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 March 31, 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 May 9, 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 March 31, 2003 (unaudited)
                  and December 31, 2002........................................3

              Consolidated Statements of Income for the Three-Month
                  Periods Ended March 31, 2003 and 2002 (unaudited)............4

              Consolidated Statement of Changes in Stockholders' Equity
                  for the Three-Month Periods Ended March 31, 2003
                  and 2002 (unaudited).........................................5

              Consolidated Statements of Cash Flows for the Three-Month
                  Periods Ended March 31, 2003 and 2002 (unaudited)............6

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

Item 2.       Management's Discussion and Analysis of Financial Condition
                  and Results of Operations....................................8

Item 3.       Controls and Procedures.........................................12


PART II.      OTHER INFORMATION

Item 1.       Legal Proceedings...............................................13

Item 2.       Changes in Securities and Use of Proceeds.......................13

Item 3.       Defaults Upon Senior Securities.................................13

Item 4.       Submission of Matters to a Vote of Security Holders.............13

Item 5.       Other Information...............................................13

Item 6.       Exhibits and Reports on Form 8-K................................13

SIGNATURES....................................................................14

CERTIFICATIONS................................................................15

<PAGE>

                        CKF BANCORP, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                            AS OF           AS OF
                                                                          MARCH 31,      DECEMBER 31,
                                                                            2003             2002
                                                                        -------------    -------------
                                                                         (Unaudited)
<S>                                                                     <C>              <C>
ASSETS

Cash and due from banks                                                 $     938,489    $   1,413,949
Interest bearing deposits                                                  19,044,433       12,303,193
                                                                        -------------    -------------
       Cash and cash equivalents                                           19,982,922       13,717,142
Investment securities:
   Securities available-for-sale                                            1,734,883        1,929,282
   Securities held-to-maturity (market values of $1,685,209 at
     March 31, 2003 and of $1,710,354 at December 31, 2002)                 1,617,887        1,633,216
Federal Home Loan Bank stock, at cost                                       1,681,900        1,665,500
Loans receivable                                                          113,383,966      119,687,711
Allowance for loan losses                                                    (598,446)        (570,701)
Accrued interest receivable                                                   867,192          928,473
Real estate owned                                                              89,588           88,186
Office property and equipment, net                                          2,014,737        2,042,121
Goodwill                                                                    1,099,588        1,099,588
Other assets                                                                  162,940          135,294
                                                                        -------------    -------------
       Total assets                                                     $ 142,037,157    $ 142,355,812
                                                                        =============    =============
LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                $ 120,546,156    $ 120,253,479
Advances from Federal Home Loan Bank                                        6,015,146        6,680,403
Accrued interest payable                                                       57,363           42,482
Advance payment by borrowers for taxes and insurance                           77,047           38,430
Accrued federal income tax                                                    178,241           94,539
Deferred federal income tax                                                   783,343          795,908
Other liabilities                                                             467,009          536,937
                                                                        -------------    -------------
     Total liabilities                                                    128,124,305      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                                                  9,527,813        9,531,454
Retained earnings, substantially restricted                                 9,632,269        9,564,805
Accumulated other comprehensive income                                         61,886          190,189
Treasury stock, 264,157 shares, at cost                                    (4,354,309)      (4,354,309)
Incentive Plan Trust, 31,500 and 34,100 shares, respectively, at cost        (614,565)        (665,291)
Unearned Employee Stock Ownership Plan (ESOP) stock                          (350,242)        (363,214)
                                                                        -------------    -------------
     Total stockholders' equity                                            13,912,852       13,913,634
                                                                        -------------    -------------
     Total liabilities and stockholders' equity                         $ 142,037,157    $ 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 THREE-MONTH PERIODS
                                                                         ENDED MARCH 31
                                                                   ------------------------
                                                                      2003          2002
                                                                   ----------   -----------
<S>                                                                <C>          <C>
INTEREST AND DIVIDEND INCOME:
   Interest on loans                                               $2,025,815   $2,288,086
   Interest and dividends on investments                               46,009       48,212
   Other interest income                                               34,267       32,073
                                                                   ----------   ----------
      Total interest and dividend income                            2,106,091    2,368,371
                                                                   ----------   ----------

