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            September 30, 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 November 8, 2000, the latest  practicable  date,  1,009,777  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 15 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                                             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>
                                                                                      SEPTEMBER 30,            JUNE 30,
         ASSETS                                                                                2000                2000

<S>                                                                                        <C>                 <C>
Cash and due from banks                                                                    $    409            $    378
Interest-bearing deposits in other financial institutions                                       863               1,223
                                                                                            -------              ------
         Cash and cash equivalents                                                            1,272               1,601

Investment securities available for sale - at market                                          8,990               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                                    14,092               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                                                                       44,199              44,920
Office premises and equipment - at depreciated cost                                           1,183               1,203
Federal Home Loan Bank stock - at cost                                                        1,326               1,301
Accrued interest receivable                                                                     516                 424
Prepaid expenses and other assets                                                                88                 520
Prepaid federal income taxes                                                                     --                  86
Deferred federal income tax assets                                                              172                 165
                                                                                             ------              ------

         Total assets                                                                       $71,838             $73,861
                                                                                             ======              ======

                  LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                    $51,648             $53,284
Borrowed funds                                                                                6,923               6,827
Accrued interest payable                                                                        139                 147
Other liabilities                                                                               302                 620
Accrued federal income taxes                                                                     62                  --
                                                                                             ------           ---------
         Total liabilities                                                                   59,074              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                                                              8,821               8,754
  Less shares acquired by stock benefit plans                                                  (798)               (798)
  Less 358,448 and 333,933 shares of treasury stock - at cost                                (4,289)             (4,039)
  Accumulated comprehensive loss, unrealized losses on securities
    designated as available for sale, net of related tax effects                               (258)               (268)
                                                                                             ------              ------
         Total shareholders' equity                                                          12,764              12,983
                                                                                             ------              ------

         Total liabilities and shareholders' equity                                         $71,838             $73,861
                                                                                             ======              ======
</TABLE>


                                       3
<PAGE>



                          KENTUCKY FIRST BANCORP, INC.

                       CONSOLIDATED STATEMENTS OF EARNINGS

                        (In thousands, except share data)

<TABLE>
<CAPTION>

                                                           THREE MONTHS ENDED
                                                              SEPTEMBER 30,
                                                            2000        1999
<S>                                                        <C>        <C>
Interest income
  Loans                                                    $   906    $   956
  Mortgage-backed securities                                   252        258
  Investment securities                                        134        125
  Interest-bearing deposits and other                           31         29
                                                           -------    -------
         Total interest income                               1,323      1,368

Interest expense
  Deposits                                                     566        569
  Borrowings                                                   106         89
                                                           -------    -------
         Total interest expense                                672        658
                                                           -------    -------

         Net interest income                                   651        710

Provision for losses on loans                                   12          9
                                                           -------    -------

         Net interest income after provision
           for losses on loans                                 639        701

Other income
  Gain on investment securities transactions                     3         --
  Service charges                                               44         40
  Other operating                                               13         12
                                                           -------    -------
         Total other income                                     60         52

General, administrative and other expense
  Employee compensation and benefits                           251        245
  Occupancy and equipment                                       41         41
  Federal deposit insurance premiums                             3          8
  Data processing                                               34         37
  Other operating                                               94         97
                                                           -------    -------
         Total general, administrative and other expense       423        428
                                                           -------    -------

         Earnings before income taxes                          276        325

Federal income taxes
  Current                                                       90         97
  Deferred                                                     (12)        (3)
                                                           -------    -------
         Total federal income taxes                             78         94
                                                           -------    -------

         NET EARNINGS                                      $   198    $   231
                                                           =======    =======

         EARNINGS PER SHARE
           Basic                                           $   .20    $   .21
                                                           =======    =======

           Diluted                                         $   .20    $   .21
                                                           =======    =======

</TABLE>

                                       4
<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                 (In thousands)

<TABLE>
<CAPTION>

                                                                    THREE MONTHS ENDED
                                                                      SEPTEMBER 30,
                                                                      2000       1999
<S>                                                                  <C>        <C>
Net earnings                                                         $ 198      $ 231
Other comprehensive income, net of tax:
  Unrealized holding gains (losses) on securities during the
    period, net of tax of $95 and $(10) for the respective periods     185        (19)
  Reclassification adjustment for realized gains included
    in earnings, net of tax of $1 in 2000                               (2)        --
                                                                     -----      -----

