SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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, 2002.

                                       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 small business issuer 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)

Issuer's telephone number, including area code:      (859) 236-4181
                                                     --------------

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

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

As of November 13, 2002,  735,843 shares of the  registrant's  common stock were
issued and outstanding.

Transitional Small Business Disclosure Format:     Yes            No     X
                                                       ---------     ---------

<PAGE>

                                    CONTENTS


PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

         Consolidated Balance Sheets as of September 30, 2002 (unaudited)
           and December 31, 2001...............................................3

         Consolidated Statements of Income for the Nine-Month Periods
           Ended September 30, 2002 and 2001 (unaudited) and for the
           Three-Month Periods Ended September 30, 2002 and 2001
           (unaudited).........................................................4

         Consolidated Statement of Changes in Stockholders' Equity for
           the Nine-Month Periods Ended September 30, 2002 and 2001
           (unaudited).........................................................5

         Consolidated Statements of Cash Flows for the Nine-Month
           Periods Ended September 30, 2002 and 2001 (unaudited)...............6

         Notes to Consolidated Financial Statements............................8

Item 2.  Management's Discussion and Analysis of Financial Condition and
           Results of Operations..............................................10

Item 3.  Controls and Procedures..............................................15


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings....................................................16
Item 2.  Changes in Securities and Use of Proceeds............................16
Item 3.  Defaults Upon Senior Securities......................................16
Item 4.  Submission of Matters to a Vote of Security Holders..................16
Item 5.  Other Information....................................................16
Item 6.  Exhibits and Reports on Form 8-K.....................................16


SIGNATURES....................................................................17

<PAGE>
                        CKF BANCORP, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                               AS OF                 AS OF
                                                                           SEPTEMBER 30,         DECEMBER 31,
                                                                               2002                  2001
                                                                         ---------------       ---------------
                                                                            (Unaudited)
<S>                                                                      <C>                   <C>
ASSETS

Cash and due from banks                                                  $     1,020,913       $     1,653,515
Interest bearing deposits                                                      9,689,003             3,867,477
Investment securities:
   Securities available-for-sale                                               1,826,365             2,136,749
   Securities held-to-maturity  (market values of $1,726,691 and
     $1,715,269 at September 30, 2002 and December 31, 2001,
      respectively)                                                            1,645,830             1,662,518
FHLB Stock                                                                     1,646,900             1,590,900
Loans receivable, net                                                        120,256,630           123,488,713
Accrued interest receivable                                                      964,022               997,077
Office property and equipment, net                                             2,003,684             2,054,217
Goodwill, net of amortization of $44,492                                       1,099,588             1,099,588
Prepaid federal income tax                                                            --               369,027
Other assets                                                                     183,586               183,010
                                                                         ---------------       ---------------

       Total assets                                                      $   140,336,521       $   139,102,791
                                                                         ===============       ===============

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                 $   118,487,170       $   113,642,079
Advances from Federal Home Loan Bank                                           6,734,492            10,921,675
Accrued interest payable                                                          59,504                58,605
Advance payment by borrowers for taxes and insurance                             197,789                40,482
Accrued and deferred federal income tax                                          876,612               832,431
Other liabilities                                                                526,043               604,717
                                                                         ---------------       ---------------

     Total liabilities                                                       126,881,610           126,099,989
                                                                         ---------------       ---------------

Commitments and contingencies

Preferred stock, 100,000 shares, authorized and unissued
   Common stock, $.01 par value, 4,000,000 shares authorized;
   735,843 and 738,915, issued and outstanding at September 30,
   2002 and December 31, 2001, respectively                                       10,000                10,000
Additional paid-in capital                                                     9,539,912             9,555,941
Retained earnings, substantially restricted                                    9,237,051             8,727,481
Accumulated other comprehensive income                                           122,264               327,117
Treasury stock, 264,157 and 261,085 shares, respectively, at cost             (4,354,309)           (4,301,010)
Incentive Plan Trust, 37,100 and 46,100 shares, respectively, at cost           (723,821)             (899,411)
Unearned Employee Stock Ownership Plan (ESOP) stock                             (376,186)             (417,316)
                                                                         ----------------      ---------------

     Total stockholders' equity                                               13,454,911            13,002,802
                                                                         ---------------       ---------------