INTEREST EXPENSE:
   Interest on deposits                                             1,006,861    1,250,797
   Interest on advances from the Federal Home Loan Bank                70,593      127,540
                                                                   ----------   ----------
      Total interest expense                                        1,077,454    1,378,337
                                                                   ----------   ----------

NET INTEREST INCOME                                                 1,028,637      990,034
   Provision for loan losses                                           30,000       30,000
                                                                   ----------   ----------
      Net interest income after provision for loan losses             998,637      960,034
                                                                   ----------   ----------

NON-INTEREST INCOME:
   Loan and other service fees                                         46,731       43,557
   Gain on foreclosed real estate                                         817          953
   Other non-interest income, net                                         268        2,222
                                                                   ----------   ----------
      Total non-interest income                                        47,816       46,732
                                                                   ----------   ----------
Non-interest expense:
   Compensation and employee benefits                                 294,761      290,251
   Occupancy and equipment expense, net                                55,056       52,391
   Data processing                                                     60,969       56,616
   Legal and other professional fees                                   11,948       16,637
   State franchise tax                                                 35,608       33,668
   Other non-interest expense                                          83,120       78,459
                                                                   ----------   ----------
      Total non-interest expense                                      541,462      528,022
                                                                   ----------   ----------
Income before income tax expense                                      504,991      478,744

Provision for income taxes                                            170,318      162,773
                                                                   ----------   ----------
Net income                                                         $  334,673   $  315,971
                                                                   ==========   ==========
Basic earnings per common share                                    $      .50   $      .48
                                                                   ==========   ==========
Diluted earnings per common share                                  $      .49   $      .48
                                                                   ==========   ==========
Weighted average common shares outstanding during the period          668,079      652,134
                                                                   ==========   ==========
Weighted average common shares outstanding after dilutive effect
   during the period                                                  682,707      659,760
                                                                   ==========   ==========
</TABLE>
          See accompanying notes to consolidated financial statements.

                                       4
<PAGE>


                        CKF BANCORP, INC. AND SUBSIDIARY
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
            FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 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                                                             315,971
  Other  comprehensive loss, net                                                            (43,774)
    of tax decrease in unrealized
    gains on securities

         Total comprehensive
           income

Dividend declared ($.35 per
 share)                                                                 (242,485)
ESOP shares release accrual                            10,821

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

Issued under stock option plan
 (5,500 shares)                                       (35,118)
                                     --------     -----------       ------------          ---------        ------------

Balance, March 31, 2002              $ 10,000     $ 9,531,644       $  8,800,967          $ 283,343        $ (4,354,309)
                                     ========     ===========       ============          =========        ============

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

Comprehensive income:
  Net income                                                             334,673
  Other  comprehensive loss, net                                                           (128,303)
    of tax decrease in unrealized
    gains on securities

         Total comprehensive
           income

Dividend declared ($.40 per
 share)                                                                 (267,209)
ESOP shares release accrual                            12,960

Issued under stock option plan
 (2,600 shares)                                       (16,601)
                                     --------     -----------       ------------          ---------        ------------

Balance, March 31, 2003              $ 10,000     $ 9,527,813       $  9,632,269          $  61,886        $ (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                                                                        315,971
  Other  comprehensive loss, net
    of tax decrease in unrealized
    gains on securities                                                             (43,774)
                                                                               ------------
         Total comprehensive
           income                                                                   272,197

Dividend declared ($.35 per
 share)                                                                            (242,485)
ESOP shares release accrual                                        15,196            26,017

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

Issued under stock option plan
 (5,500 shares)                               107,305                                72,187
                                           ----------         ----------       ------------

Balance, March 31, 2002                    $ (792,106)        $ (402,120)      $ 13,077,419
                                           ==========         ==========       ============

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

Comprehensive income:
  Net income                                                                        334,673
  Other  comprehensive loss, net
    of tax decrease in unrealized
    gains on securities                                                            (128,303)
                                                                               ------------
         Total comprehensive
           income                                                                   206,370

Dividend declared ($.40 per
 share)                                                                            (267,209)
ESOP shares release accrual                                        12,972            25,932

