UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB

(Mark One)

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

For the quarterly period ended         September 30, 2002
                               ---------------------------------

                                       OR

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ____________ to _______________

Commission File Number:    1-13904
                       --------------

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

             Delaware                                    61-1281483
------------------------------------         -----------------------------------
(State or other jurisdiction of              (IRS Employer Identification No.)
incorporation or organization)

                308 North Main Street, Cynthiana, Kentucky 41031
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (859) 234-1440
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

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

Yes [    ]        No  [    ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: November 11, 2002 - 884,670 shares of
common stock

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

                                  Page 1 of 15

<PAGE>

                                      INDEX

                                                                            Page
                                                                            ----
PART I

  ITEM I  -   FINANCIAL STATEMENTS

              Consolidated Statements of Financial Condition                 3

              Consolidated Statements of Earnings                            4

              Consolidated Statements of Comprehensive Income                5

              Consolidated Statements of Cash Flows                          6

              Notes to Consolidated Financial Statements                     8

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

  ITEM III    CONTROLS AND PROCEDURES                                        13


PART II  -    OTHER INFORMATION                                              14

SIGNATURES                                                                   15

CERTIFICATIONS                                                               16

                                       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                                                                                2002                2002
<S>                                                                                       <C>                 <C>
Cash and due from banks                                                                     $   546             $   600
Interest-bearing deposits in other financial institutions                                     1,317               3,079
                                                                                            -------             -------
         Cash and cash equivalents                                                            1,863               3,679

Investment securities available for sale - at market                                         13,729              11,105
Mortgage-backed securities available for sale - at market                                    21,186              22,204
Loans receivable - net                                                                       38,713              39,355
Office premises and equipment - at depreciated cost                                           1,348               1,237
Real estate acquired through foreclosure                                                         -                   45
Federal Home Loan Bank stock - at cost                                                        1,494               1,477
Accrued interest receivable                                                                     499                 484
Prepaid expenses and other assets                                                                74                  86
                                                                                            -------             -------
         Total assets                                                                       $78,906             $79,672
                                                                                            =======             =======

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                    $53,102             $54,119
Advances from the Federal Home Loan Bank                                                     11,790              11,794
Accrued interest payable                                                                        142                 156
Other liabilities                                                                               260                 179
Accrued federal income taxes                                                                    163                   5
Deferred federal income taxes                                                                   445                 269
                                                                                            -------             -------
         Total liabilities                                                                   65,902              66,522

Shareholders' equity
  Preferred stock - authorized 500,000 shares of $.01 par value;
    no shares issued                                                                             -                   -
  Common stock - authorized 3,000,000 shares of $.01 par value;
    1,388,625 shares issued                                                                      14                  14
  Additional paid-in capital                                                                  9,301               9,301
  Retained earnings - restricted                                                              9,525               9,386
  Less shares acquired by stock benefit plans                                                  (462)               (462)
  Less 510,898 and 463,297 shares of treasury stock at September 30,
    2002 and June 30, 2002, respectively - at cost                                           (6,130)             (5,444)
  Accumulated comprehensive income, unrealized gains on securities
    designated as available for sale, net of related tax effects                                756                 355
                                                                                            -------             -------
         Total shareholders' equity                                                          13,004              13,150
                                                                                            -------             -------

         Total liabilities and shareholders' equity                                         $78,906             $79,672
                                                                                            =======             =======
</TABLE>

                                       3
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

                       CONSOLIDATED STATEMENTS OF EARNINGS

                    For the three months ended September 30,
                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                2002              2001
<S>                                                          <C>               <C>
Interest income
  Loans                                                       $  746            $  933
  Mortgage-backed securities                                     307               227
  Investment securities                                          158               114
  Interest-bearing deposits and other                             21                39
                                                              ------            ------
         Total interest income                                 1,232             1,313

Interest expense
  Deposits                                                       375               562
  Borrowings                                                     126               111
                                                              ------            ------
         Total interest expense                                  501               673
                                                              ------            ------

         Net interest income                                     731               640

Provision for losses on (recoveries of) loans                    (50)                3
                                                              ------            ------

         Net interest income after provision
           for losses on (recoveries of) loans                   781               637

Other income
  Service charges on deposit accounts                             35                38
  Other operating                                                 18                14
                                                              ------            ------
         Total other income                                       53                52

