UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549
                       ----------------------------------

                                   FORM 10-QSB

(Mark One)

|X|  QUARTERLY REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF
     1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2003

|_|  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934 FOR THE TRANSITION PERIOD FROM    TO
                                           ----   ----

                         Commission File Number: 0-19609
                                                --------

                             FirstFed Bancorp, Inc.
        -----------------------------------------------------------------
        (Exact name of Small Business Issuer as specified in its charter)

           Delaware                                            63-1048648
-------------------------------                             ----------------
(State or other jurisdiction of                             (I.R.S. Employer
  incorporation or organization)                            Identification No.)

1630 Fourth Avenue North
Bessemer, Alabama                                                      35020
----------------------------------------                             ----------
(Address of principal executive offices)                             (Zip Code)

 Issuer's telephone number, including area code: (205) 428-8472
                                                  -------------

Check whether the issuer (1) 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 [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.

            Class                               Outstanding at November 7, 2003
----------------------------------------        --------------------------------
Common Stock, $.01 par value                           2,354,808 shares

Transitional Small Business Disclosure Format
(Check one):

         YES [ ]       NO  [X]

<PAGE>





                             FIRSTFED BANCORP, INC.
                             ----------------------

                                                                           Page
PART I - FINANCIAL INFORMATION                                             ----

ITEM 1.  FINANCIAL STATEMENTS:

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
  AS OF SEPTEMBER 30, 2003, AND DECEMBER 31, 2002............................2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME  FOR THE THREE
 AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002...........................3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR
  THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 .........................4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE
  NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002..............................5

UNAUDITED NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
  STATEMENTS ................................................................6

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
  OF OPERATION..............................................................10

ITEM 3.  CONTROLS AND PROCEDURES............................................14

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS..................................................15

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS..........................15

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES....................................15

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS................15

ITEM 5.  OTHER INFORMATION..................................................15

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K...................................15

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


THE  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FURNISHED HAVE NOT BEEN AUDITED
     BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS, BUT REFLECT, IN THE OPINION OF
     MANAGEMENT, ALL ADJUSTMENTS NECESSARY FOR A FAIR PRESENTATION OF FINANCIAL
     CONDITION AND THE RESULTS OF OPERATIONS FOR THE PERIODS PRESENTED.



                                       i.
<PAGE>


                         PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
<TABLE>
<CAPTION>

                             FIRSTFED BANCORP, INC.
                             ----------------------
       UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
       ------------------------------------------------------------------
                 As of September 30, 2003 and December 31, 2002
                          (Dollar amounts in thousands)
                                                                September 30,   December 31,
ASSETS                                                                2003            2002
Cash and Cash Equivalents:
<S>                                                             <C>             <C>
         Cash on hand and in banks                              $     2,028     $     2,919
         Interest-bearing deposits in other banks                    12,656          21,739
         Federal funds sold                                           5,049             774
                                                                -------------   ------------
                                                                     19,733          25,432
Securities available-for-sale, at fair value                         27,687          30,632
Loans held for sale                                                   1,419           2,229
Loans receivable, net                                               129,719         104,310
Land, buildings and equipment, net                                    4,734           4,265
Bank owned life insurance                                             5,918           5,641
Goodwill and other intangibles                                        1,229             983
Real estate owned                                                       825           1,898
Accrued interest receivable                                           1,117           1,342
Other assets                                                          1,122             838
                                                                -------------   ------------
                                                                $   193,503     $   177,570
                                                                =============   ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
   Deposits                                                     $   155,676     $   139,931
   Borrowings                                                        17,855          18,005
   Accrued interest payable                                             220             232
   Dividends payable                                                    165             163
   Other liabilities                                                    862             431
                                                                -------------   ------------
                                                                    174,778         158,762
                                                                -------------   ------------
Stockholders' Equity:
   Preferred stock, $.01 par value, 1,000,000 shares
            authorized, none outstanding                               -                -
   Common stock, $.01 par value, 10,000,000 shares
            authorized, 3,184,756 shares issued and 2,354,808
            shares outstanding at September 30, 2003 and
            3,159,140 shares issued and 2,329,192 shares
            outstanding at December 31, 2002                            32               32
   Paid-in capital                                                   8,296            8,159
   Retained earnings                                                16,306           16,467
   Deferred compensation obligation                                  1,903            1,876
   Deferred compensation treasury stock (213,341 shares
            at September 30, 2003 and 209,812 December 31,
            2002)                                                   (1,903)          (1,876)
   Treasury stock, at cost (829,948 shares at September 30,
            2003 and December 31, 2002)                              (6,088)         (6,088)
   Unearned compensation                                               (414)           (518)
   Accumulated other comprehensive income, net                          593             756
                                                                -------------   ------------
                                                                     18,725          18,808
                                                                -------------   ------------
                                                                $   193,503     $   177,570
                                                                =============   ============
</TABLE>

See accompanying notes to unaudited conndensed consolidated financial
statements.

                                        2
<PAGE>
<TABLE>
<CAPTION>


                             FIRSTFED BANCORP, INC.
                             ----------------------
              UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              -----------------------------------------------------
         For the Three and Nine Months Ended September 30, 2003 and 2002
             (Dollar amounts in thousands, except per share amounts)


                                                   Three Months Ended       Nine Months Ended
                                                      September 30,            September 30,
                                                      -------------            -------------
                                                    2003         2002      2003          2002
                                                    ----         ----      ----          ----
INTEREST INCOME:
<S>                                             <C>           <C>         <C>         <C>
         Interest and fees on loans             $     1,868   $    2,132  $   5,542   $    6,576
         Interest and dividends on
           securities                                   316          500      1,057        1,493
         Other interest income                           31           78        142          229
                                                -----------   ----------  ---------   ----------
           Total interest income                      2,215        2,710      6,741        8,298
                                                -----------   ----------  ---------   ----------

INTEREST EXPENSE:
         Interest on deposits                           764          963      2,366        3,128
         Interest on other borrowings                   225          226        671          670
                                                -----------   ----------  ---------   ----------
           Total interest expense                       989        1,189      3,037        3,798
                                                -----------   ----------  ---------   ----------

