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, 2002.

                                       OR

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


Commission File Number:    0-25180

                                CKF BANCORP, INC.
                                -----------------
        (Exact name of small business issuer as specified in its charter)

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

340 WEST MAIN STREET, DANVILLE, KENTUCKY                          40422
----------------------------------------                  ---------------------
(Address of principal executive offices)                        (Zip Code)

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

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

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

As of May 9, 2002,  735,843 shares of the registrant's  common stock were issued
and outstanding.

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

Page 1 of 15 Pages                                  Exhibit Index at Page  n/a
                                                                           ----

<PAGE>
                                    CONTENTS

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

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

         Consolidated Statements of Income for the Three-Month Periods Ended
          March 31, 2002 and 2001 (unaudited).................................4

         Consolidated Statement of Changes in Stockholders' Equity for the
          Three Month Periods Ended March 31, 2002 and 2001 (unaudited).......5

         Consolidated Statements of Cash Flows for the Three-Month Periods
          Ended March 31, 2002 and 2001 (unaudited)...........................6

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

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


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings...................................................14
Item 2.  Changes in Securities and Use of Proceeds...........................14
Item 3.  Defaults Upon Senior Securities.....................................14
Item 4.  Submission of Matters to a Vote of Security Holders.................14
Item 5.  Other Information...................................................14
Item 6.  Exhibits and Reports on Form 8-K....................................14

SIGNATURES

<PAGE>

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

Cash and due from banks                                                  $     1,474,368       $   1,653,515
Interest bearing deposits                                                      9,255,220           3,867,477
Investment securities:
   Securities available-for-sale                                               2,070,425           2,136,749
   Securities held-to-maturity                                                 1,646,042           1,662,518
FHLB Stock                                                                     1,608,500           1,590,900
Loans receivable, net                                                        123,491,398         123,488,713
Accrued interest receivable                                                    1,025,381             997,077
Real estate owned                                                                 60,802                  --
Office property and equipment, net                                             2,031,643           2,054,217
Goodwill, net of amortization of $44,492                                       1,099,588           1,099,588
Prepaid federal income tax                                                       160,595             369,027
Other assets                                                                     153,975             183,010
                                                                         ---------------       -------------

       Total assets                                                      $   144,077,937       $ 139,102,791
                                                                         ===============       =============

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                 $   118,577,773       $ 113,642,079
Advances from Federal Home Loan Bank                                          10,862,159          10,921,675
Accrued interest payable                                                          84,161              58,605
Advance payment by borrowers for taxes and insurance                              87,591              40,482
Deferred federal income tax                                                      764,223             832,431
Other liabilities                                                                624,611             604,717
                                                                         ---------------       -------------

     Total liabilities                                                       131,000,518         126,099,989
                                                                         ---------------       -------------

Commitments and contingencies

Preferred stock, 100,000 shares, authorized and unissued
Common stock, $.01 par value, 4,000,000 shares authorized;
   655,031 and 651,083, issued and outstanding at March 31,
   2002 and December 31, 2001, respectively                                       10,000              10,000
Additional paid-in capital                                                     9,531,644           9,555,941
Retained earnings, substantially restricted                                    8,800,967           8,727,481
Accumulated other comprehensive income                                           283,343             327,117
Treasury stock, 264,157 and 261,085 shares, respectively, at cost             (4,354,309)         (4,301,010)
Incentive Plan Trust, 40,600 and 46,100 shares, respectively, at cost           (792,106)           (899,411)
Unearned Employee Stock Ownership Plan (ESOP) stock                             (402,120)           (417,316)
                                                                         ----------------      -------------

     Total stockholders' equity                                               13,077,419          13,002,802
                                                                         ---------------       -------------

     Total liabilities and stockholders' equity                          $   144,077,937       $ 139,102,791
                                                                         ===============       =============
</TABLE>

          See accompanying notes to consolidated financial statements.


