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, 2003.

                                       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 12, 2003,  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, 2003 (unaudited) and
         December 31, 2002.....................................................3

        Consolidated Statements of Income for the Nine-Month Periods Ended
         September 30, 2003 and 2002 (unaudited) and for the Three-Month
         Periods Ended September 30, 2003 and 2002 (unaudited).................4

        Consolidated Statement of Changes in Stockholders' Equity for the
         Nine-Month Periods Ended September 30, 2003 and 2002 (unaudited)......5

        Consolidated Statements of Cash Flows for the Nine-Month Periods Ended
         September 30, 2003 and 2002 (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,
                                                                               2003                  2002
                                                                         ----------------      ---------------
                                                                            (Unaudited)
<S>                                                                             <C>                   <C>
ASSETS

Cash and due from banks                                                  $     1,190,460       $     1,413,949
Interest bearing deposits                                                      6,868,207            12,303,193
                                                                         ---------------       ---------------
       Cash and cash equivalents                                               8,058,667            13,717,142
Investment securities:
   Securities available-for-sale                                               1,710,379             1,929,282
   Securities held-to-maturity (market values of $5,896,450 at
     September 30, 2003 and of $1,710,354 at December 31, 2002)                5,867,646             1,633,216
Federal Home Loan Bank stock, at cost                                          1,715,700             1,665,500
Loans receivable                                                             121,657,781           119,687,711
Allowance for loan losses                                                       (599,289)             (570,701)
Accrued interest receivable                                                      790,834               928,473
Real estate owned                                                                 44,582                88,186
Office property and equipment, net                                             1,955,438             2,042,121
Goodwill                                                                       1,099,588             1,099,588
Other assets                                                                     204,038               135,294
                                                                         ---------------       ---------------
       Total assets                                                      $   142,505,364       $   142,355,812
                                                                         ===============       ===============

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                 $   120,634,018       $   120,253,479
Advances from Federal Home Loan Bank                                           5,935,106             6,680,403
Accrued interest payable                                                          39,209                42,482
Advance payment by borrowers for taxes and insurance                             201,358                38,430
Accrued federal income tax                                                        87,124                94,539
Deferred federal income tax                                                      692,907               795,908
Other liabilities                                                                422,374               536,937
                                                                         ---------------       ---------------

     Total liabilities                                                       128,012,096           128,442,178
                                                                         ---------------       ---------------

Commitments and contingencies                                                         --                    --
                                                                         ---------------       ---------------

Preferred stock, 100,000 shares, authorized and unissued
Common stock, $.01 par value, 4,000,000 shares authorized;
   735,843, issued and outstanding                                                10,000                10,000
Additional paid-in capital                                                     9,509,606             9,531,454
Retained earnings, substantially restricted                                   10,049,433             9,564,805
Accumulated other comprehensive income                                            45,713               190,189
Treasury stock, 264,157 shares, at cost                                       (4,354,309)           (4,354,309)
Incentive Plan Trust, 22,700 and 34,100 shares, respectively, at cost           (442,877)             (665,291)
Unearned Employee Stock Ownership Plan (ESOP) stock                             (324,298)             (363,214)
                                                                         ---------------       ---------------

     Total stockholders' equity                                               14,493,268            13,913,634
                                                                         ---------------       ---------------

     Total liabilities and stockholders' equity                          $   142,505,364       $   142,355,812
                                                                         ===============       ===============
</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
                                             --------------------------             ---------------------------
                                               2003             2002                2003              2002
                                             --------         --------            --------          --------
<S>                                             <C>             <C>                  <C>               <C>
INTEREST AND DIVIDEND INCOME:
   Interest on loans                      $   5,821,792     $   6,758,958       $   1,905,521    $   2,204,715
   Interest and dividends on investments        195,477           145,296              80,440           48,169
   Other interest income                         88,934            96,882              18,576           29,247
                                          -------------     -------------       -------------    -------------
      Total interest and dividend income      6,106,203         7,001,136           2,004,537        2,282,131
                                          -------------     -------------       -------------    -------------

INTEREST EXPENSE:
   Interest on deposits                       2,800,504         3,611,459             872,423        1,153,071
   Interest on advances from the FHLB           172,621           324,839              44,513           83,987
                                          -------------     -------------       -------------    -------------
      Total interest expense                  2,973,125         3,936,298             916,936        1,237,058
                                          -------------     -------------       -------------    -------------

