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          December 31, 1999
                               ----------------------------------------

                                       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 February 9, 2000.

             Class                                       Outstanding
------------------------------------                   ----------------
$.10 par value common stock                            5,400,875 shares


<PAGE>

                              FLORIDAFIRST BANCORP
                                    FORM 10-Q
                     FOR THE QUARTER ENDED DECEMBER 31, 1999

                                      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.  Quantitative and Qualitative Disclosure About Market Risk...... 13

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.............................................. 14
Item 2.  Changes in Securities.......................................... 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............................... 15

SIGNATURES.............................................................. 16



<PAGE>
                              FLORIDAFIRST BANCORP
            Condensed Consolidated Statements of Financial Condition
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                   December 31, September 30,
ASSETS                                                                               1999           1999
                                                                                --------------- --------------
                                                                                        (In thousands)
<S>                                                                               <C>          <C>
Cash and cash equivalents                                                          $   5,615    $   2,598
Investment securities available for sale, at fair value                               77,648       68,152
Investment securities held to maturity, market value
    $12,495 and $12,479                                                               12,686       12,724
Loans receivable, net of allowance for loan losses of
    $2,987 and $2,941                                                                408,873      397,910
Premises and equipment, net                                                            7,000        6,818
Federal Home Loan Bank stock, at cost                                                  6,043        4,475
Other assets                                                                           5,603        5,681
                                                                                   ---------    ---------
                     Total assets                                                  $ 523,468    $ 498,358
                                                                                   =========    =========

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Deposits                                                                           $ 337,063    $ 339,224
Federal Home Loan Bank advances                                                      120,850       87,600
Other borrowings                                                                       2,867        4,872
Other liabilities                                                                      3,598        5,325
                                                                                   ---------    ---------
                     Total liabilities                                               464,378      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 income                                                                   39,889       39,037
    Treasury stock, at cost, 314,000 and -0- shares                                   (2,859)        --
    Unallocated shares held by the ESOP                                               (1,838)      (2,163)
    Accumulated other comprehensive income (loss)                                     (1,762)      (1,236)
                                                                                   ---------    ---------
                     Total stockholders' equity                                       59,090       61,337
                                                                                   ---------    ---------
                     Total liabilities and stockholders' equity                    $ 523,468    $ 498,358
                                                                                   =========    =========
</TABLE>

See accompanying notes to unaudited condensed consolidated financial statements

                                       1
<PAGE>
                              FLORIDAFIRST BANCORP
                  Condensed Consolidated Statements of Earnings
                                   (Unaudited)

                                                For the three months ended
                                                        December 31,
                                                        1999     1998
                                                       ------   ------
                                         (In thousands, except per share amount)
Interest income:
Loans                                                  $7,581   $6,875
Investments and other                                   1,560      960
                                                       ------   ------
       Total interest income                            9,141    7,835
                                                       ------   ------
Interest expense:
Deposits                                                3,607    3,904
Federal Home Loan Bank advances and other borrowings    1,417      379
                                                       ------   ------
       Total interest expense                           5,024    4,283
                                                       ------   ------
Net interest income                                     4,117    3,552
Provision for loan losses                                 120      150
                                                       ------   ------
Net interest income after provision for loan losses     3,997    3,402
                                                       ------   ------
Other income:
Fees and service charges                                  337      281
Gain (loss) on sale of assets                              22        1
Other, net                                                 87       39
                                                       ------   ------
       Total other income                                 446      321
                                                       ------   ------
Other expenses:
Compensation and employee benefits                      1,555    1,424
Occupancy and equipment costs                             437      447
Marketing                                                 187      134
Data processing costs                                     129      126
Federal insurance premiums                                 50       58
Other                                                     681      511
                                                       ------   ------
       Total other expenses                             3,039    2,700
                                                       ------   ------
Income before income taxes                              1,404    1,023
Income taxes                                              493      379
                                                       ------   ------
NET INCOME                                             $  911   $  644
                                                       ======   ======
Basic earnings per share (1)                           $ 0.17      N/A
                                                       ======   ======
Weighted average number of shares outstanding (1)       5,448      N/A
                                                       ======   ======

(1)    FloridaFirst  converted to a stock company on April 6, 1999. Earnings per
       share and weighted average shares  outstanding are not shown for December
       31, 1998 since no shares were outstanding in that period.

