<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                   FORM 10-QSB

(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, 2001


                                       OR

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


Commission File Number:    0-25180


                                CKF Bancorp, Inc.
          ------------------------------------------------------
          (Exact name of registrant as specified in its charter)

         Delaware                                             61-1267810
------------------                                      ---------------------
(State or other jurisdiction of                           (I.R.S. Employer
  incorporation or organization)                          Identification No.)

340 West Main Street, Danville, Kentucky                         40422
----------------------------------------                   -----------------
(Address of principal executive offices)                       (Zip Code)

Registrant's telephone number, including area code:  (606) 236-4181
                                                     --------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 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 ninety days.
Yes      X                 No
   ---------------           ---------------

As of November 9, 2001,  738,915  shares of the  registrant's  common stock were
issued and outstanding.

Page 1 of 15 Pages                                    Exhibit Index at Page N/A
                                                                          -----
<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
PART I.        FINANCIAL INFORMATION

Item 1.        Financial Statements
<S>  <C>
               Consolidated Balance Sheets as of September 30, 2001 (unaudited) and
                  December 31, 2000...............................................................................3

               Consolidated  Statements  of Income for the  Three-Month  periods
                  Ended  September  30,  2001  and  2000   (unaudited)  and  the
                  Nine-Month Periods
                  Ended September 30, 2001 and 2000 (unaudited)...................................................4

               Consolidated Statement of Changes in Stockholders' Equity for the
                  Nine-Month Periods Ended September 30, 2001 and 2000 (unaudited) ...............................5

               Consolidated Statements of Cash Flows for the Nine-Month Periods Ended
                  September 30, 2001 and 2000 (unaudited).........................................................6

               Notes to Consolidated Financial Statements.........................................................7

Item 2.        Management's Discussion and Analysis of Financial Condition and
                  Results of Operations...........................................................................9


PART II.       OTHER INFORMATION

Item 1.        Legal Proceedings.................................................................................15
Item 2.        Changes in Securities.............................................................................15
Item 3.        Defaults Upon Senior Securities...................................................................15
Item 4.        Submission of Matters to a Vote of Security Holders...............................................15
Item 5.        Other Information.................................................................................15
Item 6.        Exhibits and Reports on Form 8-K..................................................................15

SIGNATURES
</TABLE>
<PAGE>

                        CKF BANCORP, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                               As of                 As of
                                                                           September 30,         December 31,
                                                                               2001                  2000
                                                                         ---------------       ---------------
                                                                            (Unaudited)
<S>  <C>
ASSETS

Cash and due from banks                                                  $     2,138,492       $       415,198
Interest-bearing deposits                                                      6,444,377             2,851,509
Investment securities:
   Securities available-for-sale                                               2,123,680               536,480
   Securities held-to-maturity                                                 3,240,905             1,710,916
Loans receivable, net                                                        123,834,998            70,444,968
Accrued interest receivable                                                    1,084,772               595,773
Office property and equipment, net                                             2,077,025             1,447,550
Goodwill                                                                       1,143,916
Other assets                                                                     150,640               113,446
                                                                         ---------------       ---------------

       Total assets                                                      $   142,238,805       $    78,115,840
                                                                         ===============       ===============

Liabilities and Stockholders' Equity

Deposits                                                                 $   114,280,320       $    54,470,412
Advances from Federal Home Loan Bank                                          13,981,784            10,556,625
Advance payment by borrowers for taxes and insurance                             207,222                26,209
Other liabilities                                                              1,209,805               735,728
                                                                         ---------------       ---------------

     Total liabilities                                                       129,679,131            65,788,974
                                                                         ---------------       ---------------

Commitments and contingencies

Preferred stock, 500,000 shares,  authorized and unissued
Common stock, $.01 parvalue, 4,000,000 shares authorized;
   641,784 and 648,106, issued and outstanding at September 30,
   2001 and December 31, 2000, respectively                                       10,000                10,000
Additional paid-in capital                                                     9,596,570             9,578,665
Retained earnings, substantially restricted                                    8,438,364             8,091,071
Accumulated other comprehensive income                                           318,493               348,909
Treasury stock, 261,085 and 249,085 shares, respectively, at cost             (4,301,010)           (4,136,260)
Incentive Plan Trust, 54,100 shares, at cost                                  (1,072,433)           (1,093,433)
Unearned Employee Stock Ownership Plan (ESOP) stock                             (430,310)             (472,086)
                                                                         ---------------       ---------------

     Total stockholders' equity                                               12,559,674            12,326,866
                                                                         ---------------       ---------------

     Total liabilities and stockholders' equity                          $   142,238,805       $    78,115,840
                                                                         ===============       ===============
</TABLE>


          See accompanying notes to consolidated financial statements.