NET INTEREST INCOME:                          3,133,078         3,064,838           1,087,601        1,045,073
   Provision for loan losses                     75,000            90,000              15,000           30,000
                                          -------------     -------------       -------------    -------------
      Net interest income after
        provision for loan losses             3,058,078         2,974,838           1,072,601        1,015,073
                                          -------------     -------------       -------------    -------------

NON-INTEREST INCOME:
   Loan and other service fees                  144,691           134,397              47,961           43,609
   Gain on foreclosed real estate                 1,682             6,693                  14              817
   Other non-interest income, net                 3,442             8,651               1,685            4,178
                                          -------------     -------------       -------------    -------------
      Total non-interest income                 149,815           149,741              49,660           48,604
                                          -------------     -------------       -------------    -------------

NON-INTEREST EXPENSE:
   Compensation and employee benefits           871,173           860,531             284,208          289,274
   Occupancy and equipment expense, net         166,094           156,772              57,797           52,681
   Data processing                              184,632           176,166              63,493           60,038
   Legal and other professional fees             54,186            67,517              12,314           13,068
   State franchise tax                          109,937           105,164              34,947           33,168
   Other non-interest expense                   238,063           242,641              75,296           88,053
                                          -------------     -------------       -------------    -------------
      Total non-interest expense              1,624,085         1,608,791             528,055          536,282
                                          -------------     -------------       -------------    -------------

Income before income tax expense              1,583,808         1,515,788             594,206          527,395

Provision for income taxes                      507,096           515,368             192,069          179,314
                                          -------------     -------------       -------------    -------------

Net income                                $   1,076,712     $   1,000,420       $     402,137    $     348,081
                                          =============     =============       =============    =============

Basic earnings per common share           $        1.60     $        1.53       $         .59    $         .53
                                          =============     =============       =============    =============

Diluted earnings per common share         $        1.57     $        1.50       $         .58    $         .52
                                          =============     =============       =============    =============

Weighted average common shares
   outstanding during the period                673,282           655,821             679,409          659,782
                                          =============     =============       =============    =============

Weighted average common shares
   outstanding after dilutive effect            687,520           665,473             695,113          670,204
                                          =============     =============       =============    =============

</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, 2003 and 2002
                                   (unaudited)
<TABLE>
<CAPTION>


                                                                                      Accumulated
                                                  Additional                             Other
                                     Common         Paid-In          Retained        Comprehensive           Treasury
                                      Stock         Capital          Earnings            Income               Stock
                                    ----------    ------------     --------------    ---------------      ---------------
<S>                                     <C>             <C>             <C>               <C>                   <C>
Balance, December 31, 2001           $ 10,000     $ 9,555,941        $ 8,727,481          $ 327,117        $ (4,301,010)

Comprehensive income:
  Net income                                                           1,000,420
  Other  comprehensive  loss,  net
   of tax:                                                                                 (204,853)
    Decrease in  unrealized  gains
     on securities
         Total comprehensive income

Dividend declared ($.75 per share)                                      (490,850)
share)

ESOP shares release accrual                            33,306

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

Issued  under  stock  option  plan
(5,500 shares)                                        (49,335)
                                    ---------     -----------      -------------     --------------       -------------
Balance, September  30, 2002         $ 10,000     $ 9,539,912       $  9,237,051          $ 122,264        $ (4,354,309)
                                    =========     ===========      =============     ==============       =============



Balance, December 31, 2002           $ 10,000     $ 9,531,454        $ 9,564,805          $ 190,189        $ (4,354,309)

Comprehensive income:
  Net income                                                           1,076,712
  Other  comprehensive  loss,  net
   of tax:
    Decrease in  unrealized  gains
     on securities                                                                         (144,476)
        Total comprehensive income

Dividend declared ($.88 per share).                                     (592,084)

ESOP shares release accrual                            50,941

Issued  under stock option
plan (11,400 shares)                                  (72,789)
                                    ---------     -----------      -------------     --------------       -------------
Balance, September 30, 2003          $ 10,000     $ 9,509,606       $ 10,049,433          $  45,713        $ (4,354,309)
                                    =========     ===========      =============     ==============       =============


<CAPTION>

                                       Incentive            Unearned            Total
                                         Plan                 ESOP          Stockholders'
                                         Trust               Shares            Equity
                                   ------------------    ---------------    --------------
<S>                                          <C>             <C>                <C>
Balance, December 31, 2001               $  (899,411)       $ (417,316)      $ 13,002,802

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

Dividend declared ($.75 per share)                                               (490,850)

ESOP shares release accrual                                      41,130            74,436

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

Issued  under  stock  option  plan           175,590                              126,255
(5,500 shares)
                                   -----------------     --------------      ------------