                                       3
<PAGE>
                        CKF BANCORP, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                FOR THE THREE-MONTH PERIODS
                                                                                       ENDED MARCH 31
                                                                                    2002              2001
                                                                                -------------    -------------
<S>                                                                             <C>              <C>
INTEREST INCOME:
   Interest on loans                                                            $   2,288,086    $   1,491,563
   Interest and dividends on investments                                               48,212           31,489
   Other interest income                                                               32,073           27,940
                                                                                -------------    -------------
      Total interest income                                                         2,368,371        1,550,992
                                                                                -------------    -------------
INTEREST EXPENSE:
   Interest on deposits                                                             1,250,797          860,945
   Other interest expense                                                             127,540           74,852
                                                                                -------------    -------------
      Total interest expense                                                        1,378,337          935,797
                                                                                -------------    -------------

NET INTEREST INCOME                                                                   990,034          615,195
   Provision for loan losses                                                           30,000            9,000
                                                                                -------------    -------------
      Net interest income after provision for loan losses                             960,034          606,195
                                                                                -------------    -------------
NON-INTEREST INCOME:
   Loan and other service fees                                                         43,557           34,237
   Gain on foreclosed real estate                                                         953               --
   Other non-interest income, net                                                       2,223            5,306
                                                                                -------------    -------------
      Total non-interest income                                                        46,732           39,543
                                                                                -------------    -------------
NON-INTEREST EXPENSE:
   Compensation and benefits                                                          290,251          159,690
   Occupancy expense, net                                                              52,391           26,136
   Data processing                                                                     56,616           36,091
   Legal and professional fees                                                         16,637           17,487
   State franchise tax                                                                 33,668           18,509
   Other non-interest expense                                                          78,459           29,763
                                                                                -------------    -------------
      Total non-interest expense                                                      528,022          287,676
                                                                                -------------    -------------

Income before income tax expense                                                      478,744          358,062

Provision for income taxes                                                            162,773          124,673
                                                                                -------------    -------------

Net income                                                                      $     315,971    $     233,389
                                                                                =============    =============

Basic earnings per common share                                                 $         .48    $         .36
                                                                                =============    =============

Diluted earnings per common share                                               $         .48    $         .36
                                                                                =============    =============

Weighted average common shares outstanding during the period                          652,134          637,562
                                                                                =============    =============

Weighted average common shares outstanding after dilutive effect
   during the period                                                                  659,760          637,562
                                                                                =============    =============
</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, 2002 AND 2001
                                   (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, 2000           $ 10,000     $ 9,578,665        $ 8,091,071          $ 348,909        $ (4,136,260)

Comprehensive income:
  Net income                                                             233,389
  Other  comprehensive  loss,
    net of tax                                                                              (11,776)

    Unrealized loss on securities
Total comprehensive income

Dividend declared                                                      (203,643)

ESOP shares earned                                      4,509

Purchase of common  stock,
 12,000 shares                                                                                                 (164,750)
                                     --------     -----------       ------------          ---------       -------------

Balance, March 31, 2001              $ 10,000     $ 9,583,174       $  8,120,817          $ 337,133        $ (4,301,010)
                                     ========     ===========       ============          =========        ============


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 of tax                                                                              (43,774)

    Unrealized loss on securities
Total comprehensive income

Dividend declared                                                      (242,485)

ESOP shares earned                                     10,821

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

Shares  issued  upon  exercise
 of options                                           (35,118)
                                     --------     -----------       ------------         ----------        ------------

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

                                     INCENTIVE            UNEARNED         TOTAL
                                       PLAN                 ESOP          STOCKHOLDERS'
                                       TRUST               SHARES           EQUITY
                                    -------------       ------------    --------------
<S>                                  <C>                 <C>              <C>
Balance, December 31, 2000           (1,093,433)        $ (472,086)      $ 12,326,866

Comprehensive income:
  Net income                                                                  233,389
  Other  comprehensive  loss,
    net of tax                                                                (11,776)
                                                                             --------
    Unrealized loss on securities
Total comprehensive income                                                    221,613

Dividend declared                                                           (203,643)

ESOP shares earned                                           15,788            20,297

Purchase of common  stock,
 12,000 shares                                                               (164,750)
                                    ------------        -----------      ------------

Balance, March 31, 2001              (1,093,433)        $ (456,298)      $ 12,200,383
                                    ===========         ==========       ============


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

Comprehensive income:
  Net income                                                                  315,971
  Other  comprehensive  loss,
    net of tax                                                                (43,774)
                                                                             --------
    Unrealized loss on securities
Total comprehensive income                                                    272,197

Dividend declared                                                            (242,485)

ESOP shares earned                                          15,196             26,017

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

Shares  issued  upon  exercise
 of options                             107,305                                72,187
                                    -----------         ----------       ------------