See accompanying notes to unaudited condensed consolidated financial statements.

                                       2
<PAGE>
                              FLORIDAFIRST BANCORP
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                     For The Three Months
                                                                                     Ended December 31,
                                                                                     1999         1998
                                                                                     ----         ----
                                                                                     (In thousands)
<S>                                                                               <C>         <C>
Operating activities:
Net income                                                                         $    911    $    644
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
    Provision for loan losses                                                           120         150
    Depreciation                                                                        175         177
    Decrease in other assets                                                            458         510
    Decrease in other liabilities                                                    (1,402)       (867)
                                                                                   --------    --------
         Net cash provided by operating activities                                      262         614
                                                                                   --------    --------
Investing activities:
Proceeds from calls, maturities and repayment of investment securities                7,234      10,236
Increase in loans, net                                                              (11,152)    (14,114)
Purchase of investments available for sale                                          (17,529)     (5,655)
Purchase of FHLB stock                                                               (1,568)       --
Purchases of premises and equipment                                                    (382)       (196)
Proceeds on sale of premises and equipment                                               25        --
                                                                                   --------    --------
         Net cash used in investing activities                                      (23,372)     (9,729)
                                                                                   --------    --------
Financing activities:
Net decrease in deposits                                                             (2,161)     (4,164)
Net increase in FHLB advances                                                        33,250      20,000
Net decrease in other borrowings                                                     (2,005)       --
Payments to acquire treasury stock                                                   (2,859)       --
Dividends paid                                                                          (98)       --
                                                                                   --------    --------
         Net cash provided by financing activities                                   26,127      15,836
                                                                                   --------    --------
Net increase in cash and cash equivalents                                             3,017       6,721
Cash and cash equivalents at beginning of period                                      2,598         647
                                                                                   --------    --------
Cash and cash equivalents at end of period                                         $  5,615    $  7,368
                                                                                   ========    ========

Supplemental disclosure of cash flow information -
    Cash paid during the period for:
       Interest                                                                    $  3,618    $  3,012
                                                                                   ========    ========
       Taxes                                                                       $   --      $   --
                                                                                   ========    ========

Supplemental disclosure of non-cash information:
    Additions to investment in real estate acquired through foreclosure            $     69    $   --
                                                                                   ========    ========
    Change in unrealized gain (loss) on investments available for sale, net of
       deferred tax benefit of $311 and $108                                       $   (526)   $   (186)
                                                                                   ========    ========
    Allocation of shares held by the ESOP                                          $    325    $   --
                                                                                   ========    ========
</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 periods ended December 31, 1999 and 1998 are not  necessarily
indicative of the results that may be expected for the entire fiscal year or any
other period. The condensed  consolidated financial statements as of and for the
three month  periods  ended  December  31, 1999 and 1998 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    Three Months Ended
                                      December 31, 1999      December 31, 1998
                                      -----------------      -----------------
Net income                                  $ 911                  $ 644
Other comprehensive income (loss)            (526)                  (186)
                                             ----                   ----

Comprehensive income                        $ 385                  $ 458
                                            =====                  =====

Other  comprehensive  losses  consisted  entirely of unrealized  losses,  net of
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
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  treasury  stock and will be  available  for
general  corporate  purposes,  including  the exercise of stock  options.  As of
December 31, 1999 the Company had acquired  314,000  shares under the repurchase
program at an average  price of $9.11.  The  weighted  average  number of shares
outstanding  for the  quarter  ended  December  31,  1999 was reduced by 125,076
shares based on the purchase date of the shares acquired during the quarter.

