SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the quarterly period ended              June 30, 2000
                               ------------------------------------

                                       OR

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

For the transition period from                      to
                               --------------------    --------------------

                        Commission file number 000-25693
                                               ---------

                              FLORIDAFIRST BANCORP
         ---------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          United States                                 59-3545582
--------------------------------------------------------------------------------
(State or other jurisdiction of             (I.R.S. employer identification no.)
incorporation or organization)

205 East Orange Street, Lakeland, Florida               33801-4611
--------------------------------------------------------------------------------
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code    (863) 688-6811
                                                    -----------------

                                       N/A
--------------------------------------------------------------------------------
               Former name, former address and former fiscal year,
                         if changed since last report.

         Indicate by check |X| whether the  registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes  X    No
                                              ---      ---

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

         Indicate  the  number of  shares  outstanding  of each of the  issuer's
classes of common stock, as of the latest practicable date August 10, 2000.

          Class                                         Outstanding
---------------------------                           ----------------
$.10 par value common stock                           5,347,297 shares


<PAGE>



                              FLORIDAFIRST BANCORP
                                    FORM 10-Q
                       FOR THE QUARTER ENDED JUNE 30, 2000

                                      INDEX

                                                                           Page
                                                                          Number
                                                                          ------

PART I - CONDENSED CONSOLIDATED FINANCIAL INFORMATION OF
             FLORIDAFIRST BANCORP

Item 1.  Financial Statements and Notes Thereto...........................  1
Item 2.  Management's Discussion and Analysis of Financial
            Condition and Results of Operations...........................  6
Item 3.  Qualitative and Quantitative Disclosure About Market Risk........  14

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings................................................  16
Item 2.  Changes in Securities............................................  16
Item 3.  Defaults upon Senior Securities..................................  16
Item 4.  Submission of Matters to a Vote of Security Holders..............  16
Item 5.  Other Information................................................  16
Item 6.  Exhibits and Reports on Form 8-K.................................  16

SIGNATURES................................................................  17



<PAGE>
                              FLORIDAFIRST BANCORP
            Condensed Consolidated Statements of Financial Condition
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                    June 30,  September 30,
                                                                      2000        1999
                                                                   ---------    ---------
<S>                                                               <C>          <C>
ASSETS
                                                                       (In thousands)
Cash and cash equivalents                                          $   5,473    $   2,598
Investment securities available for sale, at fair value               93,951       68,152
Investment securities held to maturity, market value
    $9,347 and $12,479                                                 9,687       12,724
Loans receivable, net of allowance for loan losses of
    $3,226 and $2,941                                                432,492      397,910
Premises and equipment, net                                            8,239        6,818
Federal Home Loan Bank stock, at cost                                  7,455        4,475
Other assets                                                          11,672        5,681
                                                                   ---------    ---------
                    Total assets                                   $ 568,969    $ 498,358
                                                                   =========    =========

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Deposits                                                           $ 357,535    $ 339,224
Federal Home Loan Bank advances                                      144,025       87,600
Other borrowings                                                       3,000        4,872
Other liabilities                                                      5,046        5,325
                                                                   ---------    ---------
                    Total liabilities                                509,606      437,021
                                                                   ---------    ---------

Commitments and contingencies                                              -            -

Stockholders' equity:
    Common stock, $ .10 par value, 18,000,000 shares authorized,
         5,752,875 outstanding                                           575          575
    Additional paid-in capital                                        25,085       25,124
    Retained earnings                                                 41,586       39,037
    Treasury stock, at cost, 405,578 and -0- shares                   (3,606)        --
    Unallocated shares held by the ESOP                               (1,838)      (2,163)
    Unallocated shares held by the RSP                                  (414)        --
    Accumulated other comprehensive loss                              (2,025)      (1,236)
                                                                   ---------    ---------
                    Total stockholders' equity                        59,363       61,337
                                                                   ---------    ---------
                    Total liabilities and stockholders' equity     $ 568,969    $ 498,358
                                                                   =========    =========

</TABLE>

See accompanying notes to unaudited condensed consolidated financial statements.

                                       1

<PAGE>
                      FLORIDAFIRST BANCORP
         Condensed Consolidated Statements of Earnings
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                   For the three months ended         For the nine months ended
                                                            June 30,                          June 30,
                                                         2000     1999                     2000      1999
                                                       -------   -------                  -------   -------
                                                              (In thousands, except per share amounts)
<S>                                                   <C>       <C>                      <C>       <C>
Interest income:
Loans                                                  $ 8,318   $ 7,157                  $23,894   $21,055
Investments and other                                    1,907     1,056                    5,188     2,947
                                                       -------   -------                  -------   -------
      Total interest income                             10,225     8,213                   29,082    24,002
                                                       -------   -------                  -------   -------
Interest expense:
Deposits                                                 3,949     3,578                   11,352    11,167
Federal Home Loan Bank advances and other borrowings     2,217       521                    5,388     1,431
                                                       -------   -------                  -------   -------
      Total interest expense                             6,166     4,099                   16,740    12,598
                                                       -------   -------                  -------   -------
Net interest income                                      4,059     4,114                   12,342    11,404
Provision for loan losses                                  180       120                      450       420
                                                       -------   -------                  -------   -------
Net interest income after provision for loan losses      3,879     3,994                   11,892    10,984
                                                       -------   -------                  -------   -------
Other income:
Fees and service charges                                   355       308                    1,017       849
Gain on sale of assets                                       -         -                       24       164
Other, net                                                 168        43                      432       123
                                                       -------   -------                  -------   -------
      Total other income                                   523       351                    1,473     1,136
                                                       -------   -------                  -------   -------
Other expenses:
Compensation and employee benefits                       1,613     1,470                    4,744     4,322
Occupancy and equipment costs                              430       470                    1,306     1,419
Marketing                                                   76       175                      382       432
Data processing costs                                      126       132                      382       391
Federal insurance premiums                                  17        53                       85       165
Other                                                      642       639                    2,095     1,781
                                                       -------   -------                  -------   -------
      Total other expenses                               2,904     2,939                    8,994     8,510
                                                       -------   -------                  -------   -------
Income before income taxes                               1,498     1,406                    4,371     3,610
Income taxes                                               530       466                    1,540     1,279
                                                       -------   -------                  -------   -------
NET INCOME                                             $   968   $   940                  $ 2,831   $ 2,331
                                                       =======   =======                  =======   =======