                                       3
<PAGE>

                        CKF BANCORP, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)


<TABLE>
<CAPTION>
                                              For the Three-Month Periods        For the Nine-Month Periods
                                                   Ended September 30,               Ended September 30,
                                            -------------------------------     ------------------------------
                                                 2001              2000             2001              2000
                                            --------------    -------------     -------------    -------------
<S>  <C>
Interest income:
   Interest on loans....................    $    2,328,235    $   1,327,159     $   5,668,556    $   3,821,545
   Interest and dividends on investments            67,250           27,975           143,489           90,531
   Other interest income................            40,820           23,958           116,144           65,569
                                            --------------    -------------     -------------    -------------
      Total interest income.............         2,436,305        1,379,092         5,928,189        3,977,645
                                            --------------    -------------     -------------    -------------

Interest expense:.......................
   Interest on deposits.................         1,350,399          711,345         3,297,761        2,022,424
   Other interest expense...............           214,681          111,810           369,274          270,089
                                            --------------    -------------     -------------    -------------
      Total interest expense............         1,565,080          823,155         3,667,035        2,292,513
                                            --------------    -------------     -------------    -------------

Net interest income.....................           871,225          555,937         2,261,154        1,685,132
Provision for loan losses...............            15,000            9,000            35,000           27,000
                                            --------------    -------------     -------------    -------------
      Net interest income after
      provision for loan losses.........           856,225          546,937         2,226,154        1,658,132
                                            --------------    -------------     -------------    -------------

Non-interest income:
   Loan and other service fees..........            41,483           24,266           116,890           63,161
   Gain on sale of real estate owned, net           22,841                             38,385
   Other, net  .........................            18,876            4,344            30,137            5,966
                                            --------------    -------------     -------------    -------------
      Total non-interest income.........            83,200           28,610           185,412           69,127
                                            --------------    -------------     -------------    -------------

Non-interest expense:
   Compensation and benefits............           245,649          159,272           608,682          447,993
   Federal insurance premium............             3,898            4,783            12,102           13,095
   State franchise tax..................            15,767           14,922            50,042           44,767
   Occupancy expenses, net..............            48,436           25,981           114,067           55,242
   Data processing expenses.............            36,563           22,140           105,359           54,928
   Legal and professional fees..........             3,969            1,379            20,082           14,289
   Other operating expenses.............           136,135           74,850           313,589          202,597
                                            --------------    -------------     -------------    -------------
      Total non-interest expense........           490,417          303,057         1,223,923          832,911
                                            --------------    -------------     -------------    -------------

Income before income tax expense........           449,008          272,490         1,187,643          894,348
Provision for income taxes..............           162,311           92,646           413,447          304,078
                                            --------------    -------------     -------------    -------------
Net income     .........................    $      286,697    $     179,844     $     774,196    $     590,270
                                            ==============    =============     =============    =============
Earnings per common share...............    $          .45    $         .27     $        1.21    $         .88
                                            ==============    =============     =============    =============
Earnings per common share
   assuming dilution....................    $          .44    $         .27     $        1.20    $         .88
                                            ==============    =============     =============    =============
Weighted average common shares
   outstanding during the quarter.......           641,351          658,520           639,023          670,225
                                            ==============    =============     -------------    =============
Weighted average common shares
   after dilutive effect outstanding
   during the quarter...................           649,750          661,032           647,422          672,737
                                            ==============    =============     -------------    =============
</TABLE>


          See accompanying notes to consolidated financial statements.

                                       4
<PAGE>

                        CKF BANCORP, INC. AND SUBSIDIARY
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
          for the nine-month periods ended September 30, 2001 and 2000
                                   (unaudited)



<TABLE>
<CAPTION>
                                                                                            Accumulated
                                                         Additional                            Other
                                        Common            Paid-in           Retained      Comprehensive
                                         Stock             Capital          Earnings          Income
                                      -----------      --------------    -------------    --------------
<S>  <C>
Balance, December 31, 1999            $    10,000      $    9,585,429    $   7,733,718    $      243,322



Comprehensive income:
   Net income                                                                  590,270
   Other comprehensive income, net of tax
     unrealized gains on securities                                                               36,947

Total comprehensive income
Dividend declared                                                             (421,489)
ESOP shares earned                                             14,685
Purchase of common stock, 51,024 shares