Balance, September  30, 2002            $   (723,821)        $ (376,186)     $ 13,454,911
                                   =================     ==============      ============

Balance, December 31, 2002              $   (665,291)        $ (363,214)     $ 13,913,634

Comprehensive income:
  Net income                                                                    1,076,712
  Other  comprehensive  loss,  net
   of tax:
    Decrease in  unrealized  gains
     on securities                                                               (144,476)
                                                                             ------------
        Total comprehensive income                                                932,236

Dividend declared ($.88 per share)                                               (592,084)

ESOP shares release accrual                                      38,916            89,857

Issued under stock option
plan(11,400 shares)                          222,414                              149,625
                                   -----------------     --------------      ------------

Balance, September 30, 2003              $  (442,877)        $ (324,298)     $ 14,493,268
                                   =================     ==============      ============


</TABLE>

          See accompanying notes to consolidated financial statements.

                                       6
<PAGE>
                        CKF BANCORP, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                                  FOR THE NINE-MONTH PERIODS
                                                                                      ENDED SEPTEMBER 30
                                                                                  --------------------------
                                                                                    2003              2002
                                                                                 ----------         --------
<S>                                                                                <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                                     $  1,076,712     $  1,000,420
  ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED
    BY OPERATING ACTIVITIES:
     Amortization of premiums, net on securities                                       13,260            1,602
     Federal Home Loan Bank stock dividends                                           (50,200)         (56,000)
     Amortization of premiums on loans                                                 56,216           71,615
     Accretion of deferred loan origination fees                                      (16,526)         (29,180)
     Provision for losses on loans                                                     75,000           90,000
     ESOP benefit expense                                                              89,857           74,436
     Depreciation expense                                                             108,369           99,927
     Amortization of premiums on deposits and FHLB advances                          (103,745)        (224,095)
     Gain, net on sale of real estate owned                                              (572)              --
     Deferred income tax provision (benefit)                                          (28,574)          25,714
     Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                     137,639           33,055
      Other assets                                                                    (68,744)            (576)
      Accrued interest payable                                                         (3,273)             899
      Other liabilities                                                              (114,563)         (78,674)
      Current federal income taxes                                                     (7,415)         493,025
                                                                                -------------     ------------
        Net cash provided by operating activities                                   1,163,441        1,502,168
                                                                                -------------     ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from maturity of government agency bonds held-to-maturity                  250,000          500,000
  Purchase of government agency bonds held-to-maturity                             (1,000,157)        (532,422)
  Repayments on mortgage backed securities held-to-maturity                           466,660           47,508
  Purchase of mortgage backed securities held to maturity                          (3,964,193)              --
  Loan originations and purchases, net of principal payments                       (2,007,983)       2,955,023
  Purchase of office property and equipment                                           (21,686)         (49,394)
  Proceeds from sale of (additions to) real estate owned                               (4,013)         144,625
                                                                                -------------     ------------
        Net cash provided (used) by investing activities                           (6,281,372)       3,065,340
                                                                                -------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in deposit accounts                                                  2,169,630        5,651,126
  Net decrease in certificates of deposit                                          (1,697,732)        (604,705)
  Proceeds from Federal Home Loan Bank advances                                     4,000,000               --
  Repayments on Federal Home Loan Bank advances                                    (4,732,911)      (4,164,418)
  Net increase in custodial accounts                                                  162,928          157,307
  Proceeds from the exercise of stock options                                         149,625          126,255
  Purchase of treasury stock                                                               --          (53,299)
  Payment of dividends to stockholders                                               (592,084)        (490,850)
                                                                                -------------     ------------
        Net cash provided (used) by financing activities                             (540,544)         621,416
                                                                                -------------     ------------

Increase (decrease) in cash and cash equivalents                                   (5,658,475)       5,188,924

Cash and cash equivalents, beginning of period                                     13,717,142        5,520,992
                                                                                -------------     ------------
Cash and cash equivalents, end of period                                        $   8,058,667     $ 10,709,916
                                                                                =============     ============
</TABLE>

                                   (continued)


                                       8
<PAGE>

                        CKF BANCORP, INC. AND SUBSIDIARY
                CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                                  FOR THE NINE-MONTH PERIODS
                                                                                      ENDED SEPTEMBER 30
                                                                                  --------------------------
                                                                                    2003              2002
                                                                                  --------          --------
<S>                                                                                   <C>             <C>
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
  Cash paid for federal income taxes                                            $     543,085     $    260,925
  Cash received from federal income tax refunds                                 $          --     $    264,296
  Cash paid for interest on deposits and FHLB advances                          $   3,080,143     $  4,159,494

SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
  Real estate owned acquired by foreclosure                                     $     262,071     $    144,625
  Mortgage loans originated to finance sale of real estate owned
    acquired by foreclosure                                                     $     310,260     $    144,625
</TABLE>



           See accompanying notes to consolidated financial statements

                                       9
<PAGE>


                        CKF BANCORP, INC. AND SUBSIDIARY
                   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 accounting principles generally accepted in the
     United States of America  ("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 three month period ended  September  30,
     2003 are not necessarily indicative of results that may be expected for the
     fiscal year ending December 31, 2003.