General, administrative and other expense
  Employee compensation and benefits                             253               228
  Occupancy and equipment                                         45                43
  Data processing                                                 38                36
  State franchise tax                                             16                15
  Other operating                                                 74                79
                                                              ------            ------
         Total general, administrative and other expense         426               401
                                                              ------            ------

         Earnings before income taxes                            408               288

Federal income taxes
  Current                                                        158                78
  Deferred                                                       (31)                5
                                                              ------            ------
         Total federal income taxes                              127                83
                                                              ------            ------

         NET EARNINGS                                         $  281            $  205
                                                              ======            ======

         EARNINGS PER SHARE
           Basic                                              $ 0.32            $ 0.23
                                                              ======            ======

           Diluted                                            $ 0.31            $ 0.22
                                                              ======            ======
</TABLE>

                                       4
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                    For the three months ended September 30,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                          2002                2001
<S>                                                                       <C>                 <C>
Net earnings                                                              $281                $205

Other comprehensive income, net of tax:
  Unrealized holding gains on securities during the period, net
    of taxes of $207 and $139 in 2002 and 2001, respectively               401                 269
                                                                          ----                ----

Comprehensive income                                                      $682                $474
                                                                          ====                ====

Accumulated comprehensive income                                          $756                $354
                                                                          ====                ====
</TABLE>

                                       5
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                    For the three months ended September 30,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                                 2002              2001
<S>                                                                                           <C>               <C>
Cash flows from operating activities:
  Net earnings for the period                                                                 $   281           $   205
  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                                             (5)               (5)
    Depreciation and amortization                                                                  19                19
    Amortization of deferred loan origination fees                                                 (3)               (3)
    Provision for losses on loans                                                                  --                 3
    Gain on sale of real estate acquired through foreclosure                                       (5)               --
    Federal Home Loan Bank stock dividends                                                        (17)              (25)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                                 (15)              (63)
      Prepaid expenses and other assets                                                            12                 7
      Accrued interest payable                                                                    (14)                4
      Other liabilities                                                                            81                26
      Federal income taxes
        Current                                                                                   158                58
        Deferred                                                                                  (31)                5
                                                                                              -------           -------
         Net cash provided by operating activities                                                461               231

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                                                  -              1,514
  Purchase of investment securities                                                            (2,372)               -
  Purchase of mortgage-backed securities                                                           -             (6,093)
  Principal repayments on mortgage-backed securities                                            1,379               674
  Purchase of loans                                                                                -               (970)
  Loan principal repayments                                                                     2,857             2,889
  Loan disbursements                                                                           (2,212)           (2,563)
  Purchase of office premises and equipment                                                      (130)              (15)
  Proceeds from sale of real estate acquired through foreclosure                                   50                -
                                                                                              -------           -------
         Net cash used in investing activities                                                   (428)           (4,564)

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposits                                                          (1,017)              735
  Proceeds from borrowed funds                                                                     -              3,000
  Repayment of borrowed funds                                                                      (4)               (4)
  Purchase of treasury stock                                                                     (686)               -
  Dividends on common stock                                                                      (142)             (129)
                                                                                              -------           -------
         Net cash provided by (used in) financing activities                                   (1,849)            3,602
                                                                                              -------           -------

Net decrease in cash and cash equivalents                                                      (1,816)             (731)

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

Cash and cash equivalents at end of period                                                    $ 1,863           $ 1,845
                                                                                              =======           =======
</TABLE>

                                       6
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                    For the three months ended September 30,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                                 2002              2001
<S>                                                                                              <C>               <C>
Supplemental disclosure of cash flow information:
 Cash paid during the period for:
    Federal income taxes                                                                         $ --              $ 20
                                                                                                 ====              ====

    Interest on deposits and borrowings                                                          $515              $669
                                                                                                 ====              ====
Supplemental disclosure of noncash investing activities:
  Unrealized gains on securities designated as available for sale,
    net of related tax effects                                                                   $401              $269
                                                                                                 ====              ====
</TABLE>

                                       7
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

             For the three months ended September 30, 2002 and 2001

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

     The accompanying  unaudited consolidated financial statements were prepared
     in accordance  with  instructions  for Form 10-QSB and,  therefore,  do not
     include information or footnotes  necessary for a complete  presentation of
     consolidated  financial  position,  results of operations and cash flows in
     conformity  with  accounting  principles  generally  accepted in the United
     States of America.  Accordingly,  these financial statements should be read
     in conjunction with the consolidated financial statements and notes thereto
     of Kentucky First Bancorp, Inc. (the "Corporation")  included in the Annual
     Report on Form  10-KSB for the year ended June 30,  2002.  However,  in the
     opinion of management, all adjustments (consisting of only normal recurring
     accruals)  which are  necessary  for a fair  presentation  of the financial
     statements  have been  included.  The results of  operations  for the three
     month period ended September 30, 2002 are not necessarily indicative of the
     results which may be expected for the entire fiscal year.