Balance, March 31, 2002             $  (792,106)        $ (402,120)      $ 13,077,419
                                    ===========         ==========       ============
</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
                                                                                    2002              2001
                                                                                -------------    -------------
<S>                                                                              <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                                     $    315,971      $   233,389
  ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH
    PROVIDED BY OPERATING ACTIVITIES:
    Amortization of discounts and premiums on investments                                (617)           1,324
    Federal Home Loan Bank stock dividends                                            (17,600)         (11,400)
    Amortization of premiums on loans                                                  25,578               --
    Amortization of deferred loan origination fees                                     (2,439)          (2,852)
    Provision for losses on loans                                                      30,000            9,000
    ESOP benefit expense                                                               26,017           20,297
    Provision for depreciation                                                         33,309           21,443
    Amortization of premiums on deposits and FHLB advances                            (96,889)              --
    Change in:
      Accrued interest receivable                                                     (28,304)         (26,376)
      Other assets                                                                     29,035          (68,895)
      Accrued interest payable                                                         25,556          (34,530)
      Other liabilities                                                                19,895           37,271
      Federal income taxes                                                            162,773          103,131
                                                                                -------------      -----------
        Net cash provided by operating activities                                     522,285          281,802
                                                                                -------------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Principal repayments on mortgage back securities                                     17,093           70,356
  Loan originations and principal payment on loans, net                              (116,626)      (2,376,068)
  Purchase of government agency bonds                                                      --         (992,468)
  Purchase of office equipment                                                        (10,735)              --
  Acquisition cost                                                                         --          (81,953)
                                                                                -------------      -----------
        Net cash (used) by investing activities                                      (110,268)      (3,380,133)
                                                                                --------------     -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase (decrease) in deposit accounts                                       4,808,925          723,965
  Net increase (decrease) in certificates of deposit                                  215,541       12,596,254
  Payments on FHLB advances                                                           (51,399)      (7,514,302)
  Net increase (decrease) in custodial accounts                                        47,109           35,584
  Proceeds from the exercise of stock options                                          72,187               --
  Purchase of treasury stock                                                          (53,299)        (164,750)
  Payment of dividends to shareholders                                               (242,485)        (203,643)
                                                                                -------------      -----------
        Net cash provided (used) by financing activities                            4,796,579        5,473,108
                                                                                -------------      -----------

Increase (decrease) in cash and cash equivalents                                    5,208,596        2,374,777
Cash and cash equivalents, beginning of period                                      5,520,992        3,266,707
                                                                                -------------      -----------
Cash and cash equivalents, end of period                                        $  10,729,588     $  5,641,484
                                                                                =============     ============

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
  Cash paid for income taxes                                                    $          --     $     21,542
                                                                                =============     ============
  Cash paid for interest                                                        $   1,449,670     $    970,328
                                                                                =============     ============

SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
  ESOP stock released                                                           $      26,016     $     20,297
                                                                                =============     ============
  Real estate owned acquired by foreclosure                                     $      60,802     $     93,333
                                                                                =============     ============
</TABLE>

                                       6
<PAGE>

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,  2002 are not  necessarily
     indicative  of results  that may be  expected  for the entire  fiscal  year
     ending December 31, 2002.

2.   REGULATORY CAPITAL

     The Bank's actual capital and its statutory  required  capital levels based
     on the consolidated  financial  statements  accompanying these notes are as
     follows (in thousands):
<TABLE>
<CAPTION>
                                                            MARCH 31, 2002
                             ---------------------------------------------------------------------------------
                                                               FOR CAPITAL                 TO BE WELL
                                                            ADEQUACY PURPOSES           CAPITALIZED UNDER
                                                                                        PROMPT CORRECTIVE
                                                                                        ACTION PROVISIONS
                             -------------------------   -------------------------  --------------------------
                                      ACTUAL                     REQUIRED                    REQUIRED
                             -------------------------   -------------------------  --------------------------
                                AMOUNT        %             AMOUNT        %            AMOUNT         %
                             -------------------------   -------------------------  --------------------------
<S>                              <C>         <C>               <C>       <C>              <C>       <C>
Core capital                     $ 10,259    7.2%              $5,702    4.0%             $8,552    6.0%
Tangible capital                   10,259    7.2%               5,702    4.0%                n/a    n/a
Total Risk based capital           11,030   11.5%               7,697    8.0%              9,621   10.0%
Tier 1 Risk based capital          10,259   10.7%                 n/a    n/a               4,811    5.0%
</TABLE>

3.   DIVIDENDS

     A cash  dividend  of $0.35  per  share  was paid on  February  11,  2002 to
     stockholders  of record as of January 28, 2002. The total dividends paid by
     the Company for the quarter ended March 31, 2002 amounted to $242,485.

