May 21, 2003

Board of Directors
Kentucky First Bancorp, Inc.
306 North Main Street
Cynthiana, Kentucky 41031

                  Re:      Registration Statement on Form S-8
                           ----------------------------------
Gentlemen:

     We have  acted as  counsel  to and for  Kentucky  First  Bancorp,  Inc.,  a
Delaware  corporation  (the  "Company"),  in connection with the preparation and
filing with the Securities and Exchange  Commission of a Registration  Statement
on Form S-8 (the "Registration  Statement") for the purpose of registering under
the  Securities  Act of 1933,  as amended,  1,389  shares (the  "Shares") of the
Company's common stock, par value $.01 per share (the "Common Stock") subject to
options granted pursuant to the Stock Option  Agreement  Between the Company and
Director Charles S. Brunker (the "Option Agreement").

     In our  capacity as counsel,  we have been  requested to render the opinion
set forth in this letter and, in  connection  therewith,  we have  reviewed  the
following documents: (i) the Registration Statement;  (ii) the Option Agreement;
(iii) the  Company's  Certificate  of  Incorporation  and Bylaws;  (iv)  certain
minutes of  meetings or  unanimous  consents  of the Board of  Directors  of the
Company;  and (v) a  certificate  of the  President and Secretary of the Company
dated May 2, 2003  certifying to the truth and  correctness  of (ii),  (iii) and
(iv).

     In  rendering  this  opinion,  we have  assumed  and relied  upon,  without
independent  investigation,  (i) the authenticity,  completeness,  truth and due
authorization and execution of all documents submitted to us as originals,  (ii)
the genuineness of all signatures on all documents submitted to us as originals,
and (iii) the  conformity to the  originals of all documents  submitted to us as
certified or photostatic copies.

     The law covered by the opinion  expressed herein is limited to the Delaware
General  Corporation  Law as  compiled  in  Volume  3 of  Prentice-Hall  Law and
Business Corporation Statutes without regard to case law.

     This  opinion  letter is given only with  respect  to laws and  regulations
presently in effect. We assume no obligation to advise you of any changes in law
or regulation which may hereafter occur,  whether the same are  retroactively or
prospectively  applied, or to update or supplement this letter in any fashion to
reflect any facts or circumstances which hereafter come to our attention.

     Based upon, and subject to, the  foregoing,  we are of the opinion that the
Shares when issued pursuant to and in accordance with the Option  Agreement will
be legally issued, fully paid and nonassessable.

     We  hereby  consent  to the  use  of  this  opinion  as an  exhibit  to the
Registration Statement.


                                       Very truly yours,

                                       STRADLEY RONON STEVENS & YOUNG, LLP


                                       By:/s/ Gary R. Bronstein
                                          --------------------------------
                                          Gary R. Bronstein, A Partner