Shares issued upon exercise of options
                                      -----------      ----------------  ---------------  --------------
Balance, September 30, 2000           $    10,000      $    9,600,114    $   7,902,499    $      280,269
                                      ===========      ================  ===============  ==============


Balance, December 31, 2000            $    10,000      $    9,578,665    $   8,091,071    $      348,909


Comprehensive income:
   Net income                                                                  774,196
   Other comprehensive loss, net of tax,
     net unrealized loss on securities                                                           (30,416)


Total comprehensive income
Dividend declared                                                             (426,903)
ESOP shares earned                                             17,905
Purchase of common stock
Issue of common stock
                                      -----------      --------------    -------------    --------------
Balance, September 30, 2001           $    10,000      $    9,596,570    $   8,438,364    $      318,493
                                      ===========      ==============    =============    ==============
</TABLE>



<TABLE>
<CAPTION>
                                                                                    Unearned           Total
                                                   Treasury        Incentive          ESOP         Stockholders'
                                                     Stock           Plan            Shares           Equity
                                                -------------     -----------    -------------     -------------
<S>  <C>
Balance, December 31, 1999                      $  (3,265,804)    $(1,172,073)   $   (524,206)     $  12,610,386
                                                                                                   -------------


Comprehensive income:
   Net income                                                                                            590,270
   Other comprehensive income, net of tax
     unrealized gains on securities                                                                       36,947
                                                                                                   -------------
Total comprehensive income                                                                               627,217
Dividend declared                                                                                       (421,489)
ESOP shares earned                                                                      39,090            53,775
Purchase of common stock, 51,024 shares              (718,138)                                          (718,138)

Shares issued upon exercise of options                                 52,500                             52,500
                                                --------------    ------------     ------------     ------------
Balance, September 30, 2000                     $   (3,983,942)   $(1,119,573)     $ ( 485,116)    $  12,204,251
                                                ==============    ============     ============     ============


Balance, December 31, 2000                      $   (4,136,260)   $(1,093,433)     $  (472,086)    $  12,326,866
                                                                                                    ------------

Comprehensive income:
   Net income                                                                                            774,196
   Other comprehensive loss, net of tax,
     net unrealized loss on securities                                                                   (30,416)
                                                                                                    ------------

Total comprehensive income                                                                               743,780
Dividend declared                                                                                       (426,903)
ESOP shares earned                                                                      41,776            59,681
Purchase of common stock                              (164,750)                                         (164,750)
Issue of common stock                                                  21,000                             21,000
                                                 -------------     -----------    -------------     ------------
Balance, September 30, 2001                      $  (4,301,010)   $(1,072,433)    $   (430,310)     $ 12,559,674
                                                ==============      ==========    =============     ============
</TABLE>


                   The accompanying notes are an integral part
                   of the consolidated financial statements.

                                       5
<PAGE>

                        CKF BANCORP, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                  For the Nine-Month Periods
                                                                                      Ended September 30
                                                                                    2001              2000
                                                                                --------------    -------------
<S>  <C>
Cash flows from operating activities:
   Net income                                                                   $     774,196    $     590,270
   Adjustments to reconcile net income to net cash
      provided by operating activities:
      Provision for loan losses                                                        35,000           27,000
      Amortization of loan fees                                                        (3,542)         (10,704)
      ESOP benefit expense                                                             59,681           53,775
      Provision for depreciation                                                       78,068           41,424
      FHLB stock dividend                                                             (55,500)         (32,900)
      Amortization of premiums and discounts, net                                      67,541              520
      Non-cash compensation under stock based benefit plan                             21,000
   Change in:
      Interest receivable                                                            (155,663)        (112,784)
      Other liabilities and federal income taxes payable                             (266,561)          (3,936)
      Prepaid expense                                                                  45,279          (23,681)
      Interest payable                                                                 14,072           10,698
                                                                                -------------    -------------
          Net cash provided by operating activities                                   613,571          539,682
                                                                                -------------    -------------
Cash flows from investing activities:
   Loan originations and principal payment on loans, net                           (4,934,682)      (3,811,756)
   Payments for land and construction of Branch bank building                                         (483,772)
   Purchase of office equipment                                                        (5,288)        (175,511)
   Cash consideration in the First Lancaster acquisition, net                     (10,795,858)
   Maturity of securities, held-to-maturity                                           500,000          250,000
   Purchase of securities, held-to-maturity                                          (992,468)
   Principle repayment on mortgage-backed securities                                   81,848           42,939
   Investment in service corporation                                                  (76,320)
                                                                                -------------    -------------
          Net cash provided (used) by investing activities                        (16,222,768)      (4,178,100)
                                                                                -------------    -------------
Cash flows from financing activities:
   Net increase (decrease) in demand deposits, NOW accounts
      and savings accounts                                                          5,068,420       (1,145,543)
   Net increase (decrease) in certificates of deposit                              22,915,738        1,175,734
   Net increase (decrease) in custodial accounts                                      147,409          129,641
   Proceeds from FHLB advances                                                     12,000,000        3,000,000
   Payments on FHLB advances                                                      (18,614,555)         (24,339)
   Dividends paid                                                                    (426,903)        (421,489)
   Purchase of common stock                                                          (164,750)        (718,138)
   Proceeds from the exercise of stock options                                                          52,500
                                                                                -------------    -------------
          Net cash provided by financing activities                                20,925,359        2,048,366
                                                                                -------------    -------------
Increase (decrease) in cash and cash equivalents                                    5,316,162       (1,590,052)
Cash and cash equivalents, beginning of period                                      3,266,707        4,323,816
                                                                                -------------    -------------
Cash and cash equivalents, end of period                                        $   8,582,869    $   2,733,764
                                                                                =============    =============
Supplemental disclosures of cash flow information:
   Cash paid for income taxes                                                   $     195,000    $     353,045
                                                                                =============    =============
   Cash paid for interest                                                       $   3,947,133    $   2,281,815
                                                                                =============    =============
   Real estate owned sales financed by loans                                    $     925,000
                                                                                =============