                                       7
<PAGE>

4.   COMMON STOCK

     The Company  purchased  3,072 shares of treasury stock at a cost of $53,299
     during the three  months ended March 31,  2002.  In  addition,  the Company
     issued  5,500  shares of stock at a price of  $13.13  per  share,  or total
     proceeds of $72,187, related the exercise of stock options during the three
     month period.

5.   BUSINESS COMBINATION

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

     The  combination was accounted for under the purchase method of accounting,
     and  accordingly,  the net assets  were  recorded at their  estimated  fair
     values at the date of acquisition, May 31, 2001. The net assets acquired at
     May 31, 2001 totaled $13.7  million,  with total assets  amounting to $56.1
     million  which  includes  net loans of $47.8  million and  goodwill of $1.1
     million and with total liabilities assumed amounting to $42.4 million which
     included deposits of $31.6 million and FHLB advances of $10.1 million. Fair
     value  adjustments on the assets and  liabilities  included in the purchase
     are being  amortized  over the  estimated  lives of the related  assets and
     liabilities. The excess of the purchase price over the estimated fair value
     of the  underlying  net assets of $1,144,080  was allocated to goodwill and
     was amortized over 15 years using the straight-line method through December
     31, 2001 (See Note 6).

6.   GOODWILL

     In June 2001,  the  Financial  Accounting  Standards  Board  (FASB)  issued
     Statement No. 141, "Business Combinations" and Statement No. 142, "Goodwill
     and Other  Intangible  Assets."  Statement  No. 141  pertains  to  business
     combinations  initiated  after  June 30,  2001 and  requires  all  business
     combinations  after this date to be accounted for using the purchase method
     of accounting.  The Statement  further  provided that goodwill  recorded in
     purchase  accounting  transactions  occurring  prior to June 30, 2001 would
     continue to be  amortized  against  earnings  until the  effective  date of
     Statement  No.  142.  Statement  No. 142  pertains  to the  accounting  for
     goodwill  and other  intangible  assets and is  effective  for the  Company
     beginning  January  1, 2002.  Beginning  in January  2002,  the  Company is
     required to cease  amortizing  goodwill.  In accordance  with Statement No.
     142, and subsequent to the effective  date, the Company is required to test
     the goodwill  carrying  value for  impairment at the reporting  unit level,
     which is the operating segment or component of the business identified with
     the  goodwill.  If the  carrying  amount of  goodwill  exceeds  the implied
     goodwill  determined  as a result  of the test then an  impairment  loss is
     immediately  recognized for the excess amount.  Further,  after the initial
     evaluation  of goodwill,  the Company must  annually  evaluate the recorded
     goodwill for impairment.  For the three-month  period ended March 31, 2002,
     the Company did not record any loss due to the impairment of goodwill,  and
     the carrying value of goodwill at March 31, 2002 totals $1,099,588.

                                       8
<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.

FINANCIAL CONDITION

Total  assets  increased  approximately  $5.0  million,  from $139.1  million at
December  31,  2001 to $144.1  million at March 31,  2002.  The net  increase in
assets includes a $5.2 million, or 94.3%,  increase in cash and interest-bearing
deposits, a $2,000 increase in net loans receivable and a decrease of $83,000 in
the investment security  portfolio.  The $5.0 million increase in net assets was
funded  by a $5.0  million  growth  in  deposits.  The  high  level  of cash and
interest-bearing  deposits is expected to be temporary with funds expected to be
used for  repayment  of maturing  borrowed  funds or for loan  originations  and
purchases.

The Company's aggregate  investment  securities  portfolio decreased $83,000, or
2.2%,   to  $3.7  million  at  March  31,   2002.   Securities   classified   as
available-for-sale  and  recorded  at market  value per SFAS No.  115  decreased
$66,000 due solely to the decrease in the market value of such securities. Other
investment  securities  classified  as  securities  held to  maturity  decreased
$16,000 due to principal repayments on mortgage backed securities.