     Total liabilities and stockholders' equity                          $   140,336,521       $   139,102,791
                                                                         ===============       ===============
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       3
<PAGE>
                        CKF BANCORP, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                           FOR THE NINE-MONTH PERIODS           FOR THE THREE-MONTH PERIODS
                                               ENDED SEPTEMBER 30                    ENDED SEPTEMBER 30
                                          -------------------------------       ------------------------------
                                               2002             2001                2002              2001
                                          -------------     -------------       -------------    -------------
<S>                                       <C>               <C>                 <C>              <C>
INTEREST INCOME:
   Interest on loans                      $   6,758,958     $   5,668,556       $   2,204,715    $   2,328,235
   Interest and dividends on investments        145,296           143,489              48,169           67,250
   Other interest income                         96,882           116,144              29,247           40,820
                                          -------------     -------------       -------------    -------------
      Total interest income                   7,001,136         5,928,189           2,282,131        2,436,305
                                          -------------     -------------       -------------    -------------

INTEREST EXPENSE:
   Interest on deposits                       3,611,459         3,297,761           1,153,071        1,350,399
   Other interest expense                       324,839           369,274              83,987          214,681
                                          -------------     -------------       -------------    -------------
      Total interest expense                  3,936,298         3,667,035           1,237,058        1,565,080
                                          -------------     -------------       -------------    -------------

NET INTEREST INCOME                           3,064,838         2,261,154           1,045,073          871,225
   Provision for loan losses                     90,000            35,000              30,000           15,000
                                          -------------     -------------       -------------    -------------
      Net interest income after
        provision for loan losses             2,974,838         2,226,154           1,015,073          856,225
                                          -------------     -------------       -------------    -------------

NON-INTEREST INCOME:
   Loan and other service fees                  134,397           116,890              43,609           41,483
   Gain on foreclosed real estate                 6,693            38,385                 817           22,841
   Other non-interest income, net                 8,651            18,464               4,178            7,203
                                          -------------     -------------       -------------    -------------
      Total non-interest income                 149,741           173,739              48,604           71,527
                                          -------------     -------------       -------------    -------------

NON-INTEREST EXPENSE:
   Compensation and benefits                    860,531           608,682             289,274          245,649
   Occupancy expense, net                       156,772           114,067              52,681           48,436
   Data Processing                              176,166           165,304              60,038           60,050
   Legal and professional fees                   67,517            53,671              13,068           21,032
   State franchise tax                          105,164            50,042              33,168           15,767
   Other non-interest expense                   242,641           220,484              88,053           87,810
                                          -------------     -------------       -------------    -------------
      Total non-interest expense              1,608,791         1,212,250             536,282          478,744
                                          -------------     -------------       -------------    -------------

Income before income tax expense              1,515,788         1,187,643             527,395          449,008

Provision for income taxes                      515,368           413,447             179,314          162,311
                                          -------------     -------------       -------------    -------------

Net income                                $   1,000,420     $     774,196       $     348,081    $     286,697
                                          =============     =============       =============    =============

Basic earnings per common share           $        1.53     $        1.21       $        .53     $         .45
                                          =============     =============       ============     =============

Diluted earnings per common share         $        1.50     $        1.20       $        .52     $         .44
                                          =============     =============       ============     =============

Weighted average common shares
   outstanding during the period                655,821           639,023             659,782          641,351
                                          =============     =============       =============    =============

Weighted average common shares
   outstanding after dilutive effect
   during the period                            665,473           647,422             670,204          649,750
                                          =============     =============       =============    =============
</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, 2002 AND 2001
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                      ACCUMULATED
                                                  ADDITIONAL                             OTHER
                                     COMMON         PAID-IN          RETAINED        COMPREHENSIVE
                                      STOCK         CAPITAL          EARNINGS            INCOME
                                    ----------    ------------     --------------    ---------------
<S>                                  <C>          <C>                <C>                  <C>
Balance, December 31, 2000           $ 10,000     $ 9,578,665        $ 8,091,071          $ 348,909

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

Dividend declared                                                      (426,903)

ESOP shares earned                                     17,905

Issue of common stock

Purchase of common  stock,
 12,000 shares
                                     --------     -----------       ------------          ---------
Balance, September 30, 2001          $ 10,000     $ 9,596,570       $  8,438,364          $ 318,493
                                     ========     ===========       ============          =========

Balance, December 31, 2001           $ 10,000     $ 9,555,941        $ 8,727,481          $ 327,117

Comprehensive income:
  Net income                                                           1,000,420
  Other  comprehensive  loss,
   net of tax                                                                              (204,853)

    Unrealized loss on securities
Total comprehensive income

Dividend declared                                                      (490,850)

