<PAGE> 1


                       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, 2004.

                                       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 10, 2004,  1,465,528 shares of the registrant's common stock were
issued and outstanding.

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



<PAGE> 2


<TABLE>
<CAPTION>


                                    CONTENTS


PART I.       FINANCIAL INFORMATION
<S>           <C>
Item 1.       Financial Statements

              Condensed Consolidated Balance Sheets as of September 30, 2004 (unaudited) and
                  December 31, 2003...................................................................3

              Condensed Consolidated Statements of Income for the Nine-Month Periods Ended
                  September 30, 2004 and 2003 (unaudited) and for the Three-Month Periods Ended
                  September 30, 2004 and 2003 (unaudited).............................................4

              Condensed Consolidated Statement of Changes in Stockholders' Equity for the
                  Nine-Month Periods Ended September 30, 2004 and 2003 (unaudited)....................5

              Condensed Consolidated Statements of Cash Flows for the Nine-Month Periods
                  Ended September 30, 2004 and 2003 (unaudited).......................................6

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

Item 2.       Management's Discussion and Analysis of Financial Condition and Results of
                  Operations.........................................................................11

Item 3.       Controls and Procedures................................................................16



PART II.      OTHER INFORMATION

Item 1.       Legal Proceedings......................................................................17
Item 2.       Unregistered Sale of Securities and Use of Proceeds....................................17
Item 3.       Defaults Upon Senior Securities........................................................17
Item 4.       Submission of Matters to a Vote of Security Holders....................................17
Item 5.       Other Information......................................................................17
Item 6.       Exhibits ..............................................................................17

SIGNATURES    .......................................................................................18

</TABLE>

<PAGE> 3

<TABLE>
<CAPTION>

                        CKF BANCORP, INC. AND SUBSIDIARY
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                                                              AS OF                 AS OF
                                                                           SEPTEMBER 30,         DECEMBER 31,
                                                                               2004                  2003
                                                                         ---------------       ---------------
                                                                            (UNAUDITED)
<S>                                                                      <C>                   <C>
ASSETS

Cash and due from banks                                                  $       896,090       $     1,121,357
Interest bearing deposits                                                      2,358,391             2,671,433
                                                                         ---------------       ---------------
       Cash and cash equivalents                                               3,254,481             3,792,790
Investment securities:
   Securities available-for-sale                                               2,156,511             1,930,421
   Securities held-to-maturity (market values of $7,928,107 at
     September 30, 2004 and of $8,330,782 at December 31, 2003)                7,967,277             8,333,409
Federal Home Loan Bank stock, at cost                                          1,786,300             1,732,900
Loans receivable                                                             134,511,772           125,774,932
Allowance for loan losses                                                       (644,250)             (615,089)
Accrued interest receivable                                                      814,776               731,281
Real estate owned                                                                 52,053               131,390
Office property and equipment, net                                             1,844,502             1,925,300
Goodwill                                                                       1,099,588             1,099,588
Other assets                                                                     198,487               147,046
                                                                         ---------------       ---------------

       Total assets                                                      $   153,041,497       $   144,983,968
                                                                         ===============       ===============

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                 $   118,788,311       $   121,689,009
Advances from Federal Home Loan Bank                                          16,667,502             6,899,835
Accrued interest payable                                                          58,305                23,672
Advance payment by borrowers for taxes and insurance                             199,624                44,839
Accrued federal income tax                                                        42,424                75,931
Deferred federal income tax                                                      793,928               750,904
Other liabilities                                                                439,118               431,999
                                                                         ---------------       ---------------

     Total liabilities                                                       136,989,212           129,916,189
                                                                         ---------------       ---------------

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

Preferred stock, 100,000 shares,  authorized and unissued
Common stock, $.01 par value, 4,000,000 shares authorized;
   1,465,528 and 1,471,686 issued and outstanding, respectively                   10,000                10,000
Additional paid-in capital                                                     9,583,439             9,533,759
Retained earnings, substantially restricted                                   11,068,457            10,453,207
Accumulated other comprehensive income                                           323,667               174,447
Treasury stock, 534,472 and 528,314 shares, respectively, at cost             (4,454,062)           (4,354,309)
Incentive Plan Trust, 21,200 and 44,900 shares, respectively, at cost           (206,806)             (437,999)
Unearned Employee Stock Ownership Plan (ESOP) stock                             (272,410)             (311,326)
                                                                         ----------------      ---------------