Loans  receivable  increased  by $2,000,  to $123.5  million at March 31,  2002.
Originations  and purchases of loans totaled $9.3 million during the three-month
period ended March 31, 2002 and were offset by loan principal  repayments during
the period.

Deposits  increased by $5.0  million,  or 4.3%,  to $118.6  million at March 31,
2002.  This increase  reflects the Company's  competitively  priced product line
within the local  market area,  plus the reaction of customers to the  increased
risk in alternative  investments as evidenced by the recent decline in the stock
market  indexes.  Advances from the Federal Home Loan Bank decreased by $60,000,
or 0.5%, to $10.9 million at March 31, 2002.

Stockholders'  equity  increased by $75,000,  or 0.6%, to $13.1 million at March
31, 2002. The increase was due to earnings of $316,000,  shares  released by the
Employee Stock Ownership Plan of $26,000, and shares issued upon the exercise of
stock options of $72,000, which were offset by dividends paid to stockholders of
$242,000,  a decrease the unrealized  gains on available for sale  securities of
$44,000 and the purchase of treasury stock of $53,000.


                                       9
<PAGE>
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

NET INCOME

Net income for the three months  ended March 31, 2001 was  $316,000  compared to
$233,000 for the corresponding period in 2001, an increase of $83,000, or 35.4%.
The increase resulted from an increase in net interest income of $375,000,  plus
an increase of $7,000 in non-interest  income,  offset by increases in provision
for loan losses of  $21,000,  non-interest  expense of  $240,000  and income tax
expense of $38,000.  The  increases in net income items were largely  related to
the Company's acquisition of First Lancaster Bancshares, Inc. on May 31, 2001.

INTEREST INCOME

Interest  income totaled 6.89% of average assets for the quarter ended March 31,
2002  compared to 7.97% for the quarter  ended March 31, 2001.  Interest  income
increased  $817,000,  or 52.7%,  to $2.4 million for the quarter ended March 31,
2002 from $1.6 million for the quarter  ended March 31,  2001.  The increase was
due to an  increase  in the  average  earning  assets of $59.8  million  for the
quarter  ended  March 31,  2002  compared to the same period in 2001 offset by a
decrease of 108 basis points in the  effective  rate earned on  interest-bearing
assets for the respective  periods.  The increase in the average  earning assets
was primarily due to the Company's  acquisition of First  Lancaster  Bancshares,
Inc. on May 31, 2001.

INTEREST EXPENSE

Interest  expense  totaled  $1.4 million and $936,000 for the three months ended
March 31, 2002 and 2001,  respectively.  The  increase  in  interest  expense of
$443,000, or 47.3%, for the three months ended March 31, 2002 as compared to the
same  period  for  2001  was due to an  increase  of $61.0  million  in  average
interest-bearing  liabilities  for the quarter  ended March 31, 2002 compared to
the same period in 2001 offset by a decrease of 128 basis points,  from 5.58% to
4.30%, in the interest rate paid on average interest bearing liabilities for the
quarter ended March 31, 2002  compared to the same period in 2001.  The increase
in average interest bearing  liabilities was primarily due to the acquisition of
First Lancaster Bancshares on May 31, 2001.

NET INTEREST INCOME

Net interest income increased by $375,000,  or 61.0%, to a total of $990,000 for
the three months ended March 31, 2002  compared to $615,000 for the three months
ended March 31, 2001. The increase in net interest  income was  attributable  to
increases in interest  earning assets and interest  costing  liabilities,  which
were primarily due to the acquisition of First  Lancaster  Bancshares on May 31,
2001.  The  interest  rate spread  amounted to 2.58% and 2.39%  during the three
month  periods ended March 31, 2002 and 2001,  respectively,  while the interest
margin  amounted to 2.88% and 3.16% during the three month  periods  ended March
31, 2002 and 2001, respectively.

PROVISION FOR LOAN LOSSES

The Bank  established  a provision  for loan losses of $30,000 and $9,000 in the
quarters ended March 31, 2002 and 2001, respectively. Management established the
Bank's  existing  level of its allowance for loan losses based upon its analysis
of various  factors,  including the market value of the  underlying  collateral,
composition  of the loan  portfolio,  the  Bank's  historical  loss  experience,
delinquency  trends and  prevailing  and  projected  economic  conditions in the
Bank's market area.  The Company's  allowance for loan losses as a percentage of
total loans outstanding, net of unearned loan origination fees, totaled 0.40% at
March 31, 2002 compared to 0.37% at December 31, 2001.