Comprehensive income                                                 $ 381      $ 212
                                                                     =====      =====


Accumulated comprehensive loss                                       $(258)     $(133)
                                                                     =====      =====
</TABLE>



                                       5
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                    For the three months ended September 30,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                       2000              1999
<S>                                                                                 <C>               <C>
Cash flows from operating activities:
  Net earnings for the period                                                       $   198           $   231
  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                                   (3)               (2)
    Depreciation and amortization                                                        21                21
    Amortization of deferred loan origination fees                                       (3)               (6)
    Provision for losses on loans                                                        12                 9
    Gain on investment securities transactions                                           (3)               --
    Federal Home Loan Bank stock dividends                                              (25)              (22)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                       (92)              (79)
      Prepaid expenses and other assets                                                 432                (9)
      Accrued interest payable                                                           (8)               (6)
      Other liabilities                                                                (318)              106
      Federal income taxes
        Current                                                                         101                97
        Deferred                                                                        (12)               (3)
                                                                                    -------            ------
         Net cash provided by operating activities                                      300               337

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                                       116                47
  Principal repayments on mortgage-backed securities                                    465               867
  Purchase of loans                                                                    (583)             (444)
  Loan principal repayments                                                           2,733             3,376
  Loan disbursements                                                                 (1,438)           (2,331)
  Purchase of office premises and equipment                                              (1)               (7)
                                                                                    -------            ------
         Net cash provided by investing activities                                    1,292             1,508

Cash flows provided by (used in) financing activities:
  Net decrease in deposits                                                           (1,636)           (1,404)
  Proceeds from borrowed funds                                                        1,100             1,632
  Repayment of borrowed funds                                                        (1,004)           (1,602)
  Purchase of treasury stock                                                           (250)             (310)
  Dividends on common stock                                                            (131)             (138)
                                                                                    -------            ------
         Net cash used in financing activities                                       (1,921)           (1,822)
                                                                                    -------            ------

Net increase (decrease) in cash and cash equivalents                                   (329)               23

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

Cash and cash equivalents at end of period                                         $  1,272           $ 1,467
                                                                                    =======            ======
</TABLE>

                                       6
<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                    For the three months ended September 30,
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                               2000              1999

<S>                                                                                        <C>               <C>
Supplemental  disclosure of cash flow  information:
  Cash paid (refunded) during the period for:
    Federal income taxes                                                                    $     (11)        $      --
                                                                                             ========          ========

    Interest on deposits and borrowings                                                     $     680         $     664
                                                                                             ========          ========

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                                          $     185         $     (19)
                                                                                             ========          ========

</TABLE>

                                       7
<PAGE>


                          KENTUCKY FIRST BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

             For the three months ended September 30, 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 three month periods ended  September 30, 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
    984,060   for  the  three   month   period   ended   September   30,   2000.
    Weighted-average  common  shares deemed  outstanding,  which gives effect to
    65,935 unallocated ESOP shares, totaled 1,101,885 for the three month period
    ended September 30, 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
    991,183  for the three month  period  ended  September  30, 2000 and totaled
    1,126,790 for the three month period ended September 30, 1999, respectively.
    Incremental shares related to the assumed exercise of stock options included
    in the  calculation  of diluted  earnings per share totaled 7,123 and 24,905
    for the three month periods ended September 30, 2000 and 1999, respectively.



                                       8
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

             For the three months ended September 30, 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 losses on loans and the effect of recent accounting pronouncements.


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

At September 30, 2000, the Corporation's  consolidated  total assets amounted to
$71.8 million,  a decrease of $2.0 million,  or 2.7%, from the total at June 30,
2000. The decrease in assets resulted  primarily from a decrease of $1.6 million
in  deposits,  a decrease  in other  liabilities  of  $264,000  and a decline in
shareholders' equity of $219,000.