                                       4
<PAGE>

Note 4 - EARNINGS PER SHARE

Basic earnings per share of common stock for the quarter ended December 31, 1999
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.  Since the Company  currently does not have any  convertible
debt or other equity  instruments,  there are no common stock  equivalents  that
could further dilute the Company's basic earnings per share.

                                       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, 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.



Comparison of Financial Condition at December 31, 1999 and September 30, 1999


Assets.  Total assets  increased  $25.1  million,  or 5.0%, to $523.5 million at
December  31, 1999 from $498.4  million at September  30, 1999.  The increase in
total assets resulted  primarily from an $11.0 million,  or an 11.0%  annualized
increase in the loan portfolio  attributable to steady loan demand in our market
areas and funding of  construction  loans.  In addition,  investment  securities
increased $9.5 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.


Liabilities.  Total  liabilities  increased  $27.2  million,  or 6.2%, to $464.2
million at December  31, 1999 from $437.0  million at September  30,  1999.  The
increase  in total  liabilities  resulted  primarily  from a $33.3  million  net
increase  in FHLB  advances  utilized  to fund the asset  growth,  a net deposit
outflow of $2.2 million, a $2.0 million decrease in other borrowings and funding
of mortgage customers annual real estate tax payments.  The decrease in deposits
has slowed in recent  months  although  an outflow  of  certificates  of deposit
continues  due to  relatively  low  returns  provided by  short-term  fixed rate
deposits  and a  continued  consumers'  preference  for  alternative  investment
opportunities.  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 three months ended December 31, 1999 of $911,000
>>   repurchase of 314,000 shares of Company stock at a cost of $2.9 million
>>   change in accumulated other comprehensive loss of $526,000 (attributable to
     the net unrealized loss on investments available for sale)
>>   Repayment of $325,000 on the ESOP loan.

The net unrealized loss on investments  available for sale relates  primarily to
the increasing level of interest rates over the past several months.  Increasing
rates  reduce the value of certain  investments  held for sale that have  longer
average lives.

At December 31, 1999 the Company's stockholders' equity as a percentage of total
assets was 11.3%.

Comparison of Operating Results for the Three Months Ended December 31, 1999 and
December 31, 1998

Net Income.  Net income for the three months ended  December 31, 1999  increased
41.5% to $911,000,  compared to $644,000 for the same period in 1998. Net income
for the three months ended  December 31, 1999  benefited  from the deployment of
$23.5  million in new capital (net  proceeds of $25.7 million less the ESOP loan
of $2.2 million) for the entire period.

Net interest income  increased  $565,000,  or 15.9%,  for the three months ended
December 31, 1999 compared to the same period in 1998.  This  increase  resulted
primarily  from an  increase in interest  income of $1.3  million,  offset by an
increase in interest  expense of  $741,000.  Other  expenses  increased  to $3.0
million for the three months  ended  December 31, 1999 from $2.7 million for the
three months ended December 31, 1998, due to an  accumulation of several expense
categories,  including:

>>   compensation and employee benefits,
>>   certain Year 2000 costs,
>>   costs related to stockholder  meetings,  communications,  legal matters and
     new financial reporting requirements as a public company, and
>>   increased supplies and postage costs related to a name change campaign.

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,  the
     Company's increased emphasis on loan origination and the favorable interest
     rate  environment  for borrowers that prevailed from April 1998 through May
     1999.
>>   The yield on loans  decreased  primarily due to an approximate 1% reduction
     in  loan  rates  for  new  mortgage  loan   originations   as  compared  to
     approximately  $45 million in mortgage loans that paid off during the year.
     The impact of this  caused  overall  mortgage  portfolio  yields to decline
     approximately 24 basis points. In addition,  the overall portfolio yield on
     consumer loans decreased about 45 basis points and yields in the commercial
     portfolio decreased about 27 basis points.
>>   The  average  balances  in the  investment  securities  portfolio  grew 47%
     primarily  due to the  Company's  strategy to leverage  the higher  capital
     level that is present after 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
     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.