                                       10
<PAGE>

NON-INTEREST INCOME

Non-interest  income  amounted to $47,000 and $40,000 for the three months ended
March 31, 2002 and 2001,  respectively.  Non-interest  income included primarily
fees charged in connection with loans and service charges on deposit accounts of
$44,000  and  $34,000  for the  three  months  ended  March  31,  2002 and 2001,
respectively.

NON-INTEREST EXPENSE

Non-interest  expense  totaled  $528,000 and $288,000 for the three months ended
March 31, 2002 and 2001,  respectively,  an increase of $240,000,  or 83.5%, and
such expense  amounted to 1.5% and 1.4% of average  assets for the periods ended
March 31, 2002 and 2001,  respectively.  The  increase  was due to  increases in
compensation  and  benefits of  $131,000,  occupancy  expense of  $26,000,  data
processing  expense  of  $21,000,  state  franchise  tax of  $15,000,  and other
operating expenses of $48,000.

INCOME TAXES

The  provision  for income  taxes for the three  months ended March 31, 2002 and
2001 were $163,000 and $125,000,  respectively,  which as a percentage of income
before  income  taxes was 34.0% for the three  months  ended  March 31, 2002 and
34.8% for the same period in the prior year.

                                       11
<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,
                                                                                2002                  2001
                                                                           -------------         -------------
<S>                                                                        <C>                   <C>
Loans accounted for on a non-accrual basis:(1)
   Real estate mortgage:
     One-to-four family residential                                        $     475,618         $     332,141
     Multi-family residential, non-residential, and land                              --                    --
   Commercial non-mortgage                                                            --                    --
   Consumer                                                                           --                40,532
                                                                           -------------         -------------
       Total                                                               $     475,618         $     373,673
                                                                           =============         =============

Accruing loans which are contractually past due 90 days or more:
   Real estate mortgage:
     One-to-four family residential                                        $   1,852,683         $   1,739,818
     Multi-family residential, non-residential, and land                         424,615                    --
   Commercial non-mortgage                                                            --                    --
   Consumer                                                                       66,890                30,100
                                                                           -------------         -------------
       Total                                                               $   2,344,188         $   1,769,918
                                                                           =============         =============

Total of loans accounted for as non-accrual or as accruing past
   due 90 days or more                                                     $   2,819,806         $   2,142,591
                                                                           =============         =============
Percentage of total loans                                                           2.21%                 1.74%
                                                                           =============         =============
Other non-performing assets(2)                                             $      68,302         $       9,500
                                                                           =============         =============
<FN>
(1)  Non-accrual  status  denotes any  mortgage  loan past due 90 days and whose
     loan  balance,  plus accrued  interest  exceeds 90% of the  estimated  loan
     collateral  value,  and any consumer or  commercial  loan more than 90 days
     past due. Payments received on a non-accrual loan are either applied to the
     outstanding  principal  balance or recorded as  interest  income,  or both,
     depending on assessment of the collectibility of the loan.

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

During the three  months  ended March 31, 2002,  additional  interest  income of
$6,878 would have been recorded on loans accounted for on a non-accrual basis if
the loans had been current throughout the year.  Interest on such loans actually
included in income during the three months ended March 31, 2002 totaled $3,307.

At March 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.


                                       12
<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, 2002.

At March 31, 2002,  the Bank had  outstanding  commitments  to  originate  loans
totaling  $2.9  million,  excluding  $1.6 million in unused home equity lines of
credit and $1.2 million in other lines of credit and standby  letters of credit.
Additionally,  the Bank had undisbursed commitments on construction loans closed
totaling $3.6 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, 2002,  totaled
$35.8  million.  Management  believes  that a  significant  percentage  of  such
deposits will remain with the Bank.

                                       13
<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

          No reports on Form 8-K were filed  during the quarter  ended March 31,
          2002.



                                       14
<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 10, 2002       /s/ John H. Stigall
                          ------------------------------------------------------
                          John H. Stigall, President and Chief Executive Officer
                          (Duly Authorized Officer)




Date:  May 10, 2002       /s/ Russell M. Brooks
                          ------------------------------------------------------
                          Russell M. Brooks, Vice President and Treasurer
                          (Principal Financial and Accounting Officer)

                                       15