Basic and diluted earnings per share (1)               $  0.19   $  0.17                  $  0.54       N/A
                                                       =======   =======                  =======

Weighted average number of shares outstanding (1)        5,178     5,544                    5,280       N/A
                                                       =======   =======                  =======
</TABLE>

(1)  FloridaFirst  converted to a stock  company on April 6, 1999.  Earnings per
     share  and  weighted  average  shares  outstanding  are not  shown  for the
     nine-month period ended June 30, 1999.

See accompanying notes to unaudited condensed consolidated financial statements.

                                       2
<PAGE>
                              FLORIDAFIRST BANCORP
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                  For The Nine Months
                                                                                     Ended June 30,
                                                                                     2000        1999
                                                                                 --------    --------
                                                                                   (In thousands)
<S>                                                                             <C>         <C>
Operating activities:
Net income                                                                       $  2,831    $  2,331
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
    Provision for loan losses                                                         450         420
    Depreciation                                                                      554         558
    Gain on sale of branches and related deposits                                       -        (164)
    Increase in other assets                                                       (5,335)       (906)
    Increase (decrease) in other liabilities                                           42      (5,256)
                                                                                 --------    --------
         Net cash used in operating activities                                     (1,458)     (3,017)
                                                                                 --------    --------
Investing activities:
Proceeds from calls, maturities and repayment of investment securities             16,860      23,191
Increase in loans, net                                                            (35,222)    (38,939)
Purchase of investments available for sale                                        (40,877)    (31,518)
Purchase of FHLB stock                                                             (2,980)          -
Purchases of premises and equipment                                                (2,001)       (490)
Proceeds from disposition of premises and equipment                                    26         343
                                                                                 --------    --------
         Net cash used in investing activities                                    (64,194)    (47,413)
                                                                                 --------    --------
Financing activities:
Net increase (decrease) in deposits                                                18,311     (14,636)
Net increase in FHLB advances                                                      56,425      39,000
Net decrease in other borrowings                                                   (1,872)          -
Net proceeds from the issuance of common stock                                          -      23,536
Payments to acquire treasury stock                                                 (3,606)          -
Payments to acquire shares held by the RSP                                           (449)          -
Dividends paid                                                                       (282)          -
                                                                                 --------    --------
         Net cash provided by financing activities                                 68,527      47,900
                                                                                 --------    --------
Net increase (decrease) in cash and cash equivalents                                2,875      (2,530)
Cash and cash equivalents at beginning of period                                    2,598       5,217
                                                                                 --------    --------
Cash and cash equivalents at end of period                                       $  5,473    $  2,687
                                                                                 ========    ========
Supplemental disclosure of cash flow information -
    Cash paid during the period for:
      Interest                                                                   $ 16,462    $ 12,404
                                                                                 ========    ========
      Taxes                                                                      $  1,071    $    931
                                                                                 ========    ========

Supplemental disclosure of non-cash information:
    Additions to investment in real estate acquired through foreclosure          $    190    $     76
                                                                                 ========    ========
    Change in unrealized gain (loss) on investments available for sale, net of
      deferred tax benefit of $(466) and $(574)                                  $   (789)   $ (1,039)
                                                                                 ========    ========
    Allocation of shares held by the ESOP and RSP                                $    360           -
                                                                                 ========    ========

</TABLE>

See accompanying notes to unaudited condensed consolidated financial statements.

                                       3
<PAGE>

                              FLORIDAFIRST BANCORP
         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Note 1 -  BASIS OF PRESENTATION

The accompanying  condensed  consolidated  financial statements were prepared in
accordance with  instructions for Form 10-Q and,  therefore,  do not include all
information  necessary  for a  complete  presentation  of  financial  condition,
results of  operations,  and cash flows in conformity  with  generally  accepted
accounting principles. However, all adjustments,  consisting of normal recurring
accruals,  which,  in  the  opinion  of  management,  are  necessary  for a fair
presentation  of the financial  statements  have been  included.  The results of
operations  for the three and  nine-month  periods  ended June 30,  2000 are not
necessarily indicative of the results that may be expected for the entire fiscal
year or any other future period. The condensed consolidated financial statements
as of and for the three and  nine-month  periods ended June 30, 2000 include the
accounts  of  FloridaFirst  Bank (the  "Bank")  which  became the  wholly  owned
subsidiary  of  FloridaFirst  Bancorp  (the  "Company")  on April 6,  1999.  The
Company's business is conducted principally through the Bank.

These statements  should be read in conjunction with the consolidated  financial
statements  and  related  notes,  which are  incorporated  by  reference  in the
Company's Annual Report on Form 10-K for the year ended September 30, 1999.



Note 2 - COMPREHENSIVE INCOME

Comprehensive income for the periods presented was as follows:

                           Three Months Ended     Nine Months Ended
                                 June 30,              June 30,
                              2000       1999       2000       1999
                           -------    -------    -------    -------
Net income                 $   968    $   940    $ 2,831    $ 2,331
Other comprehensive loss      (376)      (776)      (789)    (1,039)
                           -------    -------    -------    -------
Comprehensive income       $   592    $   164    $ 2,042    $ 1,292
                           =======    =======    =======    =======

Other  comprehensive  losses  consisted  entirely of unrealized  losses,  net of
deferred taxes, on available for sale securities.