Issued under stock option plan
 (2,600 shares)                                50,726                                34,125
                                           ----------         ----------       ------------

Balance, March 31, 2003                    $ (614,565)        $ (350,242)      $ 13,912,852
                                           ==========         ==========       ============
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       5
<PAGE>
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                  FOR THE THREE-MONTH PERIODS
                                                                                           ENDED MARCH 31
                                                                                -------------------------------
                                                                                      2003              2002
                                                                                -------------     ------------
<S>                                                                              <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                                     $    334,673      $   315,971
  ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED
    BY OPERATING ACTIVITIES:
     Amortization of premiums (discounts), net on securities                            1,681             (617)
     Federal Home Loan Bank stock dividends                                           (16,400)         (17,600)
     Amortization of premiums on loans                                                 20,088           25,578
     Accretion of deferred loan origination fees                                       (3,362)          (2,439)
     Provision for losses on loans                                                     30,000           30,000
     ESOP benefit expense                                                              25,932           26,017
     Depreciation expense                                                              36,123           33,309
     Amortization of premiums on deposits and FHLB advances                           (40,092)         (96,889)
     Deferred income tax benefit                                                      (28,067)         (45,659)
     Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                      61,281          (28,304)
      Other assets                                                                    (27,646)          29,035
      Accrued interest payable                                                         14,881           25,556
      Other liabilities                                                               (69,928)          19,895
      Current federal income taxes                                                    165,300          208,432
                                                                                -------------     ------------
        Net cash provided by operating activities                                     504,464          522,285
                                                                                -------------     ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Repayments on mortgage backed securities held-to-maturity                            13,648           17,093
  Loan originations and purchases, net of principal payments                        6,284,764         (116,626)
  Purchase of office property and equipment                                            (8,739)         (10,735)
  Additions to real estate owned                                                       (1,402)              -
                                                                                -------------     ------------
        Net cash (used) by investing activities                                     6,288,271         (110,268)
                                                                                -------------     ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in deposit accounts                                                  1,693,065        4,808,925
  Net increase (decrease) in certificates of deposit                               (1,365,838)         215,541
  Repayments on Federal Home Loan Bank advances                                      (659,715)         (51,399)
  Net increase in custodial accounts                                                   38,617           47,109
  Proceeds from the exercise of stock options                                          34,125           72,187
  Purchase of treasury stock                                                               -           (53,299)
  Payment of dividends to stockholders                                               (267,209)        (242,485)
                                                                                -------------     ------------
        Net cash provided (used) by financing activities                             (526,955)       4,796,579
                                                                                -------------     ------------
Increase in cash and cash equivalents                                               6,265,780        5,208,596
Cash and cash equivalents, beginning of period                                     13,717,142        5,520,992
                                                                                -------------     ------------
Cash and cash equivalents, end of period                                        $  19,982,922     $ 10,729,588
                                                                                =============     ============

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
  Cash paid for federal income taxes                                            $      33,085     $         --
                                                                                =============     ============
  Cash paid for interest on deposits and FHLB advances                          $   1,102,665     $  1,449,670
                                                                                =============     ============
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
  Real estate owned acquired by foreclosure                                     $          -      $     60,802
                                                                                =============     ============
  Decrease in unrealized gain on available for sale securities                  $    (194,399)    $    (66,324)
                                                                                =============     ============
</TABLE>

           See accompanying notes to consolidated financial statements

                                       6
<PAGE>

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   BASIS OF PRESENTATION

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

     The  accompanying  unaudited  consolidated  financial  statements have been
     prepared  in  accordance  with  generally  accepted  accounting  principles
     ("GAAP") for interim  financial  information  and with the  instructions to
     Form  10-QSB and Article 10 of  Regulation  S-X.  Accordingly,  they do not
     include all of the information and footnotes  required by GAAP for complete
     financial  statements.  In  the  opinion  of  management,  all  adjustments
     (consisting  of  only  normal  recurring   accruals)   necessary  for  fair
     presentation  have been included.  The results of operations and other data
     for the  three  month  period  ended  March  31,  2003 are not  necessarily
     indicative  of results  that may be  expected  for the entire  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>
                                                              MARCH 31, 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                    $  11,762    8.35%          $    5,633   4.00%      $  8,450    6.00%
Tangible capital                   11,762    8.35%               5,633   4.00%           n/a     n/a
Total Risk based capital           12,422   15.01%               6,621   8.00%         8,277   10.00%
Tier 1 Risk based capital          11,762   14.21%                n/a     n/a          4,138    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. The total dividends
     paid by the  Company  for the  three-month  period  ended  March  31,  2003
     amounted to $267,209.