ESOP shares earned                                     33,306

Purchase  of common  stock,
  3,072 shares

Shares  issued  upon  exercise
 of options                                           (49,335)
                                     --------     -----------        -----------         ----------
Balance, September 30, 2002          $ 10,000     $ 9,539,912        $ 9,237,051         $  122,264
                                     ========     ===========        ===========         ==========

<CAPTION>
                                                             INCENTIVE            UNEARNED            TOTAL
                                         TREASURY              PLAN                 ESOP          STOCKHOLDERS'
                                          STOCK                TRUST               SHARES            EQUITY
                                      ---------------       --------------       ------------      ------------
<S>                                    <C>                  <C>                   <C>              <C>
Balance, December 31, 2000             $ (4,136,260)        $  (1,093,433)        $ (472,086)      $ 13,326,866

Comprehensive income:
  Net income                                                                                            774,196
  Other  comprehensive  loss,
     net of tax
    Unrealized loss on securities                                                                       (30,416)
                                                                                                    -----------
Total comprehensive income                                                                              743,780

Dividend declared                                                                                     (426,903)

ESOP shares earned                                                                     41,776            59,681

Issue of common stock                                               21,000                               21,000

Purchase of common  stock,
 12,000 shares                             (164,750)                                                   (164,750)
                                       ------------          ------------         ----------       ------------
Balance, September 30, 2001            $ (4,301,010)         $ (1,072,433)        $ (430,310)      $ 12,559,674
                                       ============          ============         ==========       ============


Balance, December 31, 2001             $ (4,301,010)          $  (899,411)        $ (417,316)      $ 13,002,802

Comprehensive income:
  Net income                                                                                          1,000,420
  Other  comprehensive  loss,
   net of tax
    Unrealized loss on securities                                                                      (204,853)
                                                                                                      ---------
Total comprehensive income                                                                              795,567

Dividend declared                                                                                     (490,850)

ESOP shares earned                                                                     41,130            74,436

Purchase  of common  stock,
  3,072 shares                               (53,299)                                                   (53,299)

Shares  issued  upon  exercise
 of options                                                       175,590                               126,255
                                       ------------           -----------         ----------       ------------
Balance, September 30, 2002            $ (4,354,309)          $  (723,821)        $ (376,186)      $ 13,454,911
                                       ============           ===========         ==========       ============
</TABLE>

           See accompanying notes to consolidated financial statements

                                       5
<PAGE>
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                  FOR THE NINE-MONTH PERIODS
                                                                                      ENDED SEPTEMBER 30
                                                                                ------------------------------
                                                                                    2002              2001
                                                                                -------------      -----------
<S>                                                                              <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                                     $  1,000,420      $   774,196
  ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH
    PROVIDED BY OPERATING ACTIVITIES:
    Amortization of discounts and premiums on investment securities                     1,602           34,266
    Federal Home Loan Bank stock dividends                                            (56,000)         (55,500)
    Amortization of premiums on loans                                                  71,615          216,178
    Amortization of deferred loan origination fees                                    (29,180)          (3,542)
    Provision for losses on loans                                                      90,000           35,000
    ESOP benefit expense                                                               74,436           59,681
    Provision for depreciation                                                         99,927           78,068
    Amortization of premiums on deposits and FHLB advances                           (224,095)        (182,903)
    Non-cash compensation under stock based benefit plan                                   --           21,000
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                      33,055         (155,663)
      Other assets                                                                       (576)          45,279
      Accrued interest payable                                                            899           14,072
      Other liabilities                                                               (78,674)        (485,008)
      Federal income taxes                                                            518,739          218,447
                                                                                -------------      -----------
        Net cash provided by operating activities                                   1,502,168          613,571
                                                                                -------------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Cash consideration in the acquisition of First Lancaster, net                            --      (10,795,858)
  Proceeds from maturity of government agency bonds                                   500,000          500,000
  Purchase of government agency bonds                                                (532,422)        (992,468)
  Principal repayments on mortgage back securities                                     47,508           81,848
  Loan originations and principal payments on loans, net                            2,955,023       (4,934,682)
  Proceeds from sale of real estate owned                                             144,625               --
  Purchase of office property and equipment                                           (49,394)          (5,288)
  Investment in service corporation                                                        --          (76,320)
                                                                                -------------      ------------
        Net cash provided (used) by investing activities                            3,065,340      (16,222,768)
                                                                                -------------      -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in deposit accounts                                                  5,651,126        5,068,420
  Net increase (decrease) in certificates of deposit                                 (604,705)      22,915,738
  Proceeds from FHLB advances                                                              --       12,000,000
  Payments on FHLB advances                                                        (4,164,418)     (18,614,555)
  Net increase in custodial accounts                                                  157,307          147,409
  Proceeds from the exercise of stock options                                         126,255               --
  Purchase of treasury stock                                                          (53,299)        (164,750)
  Payment of dividends to shareholders                                               (490,850)        (426,903)
                                                                                -------------      -----------
        Net cash provided by financing activities                                     621,416       20,925,359
                                                                                -------------      -----------