Note 3 - STOCK REPURCHASE PROGRAM

On October 19, 1999 the Company announced that it had received approval from the
Office of Thrift  Supervision  ("OTS") to proceed with its planned repurchase of
up to 15% of the common stock,  or 405,578 shares,  held by  stockholders  other
than FloridaFirst Bancorp MHC, the Company's mutual holding company. The Company
was  authorized  to make  such  repurchases  from  time  to time in open  market
transactions as, in the opinion of management,  market conditions  warrant.  The
repurchased  shares will be held in  treasury  stock and will be  available  for
general corporate purposes, including the exercise of stock options. The Company
completed the acquisition of all 405,578 shares under the repurchase program, at
an average price of $8.89, on February 28, 2000. Therefore, the weighted average
number of shares  outstanding for the quarter ended June 30, 2000 was reduced by
the entire 405,578 shares.

                                       4
<PAGE>



On November  15, 1999 the Company  received  approval  from the Office of Thrift
Supervision  ("OTS") to proceed with its planned repurchase for the FloridaFirst
Bank  Restricted  Stock Plan ("RSP") of up to 4% of the common stock, or 108,154
shares, held by stockholders other than FloridaFirst  Bancorp MHC, the Company's
mutual holding company.  The Company is authorized to make such repurchases from
time to time in open  market  transactions  as, in the  opinion  of  management,
market conditions warrant.  The repurchased shares will be held in trust for the
participants  in the RSP. As of June 30, 2000 the  Company had  acquired  57,879
shares  under the  repurchase  program  at an average  price of $7.76.  Weighted
average shares outstanding were not reduced for shares acquired by the RSP since
they are still considered outstanding shares, not reacquired shares.

Note 4 - EARNINGS PER SHARE

Basic earnings per share of common stock for the quarter ended June 30, 2000 has
been  computed by  dividing  net income for the period by the  weighted  average
number  of shares  outstanding,  which  includes  3,049,024  shares  held by the
Company's  mutual holding  company,  FloridaFirst  Bancorp MHC. Shares of common
stock  purchased by the Bank's Employee Stock Ownership Plan are only considered
outstanding  when the  shares are  released  or  committed  to be  released  for
allocation to  participants.  The Company has  determined  that 1,803 shares per
month  will be  added to the  outstanding  shares  for the  fiscal  year  ending
September 30, 2000. The common stock equivalents  related to the Company's stock
options granted are not dilutive to earnings per share for all periods  included
in this report. Therefore, basic and diluted earnings per share are the same.

Note 5 - SUBSEQUENT EVENT

On July  24,  2000,  the  Company  announced  that  the  Company,  the  Bank and
FloridaFirst Bancorp MHC had entered into plans of conversion and reorganization
from a mutual holding company form of organization to a full stock  corporation.
The Company expects the transaction to be completed by December 31, 2000.

                                       5

<PAGE>

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

Forward-Looking Statements

The  Company  may  from  time  to time  make  written  or  oral  forward-looking
statements,  including  statements  contained in the Company's  filings with the
Securities  and  Exchange  Commission  (the  "Commission")  and its  reports  to
stockholders.  Statements  made in such documents,  other than those  concerning
historical  information,  should be  considered  forward-looking  and subject to
various risks and uncertainties.  Such forward-looking statements are made based
upon  management's  belief  as well as  assumptions  made  by,  and  information
currently  available to management,  pursuant to "safe harbor" provisions of the
Private  Securities  Litigation Reform Act of 1995. The Company's actual results
may differ materially from the results anticipated in forward-looking statements
due  to a  variety  of  factors,  including  governmental  monetary  and  fiscal
policies,  deposit  levels,  loan demand,  loan  collateral  values,  securities
portfolio values, and interest rate risk management;  the effects of competition
in  the  banking  business  from  other  commercial  banks,   savings  and  loan
associations, mortgage banking firms, consumer finance companies, credit unions,
securities brokerage firms,  insurance companies,  money market mutual funds and
other  financial  institutions  operating  in  the  Company's  market  area  and
elsewhere,  including  institutions  operating through the Internet;  changes in
governmental regulation relating to the banking industry,  including regulations
relating to branching and  acquisitions;  failure of assumptions  underlying the
establishment  of  reserves  for  losses,  including  the  value  of  collateral
underlying  delinquent  loans,  Year 2000 issues and other factors.  The Company
cautions that such factors are not exclusive.  The Company does not undertake to
update any forward-looking  statements that may be made from time to time by, or
on behalf of, the Company.

Overview

On July  24,  2000,  the  Company  announced  that  the  Company,  the  Bank and
FloridaFirst Bancorp MHC had entered into plans of conversion and reorganization
from a mutual holding company form of organization to a full stock  corporation.
The Company expects the transaction to be completed by December 31, 2000.


Comparison of Financial Condition at June 30, 2000 and September 30, 1999

Assets.  Total assets  increased  $70.6 million,  or 14.2%, to $569.0 million at
June 30, 2000 from $498.4  million at September 30, 1999.  The increase in total
assets resulted primarily from a $34.6 million,  or a 11.6% annualized  increase
in the loan  portfolio  attributable  to steady loan demand in our market areas,
funding of construction loans and a slow down in loan prepayments.  In addition,
investment securities increased $22.8 million. Management plans to focus on loan
growth to effectively utilize the new capital raised in fiscal 1999. The capital
leveraging  strategy  will  include the  purchase of  investment  securities  to
complement its loan origination efforts. Other assets increased primarily due to
the cash  surrender  value of bank  owned  life  insurance  policies  that  were
purchased in January 2000.