  Net interest income                                 1,226        1,521      3,704        4,500
         Provision for loan losses                      170        1,022        596        1,703
                                                -----------   ----------  ---------   ----------
  Net interest income after
    provision for loan losses                         1,056          499      3,108        2,797
                                                -----------   ----------  ---------   ----------

NONINTEREST INCOME:
         Fees and other noninterest
           income                                       438          327      1,221        1,031
         Gain on sale of loans                           -           531         -           531
         Gain on sale of investments                     -            -         299          -
         Bank owned life insurance                       91           92       277           254
                                                -----------   ----------  ---------   ----------
           Total noninterest income                     529          950      1,797        1,816
                                                -----------   ----------  ---------   ----------

NONINTEREST EXPENSE:
         Salaries and employee benefits                 759          743      2,324        2,274
         Unusual pension expense                         -            -         -            238
         Office building and equipment
           expenses                                     188          193        589          510
         Other operating expenses                       484          529      1,383        1,492
                                                -----------   ----------  ---------   ----------
           Total noninterest expense                  1,431        1,465      4,296        4,514
                                                -----------   ----------  ---------   ----------

  Income (loss) before income taxes                     154          (16)       609           99
         Provision (credit) for income taxes             19          (38)       112          (59)
                                                -----------   ----------  ---------   ----------
  NET INCOME                                    $       135   $       22  $     497   $      158
                                                ===========   ==========  =========   ==========
AVERAGE NUMBER OF SHARES
         OUTSTANDING - BASIC                      2,309,890    2,272,059  2,300,319    2,267,997
                                                ===========   ==========  =========   ==========
BASIC EARNINGS PER SHARE                        $       .06   $      .01  $     .21   $      .07
                                                ===========   ==========  =========   ==========
AVERAGE NUMBER OF SHARES
         OUTSTANDING - DILUTED                    2,342,486    2,309,868  2,326,016    2,290,716
                                                ===========   ==========  =========   ==========
DILUTED EARNINGS PER SHARE                      $       .06   $      .01  $     .21   $      .07
                                                ===========   ==========  =========   ==========
DIVIDENDS DECLARED PER SHARE                    $       .07   $      .07  $     .28   $      .28
                                                ===========   ==========  =========   ==========

</TABLE>


 See accompanying notes to unaudited condensed consolidated fincial statements.



                                        3

<PAGE>

<TABLE>
<CAPTION>



                             FIRSTFED BANCORP, INC.
                             ----------------------
       UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
       -------------------------------------------------------------------
              For the Nine Months Ended September 30, 2003 and 2002
             (Dollar amounts in thousands, except per share amounts)


                                                                            Deferred                      Accumulated
                                                                  Deferred   Compen-                         Other      Compre-
                                                                   Compen-   sation               Unearned  Compre-     hensive
                                     Common   Paid-In   Retained   sation   Treasury   Treasury   Compen-   hensive      Income
                                     Stock    Capital   Earnings  Obligation   Stock    Stock     sation    Income      (Note 1)

<S>                                 <C>       <C>       <C>        <C>      <C>        <C>        <C>      <C>          <C>
BALANCE, December 31, 2001          $  31     $  8,081  $ 17,079   $ 1,766  $(1,792)   $ (6,088)  $ (666)  $   55

     Net income                        --         --         158      --         --         --       --        --       $   158
     Change in unrealized gain
         (loss) on securities
         available for sale, net
         of tax of $309                --         --          --      --        --          --       --        737          737
                                                                                                                        --------
     Comprehensive income              --         --          --      --        --          --       --        --       $   895
                                                                                                                        ========
     Amortization of unearned
         compensation                  --         --          --      --        --          --       --        114           --
     Dividends declared ($.28
         per share)                    --         --          --      (650)     --          --       --        --            --
     Amortization of Deferred
         Compensation                  --         --          --      --        26          --       --        --            --
     Purchases of Deferred
         Compensation Treasury,
         net of distributions          --         --          --      --        33          (33)     --        --            --
     Stock issued under Dividend
         Reinvestment Plan             --         --          86      --        --          --       --        --            --
     Change in stock value of
         Employee Stock
         Ownership Plan                --         --         (26)     --        --          --       --        --            --

BALANCE, September 30, 2002         $  31     $  8,141  $ 16,587   $ 1,825  $(1,825)   $ (6,088)  $ (552)  $   792
                                    -----     --------  --------   -------  --------   ---------  -------  -------


BALANCE, December 31, 2002          $  32     $  8,159  $ 16,467   $ 1,876  $(1,876)   $ (6,088)  $ (518)  $   756
                                    ========  ========  =========  =======  =======    ========   ======   ======

     Net income                        --         --         497      --        --          --       --        --       $   497
     Change in unrealized gain
         (loss) on securities
         available for sale, net
         of tax of $141                --         --         --       --        --          --        --       (163)       (163)
                                                                                                                        --------
     Comprehensive income              --         --         --       --        --          --        --        --      $   334
                                                                                                                        ========
     Amortization of unearned
         compensation                  --         --         --       --        --          --       104        --
     Dividends declared ($.28
         per share)                    --         --        (658)     --        --          --        --        --
     Exercise of stock options         --         73         --       --        --          --        --        --
     Purchase of Deferred
         Compensation Treasury         --         --         --       27        (27)        --        --        --
     Stock issued under Dividend
         Reinvestment Plan             --         86         --       --        --          --        --        --
     Change in stock value of
         Employee Stock
         Ownership Plan                --       (22)         --       --        --          --        --        --
                                    -----     --------  --------   -------  --------   ---------  -------  -------

BALANCE, September 30, 2003         $     32  $  8,296  $  16,306  $ 1,903  $(1,903)   $ (6,088)  $ (414)  $  593
                                    ========  ========  =========  =======  =======    ========   ======   ======

</TABLE>


See accompanying notes to unaudited condensed consolidated financial statements.