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, 2003
                             ---------------------------------------------------------------------------------
                                                               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                    $  12,346   8.74%          $    5,653   4.00%         $    8,480    6.00%
Tangible capital                   12,346   8.74%               5,653   4.00%                n/a     n/a
Total Risk based capital           12,991   14.78%              7,030   8.00%              8,788   10.00%
Tier 1 Risk based capital          12,346   14.04%                n/a    n/a               4,394    5.00%
</TABLE>

3.   DIVIDENDS

     A cash  dividend of $.40 per share was paid by the Company on February  10,
     2003 to  stockholders  of record as of  January  28,  2003 and of $0.48 per
     share on August 11, 2003 to stockholders of record as of July 28, 2003. The
     total dividends paid by the Company during the nine-months  ended September
     30, 2003 amounted to $592,084.

4.   COMMON STOCK

     The Company  issued  11,400 shares of stock at a price of $13.13 per share,
     or total proceeds of $149,625, related the exercise of stock options during
     the nine-months ended September 30, 2003.



                                       10
<PAGE>

5.   EARNINGS PER SHARE

     The following table reflects the calculation of basic and diluted  earnings
     per common share:
<TABLE>
<CAPTION>

                                                    FOR THE NINE-MONTH PERIODS        FOR THE THREE-MONTH PERIODS
                                                         ENDED SEPTEMBER 30                 ENDED SEPTEMBER 30
                                                    --------------------------        ----------------------------
                                                        2003             2002              2003             2002
                                                     ----------       ----------        ----------        --------
         <S>                                           <C>               <C>                 <C>              <C>
         Basic earnings per share
          Net income                                $  1,076,712      $  1,000,420     $    402,137      $    348,081
                                                    ============      ============     ============      ============
          Weighted average shares outstanding            673,282           655,821          679,409           659,782
                                                    ============      ============     ============      ============
          Basic earnings per share                  $       1.60      $      1.53      $        .59      $        .53
                                                    ============      ============     ============      ============

         Diluted earnings per share
          Net income                                $  1,076,712      $  1,000,420     $    402,137      $    348,081
                                                    ============      ============     ============      ============
          Weighted average shares outstanding            673,282           655,821          679,409           659,782
          Diluted effect of stock option                  14,238             9,652           15,704            10,422
                                                    ------------      ------------     ------------      ------------
          Weighted average shares outstanding
              after dilutive effect                      687,520           665,473          695,113           670,204
                                                    ============      ============     ============      ============
          Diluted earnings per share                $       1.57      $      1.50      $        .58      $        .52
                                                    ============      ============     ============      ============
</TABLE>


6.   STOCK OPTIONS

     At September 30, 2003, the Company has stock-based compensation plans which
     are described  more fully in the notes to the  Company's  December 31, 2002
     audited  financial  statements  contained in the Company's Annual Report on
     Form 10-KSB.  The Company  accounts for the plan under the  recognition and
     measurement  principles  of  Accounting  Principals  Board  Opinion  No 25,
     Accounting for Stock Issued to Employees, and related  Interpretations.  No
     stock-based  employee  compensation cost is reflected in net income, as all
     options  granted under those plans had an exercise  price that was equal to
     or greater to the market value of the underlying  common stock on the grant
     date. The following table illustrates the effect on net income and earnings
     per share if the Company had applied  fair value  provisions  of  Financial
     Accounting  Standards  Board  Statement  123,  Accounting  for Stock -Based
     Compensation, to stock based employee compensation.
<TABLE>
<CAPTION>

                                                    FOR THE NINE-MONTH PERIODS          FOR THE THREE-MONTH PERIODS
                                                         ENDED SEPTEMBER 30                 ENDED SEPTEMBER 30
                                                    --------------------------          ---------------------------
                                                        2003             2002              2003             2002
                                                      --------         --------          --------         --------
        <S>                                            <C>                <C>              <C>               <C>
         Net income as reported                     $  1,076,712      $  1,000,420     $    402,137      $    348,081
         Less:  Total stock-based compensation
          determined under the fair value method           4,961             6,749            1,654             2,250
                                                    ------------      ------------     ------------      ------------