Liabilities.  Total  liabilities  increased  $72.6 million,  or 16.6%, to $509.6
million at June 30, 2000 from $437.0 million at September 30, 1999. The increase
in total  liabilities  resulted  primarily  from a $56.4 million net increase in
FHLB  advances  utilized to fund the asset growth and a net deposit  increase of
$18.3  million.  The  increase  in deposits in recent  months  reflects  renewed
consumer  interest in  competitively  priced  certificates of deposit due to the
increase in  short-term  interest  rates.  Checking  and money  market  accounts
continue to grow through expansion of our customer base.

Management  continues to evaluate the available funding sources.  The attributes
of the alternative  funding  sources that  management  considers in its analysis
include  the   interest   and  other  costs  of  such   funding,   the  maturity
considerations and the nature and characteristics of assets being funded.

                                       6
<PAGE>

Stockholders'  Equity.  The  decrease  in  the  Company's  stockholders'  equity
reflects:

>    Net income for the nine months ended June 30, 2000 of $2.8 million
>    repurchase of 405,578 shares of Company stock at a cost of $3.6 million
>    repurchase  of  57,879  shares  of  Company  stock for the RSP at a cost of
     $449,000 (less shares issued at a cost of approximately $35,000)
>    change in accumulated other comprehensive loss of $789,000 (attributable to
     the net unrealized loss on investments available for sale)
>    repayment of $325,000 on the ESOP loan.
>    dividends paid that totaled $282,000.

The net unrealized loss on investments  available for sale relates  primarily to
the increasing level of interest rates during the fiscal year.  Increasing rates
reduce the value of certain  investments  held for sale that have longer average
lives. Because of interest rate volatility, accumulated other comprehensive loss
and stockholders'  equity could materially fluctuate for each interim period and
year-end  period.  The  decrease in market  value of the  investment  securities
available  for sale is  considered  temporary  in nature and will not affect net
income until the  securities  are sold. We plan to hold these  securities  until
maturity or until the market values of these securities  increase.  Accordingly,
we do not expect,  though there is no  assurance,  that our  investment in these
securities will affect net income in future periods.

At June 30, 2000,  the Company's  stockholders'  equity as a percentage of total
assets was 10.4%.


Comparison  of  Operating  Results for the Three  Months Ended June 30, 2000 and
June 30, 1999

Net Income.  Net income for the three months ended June 30, 2000  increased 3.0%
to $968,000, compared to $940,000 for the same period in 1999.

Net interest income decreased $55,000,  or 1.3%, for the three months ended June
30, 2000 compared to the same period in 1999. This decrease  resulted  primarily
from an increase in interest  income of $2.0  million,  offset by an increase in
interest expense of $2.1 million. Other expenses remained flat during both three
month periods at $2.9 million.

Interest  Income.  The following  discussion  highlights  the major factors that
impacted the changes in interest  income during the quarter when compared to the
prior  year.  Details  are  contained  in the  table  at page 8.

>    Loan  growth  reflects  the strong  loan  demand over the past year and the
     Company's increased emphasis on loan origination efforts.
>    The yield on loans has increased  slightly due to the steady rise in longer
     term  mortgage  loan  rates.  The impact of this  caused  overall  mortgage
     portfolio yields to increase  approximately 14 basis points. The increasing
     rates were offset by the large  refinancing  activity that occurred through
     the  first  half of 1999.  In  addition,  the  overall  portfolio  yield on
     consumer loan and commercial loan portfolios decreased about 4 basis points
     due to competitive pricing pressures.
>    The  average  balances  in the  investment  securities  portfolio  grew 62%
     primarily  due to the  Company's  strategy to leverage  the higher  capital
     level that resulted from the stock offering in April 1999.
>    The higher yield in the investment  portfolio  resulted from the leveraging
     strategy (outside the loan portfolio) in the latter part of fiscal 1999 and
     throughout fiscal 2000 when rates had risen significantly. In addition, the
     growth  occurred in securities  that had slightly longer average lives with
     higher yields.

                                       7
<PAGE>
Average  Balance  Sheet.  The  following  table sets forth  certain  information
relating to the Company for the periods indicated.  The average yields and costs
are  derived by dividing  income or expense by the average  balance of assets or
liabilities,  respectively,  for the periods  presented.  Average  balances  are
derived  from  average  daily  balances  for fiscal  2000,  but the fiscal  1999
averages are derived from month-end  balances.  Management does not believe that
the use of month-end  balances  instead of average daily balances has caused any
material differences in the information presented.
<TABLE>
<CAPTION>
                                            Three months                  Three months
                                            June 30, 2000                 June 30, 1999                     Changes in
                                   ----------------------------  ----------------------------  ------------------------------------
                                       Average           Yield/   Average             Yield/                               Yield/
                                       Balance  Interest  Cost    Balance    Interest Cost     Balances       % Interest    Cost
                                   ----------------------------  ----------------------------  ------------------------------------
<S>                                 <C>         <C>      <C>    <C>           <C>    <C>      <C>           <C> <C>        <C>
Interest-earnings assets (IEA):
      Loans receivable               $ 430,898   $ 8,318  7.72%  $ 376,029     7,157  7.61%    $ 54,869      15% $ 1,161    0.11%
      Investments and other (1)        108,971     1,945  7.14%     67,473     1,076  6.38%      41,498      62%     869    0.76%
                                     ---------   -------         ---------     -----           --------          -------
           Total  (1)                  539,869   $10,263  7.60%    443,502   $ 8,233  7.43%    $ 96,367      22% $ 2,030    0.18%
                                                 =======                     =======           ========          =======
Other assets                            21,487                      12,329
                                     ---------                   ---------
Total assets                         $ 561,356                   $ 455,831
                                     =========                   =========