Increase in cash and cash equivalents                                               5,188,924        5,316,162
Cash and cash equivalents, beginning of period                                      5,520,992        3,266,707
                                                                                -------------      -----------
Cash and cash equivalents, end of period                                        $  10,709,916     $  8,582,869
                                                                                =============     ============
</TABLE>

                                       6
<PAGE>

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                  FOR THE NINE-MONTH PERIODS
                                                                                       ENDED SEPTEMBER 30
                                                                                ------------------------------
                                                                                    2002              2001
                                                                                -------------    -------------
<S>                                                                             <C>               <C>
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
  Cash paid for federal income taxes                                            $     260,925     $    195,000
                                                                                =============     ============
  Cash paid for interest on deposits and FHLB advances                          $   4,159,494     $  3,947,133
                                                                                =============     ============

SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
  Real estate owned acquired by foreclosure                                     $     144,625     $     93,333
                                                                                =============     ============
  Mortgage loans originated to finance sale of real estate owned
    acquired by foreclosure                                                     $     144,625     $    925,000
                                                                                =============     ============
</TABLE>

                                       7
<PAGE>
                   NOTES TO 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-QSB 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, 2002 are not  necessarily
     indicative  of results  that may be  expected  for the entire  fiscal  year
     ending December 31, 2002.

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):
<TABLE>
<CAPTION>
                                                           SEPTEMBER 30, 2002
                             ---------------------------------------------------------------------------------
                                                               FOR CAPITAL                 TO BE WELL
                                                            ADEQUACY PURPOSES           CAPITALIZED UNDER
                                                                                        PROMPT CORRECTIVE
                                                                                        ACTION PROVISIONS
                             -------------------------   -------------------------  --------------------------
                                      ACTUAL                    REQUIRED                     REQUIRED
                             -------------------------   -------------------------  --------------------------
                                AMOUNT        %             AMOUNT        %            AMOUNT         %
                             -------------------------   -------------------------  --------------------------
<S>                              <C>         <C>               <C>       <C>              <C>       <C>
Core capital                     $ 11,031    7.9%              $5,562    4.0%             $8,343    6.0%
Tangible capital                   11,031    7.9%               5,562    4.0%                n/a     n/a
Total Risk based capital           11,697   12.7%               7,357    8.0%              9,196    10.0%
Tier 1 Risk based capital          11,031   12.0%                 n/a    n/a               4,598    5.0%
</TABLE>

3.   DIVIDENDS

     A cash  dividends  of $0.35 per share  were paid on  February  11,  2002 to
     stockholders  of record as of  January  28,  2002 and of $0.40 per share on
     August 12, 2002 to  stockholders  of record as of July 29, 2002.  The total
     dividends paid by the Company for the nine-month period ended September 30,
     2002 amounted to $490,850.

                                       8
<PAGE>
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


4.   COMMON STOCK

     The Company  purchased  3,072 shares of treasury stock at a cost of $53,299
     during the  nine-month  period ended  September 30, 2002. In addition,  the
     Company  issued  9,000  shares of stock at an  average  price of $14.03 per
     share, or total proceeds of $126,255, related the exercise of stock options
     during the nine-month period.

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. The net assets acquired at
     May 31, 2001 totaled $13.7  million,  with total assets  amounting to $56.1
     million,  which  included  net loans of $47.8  million and goodwill of $1.1
     million,  and with total  liabilities  assumed  amounting to $42.4 million,
     which  included  deposits  of  $31.6  million  and FHLB  advances  of $10.1
     million.  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  $1,144,080  was  allocated to
     goodwill and was  amortized  over 15 years using the  straight-line  method
     through December 31, 2001 (See Note 6).