4.   COMMON STOCK

     The Company issued 2,600 shares of stock at a price of $13.13 per share, or
     total proceeds of $34,125, related the exercise of stock options during the
     three-month period ended March 31, 2003.

                                       7
<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 MARCH 31, 2003

At March 31, 2003, total assets were $142.0 million, a decrease of $319,000,  or
0.2%,  from $142.4 million at December 31, 2002. The decrease in assets included
a $6.3  million  decrease  in loan  receivable,  net,  a  $210,000  decrease  in
investment securities,  and a $6.3 million increase in cash and interest-bearing
deposits. The decrease in total assets was in part due to a $665,000 decrease in
advances  from the  Federal  Home Loan Bank  offset by a  $293,000  increase  in
deposits.

Investment securities decreased $210,000,  or 5.9%, to $3.4 million,  during the
three months ended March 31, 2003.  Securities  classified as available-for-sale
and  recorded at market value  decreased  $195,000 due solely to the decrease in
the market value of such securities.  Securities  classified as held-to-maturity
decreased by $15,000 due to principal repayments on mortgage-backed securities.

Loans receivable  decreased by $6.3 million, or 5.3%, to $113.4 million,  during
the three months ended March 31,  2003.  The decrease was due to loan  principal
repayments  of $16.1  million,  which were offset by loan  originations  of $8.5
million and by loan purchases of $1.3 million.  Repayments have increased during
the current low interest  rate  environment  as borrowers  have  refinanced  the
Bank's  variable  rate  loans  into fixed  rate  loans  offered  elsewhere.  The
allowance for loan losses was $598,000 at March 31, 2003 compared to $571,000 at
December 31, 2002.  The allowance as a percentage of loans  receivable was 0.53%
and  0.48%  at  March  31,  2003  and  December  31,  2002,  respectively.  Loan
charge-offs,  net of recoveries amounted to $3,000 during the three months ended
March 31, 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.

Deposits  increased by $293,000,  or 0.2%, to $120.5  million,  during the three
months  ended March 31,  2003.  The  increase  was due to an increase in deposit
accounts  (demand,  savings,  NOW and money  market  deposit  accounts)  of $1.7
million,  or 7.2%,  offset by a  decrease  in  certificates  of  deposit of $1.4
million, or 1.4%, and by the amortization of $35,000 related to the premium paid
on certificates of deposit  assumed in the acquisition of First  Lancaster.  The
increase in deposit  accounts was  primarily  due to a $1.3 million  increase in
money  market  deposit  accounts.

                                       8
<PAGE>
Advances  from the Federal Home Loan Bank  decreased by $665,000,  or 10.0%,  to
$6.0 million,  during the three months ended March 31, 2003 due to repayments of
principal.

Stockholders'  equity  decreased by $1,000,  to $13.9 million,  during the three
months ended March 31, 2003. The decrease  during the period was due to payments
of dividends to stockholders of $267,000,  a decrease in the net unrealized gain
on available-for-sale  securities,  net of tax of $129,000, which were offset by
net income of  $335,000,  the release of shares  related to the  employee  stock
ownership plan of $26,000, and the issuance of shares upon the exercise of stock
options of $34,000.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002

NET INCOME

Net income for the three months  ended March 31, 2003 was  $335,000  compared to
$316,000  for the same period in 2002,  an increase  of  $19,000,  or 5.9%.  The
increase  resulted  from an  increase in net  interest  income of $39,000 and an
increase in non-interest income of $1,000, offset by an increase in non-interest
expense of $13,000 and an increase in the provision for income tax of $8,000.