         Pro forma net income                       $  1,071,751      $    993,671     $    400,483      $    345,831
                                                    ============      ============     ============      ============

         Basic earnings per share - as reported         $   1.60          $  1.53           $   .59          $    .53
         Basic earnings per share - pro forma           $   1.59          $  1.52           $   .59          $    .52
         Diluted earnings per share - as reported       $   1.57          $  1.50           $   .58          $    .52
         Diluted earnings per share - pro forma         $   1.56          $  1.49           $   .58          $    .52

</TABLE>

                                       11
<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, 2002 TO SEPTEMBER 30, 2003

At  September  30,  2003,  total  assets  were  $142.5  million,  an increase of
$150,000,  or 0.1%,  from $142.4  million at December 31, 2002.  The increase in
assets  included a $2.0  million  increase in loans  receivable,  a $4.0 million
increase  in  investment  securities,  and a $5.7  million  decrease in cash and
interest-bearing  deposits.  The  increase  in total  assets  was  related  to a
$381,000 increase in deposits,  a $745,000 decrease in advances from the Federal
Home Loan Bank, and an increase in stockholders' equity of $580,000.

Investment  securities  increased by $4.0 million,  or 112.7%,  to $7.6 million,
during the nine months  ended  September  30,  2003.  Securities  classified  as
available-for-sale and recorded at market value decreased $219,000 due solely to
the decrease in the market value of such  securities.  Securities  classified as
held-to-maturity  increased  by $4.2  million  due to the  purchase  of mortgage
backed  securities  totaling $4.0 million and  government  agency bonds totaling
$1.0 million  offset by principal  repayments on  mortgage-backed  securities of
$467,000  and by  proceeds  from the  maturity  of a  government  agency bond of
$250,000.

Loans receivable  increased by $2.0 million, or 1.6%, to $121.7 million,  during
the nine months ended September 30, 2003. The increase was primarily due to loan
originations  of $46.7 million and loan purchases of $4.4 million offset by loan
principal  repayments  of $49.1  million.  The  allowance  for loan  losses  was
$599,000 at September  30, 2003  compared to $571,000 at December 31, 2002.  The
allowance as a percentage of loans  receivable  was 0.49% and 0.48% at September
30,  2003  and  December  31,  2002,  respectively.  Loan  charge-offs,  net  of
recoveries  amounted to $46,000 during the nine months ended September 30, 2003.
The  determination  of the  allowance  for loan losses is based on  management's
analysis, done no less frequently than on a quarterly basis, of various factors,
including market value of the underlying  collateral,  growth and composition of
the loan  portfolio,  the  relationship  of the  allowance  for loan  losses  to
outstanding loans, historical loss experience, delinquency trends and prevailing
economic  conditions.  Although management believes its allowance of loan losses
is in accordance  with  generally  accepted  accounting  principles and reflects
current regulatory and economic  considerations,  there can be no assurance that
additional losses will not be incurred, or that the Bank's regulators or changes
in the Bank's economic  environment  will not require  further  increases in the
allowance.



                                       12
<PAGE>

Deposits  increased by $381,000,  or 0.3%,  to $120.6  million,  during the nine
months ended  September 30, 2003. The increase was due to an increase in deposit
accounts  (demand,  savings,  NOW and money  market  deposit  accounts)  of $2.2
million,  or 9.2%. The increase in deposit  accounts was offset by a decrease in
certificates  of deposit of $1.7 million,  or 1.8%, and by the  amortization  of
$91,000  related to the premium paid on  certificates  of deposit assumed in the
acquisition of First  Lancaster.  The increase in deposit  accounts was due to a
$739,000 increase in money market deposit  accounts,  a $590,000 increase in NOW
accounts,  a $590,000 increase in savings  accounts,  and a $251,000 increase in
non-interest  checking  accounts.  Advances  from the  Federal  Home  Loan  Bank
decreased by $745,000,  or 11.2%, to $5.9 million,  during the nine months ended
September  30,  2003 due to $4.7  million in  repayments  of  advances  and $4.0
million in new advances.

Stockholders'  equity increased by $580,000,  to $14.5 million,  during the nine
months ended  September 30, 2003. The increase  during the period was due to net
income of $1.1  million,  the release of shares  related to the  employee  stock
ownership  plan of $90,000 and the issuance of shares upon the exercise of stock
options of $150,000,  which were offset by payments of dividends to stockholders
of $592,000  and a decrease  in the net  unrealized  gain on  available-for-sale
securities, net of tax of $145,000.


RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002

NET INCOME

Net  income  for the nine  months  ended  September  30,  2003 was $1.1  million
compared to $1.0 million for the same period in 2002, an increase of $76,000, or
7.6%. The increase  resulted from an increase in net interest income of $68,000,
a decrease in the  provision  of loan  losses of $15,000,  and a decrease in the
provision  for  income  tax of  $8,000,  which  were  offset by an  increase  in
non-interest expense of $15,000.

INTEREST AND DIVIDEND INCOME

Interest and dividend income  decreased by $895,000,  or 12.8%, to $6.1 million,
for the nine months  ended  September  30,  2003  compared to the same period in
2002.  The decrease in interest and  dividend  income was due to a $583,000,  or
0.4%,   decrease  from  2002  to  2003  in  the   weighted-average   balance  of
interest-earning  assets and by an 84 basis point  decrease in the average yield
on interest-earning assets, to 5.97% in 2003 from 6.81% in 2002.

INTEREST EXPENSE

Interest expense decreased by $963,000,  or 24.5%, to $3.0 million, for the nine
months  ended  September  30,  2003  compared  to the same  period in 2002.  The
decrease in interest expense was due to a $1.6 million,  or 1.3%,  decrease from
2002 to 2003 in the weighted average balance of interest-bearing liabilities and
by  a  97  basis  point  decrease  in  the  average  yield  of  interest-bearing
liabilities, to 3.17% in 2003 from 4.14% in 2002.

NET INTEREST INCOME

Net interest income increased by $68,000,  or 2.2%, to $3.1 million for the nine
months ended  September 30, 2003  compared to same period in 2002.  The interest
rate spread  amounted to 2.80% and 2.68% during the nine months ended  September
30, 2003 and 2002, respectively, while the interest margin amounted to 3.06% and
2.98% during the nine months ended September 30, 2003 and 2002, respectively.



                                       13
<PAGE>

PROVISION FOR LOAN LOSSES

Provision  for loan losses  decreased by $15,000,  or 16.7%,  to $75,000 for the
nine  months  ended  September  30,  2003  compared  to the same period in 2002.
Management  considers  many factors in determining  the necessary  levels 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.  Loans in the portfolio
are  categorized  according  to their  perceived  inherent  level  of risk.  The
categories  include 1- to 4- dwelling unit mortgage loans, other mortgage loans,
non-mortgage   commercial   loans,  and  consumer  loans.  An  estimate  of  the
appropriate  level of  allowance  for loan  losses  is  calculated  by  applying
risk-weighting  factors to the  aggregate  balances  of these  loan  categories.
Within a given  category,  loans  classified  as  non-performing  are assigned a
higher risk weighting than  performing  loans.  Management  reviews the level of
each risk factor periodically and makes appropriate adjustments based on changes
in  conditions  that may impact the  portfolio.  Provisions  for loan losses are
booked  so as to  maintain  the  allowance  within  a  reasonable  range  of the
estimate.

NON-INTEREST INCOME

Non-interest  income  remained  level,  at  $150,000,  for the nine months ended
September 30, 2003 compared to the same period in 2002, and such income amounted
to, on an annualized  basis,  0.14% of average assets for each of the nine month
periods ended September 30, 2003 and 2002. Changes in non-interest  income items
were an increase of $10,000 in fees charged in connection with loans and service
charges on deposit  accounts and decreases of $5,000 in gain on foreclosed  real
estate and of $5,000 in other non-interest income, net.

NON-INTEREST EXPENSE

Non-interest  expense  increased by $15,000,  or 1.0%, to $1.6 million,  for the
nine months ended  September 30, 2003  compared to the same period in 2002,  and
such expense  amounted to, on an  annualized  basis,  1.53% and 1.51% of average
assets for the nine months ended September 30, 2003 and 2002, respectively.  The
increase was due to increases in compensation and employee  benefits of $11,000,
in occupancy and equipment expense, net of $9,000, in data processing expense of
$8,000, and in state franchise tax of $5,000,  which were offset by decreases in
legal and other professional fees of $13,000 and in other  non-interest  expense
of $5,000.