     Total stockholders' equity                                               16,052,285            15,067,779
                                                                         ---------------       ---------------

     Total liabilities and stockholders' equity                          $   153,041,497       $   144,983,968
                                                                         ===============       ===============
</TABLE>


     SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

                                       3

<PAGE> 4

<TABLE>
<CAPTION>


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

                                             FOR THE NINE-MONTH PERIODS           FOR THE THREE-MONTH PERIODS
                                                ENDED SEPTEMBER 30                    ENDED SEPTEMBER 30
                                          -------------------------------       ------------------------------
                                                2004              2003                2004             2003
                                          -------------     -------------       -------------    -------------
<S>                                       <C>               <C>                 <C>              <C>
INTEREST AND DIVIDEND INCOME:
   Interest on loans                      $   6,063,530     $   5,821,792       $   2,068,541    $   1,905,521
   Interest and dividends on investments        278,142           195,477              95,394           80,440
   Other interest income                         14,603            88,934               5,356           18,576
                                          -------------     -------------       -------------    -------------
      Total interest and dividend income      6,356,275         6,106,203           2,169,291        2,004,537
                                          -------------     -------------       -------------    -------------

INTEREST EXPENSE:
   Interest on deposits                       2,286,615         2,800,504             744,792          872,423
   Interest on advances from the FHLB           232,688           172,621             114,164           44,513
                                          -------------     -------------       -------------    -------------
      Total interest expense                  2,519,303         2,973,125             858,956          916,936
                                          -------------     -------------       -------------    -------------

NET INTEREST INCOME                           3,836,972         3,133,078           1,310,335        1,087,601
   Provision for loan losses                     45,000            75,000              15,000           15,000
                                          -------------     -------------       -------------    -------------
      Net interest income after
        provision for loan losses             3,791,972         3,058,078           1,295,335        1,072,601
                                          -------------     -------------       -------------    -------------

NON-INTEREST INCOME:
   Loan and other service fees                  140,721           144,691              51,025           47,961
   Gain, net on foreclosed real estate            3,543             1,682                 700               14
   Other non-interest income, net                13,718             3,442               5,896            1,685
                                          -------------     -------------       -------------    -------------
      Total non-interest income                 157,982           149,815              57,621           49,660
                                          -------------     -------------       -------------    -------------

NON-INTEREST EXPENSE:
   Compensation and employee benefits         1,068,764           871,173             354,738          284,208
   Occupancy and equipment expense, net         172,843           166,094              57,647           57,797
   Data processing                              197,196           184,632              67,004           63,493
   Legal and other professional fees             86,850            54,186              21,656           12,314
   State franchise tax                          103,494           109,937              34,439           34,947
   Other non-interest expense                   268,667           238,063              76,764           75,296
                                          -------------     -------------       -------------    -------------
      Total non-interest expense              1,897,814         1,624,085             612,248          528,055
                                          -------------     -------------       -------------    -------------

Income before income tax expense              2,052,140         1,583,808             740,708          594,206

Provision for income taxes                      694,776           507,096             251,572          192,069
                                          -------------     -------------       -------------    -------------

Net income                                $   1,357,364     $   1,076,712       $     489,136    $     402,137
                                          =============     =============       =============    =============

Basic earnings per common share           $         .99     $         .80       $         .35    $         .30
                                          =============     =============       =============    =============
Diluted earnings per common share         $         .97     $         .79       $         .35    $         .29
                                          =============     =============       =============    =============
Dividends declared per common share       $         .54     $         .44       $         .30    $         .24
                                          =============     =============       =============    =============

Weighted average common shares
   outstanding during the period              1,372,040         1,346,564           1,384,322        1,358,818
                                          =============     =============       =============    =============

Weighted average common shares
   outstanding after dilutive effect          1,392,169         1,368,556           1,405,711        1,384,306
                                          =============     =============       =============    =============
</TABLE>


     SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

                                       4

<PAGE> 5
<TABLE>
<CAPTION>

                        CKF BANCORP, INC. AND SUBSIDIARY
       CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
          FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2004 AND 2003
                                   (UNAUDITED)
                                                                                                   ACCUMULATED
                                                               ADDITIONAL                         COMPREHENSIVE
                                                  COMMON        PAID-IN          RETAINED             OTHER
                                                  STOCK         CAPITAL          EARNINGS            INCOME
                                                ----------    ------------     --------------    ---------------
<S>                                              <C>          <C>               <C>                 <C>
Balance, December 31, 2002                       $ 10,000     $ 9,531,454       $  9,564,805        $ 190,189