Interest-bearing liabilities (IBL):
      Interest checking              $  32,870   $   152  1.85%  $  27,738   $   122  1.76%    $  5,132      19% $    30    0.09%
      Savings                           30,738       154  2.00%     36,379       154  1.69%      (5,641)    -16%       -    0.31%
      Money market accounts             25,213       263  4.17%     21,619       210  3.89%       3,594      17%      53    0.29%
      Certificate accounts             246,048     3,380  5.49%    241,302     3,092  5.13%       4,746       2%     288    0.37%
                                     ---------   -------         ---------     -----           --------          -------
           Total deposits              334,869     3,949  4.72%    327,038     3,578  4.38%       7,831       2%     371    0.34%
      Advances and other borrowings    144,992     2,217  6.12%     49,000       521  4.25%      95,992     196%   1,696    1.86%
                                     ---------   -------         ---------     -----           --------          -------
           Total                       479,861   $ 6,166  5.14%    376,038   $ 4,099  4.36%    $103,823      28% $ 2,067    0.78%
                                                 =======                     =======           ========          =======
Other liabilities                       22,134                      18,561
      Total liabilities                501,995                     394,599
Stockholders' equity                    59,361                      61,232
                                     ---------                   ---------
Total liabilities and equity         $ 561,356                   $ 455,831
                                     =========                   =========

Net interest income  (1)                         $ 4,097                     $ 4,134
                                                 =======                     =======
Average IEA to IBL                         113%                        118%
Interest rate spread                                      2.46%                       3.07%
Interest margin                                           3.04%                       3.73%

</TABLE>

(1)  Interest  income and net interest  income do not agree to the  statement of
     operations because the tax equivalent income on municipal bonds is included
     in this schedule.


                                       8
<PAGE>

Interest  Expense.  The following  discussion  highlights the major factors that
impacted the changes in Interest Expense during the quarter when compared to the
prior year. Detailed changes are contained in the table at page 8.

>    The slight increase in average deposits is attributable mainly to a special
     promotions for certificate  accounts during fiscal 2000 while maintaining a
     conservative   deposit   pricing   strategy  in  the  previous   year.  The
     conservative pricing strategy in the 1999 quarter was followed due to:
     o    utilization  of more cost  effective  funding  alternatives  that were
          available for the terms the Company has considered  appropriate to fit
          its interest rate management strategies, and
     o    $23.5 million in net proceeds received in the stock offering.
>    FHLB advances grew because the Company considered the advances to be a more
     cost-effective  funding alternative during the course of the year. Although
     the costs of the advances exceed the cost of certificate accounts,  funding
     asset growth through  certificate  accounts was deemed to be more expensive
     than wholesale funding.
>    The higher cost of funds related to certain  deposit  accounts and the FHLB
     advances is reflective of the  significant  rise in interest rates over the
     past year.

Provision  for Loan Losses.  The  provision for loan losses was $180,000 for the
three months ended June 30, 2000,  and $120,000 for the same period in 1999. The
allowance  for loan losses  increased  $360,000 to $3.2 million at June 30, 2000
from $2.9 million at June 30, 1999  reflecting a decrease in  substandard  loans
offset by the growth and changing composition in the loan portfolio. The current
allowance  represents  .74% of total loans  outstanding  at June 30,  2000.  The
Company had net  charge-offs of $38,000 for the three months ended June 30, 2000
compared to net charge-offs of $56,000 for the three months ended June 30, 1999.

Other  Expense.  Other  expense  decreased by $35,000 for the three months ended
June 30, 2000 as compared to the three months ended June 30, 1999.

>    Compensation  and employee  benefits  increased  $143,000 due  primarily to
     having  certain  key  positions  filled  this year  compared  to last year,
     recognition  of  $100,000  related to the  restricted  stock plan and other
     benefit plans and a small average merit adjustment.

>    Marketing costs were reduced  significantly for the comparable periods. The
     main  reasons  relate to a marketing  campaign  that was staged in the 1999
     time period and the elimination of an agency retainer agreement.

The Board of Directors  and  management  has developed  expansion  plans for the
Company that includes  three de novo branches  within our existing  market areas
and deployment of a strategic  technology  plan. The strategic  technology  plan
includes:

>    installing a new customer delivery software to enhance the sales efforts,
>    enhancing both our data and voice communications systems,
>    upgrading our computer network for enhanced service and security features,
>    implementing  internal and external networks to improve  communications and
     productivity within the Company, and
>    investigation  of  alternative  delivery  systems,  including  an  Internet
     banking solution and enhanced call center strategy.

                                       9
<PAGE>

A summary of the estimated costs associated with the new projects follows:

                                               Estimated Costs   Estimated Costs
         Category                                Fiscal 2001       Fiscal 2002
         --------                                -----------     ---------------
                                                      (In thousands)
New branches                                       $  650             $  975
New computer hardware and software                    240                240
Other costs related to strategic technology plan      240                240
                                                   ------             ------
         TOTAL                                     $1,130             $1,455
                                                   ======             ======

The Board of Directors and management  analyzed the potential  effect of each of
these  expenditures  prior to approval and believe that these  expenditures will
have an overall  positive  effect on the  Company's  franchise  and  stockholder
value,  but  also  realize  that  the  expenditures  will  most  likely  depress
profitability  ratios in the short-term.  The Company also expects that both net
interest income and fee income will increase as a result of the new branches and
new technology  enhancements.  However, it is not possible to precisely estimate
such  revenue  increases,  if any, at this time.  The success of new projects is
dependent  upon a number of factors,  including,  but not  limited  to,  general
economic conditions,  regulatory climate,  interest rates and the success of the
Company's marketing efforts.