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

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

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

     Basic earnings per share is computed based upon the weighted-average shares
     outstanding during the period, less shares in the ESOP that are unallocated
     and not  committed to be released.  Weighted-average  common  shares deemed
     outstanding  gives effect to 36,651 and 45,810  unallocated ESOP shares for
     the three month periods ended September 30, 2002 and 2001, respectively.

     Diluted  earnings per share is computed  taking into  consideration  common
     shares  outstanding and dilutive potential common shares to be issued under
     the Corporation's stock option plan. The computations are as follows:
<TABLE>
<CAPTION>
                                                                                         2002             2001
<S>                                                                                   <C>              <C>
    Weighted-average common shares
      outstanding (basic)                                                             867,215          894,355
    Dilutive effect of  assumed exercise
      of stock options                                                                 45,333           33,157
                                                                                      -------          -------
    Weighted-average common shares
      outstanding (diluted)                                                           912,548          927,512
                                                                                      =======          =======
</TABLE>

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

     In August 2001, the Financial  Accounting  Standards  Board ("FASB") issued
     Statement of Financial  Accounting  Standards ("SAFS") No. 144, "Accounting
     for the Impairment or Disposal of Long-Lived  Assets." SFAS No. 144 carries
     over  the  recognition   and  measurement   provisions  in  SFAS  No.  121.
     Accordingly,  an entity must  recognize an impairment  loss if the carrying
     value of a long-lived  asset or asset group (a) is not  recoverable and (b)
     exceeds its fair value.  Similar to SFAS No. 121,  SFAS No. 144 requires an
     entity to test an asset or asset group for  impairment  whenever  events or
     changes  in  circumstances  indicate  that its  carrying  amount may not be
     recoverable.  SFAS No. 144  differs  from SFAS No. 121 in that it  provides
     guidance on estimating future cash flows to test recoverability.  An entity
     may use either a probability-weighted approach or best-estimate approach in
     developing

                                       8
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

             For the three months ended September 30, 2002 and 2001


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

     estimates of cash flows to test  recoverability.  SFAS No. 144 is effective
     for financial  statements  issued for fiscal years beginning after December
     15, 2001 and interim periods within those fiscal years.  Management adopted
     SFAS No.  144  effective  July 1,  2002,  without  material  effect  on the
     Corporation's financial condition or results of operations.

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

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

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

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

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

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

                                       9
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

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


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

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

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

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

At September 30, 2002, the Corporation's  consolidated  total assets amounted to
$78.9 million, a decrease of $766,000, or 1.0%, from the total at June 30, 2002.
The  decrease in assets,  which was  centered in  decreases  in  mortgage-backed
securities and loans, was accompanied by a decrease of $1.0 million in deposits.

Liquid assets (i.e. cash,  interest-bearing  deposits and investment securities)
increased by $808,000,  or 5.5%,  during the three month period ended  September
30,  2002,  to a total  of $15.6  million  at  September  30,  2002.  Investment
securities  purchases totaling $2.4 million were funded generally through excess
liquidity.  Mortgage-backed  securities  totaled  $21.2 million at September 30,
2002,  a decrease  of $1.0  million,  or 4.6%,  from June 30, 2002  levels.  The
decrease  in  mortgage-backed   securities  resulted  primarily  from  principal
repayments  of $1.4  million,  which were  partially  offset by an  increase  in
unrealized gains.