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

Dividend declared ($.44 per share)                                                  (592,084)

ESOP shares release accrual                                        50,941
Issued under stock option plan shares                             (72,789)
                                                ----------    ------------     --------------    -------------

Balance, September 30, 2003                      $ 10,000     $ 9,509,606       $ 10,049,433        $  45,713
                                                ==========    ============     ==============    =============

Balance, December 31, 2003                       $ 10,000     $ 9,533,759       $ 10,453,207        $ 174,447

Comprehensive income:
  Net income                                                                       1,357,364
  Other comprehensive gain, net of tax:                                                               149,219
    Increase in unrealized gains on securities
        Total comprehensive income
Dividend declared ($.54 per share)                                                  (742,113)

ESOP shares release accrual                                        89,004
Issued under stock option plan shares                             (39,324)
Purchase of common stock
                                                ----------    ------------     --------------    -------------
Balance, September 30, 2004                      $ 10,000     $ 9,583,439       $ 11,068,458       $  323,666
                                                ==========    ============     ==============    =============
</TABLE>
<TABLE>
<CAPTION>
                                                                    INCENTIVE         UNEARNED            TOTAL
                                                    TREASURY           PLAN             ESOP          STOCKHOLDERS'
                                                     STOCK             TRUST           SHARES            EQUITY
                                                 -------------    --------------   -------------    ---------------
<S>                                              <C>               <C>              <C>              <C>
Balance, December 31, 2002                       $ (4,354,309)     $ (665,291)      $ (363,214)      $ 13,913,634
Comprehensive income:
  Net income                                                                                            1,076,712
  Other comprehensive loss, net of tax:                                                                  (144,476)
                                                                                                    -------------
    Decrease in unrealized gains on securities
         Total comprehensive income                                                                       932,236

Dividend declared ($.44 per share)                                                                       (592,084)

ESOP shares release accrual                                                             38,916             89,857
Issued under stock option plan shares                                 222,414                             149,625
                                                 ------------     -----------      -----------      -------------
Balance, September 30, 2003                      $ (4,354,309)     $ (442,877)      $ (324,298)      $ 14,493,268
                                                 ============     ===========      ===========      =============
Balance, December 31, 2003                       $ (4,354,309)     $ (437,999)      $ (311,326)      $ 15,067,779

Comprehensive income:
  Net income                                                                                            1,357,364
   Other comprehensive gain, net of tax:                                                                  149,219
                                                                                                    -------------
    Increase in unrealized gains on securities
        Total comprehensive income                                                                      1,506,583

Dividend declared ($.54 per share)                                                                       (742,113)

ESOP shares release accrual                                                             38,916            127,920

Issued under stock option plan shares                                 231,193                             191,869

Purchase of common stock                              (99,753)                                            (99,753)
                                                 ------------     -----------      -----------      -------------
Balance, September 30, 2004                      $ (4,454,062)     $ (206,806)      $ (272,410)      $ 16,052,285
                                                 ============      ==========      ===========      =============
</TABLE>

     SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

                                       5
<PAGE> 6


<TABLE>
<CAPTION>


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


                                                                                  FOR THE NINE-MONTH PERIODS
                                                                                      ENDED SEPTEMBER 30
                                                                                ------------------------------
                                                                                    2004              2003
                                                                                -------------    -------------
<S>                                                                              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                                     $  1,357,364     $  1,076,712
  ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED
    BY OPERATING ACTIVITIES:
     Amortization of premiums, net on securities                                       25,862           13,260
     Federal Home Loan Bank stock dividends                                           (53,400)         (50,200)
     Amortization of premiums on loans                                                 36,900           56,216
     Accretion of deferred loan origination fees                                      (19,490)         (16,526)
     Provision for losses on loans                                                     45,000           75,000
     ESOP benefit expense                                                             127,920           89,857
     Depreciation expense                                                             101,997          108,369
     Amortization of premiums on deposits and FHLB advances                           (74,804)        (103,745)
     Loss (gain), net on sale of real estate owned                                        106             (572)
     Deferred income tax benefit                                                      (33,847)         (28,574)
     Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                     (83,495)         137,639
      Other assets                                                                    (51,441)         (68,744)
      Accrued interest payable                                                         34,633           (3,273)
      Other liabilities                                                                 7,119         (114,563)
      Current federal income taxes                                                      2,830           (7,415)
                                                                                -------------     ------------
        Net cash provided by operating activities                                   1,423,254        1,163,441
                                                                                -------------     ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from maturity of government agency bonds held-to-maturity                  500,000          250,000
  Purchase of government agency bonds held-to-maturity                               (987,500)      (1,000,157)
  Repayments on mortgage backed securities held-to-maturity                           827,770          466,660
  Purchase of mortgage backed securities held-to-maturity                                  -        (3,964,193)
  Net increase in loans                                                            (8,721,010)      (2,007,983)
  Purchase of office property and equipment                                           (21,199)         (21,686)
  Proceeds from sale of (additions to) real estate owned                               30,152           (4,013)
                                                                                -------------     ------------
        Net cash used by investing activities                                      (8,371,787)      (6,281,372)
                                                                                -------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in deposit accounts                                                    948,613        2,169,630
  Net decrease in certificates of deposit                                          (3,783,515)      (1,697,732)
  Proceeds from Federal Home Loan Bank advances                                    18,000,000        4,000,000
  Repayments on Federal Home Loan Bank advances                                    (8,223,325)      (4,732,911)
  Net increase in custodial accounts                                                  154,785          162,928
  Proceeds from the exercise of stock options                                         155,532          149,625
  Purchase of treasury stock                                                          (99,753)              -
  Payment of dividends to stockholders                                               (742,113)        (592,084)
                                                                                -------------     ------------
        Net cash provided (used) by financing activities                            6,410,224         (540,544)
                                                                                -------------     ------------

Decrease in cash and cash equivalents                                                (538,309)      (5,658,475)

Cash and cash equivalents, beginning of period                                      3,792,790       13,717,142
                                                                                -------------     ------------

Cash and cash equivalents, end of period                                        $   3,254,481     $  8,058,667
                                                                                =============     ============
</TABLE>
                                   (continued)

                                       6

<PAGE> 7


                        CKF BANCORP, INC. AND SUBSIDIARY
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                       FOR THE NINE-MONTH PERIODS
                                                                                           ENDED SEPTEMBER 30
                                                                                   ------------------------------
                                                                                        2004             2003
                                                                                   -------------    -------------
<S>                                                                                <C>               <C>
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
  Cash paid for federal income taxes                                               $     725,793     $    543,085
  Cash paid for interest on deposits and FHLB advances                             $   2,594,474     $  3,080,143

SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
  Real estate owned acquired by foreclosure                                        $      80,912     $    262,071
  Loans originated to finance sale of foreclosed real estate                       $     129,991     $    310,260
  Increase (decrease) in unrealized gains, gross on available-for-sale securities  $     226,090     $   (218,903)
</TABLE>


      SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                       7



<PAGE> 8


                        CKF BANCORP, INC. AND SUBSIDIARY
              NOTES TO CONDENSED 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 condensed 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 condensed 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.   Certain
         information  and note  disclosures  normally  included in the company's
         annual  financial  statements  prepared in  accordance  with  generally
         accepted  accounting  principles have been condensed or omitted.  These
         condensed   consolidated   financial   statements  should  be  read  in
         conjunction  with  the  consolidated  financial  statements  and  notes
         thereto  included in the company's  Form 10-K (or 10-KSB) annual report
         for 2003 filed with Securities and Exchange Commission.  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, 2004 are not  necessarily  indicative of results that may
         be  expected  for  the  fiscal  year  ending  December  31,  2004.  The
         consolidated balance sheet of the Company, as of December 31, 2003, has
         been derived from the audited consolidated balance sheet of the Company
         as of that date.

<TABLE>
<CAPTION>

2.       REGULATORY CAPITAL

         The Bank's actual capital and its statutory required capital levels are as follows (in thousands):

                                                            SEPTEMBER 30, 2004
                             ---------------------------------------------------------------------------------
                                                               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                    $  13,770    9.09%          $   6,057   4.00%         $    9,085    6.00%
Tangible capital                   13,770    9.09%              6,057   4.00%                n/a     N/a
Total Risk based capital           14,738   15.61%              7,552   8.00%              9,439   10.00%
Tier 1 Risk based capital          13,770   14.59%                n/a    n/a               4,720    5.00%

</TABLE>


                                       8

<PAGE> 9

<TABLE>
<CAPTION>

3.       EARNINGS PER SHARE

         The  following  table  reflects  the  calculation  of basic and diluted earnings per common share:

                                                   FOR THE NINE-MONTH PERIODS         FOR THE THREE-MONTH PERIODS
                                                            ENDED JUNE 30                         JUNE 30
                                                   -------------------------------    -------------------------------
                                                        2004             2003              2004             2003
                                                   -------------     -------------    -------------     -------------
         <S>                                        <C>               <C>              <C>               <C>
         BASIC EARNINGS PER SHARE
          Net income                                $  1,357,364      $  1,076,712     $    489,136      $    402,137
                                                    ============      ============     ============      ============
          Weighted average shares outstanding          1,372,040         1,346,564        1,384,322         1,358,818
                                                    ============      ============     ============      ============
          Basic earnings per share                  $        .99      $        .80     $        .35      $        .30
                                                    ============      ============     ============      ============

         DILUTED EARNINGS PER SHARE
          Net income                                $  1,357,364      $  1,076,712     $    489,136      $    402,137
                                                    ============      ============     ============      ============
          Weighted average shares outstanding          1,372,040         1,346,564        1,384,322         1,358,818
          Diluted effect of stock option                  20,129            21,992           21,389            25,488
                                                    ------------      ------------     ------------       -----------
          Weighted average shares outstanding
              after dilutive effect                    1,392,169         1,368,556        1,405,711         1,384,306
                                                    ============      ============     ============      ============
          Diluted earnings per share                $        .97      $        .79     $        .35      $        .29
                                                    ============      ============     ============      ============
</TABLE>


4.       STOCK OPTIONS

         At September 30, 2004, the Company has stock-based  compensation  plans
         which are described  more fully in the notes to the Company's  December
         31, 2003 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
                                                   -------------------------------    -------------------------------
                                                        2004             2003              2004             2003
                                                   -------------     -------------    -------------     -------------
         <S>                                        <C>               <C>              <C>               <C>
         Net income as reported                     $  1,357,364      $  1,076,712     $    489,136      $    402,137
         Less:  Total stock-based compensation
            determined under the fair value method,
            net of tax                                     3,208             2,599            1,069               866
                                                    ------------      ------------     ------------      ------------
         Pro forma net income                       $  1,354,156      $  1,074,113     $    488,067      $    401,271
                                                    ============      ============     ============      ============

         Basic earnings per share - as reported         $    .99          $    .80          $   .35          $    .30
         Basic earnings per share - pro forma           $    .99          $    .80          $   .35          $    .30
         Diluted earnings per share - as reported       $    .97          $    .79          $   .35          $    .29
         Diluted earnings per share - pro forma         $    .97          $    .78          $   .35          $    .29
</TABLE>
                                       9

<PAGE> 10


5.       DIVIDENDS

         A cash  dividend  of $.24 per share was paid by the Company on February
         10, 2004 to  stockholders  of record as of January 28, 2004, and a cash
         dividend of $.30 per share was paid on August 10, 2004 to  stockholders
         of record as of July 28, 2004. The total  dividends paid by the Company
         during the nine months ended September 30, 2004 amounted to $742,113.

6.       COMMON STOCK

         The Company purchased 6,158 shares of treasury stock at a total cost of
         $99,753 during the nine months ended September 30, 2004.


                                       10

<PAGE> 11

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, and competition 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, 2003 TO SEPTEMBER 30, 2004

At September  30, 2004,  total assets were $153.0  million,  an increase of $8.1
million,  or 5.6%,  from $145.0  million at December 31,  2003.  The increase in
assets included a $8.7 million increase in loans receivable, a $538,000 decrease
in cash and  interest-bearing  deposits,  and a $140,000  decrease in investment
securities.  The increase in total assets was primarily funded by a $9.8 million
increase  in  advances  from the  Federal  Home Loan Bank and by an  increase in
stockholders' equity of $985,000.  Deposits decreased by $2.9 million during the
period.

Investment securities decreased by $140,000,  or 1.4%, to $10.1 million,  during
the  nine  months  ended   September   30,  2004.   Securities   classified   as
available-for-sale and recorded at market value increased $226,000 due solely to
the increase in the market value of such  securities.  Securities  classified as
held-to-maturity  decreased by $366,000 primarily due to principal repayments on
mortgage-backed  securities  of  $828,000,  which was offset by an  increase  in
government  agency bonds  related to purchases  of $988,000  and  maturities  of
$500,000.