                                        4
<PAGE>

<TABLE>
<CAPTION>

                             FIRSTFED BANCORP, INC.
                             ----------------------
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
            ---------------------------------------------------------
              For the Nine Months Ended September 30, 2003 and 2002
                          (Dollar amounts in thousands)



                                                                                                Nine Months Ended
                                                                                                  September 30,
                                                                                       -------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:                                                         2003             2002
                                                                                       -------------      ------------
<S>                                                                                       <C>              <C>
  Net income                                                                              $    497         $    158
  Adjustments to reconcile net income
      to net cash provided by (used in) operating activities:
     Depreciation, amortization and accretion                                                  337              262
     Loan fees deferred, net                                                                   188              (34)
     Provision for loan losses                                                                 596            1,703
     Gain on sale of investments                                                              (299)             -
     Loss on sale of real estate, net                                                           70               43
     Origination of loans held for sale                                                    (17,566)          (9,732)
     Proceeds from loans held for sale                                                      18,376           20,083
     Provision for deferred compensation                                                        27               63
     Gain on sale of fixed assets                                                              -                (91)
     Gain on sale of loans                                                                     -               (531)
     Increase in cash surrender value of Bank Owned Life Insurance                            (277)            (254)
     Decrease (increase) in operating assets, net of effects of purchase of branch:
         Accrued interest receivable                                                           225              413
         Other assets                                                                         (143)            (613)
     Increase (decrease) in liabilities:
         Accrued interest payable                                                              (12)             (57)
         Other liabilities                                                                     431              330
                                                                                       -------------      ------------
           Net cash provided by (used in) operating activities                               2,450           11,743
                                                                                       -------------      ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of branch, net of cash acquired                                                  (2,709)             -
  Proceeds from maturities, calls and repayments on securities available-for-sale            7,153            6,750
  Proceeds from the sale of securities available-for-sale                                    6,048            1,472
  Purchases of securities available-for-sale                                               (10,325)          (1,500)
  Proceeds from maturities, calls and repayments received on securities
    held-to-maturity                                                                           -              3,827
  Purchases of securities held-to-maturity                                                     -             (4,000)
  Purchase of Bank Owned Life Insurance                                                        -               (750)
  Proceeds from sale of real estate and repossessed assets                                   1,478            1,908
  Net loan repayments (originations)                                                       (24,158)          (5,905)
  Proceeds from sale of fixed assets                                                           -                116
  Capital expenditures                                                                        (705)            (925)
                                                                                       -------------      ------------
         Net cash provided by (used in) investing activities                               (23,218)             993
                                                                                       -------------      ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (decrease) in deposits, net                                                      15,745           (1,542)
  Repayment of borrowings                                                                     (750)             -
  Proceeds from borrowings                                                                     600              755
  Proceeds from exercise of stock options                                                       73              -
  Dividends paid                                                                              (658)            (649)
  Proceeds from dividend reinvestment                                                           86               86
  Purchase of treasury stock for Deferred Compensation Plan                                    (27)             (63)
                                                                                       -------------      ------------
         Net cash provided by (used in) financing activities                                15,069           (1,413)
                                                                                       -------------      ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                        (5,699)          11,323
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                            25,432           22,605
                                                                                       -------------      ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                $ 19,733         $ 33,928
SUPPLEMENTAL CASH FLOW INFORMATION:                                                    =============      ============
  Cash paid during the period for -
     Income taxes                                                                         $    238         $    122
     Interest                                                                                3,046            3,855
  Non-cash transactions -
     Transfer of loans receivable to real estate owned                                         700            2,092
     Reclass of securities from held-to-maturity to available-for-sale                         -             25,876
</TABLE>

See accompanying notes to unaudited condensed consolidated financial statements

                                        5

<PAGE>


                             FIRSTFED BANCORP, INC.
                             ----------------------
          UNAUDITED NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
          -------------------------------------------------------------
                                   STATEMENTS
                                   ----------

1.   BASIS OF PRESENTATION:
     ----------------------

FirstFed  Bancorp,  Inc.  (the  "Company")  is  the  holding  company  and  sole
shareholder of First State Corp. ("FSC"),  which in turn is the sole shareholder
of First Financial Bank ("First Financial" or "Bank").

The accompanying  unaudited condensed  consolidated  financial  statements as of
September  30, 2003,  and  December 31, 2002,  and for the three and nine months
ended September 30, 2003 and 2002, include the accounts of the Company,  FSC and
the Bank.  All  significant  intercompany  transactions  and accounts  have been
eliminated in consolidation.

In the  opinion of  management,  all  adjustments  (none of which are other than
normal recurring  accruals)  necessary for a fair presentation of the results of
such interim periods have been included.  The results of operations for the nine
months ended September 30, 2003, are not  necessarily  indicative of the results
of operations which may be expected for the entire year.

These unaudited  condensed  financial  statements  should be read in conjunction
with the Consolidated Financial Statements and the notes thereto incorporated in
the Company's Annual Report on Form 10-KSB for the year ended December 31, 2002.
The accounting  policies followed by the Company are set forth in the Summary of
Significant Accounting Policies in the Company's December 31, 2002, Consolidated
Financial Statements.

2.   SIGNIFICANT ACCOUNTING POLICIES:
     --------------------------------

Loans Held for Sale

Loans held for sale are recorded at the lower of  amortized  cost or fair value,
as such loans are not intended to be held to maturity. As of September 30, 2003,
and December 31, 2002, loans held for sale consisted of mortgage loans that have
been committed for sale to third-party investors.

Loans Receivable

Loans receivable are stated at unpaid principal  balances,  net of the allowance
for loan  losses and  deferred  loan  origination  fees and costs.  Interest  is
credited to income based upon the recorded investment.

The accrual of interest on loans is  discontinued  and an allowance  established
when a loan becomes 90 days past due and, in the opinion of management, there is
an  indication  that the borrower may be unable to meet  payments as they become
due. Upon such  discontinuance,  all unpaid accrued interest is reversed against
current  income  unless the  collateral  for the loan is sufficient to cover the
accrued  interest.  Interest  received on nonaccrual  loans  generally is either
applied  against  principal  or  reported  as  interest  income,   according  to
management's  judgment as to the collectibility of principal.  Generally,  loans
are restored to accrual  status when the  obligation is brought  current and the
ultimate  collectibility of the total contractural  principal and interest is no
longer in doubt.