Loans receivable  amounted to $38.7 million at September 30, 2002, a decrease of
$642,000,  or 1.6%, compared to June 30, 2002.  Principal repayments amounted to
$2.9 million and were partially  offset by loan  disbursements  of $2.2 million.
The allowance for loan losses totaled  $339,000 at September 30, 2002,  compared
to $241,000 at June 30, 2002.  During the period ended  September 30, 2002,  the
Corporation   realized  a  recovery  totaling  $150,000  from  settlement  of  a
nonperforming   loan  which   accounted  for  the  increase  in  the  allowance.
Nonperforming  loans totaled $111,000 at September 30, 2002, compared to $51,000
at  June  30,  2002.  The  allowance  for  loan  losses  represented  305.4%  of
nonperforming  loans as of  September  30,  2002 and  472.5%  at June 30,  2002.
Although management believes that its allowance for loan losses at September 30,
2002 was adequate based upon the available facts and circumstances, there can be
no assurance  that  additions to such  allowance will not be necessary in future
periods, which could adversely affect the Corporation's results of operations.

Deposits  totaled  $53.1  million at  September  30,  2002,  a decrease  of $1.0
million,  or 1.9%,  from June 30, 2002  levels.  Although  management  generally
pursues a strategy of moderate growth in deposits, the Savings Bank historically
has not engaged in sporadic  increases and decreases in interest  rates offered,
nor has it offered the highest interest rate in its market area.

The  Corporation's  shareholders'  equity  amounted  to $13.0  million and $13.2
million at  September  30, 2002 and June 30,  2002,  respectively.  Net earnings
during the three months ended  September 30, 2002 of $281,000 and an increase in
unrealized  gains on available for sale  securities of $401,000,  were partially
offset by dividends  paid on common  stock  totaling  $142,000 and  purchases of
treasury stock totaling $686,000.

                                       10
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

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


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

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

At September  30, 2002,  the Savings  Bank's  tangible and core capital  totaled
$11.3 million,  or 14.5%,  of adjusted total assets,  which exceeded the minimum
tangible and core capital requirements of $1.2 million and $3.1 million by $10.1
million and $8.2 million, respectively. The Savings Bank's risk-based capital of
$11.6  million,   or  31.4%  of  risk-weighted   assets,   exceeded  the  8%  of
risk-weighted assets requirement by $8.7 million.


Comparison of Operating  Results for the Three Month Periods Ended September 30,
--------------------------------------------------------------------------------
2002 and 2001
-------------

General
-------

Net earnings amounted to $281,000 for the three months ended September 30, 2002,
an increase of $76,000, or 37.1%, over the $205,000 of net earnings reported for
the three months ended  September 30, 2001. The increase in net earnings was due
to a  $91,000  increase  in net  interest  income,  a  $53,000  decrease  in the
provision for losses on loans and a $1,000 increase in other income,  which were
partially  offset by a $25,000  increase  in general,  administrative  and other
expense and a $44,000 increase in the provision for federal income taxes.

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

Total  interest  income  amounted  to $1.2  million for the three  months  ended
September 30, 2002, a decrease of $81,000, or 6.2%, compared to the same quarter
in 2001, due to a decrease in the average yield on interest-earning assets, from
7.24% in 2001 to 6.47% in 2002,  partially  offset by a $3.6  million,  or 5.0%,
increase in the weighted-average balance of interest-earning assets outstanding.
Interest income on loans decreased by $187,000, or 20.0%, due to a $7.4 million,
or  15.8%,  decrease  in  the  weighted-average  balance  of  loans  outstanding
year-to-year,  as well as a 40 basis  point  decrease  in the  average  yield on
loans, to 7.59% for the three months ended September 30, 2002.

Interest income on mortgage-backed  securities  increased by $80,000,  or 35.2%,
due  primarily  to a $6.7  million,  or 46.2%,  increase in the average  balance
outstanding,  which was  partially  offset by a decrease in the average yield on
mortgage-backed  securities, from 6.22% in the 2001 quarter to 5.76% in the 2002
quarter.  Interest income on investment securities and interest-bearing deposits
increased  by $26,000,  or 17.0%,  due  primarily  to an increase in the average
balance outstanding year-to-year.