Comparison of Operating Results for the Nine Months Ended June 30, 2000 and June
30, 1999

Net Income.  Net income for the nine months ended June 30, 2000 increased  21.5%
to $2.8  million,  compared to $2.3  million  for the same  period in 1999.  Net
income for the nine months ended June 30, 2000  benefited from the deployment of
$23.5  million in new capital (net  proceeds of $25.7 million less the ESOP loan
of $2.2million) for the entire period.

Net interest income increased $938,000,  or 8.2%, for the nine months ended June
30, 2000 compared to the same period in 1999. This increase  resulted  primarily
from an increase in interest  income of $5.1  million,  offset by an increase in
interest expense of $4.1 million.  Other expenses  increased to $9.0 million for
the nine months  ended June 30, 2000 from $8.5 million for the nine months ended
June  30,  1999,  due to an  accumulation  of  several  expense  categories,  as
discussed at Other Expense.

Interest  Income.  The following  discussion  highlights  the major factors that
impacted  the changes in interest  income  during the current  nine-month period
when  compared to the  comparable  period in 1999.  Details are contained in the
table at page 11.

>    Loan  growth  reflects  the strong  loan  demand over the past year and the
     Company's increased emphasis on loan origination efforts.
>    The yield on loans decreased primarily due to an approximate 80 basis point
     reduction  in loan  rates  for new  mortgage  loan  originations  offset by
     approximately  $54  million in mortgage  loans that paid off during  fiscal
     1999, causing average mortgage portfolio yields to decline approximately 10
     basis points.  In addition,  the average  portfolio yield on consumer loans
     decreased  approximately  12 basis  points  and  yields  in the  commercial
     portfolio  decreased  approximately  13  basis  points  due to  competitive
     pricing pressures.
>    The  average  balances  in the  investment  securities  portfolio  grew 51%
     primarily due to the Company's strategy to leverage capital that was raised
     in the stock offering.
>    The higher yield in the investment  portfolio  resulted from the leveraging
     strategy (outside the loan portfolio) in the latter part of fiscal 1999 and
     throughout  fiscal 2000 when rates had risen  significantly  over the prior
     year. In addition,  the investment  growth  occurred in securities that had
     slightly longer average lives with higher yields.


                                       10
<PAGE>

Average  Balance  Sheet.  The  following  table sets forth  certain  information
relating to the Company for the periods indicated.  The average yields and costs
are  derived by dividing  income or expense by the average  balance of assets or
liabilities,  respectively,  for the periods  presented.  Average  balances  are
derived  from  average  daily  balances  for fiscal  2000,  but the fiscal  1999
averages are derived from month-end  balances.  Management does not believe that
the use of month-end  balances  instead of average daily balances has caused any
material differences in the information presented.

<TABLE>
<CAPTION>
                                            Nine months                  Nine months
                                           June 30, 2000                June 30, 1999                        Changes in
                                -----------------------------  ----------------------------- ---------------------------------------
                                     Average           Yield/    Average              Yield/                                 Yield/
                                     Balance  Interest  Cost     Balance   Interest    Cost  Balances      %       Interest  Cost
                                -----------------------------  ----------------------------- ---------------------------------------
<S>                               <C>        <C>       <C>    <C>          <C>        <C>   <C>          <C>       <C>       <C>
Interest-earnings assets (IEA):
      Loans receivable             $ 418,269  $23,894   7.62%  $ 362,815    21,055     7.74% $ 55,454     15%       $ 2,839  -0.12%
      Investments and other (1)      100,398    5,291   7.03%     66,601     2,999     6.00%   33,797     51%         2,292   1.02%
                                   ---------  -------          ---------    ------           --------               -------   ----
          Total  (1)                 518,667  $29,185   7.50%    429,416   $24,054     7.47% $ 89,251     21%       $ 5,131   0.03%
                                              =======                      =======           ========               =======
Other assets                          18,478                      11,516
                                   ---------                   ---------
Total assets                       $ 537,145                   $ 440,932
                                   =========                   =========


Interest-bearing liabilities (IBL):
      Interest checking            $  31,354  $   437   1.86%  $  27,377   $   352     1.71%  $ 3,977     15%       $    85   0.15%
      Savings                         31,476      404   1.71%     38,338       484     1.68%   (6,862)   -18%           (80)  0.03%
      Money market accounts           25,222      788   4.17%     20,182       576     3.81%    5,040     25%           212   0.36%
      Certificate accounts           243,418    9,723   5.33%    245,420     9,755     5.30%   (2,002)    -1%           (32)  0.03%
                                   ---------  -------          ---------    ------           --------               -------   ----
          Total deposits             331,470   11,352   4.57%    331,317    11,167     4.49%      153      0%           185   0.08%
      Advances and other borrowings  125,276    5,388   5.73%     39,373     1,431     4.85%   85,903    218%         3,957   0.88%
                                   ---------  -------          ---------    ------           --------               -------   ----
          Total                      456,746  $16,740   4.89%    370,690   $12,598     4.53% $ 86,056     23%       $ 4,142   0.36%
                                              =======                      =======           ========               =======
Other liabilities                     20,680                      25,379
      Total liabilities              477,426                     396,069
Stockholders' equity                  59,719                      44,863
                                   ---------                   ---------
Total liabilities and equity       $ 537,145                   $ 440,932
                                   =========                   =========

Net interest income  (1)                      $12,445                      $11,456
                                              =======                      =======
Average IEA to IBL                       114%                        116%
Interest rate spread                                    2.61%                          2.94%
Interest margin                                         3.20%                          3.56%

</TABLE>

(1)  Interest  income and net interest  income do not agree to the  statement of
     operations because the tax equivalent income on municipal bonds is included
     in this schedule.

                                       11
<PAGE>


Interest  Expense.  The following  discussion  highlights the major factors that
impacted the changes in Interest  Expense  during the current nine-month  period
when compared to the comparable  period in 1999.  Detailed changes are contained
in the table at page 11.