INCOME TAXES

The provision for income taxes for the nine months ended  September 30, 2003 and
2002 was $507,000 and  $515,000,  respectively,  which as a percentage of income
before  taxes was 32.0% for the nine months ended  September  30, 2003 and 34.0%
for the nine months ended  September 30, 2002.  The  percentage of income before
taxes was less than the 34%  statutory  tax rate in 2003 due to the  exercise of
non-incentive stock options during that period.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002

NET INCOME

Net income for the three months ended  September 30, 2003 was $402,000  compared
to $348,000 for the same period in 2002, an increase of $54,000,  or 15.5%.  The
increase resulted from an increase in net interest income of $43,000, a decrease
in the provision for loan losses of $15,000,  an increase in non-interest income
of  $1,000,  and a decrease  in  non-interest  expense  of $8,000,  offset by an
increase in the provision for income tax of $13,000.



                                       14
<PAGE>

INTEREST AND DIVIDEND INCOME

Interest and dividend income  decreased by $277,000,  or 12.2%, to $2.0 million,
for the three months  ended  September  30, 2003  compared to the same period in
2002.  The decrease in interest and dividend  income was due to a 92 basis point
decrease in the average yield on interest-earning  assets, to 5.83% in 2003 from
6.75% in 2002 offset by a $2.4 million,  or 1.8%,  increase from 2002 to 2003 in
the weighted-average balance of interest-earning assets.

INTEREST EXPENSE

Interest  expense  decreased by $320,000,  or 25.9%, to $917,000,  for the three
months  ended  September  30,  2003  compared  to the same  period in 2002.  The
decrease  in  interest  expense  was due to a 107 basis  point  decrease  in the
average yield of  interest-bearing  liabilities,  to 2.91% in 2003 from 3.98% in
2002  offset  by a $1.7  million,  or 1.4%,  increase  from  2002 to 2003 in the
weighted average balance of interest-bearing liabilities.

NET INTEREST INCOME

Net interest income increased by $43,000, or 4.1%, to $1.1 million for the three
months ended  September 30, 2003  compared to same period in 2002.  The interest
rate spread  amounted to 2.92% and 2.78% during the three months ended September
30, 2003 and 2002, respectively, while the interest margin amounted to 3.16% and
3.09% during the three months ended September 30, 2003 and 2002, respectively.

PROVISION FOR LOAN LOSSES

Provision  for loan losses  decreased by $15,000,  or 50.0%,  to $15,000 for the
three  months  ended  September  30,  2003  compared to the same period in 2002.
Management  considers  many factors in determining  the necessary  levels 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.  Loans in the portfolio
are  categorized  according  to their  perceived  inherent  level  of risk.  The
categories  include 1- to 4- dwelling unit mortgage loans, other mortgage loans,
non-mortgage   commercial   loans,  and  consumer  loans.  An  estimate  of  the
appropriate  level of  allowance  for loan  losses  is  calculated  by  applying
risk-weighting  factors to the  aggregate  balances  of these  loan  categories.
Within a given  category,  loans  classified  as  non-performing  are assigned a
higher risk weighting than  performing  loans.  Management  reviews the level of
each risk factor periodically and makes appropriate adjustments based on changes
in  conditions  that may impact the  portfolio.  Provisions  for loan losses are
booked  so as to  maintain  the  allowance  within  a  reasonable  range  of the
estimate.

NON-INTEREST INCOME

Non-interest  income  increased by $1,000,  or 2.8%,  to $50,000,  for the three
months ended  September 30, 2003  compared to the same period in 2002,  and such
income amounted to, on an annualized basis,  0.14% of average assets for each of
the three month  periods  ended  September  30, 2003 and 2002.  The  increase in
non-interest  income was  related to an  increase  of $4,000 in fees  charged in
connection  with  loans and  service  charges on  deposit  accounts  offset by a
decrease of $1,000 in gain on foreclosed real estate and a decrease of $2,000 in
other non-interest income, net.



                                       15
<PAGE>

NON-INTEREST EXPENSE

Non-interest  expense decreased by $8,000,  or 1.5%, to $528,000,  for the three
months ended  September 30, 2003  compared to the same period in 2002,  and such
expense amounted to 1.48% and 1.53% of average assets for the three months ended
September 30, 2003 and 2002, respectively.  The decrease was due to decreases in
compensation and employee  benefits of $5,000,  in legal and other  professional
fees of $1,000, and in other non-interest expense of $11,000,  which were offset
by  increases  in  occupancy  and  equipment  expense,  net of  $5,000,  in data
processing expense of $3,000 and in state franchise tax of $2,000.

INCOME TAXES

The provision for income taxes for the three months ended September 30, 2003 and
2002 was $192,000 and  $179,000,  respectively,  which as a percentage of income
before taxes was 32.3% for the three months ended  September  30, 2003 and 34.0%
for the three months ended  September 30, 2002.  The percentage of income before
taxes was less than the 34%  statutory  tax rate in 2003 due to the  exercise of
non-incentive stock options during that period.