</TABLE>

                                       6
<PAGE>

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.       Basis of Presentation

 CKF Bancorp, Inc. (the "Company") was formed in August 1994 at the direction of
 Central  Kentucky  Federal  Savings  Bank (the  "Bank") to become  the  holding
 company of the Bank upon the  conversion  of the Bank from mutual to stock form
 (the  "Conversion").  Since the Conversion,  the Company's  primary assets have
 been the outstanding  capital stock of the Bank, cash on deposit with the Bank,
 and a  note  receivable  from  the  Company's  Employee  Stock  Ownership  Plan
 ("ESOP"),  and  its  sole  business  is  that  of the  Bank.  Accordingly,  the
 consolidated  financial  statements  and  discussions  herein  include both the
 Company and the Bank. On December 29, 1994,  the Bank  converted from mutual to
 stock form as a wholly owned subsidiary of the Company. In conjunction with the
 Conversion,  the Company  issued  1,000,000  shares of its common  stock to the
 public.

 The accompanying unaudited consolidated financial statements have been prepared
 in  accordance  with  generally  accepted  accounting  principles  ("GAAP") for
 interim  financial  information  and with  the  instructions  to Form  10-Q and
 Article 10 of  Regulation  S-X.  Accordingly,  they do not  include  all of the
 information and footnotes required by GAAP for complete  financial  statements.
 In the  opinion of  management,  all  adjustments  (consisting  of only  normal
 recurring  accruals)  necessary for fair presentation  have been included.  The
 results of operations and other data for the nine-month  period ended September
 30, 2001 are not necessarily indicative of results that may be expected for the
 entire fiscal year ending December 31, 2001.

2.       Regulatory Capital

 The Bank's actual  capital and its statutory  required  capital levels based on
 the consolidated  financial statements  accompanying these notes are as follows
 (in thousands):

                                           September 30, 2001
                         -------------------------------------------------------
                                                                  To be Well
                                            For Capital        Capitalized Under
                                          Adequacy Purposes   Prompt Corrective
                                                              Action Provisions
                          --------------   ----------------   ------------------
                              Actual            Required           Required
                          --------------   ----------------   ------------------
                          Amount     %      Amount     %      Amount        %
                          --------------   ----------------   ------------------
Core capital              $9,528    6.8%    $5,633    4.0%    $8,449       6.0%

Tangible capital          $9,528    6.8%    $5,633    4.0%       N/A        N/A

Total Risk based capital  $9,980   10.5%    $7,636    8.0%    $9,545      10.0%

Leverage                  $9,528    6.8%       N/A     N/A    $7,041       5.0%


3.       Dividends

 A cash  dividend  of  $0.32  per  share  was  paid  on  February  10,  2001  to
 stockholders  of record as of January  29,  2001.  On August 10,  2001,  a cash
 dividend  of $0.35  per share  was paid to  stockholders  of record at July 27,
 2001.  The  total  dividends  paid by the  Company  for the nine  months  ended
 September 30, 2001 amounted to $426,903.