Allowance for Loan Losses

The allowance for loan losses is maintained at levels which management considers
adequate to absorb  losses  currently in the loan  portfolio  at each  reporting
date.  Management's estimation of this amount includes a review of all loans for
which full  collectibility is not reasonably assured and considers,  among other
factors,  prior years' loss  experience,  economic  conditions,  distribution of
portfolio loans by risk class, the estimated value of underlying collateral, and
the balance of any impaired  loans  (generally  considered  to be  nonperforming
loans,  excluding  residential  mortgages and other homogeneous  loans).  Though
management  believes  the  allowance  for loan losses to be  adequate,  ultimate
losses  may  vary  from   estimations;   however,   the  allowance  is  reviewed
periodically  and as adjustments  become necessary they are reported in earnings
in the periods in which they become  known.  Specific  allowances  for  impaired
loans  are  based on  comparisons  of the  carrying  values  of the loans to the
present  value  of the  loans'  estimated  cash  flows at each  loan's  original
effective  interest  rate,  the fair  value  of the  collateral,  or the  loans'
observable market prices.

                                       6
<PAGE>


3.   EARNINGS AND DIVIDENDS PER SHARE:
     ---------------------------------

Earnings  per share  ("EPS") for the three and nine months ended  September  30,
2003 and 2002, respectively, were as follows:

<TABLE>
<CAPTION>



                                       Three Months                        Three Months
                                  Ended September 30, 2003             Ended September 30, 2002
                          -------------------------------------     ----------------------------------
                                         Dilutive                                 Dilutive
                                         Effect of                                Effect of
                                         Options                                  Options
                             Basic       Issued       Diluted         Basic       Issued        Diluted
                          -----------   ----------   ----------     ----------  ------------   -----------
<S>                       <C>                        <C>            <C>                        <C>
Net income                $  135,000        ---      $  135,000     $   22,000      ---        $   22,000

Shares available to
   common shareholders     2,309,890      32,595      2,342,486      2,272,059    37,809        2,309,868
                          -----------   ----------   ----------     ----------  ------------   -----------

Earnings per share        $     0.06        ---      $     0.06     $     0.01       ---       $     0.01
                          ===========   ==========   ==========     ==========  ============   ===========
<CAPTION>


                                       Nine Months                        Nine Months
                                  Ended September 30, 2003             Ended September 30, 2002
                          -------------------------------------     ----------------------------------
                                         Dilutive                                 Dilutive
                                         Effect of                                Effect of
                                         Options                                  Options
                             Basic       Issued       Diluted         Basic       Issued        Diluted
                          -----------   ----------   ----------     ----------  ------------   -----------


<S>                       <C>                        <C>            <C>                        <C>
Net income                $  497,000         ---     $  497,000     $  158,000      ---        $  158,000

Shares available to
   common shareholders     2,300,319      25,697      2,326,016      2,267,997     22,719       2,290,716
                          -----------   ----------   ----------     ----------  ------------   -----------

Earnings per share        $     0.21         ---     $     0.21     $     0.07      ---        $     0.07
                          ===========   ==========   ==========     ==========  ============   ===========
</TABLE>




Options to purchase  51,859 and 66,574 shares of common stock at prices  ranging
from $8.00 to $12.50 and $7.50 to $12.50 were  outstanding  during the  quarters
ended September 30, 2003 and 2002, respectively,  and options to purchase 58,404
and 66,574  shares of common  stock at prices  ranging  from $7.50 to $12.50 and
$7.50 to $12.50 were outstanding during the nine months ended September 30, 2003
and 2002, respectively,  but were not included in the computation of diluted EPS
because the options' exercise price was greater than the average market price of
the common  stock.  The options will expire at various  times over the next nine
years.

There were 43,931 and 52,717  shares of common stock held by the Employee  Stock
Ownership  Plan and  unallocated  at September 30, 2003 and 2002,  respectively.
These shares are outstanding but not included in the computation of earnings per
share.

Dividends declared for the quarter ended September 30, 2003, consisted of a $.07
per share quarterly dividend.

4.   SEGMENT DISCLOSURE:
     -------------------

The holding company is considered a separate reportable segment from the banking
operations  since it does not  offer  products  or  services  or  interact  with
customers,  but  does  meet  the  quantitative  threshold  as  outlined  in  the
accounting  standards.  The Company's  segment  disclosure is as follows for the
three and nine months ended September 30, 2003 and 2002.


                                        7
<PAGE>


                                    Three Months Ended September 30, 2003
                                ------------------------------------------------
                                 Banking      Holding                   Total
                                Operations    Company   Elimination    Company
                                ----------   ---------  -----------  -----------
                                                (In thousands)

Net interest income             $   1,220    $       6  $       --   $    1,226
Provision for loan losses             170           --          --          170
Noninterest income                    504           25          --          529
Noninterest expense                 1,308          123          --        1,431
                                ----------   ---------  -----------  -----------
   Income before income
       taxes                          246          (92)         --          154
Income tax expense (benefit)           62          (43)         --           19
                                ----------   ---------  -----------  -----------
   Net income (loss)            $     184    $     (49) $       --   $      135
                                ==========   =========  ===========  ===========
   Total assets                 $ 191,510    $  19,883  $   (17,890) $  193,503
                                ==========   =========  ===========  ===========
   Capital Expenditures         $     645    $     --   $       --   $      645
                                ==========   =========  ===========  ===========

                                    Three Months Ended September 30, 2002
                                ------------------------------------------------
                                 Banking      Holding                  Total
                                Operations    Company   Elimination    Company
                                ----------   ---------  -----------  -----------
                                               (In thousands)

