by an increase in the average yield on
loans from 7.92% to 8.05%.


                                       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,
--------------------------------------------------------------------------------
2000 and 1999 (continued)
-------------

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

Interest income on mortgage-backed  securities decreased by $4,000, or 0.8%, due
to a $1.1 million, or 7.4%, decrease in the weighted-average balance outstanding
year to year,  which was partially offset by an increase in the average yield on
mortgage-backed  securities  from 6.43% to 6.89%.  Interest income on investment
securities and interest-bearing deposits increased by $24,000, or 7.8%, due to a
$47,000, or 0.4%, increase in the  weighted-average  balance outstanding year to
year and due to an increase in the average yield from 5.61% to 6.00%.

Total interest expense increased by $44,000,  or 3.4%, due to an increase in the
average cost of funds from 4.21% to 4.61%,  which was partially offset by a $3.5
million,  or 5.6%,  decrease in the weighted average balance of interest-bearing
liabilities  outstanding year to year. Interest expense on deposits increased by
$11,000,  or 1.0%, due to an increase in the average cost of deposits from 4.06%
to 4.41%, which was partially offset by a $3.8 million, or 6.8%, decrease in the
weighted-average  balance of deposits outstanding year to year. Interest expense
on  borrowings  increased  by $33,000,  or 17.6%,  due to a  $327,000,  or 4.7%,
increase  in the  weighted-average  balance  of  advances  outstanding  from the
Federal  Home Loan Bank and due to an increase  in the average  cost of advances
from 5.35% to 6.01%.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  decreased by $93,000,  or 6.7%, to a total of $1.3 million
for the six months  ended  December 31, 2000 as compared to the six months ended
December 31, 1999. The interest rate spread amounted to approximately  2.88% and
3.06%  during  the  six  month  periods  ended   December  31,  2000  and  1999,
respectively,  while the net interest margin amounted to approximately 3.64% and
3.72%  during  the  six  month  periods  ended   December  31,  2000  and  1999,
respectively.

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

A  provision  for  losses on loans is  charged  to  earnings  to bring the total
allowance for loan losses to a level considered  appropriate by management based
on  historical  experience,  the  volume and type of  lending  conducted  by the
Savings Bank,  the status of past due principal and interest  payments,  general
economic  conditions,  particularly  as such  conditions  relate to the  Savings
Bank's  market area,  and other  factors  related to the  collectibility  of the
Savings Bank's loan portfolio. As a result of such analysis, management recorded
a $21,000  and an $18,000  provision  for  losses on loans  during the six month
periods  ended  December  31,  2000  and  1999,  respectively.  There  can be no
assurance  that the loan loss  allowance of the Savings Bank will be adequate to
cover losses on nonperforming assets in the future.

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

Other income increased by $5,000, or 4.8%, for the six months ended December 31,
2000,  compared to the six months  ended  December  31,  1999,  due to a gain of
$3,000 on investment  securities  transactions in the current period compared to
the lack of any gain or loss on such transactions in the previous period and due
to a $9,000, or 42.9%,  increase in other operating income, which were partially
offset by a $7,000, or 8.4%, decrease in service charges on deposit accounts.

                                       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,
--------------------------------------------------------------------------------
2000 and 1999 (continued)
-------------

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

General,  administrative and other expense decreased by $19,000, or 2.2%, during
the six months  ended  December  31,  2000,  compared  to the six  months  ended
December 31, 1999.  The decrease in general,  administrative  and other  expense
resulted from a $3,000, or 0.6%, decrease in employee compensation and benefits,
a $12,000,  or 70.6%,  decrease  in federal  deposit  insurance  premiums  and a
$4,000, or 5.6%, decrease in data processing expense.

The  decrease in employee  compensation  and benefits  was  primarily  due to an
increase in direct costs of loan department  personnel being deferred related to
higher loan  origination  volume  during the  current  period.  The  decrease in
federal deposit  insurance  premiums was primarily due to a decrease in the rate
assessed by the Federal  Deposit  Insurance  Corporation,  effective  January 1,
2000. The decrease in data processing was primarily due to decreased charges for
on-line  services and ATM processing  related to preparing  computer systems for
the change to year 2000 during the previous period.