                                       7
<PAGE>

4.       Common Stock

 The Company  purchased  12,000  shares of treasury  stock at a cost of $164,750
 during the nine months  ended  September  30, 2001.  In  addition,  the Company
 granted 1,500 shares of common stock as employee  compensation during this same
 period at a cost of  $21,000.  The stock was  issued  from  shares  held in the
 Incentive  Plan  Trust.  On August 18,  2001,  the Board of  Directors  awarded
 additional  stock options for 5,000 shares with an exercise price of $16.67 per
 share.  These  options  will be vested at 20% per year  beginning on August 18,
 2001.

5.       Business Combination

 On May 31, 2001, the Company acquired First Lancaster  Bancshares,  Inc. (First
 Lancaster),  the  holding  company  of First  Lancaster  Federal  Savings  Bank
 (Lancaster),   a  federally  chartered  savings  bank,  located  in  Lancaster,
 Kentucky. Under the Agreement and Plan of Merger dated as of December 14, 2000,
 the  Company  acquired  First  Lancaster  for a cash  purchase  price  of $13.6
 million, which represented $16.27 per share for each outstanding share of First
 Lancaster  common  stock.  An  additional  payment of $130,371 was made for the
 cancellation of all outstanding  First Lancaster stock options.  As a result of
 the merger, Lancaster was merged into Central Kentucky Federal Savings Bank.

 The combination was accounted for under the purchase method of accounting,  and
 accordingly, the net assets were recorded at their estimated fair values at the
 date of  acquisition,  May 31, 2001.  Fair value  adjustments on the assets and
 liabilities  included in the purchase are being  amortized  over the  estimated
 lives of the related assets and  liabilities.  The excess of the purchase price
 over the estimated  fair value of the  underlying  net assets of $1,172,013 was
 allocated  to  goodwill  and  is  being  amortized  over  15  years  using  the
 straight-line method.

 The following unaudited pro forma condensed  consolidated financial information
 reflects the results of operations  of the Company for the year ended  December
 31, 2000 and for the nine months ended September 30, 2001 as if the transaction
 had occurred at the beginning of each period presented. These pro forma results
 are not  necessarily  indicative  of what the  Company's  results of operations
 would have been had the  acquisition  actually  taken place at the beginning of
 each period presented.

<TABLE>
<CAPTION>
                                                         Pro Forma
                                     ---------------------------------------------------
                                            Year Ended             Nine months Ended
                                        December 31, 2000         September 30, 2001
                                     -------------------------  ------------------------
                                                   (Dollars in Thousands)
<S>  <C>
Net interest income                                    $3,768                    $2,706
                                     =========================  ========================
Net income                                               $886                      $797
                                     =========================  ========================
Diluted net income per share                            $1.34                     $1.23
                                     =========================  ========================
</TABLE>

                                       8
<PAGE>

6.       New Accounting Pronouncements

 In June  of  2001  the  Financial  Accounting  Standards  Board  (FASB)  issued
 Statement No. 141, "Business Combinations" and Statement No. 142, "Goodwill and
 Other Intangible  Assets." Statement No. 141 pertains to business  combinations
 initiated after September 30, 2001 and requires all business combinations after
 this  date to be  accounted  for  using  the  purchase  method  of  accounting.
 Statement No. 142 pertains to the accounting for goodwill and other  intangible
 assets and is effective for the Company beginning January 1, 2002. Beginning in
 January  2002,  the  Company  will be  required  to cease  amortizing  goodwill
 acquired in business  combinations prior to July 1, 2001. Subsequent to January
 1, 2002 and at a minimum on an annual basis, the Company must test the goodwill
 recorded  for  impairment.  If it is  determined  that  the  goodwill  has been
 impaired,  then  the  carrying  value  of  goodwill  must  be  reduced  for the
 impairment.  The Company does not anticipate the effect of  implementing  these
 statements to be material to its financial position or results of operations.


ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

Financial Condition

Total  assets  increased  approximately  $64.1  million,  from $78.1  million at
December 31, 2000 to $142.2  million at September 30, 2001.  The increase in the
assets of the Company was primarily due to the  Company's  acquisition  of First
Lancaster  Bancshares,  Inc.  on May  31,  2001.  The  assets  acquired  in this
transaction   totaled  $55  million,   which  included  loans  of  $48  million.
Liabilities  assumed  in the  transaction  totaled  approximately  $42  million,
including  deposits of $32  million  and FHLB  borrowings  of $10  million.  The
goodwill  recorded as a result of this transaction  totaled $1.2 million.  Since
December  31,  2000,  net  loans  have  increased  $53.4  million,  while  cash,
interest-bearing  deposits,  and  investments  have  increased  a total  of $8.4
million.