6.   GOODWILL

     In June 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  June 30,  2001 and  requires  all  business
     combinations  after this date to be accounted for using the purchase method
     of accounting.  The Statement  further  provided that goodwill  recorded in
     purchase  accounting  transactions  occurring  prior to June 30, 2001 would
     continue to be  amortized  against  earnings  until the  effective  date of
     Statement  No.  142.  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 is
     required to cease  amortizing  goodwill.  In accordance  with Statement No.
     142, and subsequent to the effective  date, the Company is required to test
     the goodwill  carrying  value for  impairment at the reporting  unit level,
     which is the operating segment or component of the business identified with
     the  goodwill.  If the  carrying  amount of  goodwill  exceeds  the implied
     goodwill  determined  as a result  of the test then an  impairment  loss is
     immediately  recognized for the excess amount.  Further,  after the initial
     evaluation  of goodwill,  the Company must  annually  evaluate the recorded
     goodwill for  impairment.  For the  nine-month  period ended  September 30,
     2002,  the  Company  did not  record  any  loss  due to the  impairment  of
     goodwill,  and the carrying  value of goodwill at September 30, 2002 totals
     $1,099,588.

                                       9
<PAGE>

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


FORWARD-LOOKING STATEMENTS

When used in this  Quarterly  Report on Form 10-QSB,  the words or phrases "will
likely   result,"  "are  expected  to,"  "will   continue,"  "is   anticipated,"
"estimate,"   "project,"  or  similar   expressions  are  intended  to  identify
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation  Reform Act of 1995. Such statements are subject to certain risks and
uncertainties  including changes in economic  conditions in the Company's market
area,  changes in  policies by  regulatory  agencies,  fluctuations  in interest
rates,  demand  for  loans  in  the  Company's  market  area,  competition,  and
information  provided by third-party  vendors that could cause actual results to
differ materially from historical  earnings and those presently  anticipated and
projected.  The Company wishes to caution readers not to place undue reliance on
any such forward-looking statements, which speak only as of the date made.

The Company does not undertake,  and specifically  disclaims any obligation,  to
publicly  release  the  result  of  any  revisions  which  may  be  made  to any
forward-looking  statements to reflect events or circumstances after the date of
such  statements or to reflect the occurrence of  anticipated  or  unanticipated
events.

CHANGES IN FINANCIAL CONDITION FROM DECEMBER 31, 2001 TO SEPTEMBER 30, 2002

At September 30, 2002,  total assets amounted to $140.3 million,  an increase of
$1.2 million, or 0.9%, from $139.1 million at December 31, 2001. The increase in
assets includes a $5.2 million increase in cash and interest-bearing deposits, a
$3.2  million  decrease  in net loans  receivable  and a  $327,000  decrease  in
investment securities. The increase in total assets was in part funded by a $4.8
million  increase in deposits,  which was offset by a decrease in borrowed funds
of $4.2 million.

Investment securities decreased $327,000,  or 8.6%, to $3.5 million,  during the
nine-month   period  ended   September  30,  2002.   Securities   classified  as
available-for-sale and recorded at market value decreased $310,000 due solely to
the  decrease  in the market  value of such  securities.  Investment  securities
classified  as held to  maturity  decreased  $17,000  due to the  maturity  of a
$500,000 government agency bond and $48,000 in principal  repayments on mortgage
backed  securities which were offset by the purchase of a government agency bond
of $532,000.

Loans receivable  decreased by $3.2 million, or 2.6%, to $120.3 million,  during
the nine-month  period ended  September 30, 2002. The decrease was primarily due
to loan  principal  repayments  of $42.5  million,  which  were  offset  by loan
originations  of $32.9  million and by loan  purchases  of $6.6  million.  Loans
transferred  to real  estate  owned  during the  period  equaled  $145,000.  The
allowance for losses on loans totaled $544,000 at September 30, 2002 compared to
$458,000 at December 31,  2001.  The  allowance  as a percentage  of total loans
outstanding,  net of unearned loan origination  fees, was 0.45% at September 30,
2002 and 0.37% at December  31,  2001.  Although  management  believes  that its
allowance  for loan losses at  September  30,  2002 is  adequate  based upon the
available facts and  circumstances,  there can be no assurance that additions to
such allowance will not be necessary in future  periods,  which could  adversely
affect the results of operations.

Deposits  increased by $4.8  million,  or 4.3%,  to $118.5  million,  during the
nine-month period ended September 30, 2002. This increase reflects the Company's
competitively  priced  product  line  within  the local  market  area,  plus the
reaction of  customers  to the  increased  risk in  alternative  investments  as
evidenced by the recent decline in the stock market indexes.  During the period,
Advances from the Federal Home Loan Bank decreased by $4.2 million, or 38.3%, to
$6.7 million at September 30, 2002.