Loans receivable  increased by $8.7 million, or 6.9%, to $134.5 million,  during
the nine months ended September 30, 2004. The increase was primarily due to loan
originations  of $38.4 million and loan purchases of $2.2 million offset by loan
principal repayments of $31.5 million and loans sold of $339,000.  The allowance
for loan losses was  $644,000  at  September  30,  2004  compared to $615,000 at
December 31, 2003.  The allowance as a percentage of loans  receivable was 0.48%
and 0.49% at  September  30, 2004 and  December  31,  2003,  respectively.  Loan
charge-offs,  net of recoveries amounted to $16,000 during the nine months ended
September 30, 2004. 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 for
loan losses is estimated in  accordance  with  accounting  principles  generally
accepted in the United  States of America and reflects  current  regulatory  and
economic  considerations,  there can be no assurance that additional  provisions
will not be incurred in the near term, or that the Bank's  regulators or changes
in the Bank's economic  environment  will not require  further  increases in the
allowance.


                                       11
<PAGE> 12

Deposits decreased by $2.9 million, or 2.4%, to $118.8 million,  during the nine
months  ended  September  30,  2004.  The  decrease  was  due to a  decrease  in
certificates  of deposit of $3.8 million,  or 4.0%, and by the  amortization  of
$66,000  related to the premium paid on  certificates  of deposit assumed in the
acquisition  of First  Lancaster,  which were  offset by an  increase in deposit
accounts (demand,  savings,  NOW and money market deposit accounts) of $929,000,
or 3.6%.  The  increase in deposit  accounts  was due to a $361,000  increase in
money market deposit accounts,  a $535,000  increase in NOW accounts,  a $11,000
decrease in non-interest  checking  accounts,  and a $44,000 increase in savings
accounts. Advances from the Federal Home Loan Bank increased by $9.8 million, or
141.6%, to $16.7 million, during the nine months ended September 30, 2004 due to
$8.2 million in  repayments of advances and $18.0 million in proceeds from newly
issued advances.

Stockholders'  equity increased by $985,000,  to $16.1 million,  during the nine
months ended  September 30, 2004. The increase  during the period was due to net
income of $1.4  million,  the release of shares  related to the  employee  stock
ownership  plan  of  $128,000,  an  increase  in  the  net  unrealized  gain  on
available-for-sale  securities,  net  of tax  of  $149,000,  and  the  issue  of
additional shares under the stock option plan of $192,000,  which were offset by
payments  of  dividends  to  stockholders  of  $742,000  and by the  purchase of
treasury shares of $100,000.


RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003

NET INCOME

Net  income  for the nine  months  ended  September  30,  2004 was $1.4  million
compared to $1.1  million for the same period in 2003,  an increase of $281,000,
or 26.1%.  The  increase  resulted  from an increase in net  interest  income of
$704,000,  an increase in non-interest  income of $8,000,  and a decrease in the
provision  for loan  losses of  $30,000,  which were  offset by an  increase  in
non-interest expense of $274,000 and an increase in the provision for income tax
of $187,000.

INTEREST AND DIVIDEND INCOME

Interest and dividend  income  increased by $250,000,  or 4.1%, to $6.4 million,
for the nine months  ended  September  30,  2004  compared to the same period in
2003. The increase in interest and dividend income was due to a $8.5 million, or
6.2%,   increase  from  2003  to  2004  in  the   weighted-average   balance  of
interest-earning assets offset by a 12 basis point decrease in the average yield
on interest-earning assets, to 5.85% in 2004 from 5.97% in 2003.

INTEREST EXPENSE

Interest expense decreased by $454,000,  or 15.3%, to $2.5 million, for the nine
months  ended  September  30,  2004  compared  to the same  period in 2003.  The
decrease in interest expense was due to a 63 basis point decrease in the average
yield of  interest-bearing  liabilities,  to 2.54%  in 2004  from  3.17% in 2003
offset by a $6.8  million,  or 5.4%,  increase from 2003 to 2004 in the weighted
average balance of interest-bearing liabilities.