INTEREST AND DIVIDEND INCOME

Interest and dividend income  decreased by $262,000,  or 11.1%, to $2.1 million,
for the three months  ended March 31, 2003  compared to the same period in 2002.
The decrease in interest and dividend income was due to a $1.2 million, or 0.9%,
decrease from 2002 to 2003 in the  weighted-average  balance of interest-earning
assets and by a 71 basis point decrease in the average yield on interest-earning
assets, to 6.18% in 2003 from 6.89% in 2002.

INTEREST EXPENSE

Interest expense decreased by $301,000, or 21.8%, to $1.1 million, for the three
months ended March 31, 2003 compared to the same period in 2002. The decrease in
interest expense was due to a $2.6 million,  or 2.0%, decrease from 2002 to 2003
in the weighted  average  balance of  interest-bearing  liabilities  and by a 87
basis point decrease in the average yield of  interest-bearing  liabilities,  to
3.43% in 2003 from 4.30% in 2002.

NET INTEREST INCOME

Net interest income increased by $39,000, or 3.9%, to $1.0 million for the three
months ended March 31, 2003  compared to same period in 2002.  The interest rate
spread  amounted to 2.74% and 2.58% during the three months ended March 31, 2003
and 2002,  respectively,  while the interest  margin amounted to 3.02% and 2.88%
during the three months ended March 31, 2003 and 2002, respectively.

PROVISION FOR LOAN LOSSES

Provision for loan losses  remained  level at $30,000 for the three months ended
March 31, 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.

                                       9
<PAGE>

NON-INTEREST INCOME

Non-interest  income  increased by $1,000,  or 2.3%,  to $48,000,  for the three
months ended March 31, 2003 compared to the same period in 2002, and such income
amounted to 0.14% and 0.13% of average  assets for the three  months ended March
31, 2003 and 2002, 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 offset by a decrease of $2,000 in other non-interest
income, net.

NON-INTEREST EXPENSE

Non-interest  expense increased by $13,000, or 2.5%, to $541,000,  for the three
months  ended  March 31,  2003  compared  to the same  period in 2002,  and such
expense amounted to 1.53% and 1.48% of average assets for the three months ended
March 31, 2003 and 2002,  respectively.  The  increase  was due to  increases in
compensation  and  employee  benefits  of $4,000,  in  occupancy  and  equipment
expense, net of $3,000, in data processing expense of $4,000, in state franchise
tax of $2,000, and in other non-interest expense of $5,000, which were offset by
decreases in legal and other professional fees of $5,000.

INCOME TAXES

The  provision  for income  taxes for the three  months ended March 31, 2003 and
2002 was $170,000 and  $163,000,  respectively,  which as a percentage of income
before  taxes was 33.7% for the three  months ended March 31, 2003 and 34.0% for
the three months ended March 31, 2002.

                                       10
<PAGE>

NON-PERFORMING ASSETS

The  following  table  sets  forth   information  with  respect  to  the  Bank's
non-performing  assets  at the  dates  indicated.  No  loans  were  recorded  as
restructured loans within the meaning of SFAS No. 15 at the dates indicated.
<TABLE>
<CAPTION>
                                                                            MARCH 31,        DECEMBER 31,
                                                                              2003              2002
                                                                           ----------        -----------
<S>                                                                        <C>                <C>
Loans accounted for on a non-accrual basis:(1)
   Real estate mortgage:
     One-to-four family residential                                        $  307,434         $  262,279
     Multi-family residential, non-residential, and land                           --                 --
   Commercial non-mortgage                                                         --                 --
   Consumer                                                                    36,734                 --
                                                                           ----------         ----------
       Total                                                               $  344,168         $  262,279
                                                                           ==========         ==========
Accruing loans which are contractually past due 90 days or more:
   Real estate mortgage:
     One-to-four family residential                                        $1,785,130         $1,417,872
     Multi-family residential, non-residential, and land                           --                 --
   Commercial non-mortgage                                                    286,888            130,629
   Consumer                                                                    41,000             19,331
                                                                           ----------         ----------
       Total                                                               $2,113,018         $1,567,832
                                                                           ==========         ==========
Total of loans accounted for as non-accrual or as accruing past
   due 90 days or more                                                     $2,457,186         $1,830,111
                                                                           ==========         ==========
Percentage of loans receivable                                                   2.17%              1.53%
                                                                           ==========         ==========
Other non-performing assets(2)                                             $   89,588         $   88,186
                                                                           ==========         ==========
<FN>
(1)  Non-accrual  status  denotes any  mortgage  loan past due 90 days and whose
     loan  balance,  plus accrued  interest  exceeds 90% of the  estimated  loan
     collateral  value,  and any consumer or  commercial  loan more than 90 days
     past due. Payments received on a non-accrual loan are either applied to the
     outstanding  principal  balance or recorded as  interest  income,  or both,
     depending on assessment of the collectibility of the loan.