The  Company's  aggregate  investment  portfolio  increased  $3.1  million  from
December  31, 2000 to $5.4 million at September  30,  2001.  Approximately  $2.7
million was due to investments acquired in the First Lancaster acquisition.  The
remaining  increase was due to the purchase of  government  agency-backed  bonds
totaling  approximately  $1.0 million,  net of a bond in the amount of $500,000,
which matured.

Loans  increased  $53.4  million  from  December  31, 2000 to $123.8  million at
September  30, 2001 with  approximately  $48 million of the  increase due to the
First  Lancaster  acquisition.  In addition,  real estate owned  acquired in the
Lancaster acquisition totaling $855,000 was sold at a net gain of $23,000.

Deposits  increased  $59.9 million from  December 31, 2000 to $114.3  million at
September 30, 2001 with  approximately  $32.0 million of the increase due to the
First Lancaster  acquisition.  In addition to the First  Lancaster  acquisition,
deposits have increased an additional $27.9 million. This increase is due to the


                                       9
<PAGE>

Company's  competitively  priced product line within the local market area, plus
the reaction of customers to the increased risks in alternative investments,  as
evidenced by the decline in equity market indexes during this period.

Advances  from the  Federal  Home Loan Bank  increased a net $3.4  million  from
December 31, 2000 to $14.0  million at September  30, 2001,  with  approximately
$10.0 million being assumed in the First Lancaster transaction.


Results of Operations for the Three Months Ended September 30, 2001 and 2000

Net Income

Net income for the three months ended September 30, 2001 was $287,000,  compared
to $180,000 for the  corresponding  period in 2000, an increase of $107,000,  or
59.4%.  The increase  resulted from increases in net interest income of $315,000
and non-interest income of $55,000, offset in part by an increase of $187,000 in
non-interest expense, a $6,000 increase in the provision for loan losses, and an
increase of $70,000 in federal income tax expense.

Interest Income

Interest  income  increased by $1.1 million,  or 76.7%,  to $2.4 million for the
quarter ended September 30, 2001, compared to $1.4 million for the quarter ended
September 30, 2000. The increase in interest income resulted  primarily from the
growth in the Company's loan and  investment  portfolio as a result of the First
Lancaster acquisition.  Interest income totaled 7.2% of average interest-earning
assets for the  quarter  ended  September  30,  2001,  compared  to 7.8% for the
comparable quarter in year 2000. The average balance of interest-earning  assets
totaled  $134.7  million for the quarter ended  September 30, 2001,  compared to
$70.2 million in the comparable quarter in 2000.

Interest Expense

Interest  expense  totaled  $1.6 million and $823,000 for the three months ended
September 30, 2001 and 2000,  respectively.  The increase in interest expense of
$742,000,  or 90.1%, was due primarily to the increase in the average balance of
interest-bearing  liabilities in the quarter ended September 30, 2001,  compared
to the same period in 2000. The average balance of interest-bearing  liabilities
was $127.6 million for the quarter ended  September 30, 2001,  compared to $58.8
million  for the  same  period  in  year  2000.  The  average  rate  paid on the
interest-bearing  deposits for the quarter  ended  September  30, 2001 was 4.9%,
compared to 5.6% in the same period in year 2000.

Provision for Loan Losses

The Bank  recorded a  provision  for loan  losses of $15,000  and $9,000 for the
quarters ended September 30, 2001 and 2000, respectively. Management established
the  Bank's  existing  level of its  allowance  for loan  losses  based upon its
analysis  of  various  factors,  including  the market  value of the  underlying
collateral,  composition  of the loan  portfolio,  the  Bank's  historical  loss
experience,  delinquency trends and prevailing and projected economic conditions
in the  Bank's  market  area.  The  Company's  allowance  for loan  losses  as a
percentage of total loans  outstanding,  net of unearned loan origination  fees,
totaled .36% at September 30, 2001, compared to .26% at December 31, 2000.

                                       10
<PAGE>

Non-Interest Income

Non-interest  income  amounted to $83,000 and $29,000 for the three months ended
September  30,  2001  and  2000,  respectively.   Non-interest  income  included
primarily fees charged in connection  with loans and service  charges on deposit
accounts of $42,000 and $24,000 for the three  months ended  September  30, 2001
and 2000, respectively.  In addition, the Company realized a net gain of $23,000
on the sale of real estate owned for the quarter ended September 30, 2001.