>    Deposits  remained  fairly level  primarily by  maintaining a  conservative
     deposit   pricing   strategy,   utilizing  more  cost   effective   funding
     alternatives  that are available  for the terms the Company has  considered
     appropriate to fit its interest rate management strategies. This was offset
     however, by special promotions to increase certificate accounts. The growth
     in  checking  account  average  balances  has helped  offset the decline in
     certificate accounts.
>    FHLB advances grew because the Company considered the advances to be a more
     cost-effective  funding alternative during the course of the year. Although
     the costs of the advances exceed the cost of certificate accounts,  funding
     asset growth through  certificate  accounts was deemed to be more expensive
     than wholesale funding.
>    The higher cost of funds  related to the FHLB advances is reflective of the
     significant rise in interest rates over the past year.


Provision  for Loan Losses.  The  provision for loan losses was $450,000 for the
nine months ended June 30, 2000,  compared to $420,000 for the nine months ended
June 30, 1999.  The Company had net  charge-offs of $165,000 for the nine months
ended June 30, 2000  compared to net  charge-offs  of only $119,000 for the nine
months ended June 30, 1999. See other  discussion at the three month  comparison
of operations.


Other Expense.  Other expense increased by $484,000 to $9.0 million for the nine
months  ended June 30, 2000 from $8.5 million for the nine months ended June 30,
1999.

>    Compensation  and employee  benefits  increased  $422,000 due  primarily to
     having  certain  key  positions  filled  this  year  compared  to last year
     (approximate 5% increase in staffing) and  recognition of $145,000  related
     to the restricted stock plan.

>    Other expenses increased by $314,000 primarily due to the following:

     o    certain Year 2000 costs ($50,000),
     o    direct costs related to stockholder  meetings,  communications,  legal
          matters and new financial  reporting  requirements as a public company
          ($70,000),
     o    increased  effort  on  charging  off  uncollected  fees and  overdrawn
          accounts ($60,000),
     o    supplies and promotional  materials  primarily  related to name change
          ($50,000), and
     o    accelerated vesting of restricted stock due to the death of a director
          ($30,000).


Liquidity and Capital Resources

The liquidity of a savings institution  reflects its ability to provide funds to
meet loan requests,  to accommodate  possible outflows in deposits,  and to take
advantage  of interest  rate  market  opportunities.  Funding of loan  requests,
providing for liability  outflows,  and management of interest rate fluctuations
require  continuous  analysis  in order  to match  the  maturities  of  specific
categories of short-term  loans and investments  with specific types of deposits
and borrowing.  Savings institution liquidity is normally considered in terms of
the nature and mix of the savings institution's sources and uses of funds.

Asset  liquidity  is provided  through loan  repayments  and the  management  of
maturity  distributions  for  loans  and  securities.  An  important  aspect  of
liquidity lies in  maintaining  sufficient  levels of loans and  mortgage-backed
securities that generate monthly cash flows.

                                       12
<PAGE>

Cash and cash  equivalents  increased  $2.9 million to $5.5 million for the nine
months ended June 30, 2000.  Significant  cash flows or uses  (amounts  shown in
parentheses) were as follows:

                                                                  (In millions)
                                                                   -----------
         Cash used by operations                                     $ (1.5)
         FHLB advances and other borrowings                            54.6
         Increase in net deposits                                      18.3
         Maturities of and repayments on investment securities         16.9
         Purchases of investment securities and FHLB stock            (43.9)
         Net increase in loans                                        (35.2)
         Payments to acquire treasury stock                            (3.6)
         Other - net                                                   (2.7)
                                                                     ------
         Net increase in cash and cash equivalents                   $  2.9
                                                                     ======

See "Comparison of Financial  Condition at June 30, 2000 and September 30, 1999"
for discussion of significant cash flows.

On June 30, 2000, the Bank was in compliance with its three  regulatory  capital
requirements as follows:
                                            Amount           Percent
                                            ------           -------
                                    (Dollars in thousands)
Tangible capital......................    $ 52,204             9.17%
Tangible capital requirement..........       8,536             1.50
Excess over requirement...............      43,668             7.67

Core capital..........................    $ 52,204             9.17%
Core capital requirement..............      22,762             4.00
Excess over requirement...............      29,442             5.17

Risk based capital....................    $ 55,430            15.60%
Risk based capital requirement........      28,423             8.00
Excess over requirement...............      27,007             7.60

Management  believes that under current  regulations,  the Bank will continue to
meet its minimum capital  requirements in the foreseeable future.  Events beyond
the control of the Bank,  such as increased  interest rates or a downturn in the
economy  in areas in which  the Bank  operates  could  adversely  affect  future
earnings  and as a result,  the  ability of the Bank to meet its future  minimum
capital requirements.


                                       13

<PAGE>

ITEM 3.  Qualitative and Quantitative Disclosure About Market Risk

Qualitative  Analysis.  There have been no material changes from the Qualitative
Analysis   information   regarding  market  risk  disclosed  under  the  heading
"Management of Interest Rate Risk and Market Risk" in the Company's Management's
Discussion and Analysis of Financial Condition and Results of Operations for the
year ended  September 30, 1999.  See  discussion of  significant  changes in the
Quantitative Analysis below.