Net interest income             $   1,513    $       8  $       --   $    1,521
Provision for loan losses           1,022          --           --        1,022
Noninterest income                    925           25          --          950
Noninterest expense                 1,382           83          --        1,465
                                ----------   ---------  -----------  -----------
   Income before income
       taxes                           34          (50)         --          (16)
Income tax expense (benefit)          (13)         (25)         --          (38)
                                ----------   ---------  -----------  -----------
   Net income (loss)            $      47    $     (25) $       --   $       22
                                ==========   =========  ===========  ===========
   Total assets                 $ 180,565    $  19,931  $   (18,337) $  182,159
                                ==========   =========  ===========  ===========
   Capital Expenditures         $      57    $     --   $       --   $       57
                                ==========   =========  ===========  ===========


                                     Nine Months Ended September 30, 2003
                                ------------------------------------------------
                                 Banking      Holding                   Total
                                Operations    Company   Elimination    Company
                                ----------   ---------  -----------  -----------
                                               (In thousands)

Net interest income             $   3,685    $     19   $       --   $    3,704
Provision for loan losses             596          --           --          596
Noninterest income                  1,721          76           --        1,797
Noninterest expense                 3,900         396           --        4,296
                                ----------   ---------  -----------  -----------
   Income before income
       taxes                          910        (301)          --          609
Income tax expense (benefit)          249        (137)          --          112
                                ----------   ---------  -----------  -----------
   Net income (loss)            $     661    $   (164)  $       --   $      497
                                ==========   =========  ===========  ===========
   Total assets                 $ 191,510    $ 19,883   $   (17,890) $  193,503
                                ==========   =========  ===========  ===========
   Capital Expenditures         $     705    $     --   $       --   $      705
                                ==========   =========  ===========  ===========



                                        8
<PAGE>


                                     Nine Months Ended September 30, 2002
                                ------------------------------------------------
                                 Banking      Holding                   Total
                                Operations    Company  Eliminations    Company
                                ----------   ---------  -----------  -----------
                                                (In thousands)

Net interest income             $  4,475     $     25   $       --   $    4,500
Provision for loan losses          1,703           --           --        1,703
Noninterest income                 1,741           75           --        1,816
Noninterest expense                4,203          311           --        4,514
                                ----------   ---------  -----------  -----------
   Income (loss) before income
   taxes                             310         (211)          --           99
Income tax expense (benefit)          42         (101)          --          (59)
                                ----------   ---------  -----------  -----------
   Net income (loss)            $    268     $   (110)  $       --   $      158
                                ==========   =========  ===========  ===========
   Total assets                 $180,565     $ 19,931   $  (18,337)  $  182,159
                                ==========   =========  ===========  ===========
   Capital Expenditures         $    925     $     --   $       --   $      925
                                ==========   =========  ===========  ===========

5.   STOCK-BASED COMPENSATION
     ------------------------

In  accordance  with  provisions of Statement of Financial  Accounting  Standard
("SFAS")  123, the Company has elected to continue to apply,  APB Opinion 25 and
related Interpretations.  In December 2002, SFAS 148, Accounting for Stock-Based
Compensation - Transition and Disclosure,  was issued which provides alternative
methods of transition  for a voluntary  change to the fair value based method of
accounting for stock-based  compensation.  This Statement  amends the disclosure
requirements  of SFAS 123 to require  prominent  disclosures  in both annual and
interim  financial  statements  about the method of accounting  for  stock-based
employee  compensation  and the effect of the method used on  reported  results.
Under the Company's stock option plan, all options granted are exercisable.

If the Company had elected to recognize  compensation  cost for options  granted
during the quarter and nine months ended  September 30, 2003 and 2002,  based on
the fair value of the options as required by SFAS 123,  net income and  earnings
per share would have been reduced to the pro forma amounts indicate below:

                                          Three     Nine        Three     Nine
                                          Months    Months      Months   Months
                                          Ended     Ended       Ended    Ended
                                         September 30, 2003   September 30, 2002
                                         ------------------   ------------------
                                        (In thousands, except per share amounts)

Net income - as reported                 $  135    $   497     $   22   $   158
Stock-based compensation expense, net        60         60         25        25
                                         --------  --------    -------  --------
Net income (loss) - proforma                 75        437         (3)      133
                                         ========  ========    =======  ========
Earnings per share - as reported
  Basic                                  $  .06    $   .21     $  .01   $   .07
  Diluted                                $  .06    $   .21     $  .01   $   .07

Earnings per share - pro forma
  Basic                                  $  .03    $   .19     $  .00   $   .06
  Diluted                                $  .03    $   .19     $  .00   $   .06


The fair value of each option  grant is estimated on the date of grant using the
Black-Scholes option pricing model using the following assumptions:


                                           2003       2002
                                         --------  --------

       Expected dividend yield               4.40%     4.76%
       Expected stock price volatility         38%       36%
       Risk-free interest rate               2.25%     2.65%
       Expected life of options           5 Years   5 Years



                                        9
<PAGE>


6.   RECENT ACCOUNTING PRONOUNCEMENTS:
     ---------------------------------

In April 2003, the Financial Accounting Standards Board ("FASB") issued SFAS No.
149,   Amendment  of  Statement  133  on  Derivative   Instruments  and  Hedging
Activities.  ("SFAS No. 149") amends and  clarifies  accounting  for  derivative
instruments,   including  certain  derivative   instruments  embedded  in  other
contracts,  and for  hedging  activities  under SFAS No. 133.  The new  guidance
amends SFAS No. 133 for decisions made as part of the Derivatives Implementation
Group  process  that  effectively  required  amendments  to SFAS  No.  133,  and
decisions  made in connection  with other FASB projects  dealing with  financial
instruments and in connection with  implementation  issues raised in relation to
the  application  of the  definition of a derivative  and  characteristics  of a
derivative that contains financing components.  In addition, it clarifies when a
derivative contains a financing component that warrants special reporting in the
statement of cash flows. SFAS No. 149 is effective for contracts entered into or
modified after June 30, 2003 and for hedging relationships designated after June
30, 2003.  The Company is currently  assessing the impact of SFAS No. 149 on the
consolidated financial position and results of operations.

In May 2003,  the FASB  issued SFAS No. 150,  Accounting  for Certain  Financial
Instruments with Characteristics of both Liability and Equity, which establishes
standards for  classification  and  measurement  of financial  instruments  with
characteristics  of both liabilities and equity.  Many of these instruments were
previously  classified  as equity.  The  Company  does not  anticipate  that the
statement will have a material  impact on the Condensed  Consolidated  Financial
Statements.