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,
                                                                                2003                2002
                                                                            -------------       ------------
<S>                                                                             <C>                <C>
Loans accounted for on a non-accrual basis: (1)
   Real estate mortgage:
     One-to-four family residential                                        $     179,819         $     262,279
     Multi-family residential, non-residential, and land                         120,588                    --
   Commercial non-mortgage                                                            --                    --
   Consumer                                                                       24,200                    --
                                                                           -------------         -------------
       Total                                                               $     324,607         $     262,279
                                                                           =============         =============

Accruing loans which are contractually past due 90 days or more:
   Real estate mortgage:
     One-to-four family residential                                        $   1,175,843         $   1,417,872
     Multi-family residential, non-residential, and land                              --               130,629
   Commercial non-mortgage                                                            --                    --
   Consumer                                                                           --                19,331
                                                                           -------------         -------------
       Total                                                               $   1,175,843         $   1,567,832
                                                                           =============         =============

Total of loans accounted for as non-accrual or as accruing past
   due 90 days or more                                                     $   1,500,450         $   1,830,111
                                                                           =============         =============
Percentage of loans receivable                                                      1.23%                 1.53%
                                                                           =============         =============
Other non-performing assets (2)                                            $      44,582         $      88,186
                                                                           =============         =============
</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 carried at the lower of its
     fair market value or the principal balance of the related loan.



                                       16
<PAGE>

During the nine months  ended  September  30, 2003,  interest  income of $18,616
would have been recorded on loans  accounted  for on a non-accrual  basis if the
loans had been current  throughout  the period.  Interest on such loans actually
included in interest  income  during the nine months  ended  September  30, 2003
totaled $1,094.

At September 30, 2003 and December 31, 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.

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, 2003.

At September 30, 2003, the Bank had  outstanding  commitments to originate loans
totaling  $2.3  million,  excluding  $1.3 million in unused home equity lines of
credit and $2.5 million in other lines of credit and standby  letters of credit.
Additionally,  the Bank had undisbursed commitments on construction loans closed
totaling $4.0 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,  2003,
totaled $62.0 million. Management believes that a significant percentage of such
deposits will remain with the Bank.


ITEM 3: CONTROLS AND PROCEDURES

As of the end of the period  covered by this report,  management  of the Company
carried out an evaluation,  under the supervision and with the  participation of
the Company's  principal  executive officer and principal  financial officer, of
the effectiveness of the Company's disclosure controls and procedures.  Based on
this  evaluation,  the  Company's  principal  executive  officer  and  principal
financial  officer  concluded  that  the  Company's   disclosure   controls  and
procedures are effective in ensuring that  information  required to be disclosed
by the Company in reports that it files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within
the time periods specified in the Securities and Exchange Commission's rules and
forms. It should be noted that the design of the Company's  disclosure  controls
and procedures is based in part upon certain  reasonable  assumptions  about the
likelihood of future events,  and there can be no reasonable  assurance that any
design of  disclosure  controls and  procedures  will  succeed in achieving  its
stated goals under all potential  future  conditions,  regardless of how remote,
but the Company's principal executive and financial officers have concluded that
the Company's  disclosure  controls and procedures are, in fact,  effective at a
reasonable assurance level.

In addition,  there have been no changes in the Company's  internal control over
financial  reporting  (to the extent  that  elements of  internal  control  over
financial  reporting are subsumed  within  disclosure  controls and  procedures)
identified in connection  with the evaluation  described in the above  paragraph
that occurred  during the Company's  last fiscal  quarter,  that has  materially
affected,  or is reasonably likely to materially  affect, the Company's internal
control over financial reporting.



                                       17
<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

             31.1 Rule 13a-14(a) Certification of the Chief Executive Officer

             31.2 Rule 13a-14(a) Certification of the Chief Financial Officer

             32   Certification pursuant to 18 USC Section 1350


         b)  Reports on Form 8-K

             Date of Report       Item(s) Reported    Financial Statements Filed
             --------------       ----------------    --------------------------
             July 14, 2003             7, 12                     N/A



                                       18
<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.


                               /s/ John H. Stigall
Date:  November 13, 2003       -------------------------------------------------
                               John H. Stigall, President and Chief Executive
                                Officer
                               (Duly Authorized Officer)



                               /s/ Russell M. Brooks
Date:  November 13, 2003       -------------------------------------------------
                               Russell M. Brooks, Vice President and Treasurer
                               (Principal Financial and Accounting Officer)

                                       19