Quantitative  Analysis.  Exposure to interest rate risk is actively monitored by
management.  The  Company's  objective  is to  maintain  a  consistent  level of
profitability  within  acceptable  risk  tolerances  across  a  broad  range  of
potential  interest  rate  environments.  The Company uses the OTS Net Portfolio
Value  ("NPV")  Model to monitor  its  exposure  to  interest  rate risk,  which
calculates  changes in net portfolio value.  Reports  generated from assumptions
provided  and  modified  by  management  are  reviewed  by  the  Asset/Liability
Management  Committee  and  reported to the Board of  Directors  quarterly.  The
Interest  Rate  Sensitivity  of Net  Portfolio  Value Report shows the degree to
which balance sheet line items and net portfolio value are potentially  affected
by a 100 to 300 basis point (1 basis point equals 1/100th of a percentage point)
upward and downward parallel shift (shock) in the Treasury yield curve.

 Since the OTS Net Portfolio  Value ("NPV") Model measures  exposure to interest
rate risk of the Bank to  assure  capital  adequacy  for the  protection  of the
depositors,  only  the  Bank's  financial  information  is used  for the  model.
However,  the Bank is the only subsidiary and significant  asset of the Company,
therefore the OTS NPV model  provides a reliable basis upon which to perform the
quantitative  analysis.  The  following  table  presents the Company's NPV as of
March 31, 2000.  The results of the NPV model are not yet available for June 30,
2000, but no significant  changes are  anticipated in the NPV as a Percentage of
Present Value of Assets. The NPV was calculated by the OTS, based on information
provided by the Company.

<TABLE>
<CAPTION>
                       Net Portfolio Value ("NPV")         NPV as % of Present Value of Assets
                  ---------------------------------------  -----------------------------------
       Change                                                               Basis Point
      in Rates    $ Amount        $ Change       % Change         NPV Ratio   Change
      --------    --------       ---------       --------         ---------   ------
                           (Dollars in thousands)

<S>    <C>         <C>            <C>             <C>             <C>       <C>
        +300 bp      4,102         -42,791         -91%              .84%     -780 bp
        +200 bp     18,100         -28,793         -61%             3.56%     -507 bp
        +100 bp     32,555         -14,338         -31%             6.20%     -244 bp
           0 bp     46,893                                          8.64%
        -100 bp     59,888         +12,995         +28%            10.71%     +207 bp
        -200 bp     70,186         +23,293         +50%            12.26%     +362 bp
        -300 bp     79,181         +32,288         +69%            13.54%     +490 bp
</TABLE>

The OTS  defines the  sensitivity  measure as the change in NPV Ratio with a 200
basis point shock.  The Bank's  sensitivity  measure  reflects a 507 basis point
decline  in NPV ratio as of March  31,  2000.  This  compares  to a  sensitivity
measure of 444 and 280 basis  points as of December 31, 1999 and  September  30,
1999,  respectively.  Without detailing all the assumptions  included in the OTS
NPV model,  the  following  comments  are made to discuss  what Bank  actions or
strategies are addressing the sensitivity measure  indicators.

>    Reviewing  the  average  lives and  durations  of its loans and  investment
     securities,
>    Reviewing deposit offerings and alternative funding sources to better match
     the durations of the assets,
>    Considering an additional capital contribution from the Company to the Bank
     (the  Company  currently  has over $6  million  in  capital  that  could be
     contributed),


                                       14
<PAGE>

>    Performing,  on a quarterly basis, a dynamic business  simulation that more
     clearly  reflects  an on-going  business  assumption,  rather than  relying
     solely on the OTS model which more closely approximates a liquidation value
     model.

                                       15
<PAGE>

                              FLORIDAFIRST BANCORP
                                     PART II

ITEM 1.   LEGAL PROCEEDINGS

          Neither the  Company nor the Bank was engaged in any legal  proceeding
          of a material  nature at June 30, 2000. From time to time, the Company
          is a party to routine  legal  proceedings  in the  ordinary  course of
          business, such as claims to enforce liens, condemnation proceedings on
          properties  in which the  Company  holds  security  interests,  claims
          involving the making and servicing of real property  loans,  and other
          issues incident to the business of the Company. There were no lawsuits
          pending or known to be  contemplated  against  the Company at June 30,
          2000 that would have a material  effect on the operations or income of
          the Company or the Bank, taken as a whole.


ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS

          Not applicable.


ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

          Not applicable.


ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          Not applicable.

ITEM 5.   OTHER INFORMATION

          On May 16,  2000 the Board of  Directors  of the  Company  declared  a
          dividend  distribution  of $0.04 per share for the quarter  ended June
          30, 2000,  based upon the number of shares  outstanding as of June 15,
          2000 on the Company's  outstanding  common  stock,  payable on July 1,
          2000, to stockholders of record as of June 15, 2000.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits
          2       Plan of Conversion and  Reorganization  of  FloridaFirst
                  Bancorp  MHC and  Plans of Merger  Between  FloridaFirst
                  Bancorp MHC,  FloridaFirst Bancorp and FloridaFirst Bank*
          27      Financial Data Schedule (electronic filing only)

          ------------------
          *    Incorporated  by reference to Form 8-K (Items 5 and 7) filed with
               the SEC on July 25, 2000.

         (b)   Reports on Form 8-K

          The Company filed a current report on Form 8-K with the Securities and
          Exchange Commission, dated July 24, 2000, announcing that the Company,
          the  Bank and  FloridaFirst  Bancorp  MHC had  entered  into  plans of
          conversion and  reorganization  from a mutual holding  company form of
          organization to a full stock corporation.

                                       16

<PAGE>

                              FLORIDAFIRST BANCORP

                                   SIGNATURES


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


                                      FLORIDAFIRST BANCORP




Date: August 8, 2000                  By:  /s/ Gregory C. Wilkes
                                           -------------------------------------
                                           Gregory C. Wilkes
                                           President and Chief Executive Officer
                                           (Principal Executive Officer)



Date: August 8, 2000                  By:  /s/ Kerry P. Charlet
                                           -------------------------------------
                                           Kerry P. Charlet
                                           Chief Financial Officer
                                           (Principal Accounting Officer)



                                       17