                                       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 1999, but the 1998 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
                                              December 31, 1999            December 31, 1998                 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                $ 406,034    $ 7,581  7.47%   $ 348,898      6,875  7.88%    $ 57,136   16%   $  706  -0.41%
      Investments and other              91,587      1,583  6.91%      62,159        974  6.27%      29,428   47%      609   0.65%
                                        -------     ------            -------      -----           --------          ------
           Total  (1)                   497,621    $ 9,164  7.37%     411,057    $ 7,849  7.64%    $ 86,564   21%   $1,315  -0.27%
                                                   =======                       =======           ========         ======
Other assets                             13,565                        12,117
                                        -------                       -------
Total assets                          $ 511,186                     $ 423,174
                                     ==========                     =========


Interest-bearing liabilities (IBL):
      Interest checking                $ 29,543      $ 135  1.83%    $ 26,786      $ 120  1.79%     $ 2,757   10%      $ 15   0.04%
      Savings                            32,157        134  1.67%      37,445        163  1.74%      (5,288) -14%       (29) -0.07%
      Money market accounts              24,611        238  3.87%      18,681        175  3.75%       5,930   32%        63   0.12%
      Certificate accounts              238,507      3,100  5.20%     251,560      3,445  5.48%     (13,053)  -5%      (345) -0.28%
                                       --------     ------           --------     ------           --------          -----
           Total deposits               324,818      3,607  4.44%     334,472      3,903  4.67%      (9,654)          (296)  -0.23%
      Advances and other borrowings     106,032      1,417  5.35%      31,500        380  4.83%      74,532  237%    1,037    0.52%
                                       --------     ------            -------       ----           --------         ------
           Total                        430,850     $5,024  4.66%     365,972     $4,283  4.68%    $ 64,878   18%    $ 741   -0.02%
                                                    ======                        ======           ========         ======
Other liabilities                        19,850                        20,624
                                        -------                       ------
      Total liabilities                 450,700                       386,596
Stockholders' equity                     60,486                        36,578
                                        -------                       ------
Total liabilities and equity          $ 511,186                     $ 423,174
                                      =========                     =========

Net interest income  (1)                            $4,140                        $3,566
                                                    ======                        ======
Average IEA to IBL                         115%                          112%
Interest rate spread                                        2.71%                         2.96%
Interest margin                                             3.33%                         3.47%

</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  decrease  in  deposits  is   attributable   mainly  to  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.  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 cost of the advances slightly 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 $120,000 for the
three  months  ended  December  31,  1999,  reflecting  the  growth  in the loan
portfolio,  compared to $150,000 for the three  months ended  December 31, 1998.
The allowance for loan losses increased  $46,000 to $3.0 million at December 31,
1999 from $2.9 million at December 31, 1998.  The current  allowance  represents
 .73% of total  loans  outstanding  at  December  31,  1999.  The Company had net
charge-offs  of $37,000 for the three months ended December 31, 1999 compared to
net charge-offs of only $2,000 for the three months ended December 31, 1998.



Other Expense. Other expense increased by $339,000 to $3.0 million for the three
months  ended  December  31, 1999 from $2.7  million for the three  months ended
December 31, 1998.  Compensation and employee  benefits  increased  $131,000 due
primarily  to having  certain key  positions  filled this year  compared to last
year,  recognition of $45,000  related to the restricted  stock plan and certain
costs  related to  increased  incentive  pay based on  production  and  earnings
performance.  Other expenses  increased by $170,000 due to the areas noted above
and several other smaller increases in expense categories.

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 2000     Fiscal 2001
         --------                                    -----------     -----------
                                                             (In thousands)
North Lakeland branch (Polk County)                    $  100         $  305
East Winter Haven branch (Polk County)                     --            285
Lakewood Ranch branch (Manatee County)                     --            325
New computer hardware and software                         70            240
Other costs related to strategic technology plan          115            240
                                                       ------         ------
         TOTAL                                         $  285         $1,395
                                                       ======         ======

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.