Non-interest Expense

Non-interest  expense  totaled  $490,000 and $303,000 for the three months ended
September  30,  2001 and  2000,  respectively.  Non-interest  expense  increased
$187,000,  or 61.8%,  for the quarter ended September 30, 2001,  compared to the
same  period in year 2000.  The  increase of $187,000  was due  primarily  to an
increase of $86,000 in  compensation  and  benefits,  a $22,000  increase in net
occupancy  expenses,  a $14,000  increase in data  processing  expenses,  and an
increase of $61,000 in other operating  expenses.  The increases were due to the
increased costs in these categories from the First Lancaster acquisition.

Income Taxes

The provision for income taxes for the three months ended September 30, 2001 and
2000 was  $162,000 and $92,000,  respectively,  which as a percentage  of income
before income taxes was 36.1% and 34%, respectively.


Results of Operations for the Nine months Ended September 30, 2001 and 2000

Net Income

Net income  for the nine  months  ended  September  30,  2001 was  $774,000,  as
compared  to  $590,000  for the  corresponding  period in 2000,  an  increase of
$184,000, or 31.1%. The increase resulted primarily from an increase of $576,000
in net interest income, an increase of $116,000 in non-interest  income,  offset
by a $391,000  increase  in  non-interest  expense,  an $8,000  increase  in the
provision for loan losses, and a $109,000 increase in income tax expense.

Interest Income

Interest  income  totaled $5.9 million for the nine months ended  September  30,
2001,  which was $1.9  million  more  than the  comparable  period in 2000.  The
increase in interest  income of $1.9 million,  or 49%, for the nine months ended
September  30, 2001 as compared to the same period for 2000 was due primarily to
an increase of $31.4 million in the average  balance of interest  earning assets
for the nine-month  period ended  September 30, 2001 compared to the same period
in year 2000. The average balance of interest earning assets for the nine-months
ended September 30, 2001 was $100.9  million,  compared to $69.5 million for the
same period in 2000,  which was primarily due to the loan and investment  assets
acquired from First Lancaster Bancshares, Inc.

                                       11
<PAGE>

Interest Expense

Interest  expense  totaled  $3.7  million  for the  nine  months  periods  ended
September 30, 2001,  which was $1.4 million more than the  comparable  period in
2000.  The  increase  in interest  expense of $1.4  million,  or 60.0%,  was due
primarily to the increase in the average balance of interest bearing liabilities
in the nine-month  period ended September 30, 2001,  compared to the same period
in 2000. The average balance of interest  bearing  liabilities was $92.5 million
for the nine-month  period ended  September 30, 2001,  compared to $57.8 million
for the same period in year 2000.

Provision for Loan Losses

The Bank  recorded a  provision  for loan  losses of $35,000 and $27,000 for the
nine-month periods ended September 30, 2001 and 2000,  respectively.  Management
considers many factors in determining  the necessary  level of the allowance for
loan losses, including an analysis of specific loans in the portfolio, estimated
value of the  underlying  collateral,  assessment of general  trends in the real
estate  market,   delinquency  trends,   prospective   economic  and  regulatory
conditions,  inherent loss in the loan  portfolio,  and the  relationship of the
allowance for loan losses to outstanding loans.

Non-Interest Income

Non-interest  income  amounted to $185,000 and $69,000 for the nine months ended
September 30, 2001 and 2000, respectively. Noninterest income included primarily
fees charged in connection with loans and service charges on deposit accounts of
$117,000 for the nine months ended  September  30, 2000 and $63,000 for the same
period in 2000. In addition, the Company realized a net gain on the sale of real
estate  owned for the  nine-month  period  ended  September  30,  2001  totaling
$38,000.

Non-Interest Expense

Non-interest expense totaled $1.2 million and $833,000 for the nine months ended
September 30, 2001 and 2000, respectively,  an increase of $391,000, or 47%. The
increase of $391,000 was due  primarily to a $161,000  increase in  compensation
and benefits,  a $59,000 increase in occupancy  expenses,  a $50,000 increase in
data processing expenses, a $111,000 increase in other operating expenses, and a
$6,000 increase in legal and other  professional fees. The increases were due to
the  increased  costs  in  these  categories,  related  to the  First  Lancaster
acquisition.

Income Taxes

The provision for income taxes for the nine months ended  September 30, 2001 and
2000 was $413,000 and  $304,000,  respectively,  and, as a percentage  of income
before income taxes was 34% for both nine-month periods ended September 30, 2001
and 2000.