NET INTEREST INCOME

Net interest income  increased by $704,000,  or 22.5%, to $3.8 million,  for the
nine months ended September 30, 2004 compared to same period in 2003. The change
in net  interest  income  attributable  to volume  was  favorable  by  $574,000,
attributable to rate was favorable by $126,000,  and attributable to rate/volume
was favorable by $4,000.  The interest  rate spread  amounted to 3.30% and 2.80%
during the nine months ended  September 30, 2004 and 2003,  respectively,  while
the  interest  margin  amounted to 3.53% and 3.06%  during the nine months ended
September 30, 2004 and 2003, respectively. A significant portion of the increase
in the  interest  rate spread in 2004  compared to 2003 is related to the mix of
interest-earning  assets.  Average  loans  receivable  equaled  90.3%  of  total
interest-earning assets for the nine months ended September 30, 2004 compared to
85.1% for the nine months ended September 30, 2004.

                                       12

<PAGE> 13


PROVISION FOR LOAN LOSSES

Provision  for loan losses  decreased by $30,000,  or 40.0%,  to $45,000 for the
nine  months  ended  September  30,  2004  compared  to the same period in 2003.
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 $8,000,  or 5.5%,  to $158,000,  for the nine
months ended  September 30, 2004  compared to the same period in 2003,  and such
income amounted to, on an annualized basis,  0.14% of average assets for each of
the  nine-month  periods  ended  September  30, 2004 and 2003.  The  increase in
non-interest  income was related to an increase of $10,000 in other non-interest
income,  net and an increase of $2,000 in gain,  net on foreclosed  real estate,
which were offset by a decrease  of $4,000 in fees  charged in  connection  with
loans and service charges on deposit accounts.

NON-INTEREST EXPENSE

Non-interest  expense increased by $274,000,  or 16.9%, to $1.9 million, for the
nine months ended  September 30, 2004  compared to the same period in 2003,  and
such expense  amounted to, on an  annualized  basis,  1.69% and 1.53% of average
assets for the nine months ended September 30, 2004 and 2003, respectively.  The
increase was due to increases in compensation and employee benefits of $197,000,
in occupancy and equipment expense, net of $7,000, in data processing expense of
$12,000,  in  legal  and  other  professional  fees  of  $33,000,  and in  other
non-interest  expense  of  $31,000,  which were  offset by a  decrease  in state
franchise tax of $6,000.

INCOME TAXES

The provision for income taxes for the nine months ended  September 30, 2004 and
2003 was $695,000 and  $507,000,  respectively,  which as a percentage of income
before  taxes was 33.9% for the nine months ended  September  30, 2004 and 32.0%
for the nine months ended September 30, 2003.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003

NET INCOME

Net income for the three months ended  September 30, 2004 was $489,000  compared
to $402,000 for the same period in 2003, an increase of $87,000,  or 21.6%.  The
increase  resulted  from an increase in net  interest  income of $223,000 and an
increase in non-interest  income of $8,000,  which were offset by an increase in
non-interest  expense of $84,000 and an increase in the provision for income tax
of $60,000.


                                       13
<PAGE> 14

INTEREST AND DIVIDEND INCOME

Interest and dividend  income  increased by $165,000,  or 8.2%, to $2.2 million,
for the three months  ended  September  30, 2004  compared to the same period in
2003. The increase in interest and dividend  income was due to an $11.2 million,
or  8.2%,  increase  from  2003  to  2004  in the  weighted-average  balance  of
interest-earning  assets  while the  average  yield on  interest-earning  assets
remained level in 2004 compared to 2003, at 5.83%.

INTEREST EXPENSE

Interest  expense  decreased by $58,000,  or 6.3%,  to  $859,000,  for the three
months  ended  September  30,  2004  compared  to the same  period in 2003.  The
decrease in interest expense was due to a 37 basis point decrease in the average
yield of  interest-bearing  liabilities,  to 2.54%  in 2004  from  2.91% in 2003
offset by a $9.2  million,  or 7.3%,  increase from 2003 to 2004 in the weighted
average balance of interest-bearing liabilities.

NET INTEREST INCOME

Net interest income  increased by $223,000,  or 20.5%, to $1.3 million,  for the
three  months  ended  September  30, 2004  compared to same period in 2003.  The
change in net interest income  attributable to volume was favorable by $194,000,
attributable to rate was favorable by $40,000,  and  attributable to rate/volume
was unfavorable by $11,000. The interest rate spread amounted to 3.29% and 2.92%
during the three months ended September 30, 2004 and 2003,  respectively,  while
the  interest  margin  amounted to 3.52% and 3.16% during the three months ended
September 30, 2004 and 2003, respectively. A significant portion of the increase
in the  interest  rate spread in 2004  compared to 2003 is related to the mix of
interest-earning  assets.  Average  loans  receivable  equaled  90.4%  of  total
interest-earning  assets for the three months ended  September 30, 2004 compared
to 86.1% for the three months ended September 30, 2004.