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.

Cash and cash  equivalents  increased $3.0 million to $5.6 million for the three
months ended December 31, 1999. Significant cash flows or uses (amounts shown in
parentheses) were as follows:

                                                                 (In millions)
                                                                  -----------
         Cash provided by operations                             $    .1
         FHLB advances and other borrowings                           31.3
         Decrease in net deposits                                     (2.2)
         Maturities of and repayments on investment securities         7.2
         Purchases of investment securities and FHLB stock           (19.1)
         Net increase in loans                                       (11.2)
         Payments to acquire treasury stock                           (2.7)
         Other - net                                                   (.4)
                                                                 ---------
         Net increase in cash and cash equivalents               $     3.0
                                                                 =========

                                       10
<PAGE>

See  "Comparison  of Financial  Condition at December 31, 1999 and September 30,
1999" for discussion of significant cash flows.

On December  31,  1999,  the Bank was in  compliance  with its three  regulatory
capital requirements as follows:

                                                   Amount           Percent
                                                   ------           -------
                                            (Dollars in thousands)
Tangible capital ...........................       $50,883            9.7%
Tangible capital requirement ...............         7,838            1.5
Excess over requirement ....................        43,045            8.2

Core capital ...............................       $50,883            9.7%
Core capital requirement ...................        20,901            4.0
Excess over requirement ....................        29,982            5.7

Risk based capital .........................       $53,871           16.7%
Risk based capital requirement .............        25,831            8.0
Excess over requirement ....................        28,040            8.7

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.


Year 2000

Like many financial institutions, the Company relies on computers to conduct its
business and information  systems  processing.  Industry  experts were concerned
that on January 1, 2000,  some computers  might not be able to interpret the new
year properly,  causing  computer  malfunctions.  Some banking  industry experts
remain  concerned  that some  computers may not be able to interpret  additional
dates in the year 2000  properly.  The Company has  operated and  evaluated  its
computer  operating systems following January 1, 2000 and has not identified any
errors or experienced any computer system malfunctions. The Company's management
will continue to monitor its  information  systems to assess whether the systems
are at risk of  misinterpreting  any future dates and will  develop  appropriate
contingency  plans to prevent any potential  system  malfunction  or correct any
system  failures.  The  Company  has  not  been  informed  of any  such  problem
experienced  by its  vendors  or  its  customers,  nor  by any of the  municipal
agencies that provide services to the Company.

Nevertheless,  it is too soon to  conclude  that there will not be any  problems
arising  from the  Year  2000  problem,  particularly  at some of the  Company's
vendors.  The Company will continue to monitor its significant  vendors of goods
and services  with  respect to Year 2000  problems  they may  encounter as those
issues  may effect  the  Company's  ability  to  continue  operations,  or might
adversely  affect the Company's  financial  position,  results of operations and
cash  flows.  The  Company  does not  believe at this time that these  potential
problems  will  materially  impact the ability of the  Company to  continue  its
operations, however, no assurance can be given that this will be the case.

The  expectations  of the  Company  contained  in this  section on Year 2000 are
forward-looking   statements  within  the  meaning  of  the  Private  Securities
Litigation  Reform Act of 1995 and involve  substantial  risks and uncertainties
that may cause actual results to differ  materially  from those indicated by the
forward looking  statements.  All forward looking statements in this section are
based on information available to the

                                       11
<PAGE>

Company on the date of this document,  and the Company  assumes no obligation to
update such forward looking statements. Impact of Inflation

The  condensed  consolidated  financial  statements  of the  Company  and  notes
thereto, presented elsewhere herein, have been prepared in accordance with GAAP,
which require the  measurement  of financial  position and operating  results in
terms of  historical  dollars  without  considering  the change in the  relative
purchasing power of money over time due to inflation. The impact of inflation is
reflected  in the  increased  cost  of the  Company's  operations.  Unlike  most
industrial  companies,  nearly all the assets and liabilities of the Company are
financial.  As a result,  interest  rates have a greater impact on the Company's
performance  than do the effects of general levels of inflation.  Interest rates
do not  necessarily  move in the same  direction  or to the same  extent  as the
prices of goods and services.