7.   BRANCH PURCHASE:
     ----------------

During the quarter  ended  September  30, 2003,  the Bank  purchased a branch in
Centreville, Alabama from First Federal of the South. Approximately $8.3 million
in  deposits  were  assumed  at a premium  of 3%, or  $250,000.  Total  loans of
approximately  $5.6 were purchased and approximately  $2.5 in cash was received.
An  additional  $600,000 of loans will be  purchased  from First  Federal of the
South as a part of the transaction. This transaction enabled the Bank to further
utilize the existing Centreville branch.

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Management's Discussion and Analysis includes certain forward-looking statements
addressing,  among other  things,  the Company's  prospects for earnings,  asset
growth and net interest margin.  Forward-looking  statements are accompanied by,
and  identified  with,  such  terms  as  "anticipates,"  "believes,"  "expects,"
"intends,"  and similar  phrases.  Management's  expectations  for the Company's
future necessarily  involve a number of assumptions and estimates.  Factors that
could cause actual results to differ from the expectations expressed herein are:
substantial  changes in  interest  rates,  changes in the general  economy,  and
changes in the Company's  strategies for credit-risk  management,  interest-rate
risk  management and investment  activities.  Accordingly,  any  forward-looking
statements  included herein do not purport to be predictions of future events or
circumstances and may not be realized.

Comparison  of Financial  Condition as of September  30, 2003,  and December 31,
--------------------------------------------------------------------------------
2002
----

All dollar amounts, except per share amounts, included hereafter in Management's
Discussion and Analysis are in thousands.

During the quarter  ended  September  30, 2003,  the Bank  purchased a branch in
Centreville,   Alabama  previously  ordered  by  First  Federal  of  the  South.
Approximately $8.3 million in deposits were assumed at a premium of 3%, or $250.
Total loans of approximately  $5.6 were purchased and approximately $2.5 in cash
was received.  An additional  $600 of loans will be purchased from First Federal
of the South as a part of the transaction.  This transaction enabled the Bank to
further utilize the Bank's existing Centreville branch.

Interest-bearing  deposits and federal funds sold decreased $4,808, or 21.4%, to
$17,705 at September 30, 2003. The decrease is  substantially  the result of the
funds being invested in new loan originations.

                                       10
<PAGE>


Securities available-for-sale decreased $2,945, or 9.6%, to $27,687 at September
30, 2003. During the nine months ended September 30, 2003,  investments totaling
$6,729 were called or matured, $10,325 were purchased and $6,048 were sold.

Loans  receivable,  net, at September 30, 2003,  were  $129,719,  an increase of
$25,409,  or 24.4%,  from  $104,310 at  December  31,  2002.  The  increase  was
primarily the result of increased  portfolio  originations  in connection with a
new treasury based adjustable rate commercial mortgage program. Also attributing
to the increase was $5.6 million of loans that were acquired in connection  with
the  Centreville  branch  transaction.  The majority of the loans  acquired were
mortgages.

The  Company's  consolidated  allowance  for loan losses  increased to $1,237 at
September  30,  2003,  from $1,059 at  December  31,  2002.  This  increase  was
partially  due to a provision to the  allowance  for loan losses of $596 for the
nine months ended  September 30, 2003,  net of  charge-offs  over  recoveries of
$418.  Nonperforming loans at September 30, 2003, increased slightly to $838, or
0.64% of loans receivable,  from $655, or 0.63% of loans receivable, at December
31, 2002.  At September 30, 2003,  there were no material  loans not included in
nonperforming  loans which  represented  material credits about which management
was aware of any information  which caused  management to have serious doubts as
to the ability of such borrowers to comply with the loan repayment terms.

Land,  buildings and  equipment,  net,  increased  $469, or 11.0%,  to $4,734 at
September 30, 2003. The increase was substantially the result of the purchase of
land and  architectural  fees  associated  with a new branch facility in Pelham,
Alabama.  The existing  facility is under lease and a larger  facility is needed
because of growth.

Real estate  owned was $825 at  September  30,  2003,  a decrease of $1,073 from
December 31, 2002. The decrease is  substantially  the result of the disposition
of eighteen properties, net of eleven foreclosures, during the nine months ended
September 30, 2003.

Deposits  increased  $15,745,  or 11.3%, to $155,676 at September 30, 2003, from
$139,931 at December 31, 2002.  The  increase  was  substantially  the result of
increases in commercial  checking  accounts and $8.3 million of deposits assumed
associated with the branch purchase.

Borrowings  decreased by $150,  or 0.8%,  to $17,855 at September 30, 2003, as a
result  of a $750  repayment,  net of a $600  draw,  on a line of  credit by the
Company.

The Company had  stockholders'  equity of $18,725 as of  September  30,  2003, a
decrease of $83, or 0.4%,  from $18,808 as of December 31, 2002.  Net income for
the nine months ended  September  30, 2003,  was $497.  Equity was  decreased by
dividends of $.28 per share.  Included in such dividends was a special  dividend
of $.07 per share, which was declared during the first quarter.

Liquidity and Capital Resources
-------------------------------

Traditionally,  the  Bank's  principal  sources  of funds  have  been  deposits,
principal and interest  payments on loans and  mortgage-backed  securities,  and
proceeds from interest on and maturities of investments.  In addition,  the Bank
has borrowing ability from the Federal Home Loan Bank of Atlanta if the need for
additional  funds arises.  At September 30, 2003,  the Bank had  commitments  to
originate and fund loans of $13.6  million.  The Bank  anticipates  that it will
have sufficient funds available to meet its current commitments.

First  Financial is required by regulation to maintain  minimum levels of liquid
assets. The liquidity ratio of First Financial at September 30, 2003, was 12.8%,
which exceeded the applicable regulatory requirement.

Under applicable regulations,  First Financial and the Company are each required
to maintain  minimum capital  ratios.  Set forth below are actual capital ratios
and the minimum regulatory capital requirements as of September 30, 2003.