Stockholders'  equity increased by $452,000,  or 3.5%, to $13.5 million,  during
the nine-month period ended September 30, 2002. The increase was due to earnings
of $1.0 million,  the release of shares related to the employee stock  ownership
plan of $74,000 and the issuance of shares upon the exercise of stock options of
$126,000,   which  were  partially  offset  by  the  payments  of  dividends  to
stockholders  of $491,000,  a decrease in the unrealized  gains on available for
sale  securities,  net of tax, of $204,000 and the purchase of treasury stock of
$53,000.

                                       10
<PAGE>

RESULTS OF OPERATIONS  FOR THE NINE-MONTH  PERIODS ENDED  SEPTEMBER 30, 2002 AND
2001

NET INCOME

Net income for the nine-month  period ended  September 30, 2002 was $1.0 million
compared  to  $774,000  for the  corresponding  period in 2001,  an  increase of
$226,000,  or 29.2%.  The  increase  resulted  from an increase in net  interest
income of $804,000  offset by increases in provision for loan losses of $55,000,
non-interest  expense of $397,000  and income tax  expense of $102,000  and by a
decrease in non-interest income of $24,000.

INTEREST INCOME

Interest  income  increased by $1.1 million,  or 18.1%,  to $7.0 million for the
nine-month  period ended  September 30, 2002 compared to the  nine-month  period
ended  September 30, 2001.  The increase was due to a $32.9  million,  or 31.6%,
increase from 2001 to 2002 in the  weighted-average  balance of interest-earning
assets,   offset  by  a  78  basis  point  decrease  in  the  average  yield  of
interest-earning  assets,  from 7.59% in 2001 to 6.81% in 2002.  The increase in
the  average   interest-earning  assets  was  primarily  due  to  the  Company's
acquisition of First Lancaster Bancshares, Inc. on May 31, 2001.

INTEREST EXPENSE

Interest  expense  increased  by  $269,000,  or 7.3%,  to $3.9  million  for the
nine-month  period ended  September 30, 2002 compared to the  nine-month  period
ended  September 30, 2001.  The increase was due to a $31.8  million,  or 33.5%,
increase from 2001 to 2002 in the  weighted-average  balance of interest-bearing
liabilities,  offset by a 100 basis point decrease in the average cost of funds,
from 5.14% in 2001 to 4.14% in 2002.  The  increase in average  interest-bearing
liabilities was primarily due to the  acquisition of First Lancaster  Bancshares
on May 31, 2001.

NET INTEREST INCOME

As a result of the  changes in  interest  income and in  interest  expense,  net
interest  income  increased  by  $804,000,  or 35.5%,  to $3.1  million  for the
nine-month  period ended  September 30, 2002 compared to the  nine-month  period
ended September 30, 2001. The increase in net interest  income was  attributable
to the decrease in the average cost of interest  bearing  liabilities  exceeding
the decrease in the average yield of interest earning assets.  The interest rate
spread was 2.68% and 2.45% during the  nine-month  periods  ended  September 30,
2002 and 2001, respectively.

PROVISION FOR LOAN LOSSES

The Company  recorded a provision  for loan losses of $90,000 and $35,000 in the
nine-month periods ended September 30, 2002 and 2001,  respectively.  Management
established the Company'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  Company's
historical  loss  experience,  delinquency  trends and  prevailing and projected
economic conditions in the Company's market area.

NON-INTEREST INCOME

Non-interest income amounted to $150,000 and $174,000 for the nine-month periods
ended  September  30, 2002 and 2001,  respectively,  a decrease  of $24,000,  or
13.8%. The decrease in non-interest  income was related to a decrease of $32,000
in gain on  foreclosed  real  estate.  Non-interest  income also  included  fees
charged in  connection  with loans and  service  charges on deposit  accounts of
$134,000 and $117,000 for the  nine-month  periods ended  September 30, 2002 and
2001, respectively.

                                       11
<PAGE>

NON-INTEREST EXPENSE

Non-interest  expense  totaled $1.6 million and $1.2 million for the  nine-month
periods  ended  September  30,  2002 and  2001,  respectively,  an  increase  of
$397,000,  or 32.7%,  and such  expense  amounted  to 1.51% and 1.52% of average
assets on an annualized basis for the periods ended September 30, 2002 and 2001,
respectively.  The increase was due to increases in compensation and benefits of
$252,000,  occupancy  expense of $43,000,  data  processing  expense of $11,000,
legal and  professional  fees of $14,000,  state  franchise tax of $55,000,  and
other operating expenses of $22,000.  The increases in the various  non-interest
expenses  were  primarily due to the Company's  acquisition  of First  Lancaster
Bancshares, Inc. on May 31, 2001.