                                       12
<PAGE>

Non-Performing Assets

The  following  table  sets  forth   information  with  respect  to  the  Bank's
non-performing  assets  at the  dates  indicated.  No  loans  were  recorded  as
restructured loans within the meaning of SFAS No. 15 at the dates indicated.

<TABLE>
<CAPTION>
                                                                            September 30,          December 31,
                                                                                2001                  2000
                                                                           -------------         -------------
                                                                                  (amounts in thousands)
<S>  <C>
Loans accounted for on a non-accrual basis:/1/
   Real Estate:
     Residential                                                           $         273         $         194
     Commercial
   Consumer                                                                           24                    28
                                                                           -------------         -------------
       Total                                                               $         297         $         222
                                                                           =============         =============

Accruing loans which are contractually past due 90 days or more:
   Real Estate:
     Residential                                                                   1,726                   348
     Commercial                                                                      180
   Consumer                                                                           67
                                                                           -------------         -------------
       Total                                                                       1,973                   348
                                                                           =============         =============

Total of loans accounted for as non-accrual or as accruing past
   due 90 days or more                                                     $       2,270         $         570
                                                                           =============         =============
Percentage of total loans                                                           1.83%                  .81%
                                                                           =============         =============
Other non-performing assets/2/                                             $                     $           -
                                                                           =============         =============
Restructured loans                                                         $           -         $           -
                                                                           =============         =============
</TABLE>


/1/ Non-accrual  status  denotes any mortgage  loan past due 90 days and whose
    loan balance, plus accrued interest exceeds 90% of the estimated loan
    collateral value, and any consumer or commercial loan more than 90 days past
    due. Payments received on a non-accrual loan are either applied to the
    outstanding principal balance or recorded as interest income, or both,
    depending on assessment of the collectibility of the loan.

/2/ Other  non-performing  assets represent  property  acquired by the Bank
    through foreclosure or repossession. Such property is recorded initially at
    its fair value less selling expenses, and subsequently at the lower of the
    established carrying value or fair value less cost to sell.

During the nine months ended September 30, 2001, additional interest income of
$12,982 would have been recorded on loans accounted for on a non-accrual basis
if the loans had been current throughout the year. Interest on such loans
actually included in income during the nine months ended September 30, 2001
totaled $9,452.

At September 30, 2001, there were no loans identified by management, which were
not reflected in the preceding table, but as to which known information about
possible credit problems of borrowers caused management to have serious doubts
as to the ability of the borrowers to comply with present loan repayment terms.

                                       13
<PAGE>

Liquidity and Capital Resources

The Bank's  principal  sources of funds for  operations  are  deposits  from its
primary market area, principal and interest payments on loans, and proceeds from
maturing investment securities.  The principal uses of funds by the Bank include
the  origination  of mortgage and consumer  loans and the purchase of investment
securities.

The Bank must satisfy two capital standards,  as set by the OTS. These standards
include  a ratio of core  capital  to  adjusted  total  assets  of  4.0%,  and a
combination of core and  "supplementary"  capital equal to 8.0% of risk-weighted
assets.  The Bank, at September 30, 2001, was  classified as "Well  Capitalized"
under current regulatory capital requirements.

At September 30, 2001, the Bank had  outstanding  commitments to originate loans
totaling $6.0 million, excluding $3.2 million in approved but unused home equity
lines  of  credit.  In  addition,  the Bank at  September  30,  2001 had  unused
commercial  lines of credit  outstanding  in the amount of $360,000 plus standby
letters of credit totaling $32,000.  Management believes that the Bank's sources
of funds are sufficient to fund all of its outstanding commitments. Certificates
of deposits which are scheduled to mature in one year or less from September 30,
2001 totaled $53.4 million. Management believes that a significant percentage of
such deposits will remain with the Bank.

                                       14
<PAGE>

PART II.  OTHER INFORMATION

Item 1.         Legal Proceedings                                    None

Item 2.         Changes in Securities and Use of Proceeds            None

Item 3.         Defaults Upon Senior Securities                      None

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                     None



                                       15
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                    CKF Bancorp, Inc.

Date: November 12, 2001   /s/  John H. Stigall
                          -----------------------------------------------
                          John H. Stigall, President and Chief Executive Officer
                          (Duly Authorized Officer)




Date: November 12, 2001   /s/  Ann L. Hooks
                          ----------------------------------------------
                          Ann L. Hooks, Vice President and Treasurer
                          (Principal Financial and Accounting Officer)

                                       16