                                       11
<PAGE>


                                     First Financial            The Company
                                    ----------------          ----------------
Tier 1 Risk-Based Capital
Stockholders' Equity less goodwill  $15,420   10.62%          $16,820   11.46%
Minimum Required                      8,710    6.00%            5,873    4.00%
                                    -------   ------          -------   ------
Excess                              $ 6,710    4.62%          $10,947    7.46%
                                    =======   ======          =======   ======
Total Risk-Based Capital
Tier 1 Capital plus allowances
  for loan losses                   $16,657   11.47%          $18,057   12.30%
Minimum Required                     14,518   10.00%           11,745    8.00%
                                    -------   ------          -------   ------
Excess                              $ 2,139    1.47%          $ 6,312    4.30%
                                    =======   ======          =======   ======
Tier 1 Leverage                     $15,420    8.36%          $16,820    8.95%
Minimum Leverage Requirement          9,228    5.00%            7,519    4.00%
                                    -------   ------          -------   ------
Excess                              $ 6,192    3.36%          $ 9,301    4.95%
                                    =======   ======          =======   ======

As of September  30,  2003,  management  was not aware of any trends,  events or
uncertainties  that will have or are reasonably likely to have a material effect
on the Company's or the Bank's liquidity, capital resources or operations.

Results of Operations - Comparison of the Three Months Ended  September 30, 2003
------------------------------------------------------------  ------------------
and 2002
--------

Net income for the three months ended  September 30, 2003, was $135, an increase
of $113, or 513.6%,  from net income of $22 for the three months ended September
30, 2002. The increase  compared to the same quarter a year ago is primarily the
result of $1.0 million  provision,  net of a $500 gain on sale of loans recorded
during the quarter ended  September 30, 2002,  somewhat offset by a reduction in
interest rate spread for the quarter ended September 30, 2003.

Interest Income
---------------

Total interest  income  decreased $495, or 18.3%, to $2,215 for the three months
ended September 30, 2003. This decrease was  substantially  due to a decrease in
the average yield on interest-earning  assets to 5.2% for the three months ended
September 30, 2003, from 6.7% for the same quarter a year ago.

Interest Expense
----------------

Interest  expense for the quarter ended September 30, 2003, was $989, a decrease
of $200,  or 16.8%,  from $1,189 for the quarter ended  September 30, 2002.  The
decrease was  substantially the result of a decrease in the average rate paid on
interest-bearing  liabilities  to 2.3% for the three months ended  September 30,
2003, compared to 3.0% for the corresponding quarter of the previous year.

Net Interest Income
-------------------

Net interest income for the quarter ended September 30, 2003, decreased $295, or
19.4%, to $1,226 from the quarter ended September 30, 2002, level of $1,521. The
decrease  was  primarily  the result of a decrease in the  average net  interest
spread to 2.9% for the quarter ended September 30, 2003 compared to 3.7% for the
same period a year ago. The net interest margin decreased to 2.9% in the quarter
ended September 30, 2003 compared to 3.7% for the same quarter a year ago.

Provision for Loan Losses
-------------------------

Management  increased the Company's  total allowance for loan losses by a charge
to the provision of $170 during the quarter ended  September 30, 2003,  compared
to $1,022 for the quarter  ended  September  30, 2002.  The  allowance  for loan
losses  is based on  management's  evaluation  of  losses  inherent  in the loan
portfolio and  considers,  among other  factors,  prior years' loss  experience,
economic  conditions,  distribution  of  portfolio  loans by risk  class and the
estimated value of the underlying collateral.  Although management believes that
it uses the best  information  available  to make  such  determinations,  future
adjustments  to  allowances  may  be  necessary,   and  net  earnings  could  be
significantly   affected  if  circumstances   differ   substantially   from  the
assumptions used in making the initial determination.

                                       12
<PAGE>


Noninterest Income
------------------

Noninterest income during the quarter ended September 30, 2003,  decreased $421,
to $529, from the September 30, 2002, level of $950. The decrease in noninterest
income during the quarter ended September 30, 2003, is primarily the result of a
gain on the sale of loans totaling $531 recorded in the prior year quarter ended
September 30, 2002.

Noninterest Expenses
--------------------

Noninterest expenses during the quarter ended September 30, 2003, decreased $34,
or 2.3%, to $1,431, from the September 30, 2002, quarter of $1,465. The decrease
in other  operating  expense is primarily  attributable  to an  approximate  $14
reduction  in data  processing  cost as a result of the merger of the  Company's
subsidiary  banks in March 2002 and merger  related  expenses of $49 recorded in
the quarter ended September 30, 2002.

Income Taxes
------------

The  provision  for income  taxes  increased  $57, to $19 for the quarter  ended
September  30, 2003,  as compared to the  corresponding  quarter in the previous
year.  The  increased  tax  expense was due  primarily  to an increase in pretax
income.

Results of Operations - Comparison  of the Nine Months Ended  September 30, 2003
----------------------------------  ------------------------  ------------------
and 2002
--------

Net income for the nine months ended  September 30, 2003,  was $497, an increase
of $339, or 214.6%,  from net income of $158 for the nine months ended September
30, 2002. The increase was  substantially  the result of reduced  provisions for
loan losses somewhat offset by a decline in net interest income.

Interest Income
---------------

Total interest income decreased  $1,557, or 18.8%, to $6,741 for the nine months
ended  September  30,  2003.  This  decrease was  substantially  the result of a
decrease in the average yield on the interest-earning  assets to 5.4% during the
nine months ended  September  30,  2003,  from 6.7% during the nine months ended
September 30, 2002.

Interest Expense
----------------

Interest  expense for the nine months ended September 30, 2003,  decreased $761,
or 20.0%,  to $3,037,  from $3,798  during the nine months ended  September  30,
2002. This decrease was primarily attributable to a decrease in the average rate
paid on  interest-bearing  liabilities  to 2.5% for the nine month  period ended
September 30, 2003, compared to 3.1% for the same period a year ago.