Liquid assets (i.e. cash,  interest-bearing  deposits and investment securities)
decreased by $357,000, or 3.4%, over the three month period, to a total of $10.3
million at September 30, 2000.  Mortgage-backed securities totaled $14.1 million
at  September  30, 2000,  a decrease of  $531,000,  or 3.6%,  from June 30, 2000
levels.  The decrease in  mortgage-backed  securities  resulted  primarily  from
principal repayments.

Loans receivable decreased by $721,000,  or 1.6%, during the three month period,
to a total of $44.2 million at September 30, 2000. Loan  disbursements  and loan
purchases  amounted to $2.0 million and were offset by principal  repayments  of
$2.7 million.  The allowance for loan losses  totaled  $455,000 at September 30,
2000,  compared  to  $443,000  at June 30,  2000.  Nonperforming  loans  totaled
$318,000 at  September  30,  2000,  compared to $345,000 at June 30,  2000.  The
allowance  for loan  losses  represented  143.1%  of  nonperforming  loans as of
September  30, 2000 and 128.4% at June 30, 2000.  Although  management  believes
that its allowance for loan losses at September 30, 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  $51.6  million at  September  30,  2000,  a decrease  of $1.6
million, or 3.1%, from June 30, 2000 levels. The decrease in deposits was due to
a $2.5 million  decrease in checking and savings  accounts offset by an $862,000
increase in  certificates  of deposit.  Borrowed  funds  totaled $6.9 million at
September 30, 2000, an increase of $96,000,  or 1.4%, 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 September 30,
--------------------------------------------------------------------------------
2000 (continued)
----

The  Corporation's  shareholders'  equity amounted to $12.8 million at September
30,  2000,  a decrease of  $219,000,  or 1.7%,  from June 30, 2000  levels.  The
decrease  resulted  primarily from purchases of treasury stock totaling $250,000
and  dividends  paid on common stock  totaling  $131,000,  which were  partially
offset by net  earnings  during the three  months  ended  September  30, 2000 of
$198,000.

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 September  30, 2000,  the Savings  Bank's  tangible and core capital  totaled
$12.2 million,  or 17.0%,  of adjusted total assets,  which exceeded the minimum
tangible and core capital requirements of $1.1 million and $2.9 million by $11.1
million and $9.3 million, respectively. The Savings Bank's risk-based capital of
$12.5  million,  or 30.1% of  risk-weighted  assets,  exceeded the current 8% of
risk-weighted assets requirement by $9.2 million.


Comparison of Operating Results for the Three Month Periods Ended September 30,
-------------------------------------------------------------------------------
2000 and 1999
-------------

General
-------

Net earnings amounted to $198,000 for the three months ended September 30, 2000,
a decrease of $33,000,  or 14.3%, from the $231,000 of net earnings reported for
the three months ended  September 30, 1999. The decrease in net earnings was due
to a $59,000  decrease  in net  interest  income  and a $3,000  increase  in the
provision for losses on loans, which were partially offset by an $8,000 increase
in other income, a $5,000 decrease in general  administrative  and other expense
and a $16,000 decrease in the provision for federal income taxes.

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

Net interest  income was $651,000 for the three months ended September 30, 2000,
which  represents a decrease of $59,000,  or 8.3%,  compared to the three months
ended September 30, 1999. Total interest income  decreased by $45,000,  or 3.3%,
due to a $4.5  million,  or 6.0%,  decrease in the  weighted-average  balance of
interest-earning  assets  outstanding year to year, offset by an increase in the
average yield on interest-earning  assets, from 7.27% to 7.48%.  Interest income
on loans decreased by $50,000, or 5.2%, due to a $3.2 million, or 6.7%, decrease
in the weighted-average  balance of loans outstanding year to year, offset by an
increase in the average yield on loans, from 7.93% 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 Three Month Periods Ended September 30,
--------------------------------------------------------------------------------
2000 and 1999 (continued)
-------------------------

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

Interest income on mortgage-backed  securities decreased by $6,000, or 2.3%, due
to a $1.5 million, or 9.2%, decrease in the weighted-average balance outstanding
year to year,  offset by an  increase in the  average  yield on  mortgage-backed
securities,  from 6.42% to 6.88%.  Interest income on investment  securities and
interest-bearing  deposits increased by $11,000, or 7.1%, due to a $165,000,  or
1.5%, increase in the weighted-average  balance outstanding year to year and due
to an increase in the yield, from 5.65% to 5.97%.