PROVISION FOR LOAN LOSSES

Provision for loan losses  remained  level at $15,000 for the three months ended
September  30, 2004  compared to the same period in 2003.  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 $8,000,  or 16.0%, to $58,000,  for the three
months ended  September 30, 2004  compared to the same period in 2003,  and such
income  amounted to, on an annualized  basis,  0.15% and 0.14% of average assets
for the three  months  ended  September  30,  2004 and 2003,  respectively.  The
increase  in  non-interest  income was  related to an increase of $3,000 in fees
charged in connection  with loans and service  charges on deposit  accounts,  an
increase of $1,000 in gain,  net on foreclosed  real estate,  and an increase of
$4,000 in other non-interest income, net.


                                       14
<PAGE> 15

NON-INTEREST EXPENSE

Non-interest expense increased by $84,000, or 15.9%, to $612,000,  for the three
months ended  September 30, 2004  compared to the same period in 2003,  and such
expense amounted to, on an annualized  basis,  1.60% and 1.48% of average assets
for the three  months  ended  September  30,  2004 and 2003,  respectively.  The
increase was due to increases in compensation and employee  benefits of $71,000,
in data processing expense,  net of $4,000, in legal and other professional fees
of $9,000, and in other non-interest  expense of $1,000,  which were offset by a
decrease in state franchise tax of $1,000.

INCOME TAXES

The provision for income taxes for the three months ended September 30, 2004 and
2003 was $252,000 and  $192,000,  respectively,  which as a percentage of income
before taxes was 34.0% for the three months ended  September  30, 2004 and 32.3%
for the three months ended September 30, 2003.

<TABLE>
<CAPTION>

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.

                                                                            SEPTEMBER 30,         DECEMBER 31,
                                                                                2004                  2003
                                                                           -------------         -------------
<S>                                                                        <C>                   <C>
Loans accounted for on a non-accrual basis:/1/
   Real estate mortgage:
     One-to-four family residential                                        $     298,988         $     391,576
     Multi-family residential, non-residential, and land                          84,608               121,179
   Commercial non-mortgage                                                           -                      -
   Consumer                                                                       46,936                24,269
                                                                           -------------         -------------
       Total                                                               $     430,532         $     537,024
                                                                           =============         =============

Accruing loans  which are  contractually  past due 90 days or more:
   Real estate mortgage:
     One-to-four family residential                                        $   1,126,263         $   1,094,486
     Multi-family residential, non-residential, and land                           1,301                    -
   Commercial non-mortgage                                                         1,639                    -
   Consumer                                                                       20,229                    -
                                                                           -------------         -------------
       Total                                                               $   1,149,432         $   1,094,486
                                                                           =============         =============

Total of loans accounted for as non-accrual or as accruing past
   due 90 days or more                                                     $   1,579,964         $   1,631,510
                                                                           =============         =============
Percentage of loans receivable                                                      1.17%                 1.30%
                                                                           =============         =============
Other non-performing assets/2/                                             $      52,053         $     131,390
                                                                           =============         =============
</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.

During the nine months  ended  September  30, 2004,  interest  income of $24,301
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, 2004
totaled $10,770.

                                       15

<PAGE> 16

At September 30, 2004 and December 31, 2003, 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, 2004.

At September 30, 2004, the Bank had  outstanding  commitments to originate loans
totaling  $1.2  million,  excluding  $1.2 million in unused home equity lines of
credit and $3.6 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,  2004,
totaled $64.6 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.

                                       16
<PAGE> 17


PART II.    OTHER INFORMATION


Item 1.     LEGAL PROCEEDINGS                                               None


Item 2.     UNREGISTERED SALE OF 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

             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

                                       17


<PAGE> 18


SIGNATURES

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


                                    CKF BANCORP, INC.

Date: November 12, 2004             /s/ John H. Stigall
                                    --------------------------------------------
                                    John H. Stigall, President and Chief
                                       Executive Officer
                                          (Duly Authorized Officer)




Date: November 12, 2004             /s/ Russell M. Brooks
                                    --------------------------------------------
                                    Russell M. Brooks, Vice President
                                        and Treasurer
                                    (Principal Financial and Accounting Officer)


                                       18