Net Interest Income
-------------------

Net interest  income for the nine months  ended  September  30, 2003,  decreased
$796, or 17.7%,  to $3,704,  from $4,500 for the nine months ended September 30,
2002.  This decrease was due primarily to a decrease in the average net interest
spread to 3.0% for the nine months ended  September 30, 2003,  from 3.6% for the
nine months ended September 30, 2002. The net interest margin  decreased to 3.0%
in the nine months ended  September 30, 2003, from 3.6% in the nine months ended
September 30, 2002.

Provision for Loan Losses
-------------------------

Management  increased the Company's  total allowance for loan losses by a charge
to the  provision of $596 during the nine months  quarter  ended  September  30,
2003,  compared to $1,703 for the nine months  ended  September  30,  2002.  The
allowance for loan losses is based on management's evaluation of losses inherent
in the loan  portfolio and  considers,  among other  factors,  prior years' loss
experience,  economic conditions,  distribution of portfolio loans by risk class
and the estimated value of the underlying collateral.

                                       13
<PAGE>


Noninterest Income
------------------

Noninterest  income for the nine months ended September 30, 2003, totaled $1,797
as compared to $1,816 for the nine months ended September 30, 2002. The decrease
in  noninterest  income was  substantially  the result of a $531 gain on sale of
loans recorded in the prior year,  somewhat offset by a $299 gain on the sale of
investments recorded during the quarter ended June 30, 2003.

Noninterest Expenses
--------------------

Noninterest  expenses during the nine months ended September 30, 2003, decreased
$218 to $4,296  from the 2002  level of  $4,514.  The  decrease  in  noninterest
expense from a year ago is primarily  attributable to an unusual pension expense
of $238 recorded in the prior year. The decrease in other  operating  expense is
attributable  to a $44  reduction  in data  processing  cost as a result  of the
merger of the Company's  subsidiary  banks in the prior year and merger  related
expense of $94 recorded in the prior year slightly  offset by an increase of $54
in REO expense.

Income Taxes
------------

The provision  for income taxes  increased  $171, to $112,  for an effective tax
rate of 35%, for the nine months  ended  September  30,  2003,  as compared to a
credit of $59, for an effective tax rate of 38%, for the corresponding period of
the prior year.  The  increased  tax  expense was due to the  increase in pretax
taxable income when compared to the same period a year ago.

ITEM 3.  CONTROLS AND PROCEDURES

The  Company  carried  out an  evaluation  under  the  supervision  and with the
participation  of  the  Company's  management,  including  the  Company's  Chief
Executive   Officer  and  the  Company's   Chief  Financial   Officer,   of  the
effectiveness of the design and operation of the Company's  disclosure  controls
and  procedures  as of  September  30,  2003,  pursuant  to  Exchange  Act  Rule
13a-15(b). Based upon that evaluation, the Company's Chief Executive Officer and
the Company's Chief Financial  Officer  concluded that the Company's  disclosure
controls and procedures, as designed and implemented,  are effective in alerting
them  in a  timely  manner  to  material  information  relating  to the  Company
(including  its  consolidated  subsidiaries)  required  to be  included  in  the
Company's periodic SEC filings.

In  addition,  the Company  reviewed its  internal  controls.  There has been no
change in the Company's  internal  control over financial  reporting  during the
last fiscal quarter that has  materially  affected,  or is reasonably  likely to
materially affect the Company's internal control over financial reporting.

Disclosure  controls  and  procedures  are  designed to ensure that  information
required to be disclosed in reports  filed by the Company  under the  Securities
Exchange Act of 1934 is recorded, processed,  summarized and reported within the
time  periods  specified in the SEC's rules and forms.  Disclosure  controls are
also  designed  with  the  objective  of  ensuring  that  such   information  is
accumulated and  communicated to the Company's  management,  including the Chief
Executive  Officer and the Chief Financial  Officer,  as  appropriate,  to allow
timely decisions  regarding required  disclosures.  Disclosure  controls include
internal  controls  that are  designed  to  provide  reasonable  assurance  that
transactions   are  properly   authorized,   assets  are   safeguarded   against
unauthorized  or  improper  use  and  transactions  are  properly  recorded  and
reported.

Any control system, no matter how well conceived and operated,  can provide only
reasonable  assurance that its objectives are achieved.  The design of a control
system  inherently  has  limitations,  including the controls'  cost relative to
their benefits.  Additionally,  controls can be circumvented.  No cost-effective
control  system can  provide  absolute  assurance  that all  control  issues and
instances of fraud, will be detected.


                                       14
<PAGE>


                            PART II-OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

From time to time, the Company and Bank are parties to routine legal proceedings
occurring in the ordinary course of business.  At September 30, 2003, there were
no legal  proceedings  to which  the  Company  and/or  the Bank  were a party or
parties,  or to which any of their property was subject,  which were expected by
management to result in a material loss.

ITEM 2.  CHANGES IN SECURITIES

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

None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits.
     Exhibit  31.1 -  Certifications  of Chief  Executive  Officer  pursuant  to
     Section 302 of the Sarbanes- Oxley Act of 2002.
     Exhibit  31.2 -  Certifications  of Chief  Financial  Officer  pursuant  to
     Section 302 of the Sarbanes- Oxley Act of 2002.
     Exhibit 32.1 - Certification  Pursuant to Section 906 of the Sarbanes-Oxley
     Act of 2002

(b)  Reports on Form 8-K.

     A Current Report on Form 8-K dated August 1, 2003, furnishing under Item 12
     ("Results of  Operations  and  Financial  Condition")  announcement  of the
     Company's results of operations for the quarter ended June 30, 2003.


                                       15
<PAGE>


                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                          FIRSTFED BANCORP, INC.


Date: November 14, 2003                   \s\ B. K. Goodwin , III
      -----------------                   --------------------------------------
                                          B. K. Goodwin, III,
                                          Chairman of the Board,
                                          Chief Executive Officer,
                                          and President



Date: November 14, 2003                   \s\ Lynn J. Joyce
      -----------------                   --------------------------------------
                                          Lynn J. Joyce
                                          Chief Financial Officer,
                                          Executive Vice President,
                                          Secretary and Treasurer



                                       16