Total interest expense increased by $14,000,  or 2.1%, due to an increase in the
average cost of funds,  from 4.17% to 4.56% offset by a $4.2  million,  or 6.6%,
decrease in the weighted average balance of interest-bearing liabilities year to
year.  Interest expense on deposits  decreased by $3,000, or 0.5%, due to a $4.4
million,  or  7.8%,  decrease  in  the  weighted-average   balance  of  deposits
outstanding year to year, offset by an increase in the average cost of deposits,
from 4.05% to 4.36%.  Interest  expense on borrowings  increased by $17,000,  or
19.1%, due to a $215,000,  or 3.1%, increase in the weighted-average  balance of
borrowed  funds  outstanding  year to year and due to an increase in the average
cost of borrowed funds, from 5.19% to 6.01%.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  decreased by $59,000,  or 8.3%, to a total of $651,000 for
the three months ended  September 30, 2000,  compared to a total of $710,000 for
the three months ended  September 30, 1999. The interest rate spread amounted to
approximately 2.93% and 3.10% during the three month periods ended September 30,
2000  and  1999,  respectively,  while  the  net  interest  margin  amounted  to
approximately 3.68% and 3.78% during the three month periods ended September 30,
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 $12,000  and a $9,000  provision  for losses on loans  during the three  month
periods  ended  September 30, 2000 and 1999,  respectively.  The increase in the
provision in the current year is  reflective  of  management's  concern  about a
moderate increase in the level of the Bank's  nonperforming  loans. There can be
no assurance  that the loan loss  allowance of the Savings Bank will be adequate
to cover losses on nonperforming assets in the future.


                                       12
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating  Results for the Three Month Periods Ended September 30,
--------------------------------------------------------------------------------
2000 and 1999 (continued)
-------------------------

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

Other income increased by $8,000, or 15.4%, for the three months ended September
30, 2000,  compared to the three months ended September 30, 1999,  primarily due
to a $4,000,  or 10.0%,  increase in service charges on deposit accounts and due
to $3,000 gain on investment  securities  transactions during the current period
compared  to the  absence  of any gain or loss on such  transactions  during the
previous period.  The increase in service charges on deposit accounts was due to
an increase in the monthly service charge fee schedule on checking accounts.

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

General,  administrative  and other expense decreased by $5,000, or 1.2%, during
the three months ended  September  30, 2000,  compared to the three months ended
September 30, 1999.  The decrease in general,  administrative  and other expense
resulted  from a  $5,000,  or  62.5%,  decrease  in  federal  deposit  insurance
premiums,  a $3,000, or 8.1%,  decrease in data processing expense and a $3,000,
or 3.1%, decrease in other operating expense,  which were offset by a $6,000, or
2.4%, increase in employee compensation and benefits

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  expense was related
to a reduction  in  utilization  of outside  on-line  services.  The increase in
employee  compensation  and benefits  was due  primarily to less direct costs of
loan department  personnel being deferred  related to the lower loan origination
volume during the current period.

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

The provision for federal income taxes decreased by $16,000,  or 17.0%,  for the
three  months  ended  September  30,  2000,  compared to the three  months ended
September 30, 1999.  The decrease  resulted  primarily  from the decrease in net
earnings before taxes of $49,000,  or 15.1%.  The effective tax rates were 28.3%
and  28.9%  for the three  month  periods  ended  September  30,  2000 and 1999,
respectively.



                                       13
<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.  While  the Bank  does  not  believe  there  is any  merit in the
counterclaims, it is having the answer evaluated by counsel.


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

         None


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

         None


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

         Reports on Form 8-K:  None.

         Exhibit 27:           Financial Data Schedule  for  the three
                               months ended September 30, 2000.


                                       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:  November 13, 2000               By:  /s/Betty J. Long
       -----------------                    ------------------------------------
                                            Betty J. Long
                                            President and Chief
                                            Executive Officer



Date:  November 13, 2000               By: /s/ Russell M. Brooks
       -----------------                   -------------------------------------
                                           Russell M. Brooks
                                           Executive Vice President and
                                           Financial Officer



                                       15