Total interest expense amounted to $501,000 for the three months ended September
30, 2002,  a decrease of $172,000,  or 25.6%,  from the 2001  quarter,  due to a
decrease  in the  average  cost of funds,  from  4.40% in 2001 to 3.07% in 2002,
which  was  partially  offset  by a  $4.0  million,  or  6.5%,  increase  in the
weighted-average    balance   of   interest-bearing    liabilities   outstanding
year-to-year.  Interest expense on deposits decreased by $187,000, or 33.3%, due
to a 148 basis point decrease in the average cost of deposits,  partially offset
by a $928,000,  or 1.8%,  increase in the  weighted-average  balance of deposits
outstanding year-to-year. Interest expense on borrowings increased by $15,000,

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

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

or 13.5%,  due to a $3.0  million,  or 33.8%,  increase in the  weighted-average
balance of borrowed funds outstanding,  which was partially offset by a decrease
in the average cost of borrowed  funds,  from 4.97% in the 2001 quarter to 4.21%
in the 2002 quarter.  The  decreases in the level of yields on  interest-earning
assets and costs of  interest-bearing  liabilities  resulted  primarily from the
overall decrease in interest rates in the economy during calendar 2001. This low
interest rate environment  continued through the nine months ended September 30,
2002.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  increased by $91,000,  or 14.2%, to a total of $731,000 for
the three months ended  September  30, 2002,  compared to the three months ended
September 30, 2001. The interest rate spread  amounted to 3.40% and 2.84% during
the three month periods ended September 30, 2002 and 2001,  respectively,  while
the net  interest  margin  amounted  to 3.84% and 3.53%  during the three  month
periods ended September 30, 2002 and 2001, respectively.

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

The  Corporation  records a provision for losses on loans based upon an analysis
of  historical  experience,  the  volume and type of  lending  conducted  by the
Savings Bank,  the status of past due principal and interest  payments,  general
economic  conditions,  particularly  as such  conditions  relate to the  Savings
Bank's  market area,  and other  factors  related to the  collectibility  of the
Savings Bank's loan portfolio. During the three month period ended September 30,
2002, the  Corporation  realized a $150,000  recovery on a  nonperforming  loan.
Based upon the foregoing  analysis,  management elected to record $100,000 as an
addition to the allowance for loan losses and $50,000 to  operations.  There can
be no  assurance  that the loan  loss  allowance  of the  Savings  Bank  will be
adequate to cover losses on nonperforming assets in the future.

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

Other income totaled  $53,000 for the three months ended  September 30, 2002, an
increase of $1,000,  or 1.9%,  compared to the three months ended  September 30,
2001, due primarily to a $5,000 gain on sale of real estate  acquired by deed in
lieu of  foreclosure,  partially  offset by a  decrease  in  service  charges on
deposit accounts.

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

General,  administrative and other expense totaled $426,000 for the three months
ended September 30, 2002, an increase of $25,000, or 6.2%, compared to the three
months ended  September 30, 2001.  The increase in general,  administrative  and
other expense resulted primarily from a $25,000, or 11.0%,  increase in employee
compensation  and benefits.  The increase in employee  compensation and benefits
was due  primarily  to an  increase  in  benefit  plan  costs and  normal  merit
increases year-to-year.

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

The  provision for federal  income taxes  totaled  $127,000 for the three months
ended  September  30, 2002,  an increase of $44,000,  or 53.0%,  compared to the
three months ended September 30, 2001. The increase resulted  primarily from the
increase in net earnings before taxes of $120,000,  or 41.7%.  The effective tax
rates were 31.1% and 28.8% for the three month periods ended  September 30, 2002
and 2001, respectively.

                                       12
<PAGE>
                          KENTUCKY FIRST BANCORP, INC.

ITEM III                    CONTROLS AND PROCEDURES


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

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


                                       13
<PAGE>

                          KENTUCKY FIRST BANCORP, INC.

                                     PART II


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

                  None.


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

                  Not applicable


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

                  Not applicable


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

                  Not applicable

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

                  None


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

         Reports on Form 8-K:    None.

         Exhibits:
            99.1                 Certifications of Chief Executive Officer and
                                 Chief Financial Officer


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



Date:  November 14, 2002               By: /s/ Robbie Cox
       -----------------                   ------------------------------------
                                           Robbie Cox
                                           Principal Accounting Officer


                                       15

<PAGE>
                                  CERTIFICATION


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

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

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

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

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

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

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

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

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

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

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

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

Date: November 14, 2002


                                     /s/ Betty J. Long
                                     ---------------------------------------
                                     Betty J. Long
                                     President and Chief Executive Officer
<PAGE>
                                  CERTIFICATION


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

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

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

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

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

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

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

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

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

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

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

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

Date: November 14, 2002


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