INCOME TAXES

The provision  for income taxes for the nine month  periods ended  September 30,
2002 and 2001 was $515,000 and $413,000,  respectively, which as a percentage of
income  before income taxes was 34.0% for each of the  nine-month  periods ended
September 30, 2002 and 2001.


RESULTS OF OPERATIONS FOR THE  THREE-MONTH  PERIODS ENDED SEPTEMBER 30, 2002 AND
2001

NET INCOME

Net income for the  three-month  period  ended  September  30, 2002 was $348,000
compared  to  $287,000  for the  corresponding  period in 2001,  an  increase of
$61,000, or 21.4%. The increase resulted from an increase in net interest income
of  $174,000  offset by  increases  in  provision  for loan  losses of  $15,000,
non-interest  expense of $58,000  and  income  tax  expense of $17,000  and by a
decrease in non-interest income of $23,000.

INTEREST INCOME

Interest  income  decreased  by  $154,000,  or  6.3%,  to $2.3  million  for the
three-month  period ended September 30, 2002 compared to the three-month  period
ended September 30, 2001. The decrease was due to a $385,000,  or 0.3%, decrease
from 2001 to 2002 in the  weighted-average  balance of interest-earning  assets,
and to a 44 basis  point  decrease  in the  average  yield  of  interest-earning
assets, from 7.19% in 2001 to 6.75% in 2002.

INTEREST EXPENSE

Interest  expense  decreased  by  $328,000,  or 21.0%,  to $1.2  million for the
three-month  period ended September 30, 2002 compared to the three-month  period
ended  September  30, 2001.  The decrease  was due to a $4.0  million,  or 3.1%,
decrease from 2001 to 2002 in the  weighted-average  balance of interest-bearing
liabilities, and to a 90 basis point decrease in the average cost of funds, from
4.88% to 3.98%.

NET INTEREST INCOME

As a result of the  changes in  interest  income and in  interest  expense,  net
interest  income  increased  by  $174,000,  or 20.0%,  to $1.0  million  for the
three-month  period ended September 30, 2002 compared to the three-month  period
ended September 30, 2001. The increase in net interest  income was  attributable
to the decrease in the average cost of interest  bearing  liabilities  exceeding
the decrease in the average yield of interest earning assets.  The interest rate
spread was 2.78% and 2.31% during the  three-month  periods ended  September 30,
2002 and 2001, respectively.

                                       12
<PAGE>
PROVISION FOR LOAN LOSSES

The Company  recorded a provision  for loan losses of $30,000 and $15,000 in the
three-month periods ended September 30, 2002 and 2001, respectively.  Management
established the Company'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  Company's
historical  loss  experience,  delinquency  trends and  prevailing and projected
economic conditions in the Company's market area.

NON-INTEREST INCOME

Non-interest  income amounted to $49,000 and $72,000 for the three-month periods
ended  September  30, 2002 and 2001,  respectively,  a decrease  of $23,000,  or
32.0%. The decrease in non-interest  income was primarily  related to a decrease
of $22,000 in gain on foreclosed real estate.  Non-interest income included fees
charged in  connection  with loans and  service  charges on deposit  accounts of
$44,000 and $41,000 for the  three-month  periods  ended  September 30, 2002 and
2001, respectively.

NON-INTEREST EXPENSE

Non-interest  expense totaled $536,000 and $478,000 for the three-month  periods
ended  September  30, 2002 and 2001,  respectively,  an increase of $58,000,  or
12.0%,  and such  expense  amounted  to 1.53% and 1.39% of average  assets on an
annualized   basis  for  the  periods   ended   September  30,  2002  and  2001,
respectively.  The increase was due to increases in compensation and benefits of
$44,000,  occupancy expense of $4,000 and state franchise tax of $18,000,  which
were offset by a decrease in legal and professional fees of $8,000.