(2)  Other non-performing assets represent property acquired by the Bank through
     foreclosure or  repossession.  Such property is carried at the lower of its
     fair market value or the principal balance of the related loan.
</FN>
</TABLE>

At March 31, 2003 and  December  31,  2002,  the amount of interest  income that
would have been recorded on loans in non-accrual status had such loans performed
in accordance with their terms was $22,737 and $23,384, respectively.

At March 31, 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.

                                       11
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

The Bank's  principal  sources of funds for  operations  are  deposits  from its
primary market area, principal and interest payments on loans, and proceeds from
maturing investment securities.  The principal uses of funds by the Bank include
the origination and purchase of mortgage,  commercial and consumer loans and the
purchase of investment securities.  The Bank must satisfy two capital standards,
as set by the OTS. These  standards  include a ratio of core capital to adjusted
total assets of 4.0%,  and a  combination  of core and  "supplementary"  capital
equal to 8.0% of risk-weighted assets. The Bank's capital exceeded these capital
standards at March 31, 2003.

At March 31, 2003,  the Bank had  outstanding  commitments  to  originate  loans
totaling  $1.9  million,  excluding  $1.4 million in unused home equity lines of
credit and $1.1 million in other lines of credit and standby  letters of credit.
Additionally,  the Bank had undisbursed commitments on construction loans closed
totaling $3.7 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 March 31, 2003,  totaled
$62.6  million.  Management  believes  that a  significant  percentage  of  such
deposits will remain with the Bank.

ITEM 3:         CONTROLS AND PROCEDURES

Within 90 days prior to the date of this  report,  the  Company  carried  out an
evaluation,  under the supervision and with the  participation  of the principal
executive officer and principal  financial officer,  of the effectiveness of the
design and operation of our disclosure  controls and  procedures.  Based on this
evaluation,  the principal  executive  officer and principal  financial  officer
concluded that the Company's disclosure controls and procedures are effective in
timely  alerting  them to  material  information  required to be included in our
periodic SEC reports.

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

                                       12
<PAGE>

PART II. OTHER INFORMATION


Item 1.  LEGAL PROCEEDINGS                                                  None


Item 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS                          None


Item 3.  DEFAULTS UPON SENIOR SECURITIES                                    None


Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                None


Item 5.  OTHER INFORMATION                                                  None


Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

               a) Exhibits

                       99      Certification

               b) No reports on Form 8-K were filed during the quarter ended
                  March 31, 2003.


                                       13
<PAGE>

SIGNATURES

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


                          CKF BANCORP, INC.

Date:  May 12, 2003       /s/ John H. Stigall
                          ------------------------------------------------------
                          John H. Stigall, President and Chief Executive Officer
                          (Duly Authorized Officer)




Date:  May 12, 2003       /s/ Russell M. Brooks
                          ------------------------------------------------------
                          Russell M. Brooks, Vice President and Treasurer
                          (Principal Financial and Accounting Officer)

                                       14
<PAGE>

                                  CERTIFICATION


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

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

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

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

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

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

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

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

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

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

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

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

Date: May 12, 2003


                                    /s/ John H. Stigall
                                    ----------------------------------------
                                    John H. Stigall
                                    President and Chief Executive Officer
                                    (Duly Authorized Officer)

                                       15
<PAGE>
                                  CERTIFICATION


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

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

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

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

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

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

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

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

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

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

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

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

Date: May 12, 2003


                                     /s/ Russell M. Brooks
                                     ------------------------------------------
                                     Russell M. Brooks
                                     Vice President and Chief Financial Officer
                                     (Duly Authorized Officer)