                                       12
<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.

Quantitative Analysis. There have been no material changes from the Quantitative
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.  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 results of the NPV model are not
yet available for December 31, 1999, but no significant  changes are anticipated
in the NPV as a Percentage of Present Value of Assets.




                                       13

<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 December  31,  1999.  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 December
          31, 1999 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
          On October 19, 1999 a special  meeting of  stockholders of the Company
          was held to consider  and act upon the  approval  of the  FloridaFirst
          Bancorp 1999 Stock  Option Plan and the  approval of the  FloridaFirst
          Bank Restricted  Stock Plan. With respect to these matters the results
          were as follows:


          Approval of the Florida First Bancorp 1999 Stock Option Plan

          1,402,887 (For)           432,988 (Against) 20,909 (Abstain)


          Approval of the FloridaFirst Bank Restricted Stock Plan

          1,354,798 (For)           468,667 (Against) 33,208 (Abstain)


ITEM 5.   OTHER INFORMATION
          On  October  12,  1999,  the  Bank  began  operating  under  the  name
          FloridaFirst  Bank (from First Federal  Florida) based on the Board of
          Directors approval of the name usage at its August 24, 1999 meeting.

          On November 19, 1999 the Board of Directors of the Company  declared a
          dividend  distribution  of  $0.04  per  share  for the  quarter  ended
          December 31, 1999,  based upon the number of shares  outstanding as of
          December 15, 1999 on the Company's  outstanding common stock,  payable
          on January 3, 2000, to stockholders of record as of December 15, 1999.

          On January 28, 2000, the stockholders of the Company  reelected Nis H.
          Nissen,  III to the  Board of  Directors  for a  three-year  term.  In
          addition,  the Board of Directors  elected Mr.  Nissen to serve as its
          new chairman, succeeding Mr. Charles W. Bovay upon his retirement from
          the Board.

                                       14
<PAGE>

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K
          (a)     Exhibits:
          Exhibit Number
          --------------
             3(i)  Charter for FloridaFirst Bancorp*
             3(ii) Bylaws of FloridaFirst Bancorp*
             4     Specimen Stock Certificate of FloridaFirst Bancorp*
            10.1   Employment Agreement with Gregory C. Wilkes*
            10.2   Form of Employment Agreement with Four Employees of the Bank*
            10.3   1999 Stock Option Plan**
            10.4   Restricted Stock Plan**
            13     Annual Report to Security Holders**
            21     Subsidiaries of Registrant**
            27     Financial Data Schedule (in electronic filing only)




          (b)     Reports on Form 8-K

          On October  25, 1999 the  Company  filed a current  report on Form 8-K
          with the Securities  and Exchange  Commission  announcing  that it had
          adopted a Stock  Repurchase Plan with approval by the Office of Thrift
          Supervision.


-------------------
*        Incorporated by reference to the Registrant's Registration Statement on
         Form S-1 initially filed with the Commission on December 18, 1998 (File
         No. 333-69239).
**       Incorporated  by reference to the  Registrant's  Annual  Report of Form
         10-K  filed  with  the  Commission  on  December  28,  1999  (File  No.
         000-25693).


<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: February 11, 2000       By:  /s/Gregory C. Wilkes
                                   ---------------------------------------------
                                   Gregory C. Wilkes
                                   President and Chief Executive Officer
                                   (Principal Executive Officer)



Date: February 11, 2000       By:  /s/Kerry P. Charlet
                                   ---------------------------------------------
                                   Kerry P. Charlet
                                   Chief Financial Officer
                                   (Principal Accounting Officer)



                                       16