INCOME TAXES

The provision for income taxes for the  three-month  periods ended September 30,
2002 and 2001 was $179,000 and $162,000,  respectively, which as a percentage of
income before income taxes was 34.0% for each of the  three-month  periods ended
September 30, 2002 and 2001.
                                       13
<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,
                                                                                2002                  2001
                                                                         ---------------        ---------------
<S>                                                                        <C>                   <C>
Loans accounted for on a non-accrual basis:(1)
 Real estate mortgage:
     One-to-four family residential                                        $     246,786         $     332,141
     Multi-family residential, non-residential, and land                             -                     -
   Commercial non-mortgage                                                           -                     -
   Consumer                                                                       18,550                40,532
                                                                           -------------         -------------
       Total                                                               $     265,336         $     372,673
                                                                           =============         =============

Accruing loans which are contractually past due 90 days or more:
 Real estate mortgage:
     One-to-four family residential                                        $   1,380,837         $   1,739,818
     Multi-family residential, non-residential, and land                             -                     -
   Commercial non-mortgage                                                           -                     -
   Consumer                                                                       11,664                30,100
                                                                           -------------         -------------
       Total                                                               $   1,392,501         $   1,769,918
                                                                           =============         =============

Total of loans accounted for as non-accrual or as accruing past
   due 90 days or more                                                     $   1,657,837         $   2,142,591
                                                                           =============         =============
Percentage of loans receivable, net                                                 1.38%                 1.74%
                                                                           =============         =============
Other non-performing assets (2)                                            $         -           $       9,500
                                                                           =============         =============
<FN>

(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 carried at the lower of its
     fair market value or the principal balance of the related loan.
</FN>
</TABLE>

During the  nine-month  period ended  September  30, 2002,  additional  interest
income  of  $8,582  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-month  period  ended
September 30, 2002 totaled $18,677.

At September 30, 2002, 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.

                                       14
<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 and purchase of mortgage,  commercial 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's capital exceeded these capital
standards at September 30, 2002.

At September 30, 2002, the Bank had  outstanding  commitments to originate loans
totaling  $3.1  million,  excluding  $1.7 million in unused home equity lines of
credit and $2.0 million in other lines of credit and standby  letters of credit.
Additionally,  the Bank had undisbursed commitments on construction loans closed
totaling $2.8 million.  Management believes that the Bank's sources of funds are
sufficient to fund all of its outstanding commitments.  Certificates of deposit,
which are  scheduled  to mature in one year or less  from  September  30,  2002,
totaled $66.7 million. Management believes that a significant percentage of such
deposits will remain with the Bank.



ITEM 3:   CONTROLS AND PROCEDURES

Within 90 days prior to the date of this  report,  the  Company  carried  out an
evaluation,  under the supervision and with the  participation  of the principal
executive officer and principal  financial officer,  of the effectiveness of the
design and operation of our disclosure  controls and  procedures.  Based on this
evaluation,  the principal  executive  officer and principal  financial  officer
concluded that the Company's disclosure controls and procedures are effective in
timely  alerting  them to  material  information  required to be included in our
periodic  SEC  reports.  It should  be noted  that the  design of any  system of
controls  is based in part upon  certain  assumptions  about the  likelihood  of
future  events,  and there can be no  assurance  that any design will succeed in
achieving its stated goals under all potential future conditions,  regardless of
how remote.

In addition,  there have been no significant  changes in the Company's internals
controls or in other  factors that could  significantly  affect  those  controls
subsequent to the date of their last evaluation.

                                       15
<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

           a) Exhibits

                99      Certification

           b) No reports on Form 8-K were filed during the quarter ended
              September 30, 2002.


                                       16
<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 13, 2002       /s/ John H. Stigall
                                 -----------------------------------------------
                                 John H. Stigall, President and Chief Executive
                                 Officer
                                 (Duly Authorized Officer)




Date:    November 13, 2002       /s/ Russell M. Brooks
                                 -----------------------------------------------
                                 Russell M. Brooks, Vice President and Treasurer
                                 (Principal Financial and Accounting Officer)


                                       17
<PAGE>
                                  CERTIFICATION


I, John H. Stigall,  President and Chief Executive Officer of CKF Bancorp, Inc.,
certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of CKF 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  officer  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  officer 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 performing 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 internal controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly report whether or not 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 13, 2002
                               /s/ John H. Stigall
                               -----------------------------------------------
                               John H. Stigall, President and Chief Executive
                               Officer
                               (Duly Authorized Officer)


                                       18
<PAGE>
                                  CERTIFICATION

I,  Russell M. Brooks,  President  and Chief  Executive  Officer of CKF Bancorp,
Inc., certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of CKF 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  officer  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  officer 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 performing 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 internal controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly report whether or not 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 13, 2002
                           /s/ Russell M. Brooks
                           -----------------------------------------------------
                           Russell M. Brooks, Vice President and Chief Financial
                           Officer
                           (Duly Authorized Officer)

                                       19