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

The provision for federal income taxes decreased by $22,000,  or 12.9%,  for the
six months ended December 31, 2000 compared to the six months ended December 31,
1999. The decrease  resulted  primarily  from a decrease in net earnings  before
taxes of $72,000, or 12.1%. The effective tax rates were 28.2% and 28.5% for the
six month periods ended December 31, 2000 and 1999, respectively.


Comparison of Operating  Results for the Three Month Periods Ended  December 31,
--------------------------------------------------------------------------------
2000 and 1999
-------------

General
-------

Net earnings  amounted to $179,000 for the three months ended December 31, 2000,
a decrease of $17,000,  or 8.7%, from the $196,000 of net earnings  reported for
the three  months ended  December 31, 1999.  The decrease in net earnings in the
current period was due to a $34,000 decrease in net interest income and a $3,000
decrease in other income,  which were partially  offset by a $14,000 decrease in
general, administrative and other expense and a $6,000 decrease in the provision
for federal income taxes.

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

Net interest  income was $634,000 for the three months ended  December 31, 2000,
which  represents  a decrease of $34,000,  or 5.1%,  compared to the three month
period ended December 31, 1999.  Total interest income  decreased by $4,000,  or
0.3%, due to a $2.5 million, or 3.5%, decrease in the  weighted-average  balance
of interest-earning  assets outstanding year to year, which was partially offset
by an  increase in the average  yield on  interest-earning  assets from 7.26% to
7.49%.


                                       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,
--------------------------------------------------------------------------------
2000 and 1999 (continued)
------------

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

Interest income on loans  decreased by $19,000,  or 2.0%, due to a $1.7 million,
or 3.5%, decrease in the  weighted-average  balance of loans outstanding year to
year,  which was  partially  offset by an increase in the average yield on loans
from 7.92% to 8.04%. Interest income on mortgage-backed  securities increased by
$2,000,  or 0.8%,  due to an increase in the  average  yield on  mortgage-backed
securities from 6.44% to 6.89%,  which was partially  offset by an $808,000,  or
5.4%,  decrease  in the  weighted-average  balance  outstanding  year  to  year.
Interest income on investment securities and interest-bearing deposits increased
by $13,000,  or 8.4%,  due to an  increase  in the  average  yield from 5.57% to
6.04%,  which  was  partially  offset by a  $70,000,  or 0.6%,  decrease  in the
weighted-average balance outstanding year to year.

Total interest expense increased by $30,000,  or 4.6%, due to an increase in the
average cost of funds from 4.25% to 4.65%,  which was partially offset by a $2.8
million,  or 4.5%,  decrease in the weighted average balance of interest-bearing
liabilities  outstanding year to year. Interest expense on deposits increased by
$14,000,  or 2.5%, due to an increase in the average cost of deposits from 4.08%
to 4.45%, which was partially offset by a $3.2 million, or 5.9%, decrease in the
weighted-average  balance of deposits outstanding year to year. Interest expense
on  borrowings  increased  by $16,000,  or 16.3%,  due to a  $439,000,  or 6.1%,
increase  in the  weighted-average  balance  of  advances  outstanding  from the
Federal  Home Loan Bank and due to an increase  in the average  cost of advances
from 5.51% to 6.02%.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  decreased by $34,000,  or 5.1%, to a total of $634,000 for
the three months  ended  December 31, 2000 as compared to the three months ended
December 31, 1999. The interest rate spread amounted to approximately  2.84% and
3.01%  during  the  three  month  periods  ended  December  31,  2000 and  1999,
respectively,  while the net interest margin amounted to approximately 3.60% and
3.67%  during  the  three  month  periods  ended  December  31,  2000 and  1999,
respectively.

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

A  provision  for  losses on loans is  charged  to  earnings  to bring the total
allowance for loan losses to a level considered  appropriate by management based
on  historical  experience,  the  volume and type of  lending  conducted  by the
Savings Bank,  the status of past due principal and interest  payments,  general
economic  conditions,  particularly  as such  conditions  relate to the  Savings
Bank's  market area,  and other  factors  related to the  collectibility  of the
Savings Bank's loan portfolio. As a result of such analysis, management recorded
a $9,000  provision  for losses on loans during each of the three month  periods
ended  December 31, 2000 and 1999.  There can be no assurance that the loan loss
allowance of the Savings Bank will be adequate to cover losses on  nonperforming
assets in the future.






                                       14



<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

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


Comparison of Operating  Results for the Three Month Periods Ended  December 31,
--------------------------------------------------------------------------------
2000 and 1999 (continued)
-------------

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

Other income  decreased by $3,000,  or 5.8%, for the three months ended December
31,  2000,  compared to the three months  ended  December  31,  1999,  due to an
$11,000, or 25.6%, decrease in service charges on deposit accounts, offset by an
$8,000, or 88.9%, increase in other operating income.

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

General,  administrative and other expense decreased by $14,000, or 3.2%, during
the three  months  ended  December  31, 2000  compared to the three months ended
December 31, 1999.  The decrease in general,  administrative  and other  expense
resulted primarily from a $9,000, or 3.5%, decrease in employee compensation and
benefits and a $7,000, or 77.8%, decrease in federal deposit insurance premiums,
which were partially  offset by a $3,000,  or 3.1%,  increase in other operating
expense.

The  decrease in employee  compensation  and benefits  was  primarily  due to an
increase in direct costs of loan department  personnel being deferred related to
higher loan  origination  volume  during the  current  period.  The  decrease in
federal deposit  insurance  premiums was primarily due to a decrease in the rate
assessed by the Federal  Deposit  Insurance  Corporation,  effective  January 1,
2000.

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

The provision for federal  income taxes  decreased by $6,000,  or 7.9%,  for the
three  months  ended  December  31, 2000 as compared to the three  months  ended
December 31, 1999. The decrease  resulted from a decrease in net earnings before
taxes of $23,000,  or 8.5%. The effective tax rates were 28.1% and 27.9% for the
three month periods ended December 31, 2000 and 1999, respectively.








                                       15



<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                                     PART II


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

         The Bank is party to a lawsuit  captioned  Family  Bank,  FSB and First
                                                    ----------------------------
Federal Savings Bank v. Oscar S. Blankenship  a/k/a O. Sam Blankenship and Jenny
--------------------------------------------------------------------------------
Blankenship filed in the Johnson Circuit Court, Division No. II, Commonwealth of
-----------
Kentucky.  The lawsuit is a collection action seeking recovery of three loans of
which the Bank has an interest in two.  The suit also asks for the court to sell
the  property  securing  the  loans  with the  proceeds  to be used to repay all
amounts owed. The defendants  filed an answer on February 3, 2000 making various
counterclaims  alleging  breach  of  contract,  breach  of  fiduciary  duty  and
unspecified  violations of the federal  banking laws. The defendants are seeking
money damages (including punitive damages) of an unspecified amount.  Certain of
the  counterclaims  relate  only to the one loan in which the Bank does not have
any interest.


ITEM 2.  Changes in Securities and Use of Proceeds
         -----------------------------------------

         Not applicable

ITEM 3.  Defaults Upon Senior Securities
         -------------------------------

         Not applicable

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

         On November 8, 2000, the Annual  Meeting of the  Corporation's
         Shareholders was held. Three directors  nominated were elected
         to terms expiring in 2003 by the following votes:

         Luther O. Beckett
                           For:     826,308             Withheld:        76,654

         Diane Ritchie
                           For:     825,308             Withheld:        77,654

         John Swinford
                           For:     825,778             Withheld:        77,184

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

         None

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

         Exhibits                           None.

         Reports on Form 8-K:               None.




                                       16



<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                                   SIGNATURES


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





Date:  February 13, 2001                  By:/s/ Betty J. Long
       ----------------------                -----------------------------------
                                             Betty J. Long
                                             President and Chief
                                             Executive Officer



Date:  February 13, 2001                  By:/s/ Russell M. Brooks
       ----------------------                -----------------------------------
                                             Russell M. Brooks
                                             Executive Vice President and
                                             Chief Financial Officer


                                       17