SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q

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

                  For the Quarterly Period Ended March 31, 2000

                                       OR

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

                         Commission File Number: 0-26556

                           KLAMATH FIRST BANCORP, INC.
             (Exact name of registrant as specified in its charter)

         Oregon                                                       93-1180440
State or other jurisdiction of incorporation                    (I.R.S. Employer
or organization)                                          Identification Number)

540 Main Street, Klamath Falls, Oregon                                     97601
Address of principal executive offices)                               (Zip Code)

Registrant's telephone number, including area code:               (541) 882-3444

Securities registered pursuant to Section 12(b) of the Act:                 None

Securities registered pursuant to
Section 12(g) of the Act:                 Common Stock, par value $.01 per share
                                                                (Title of Class)

     Indicate  by check mark  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 .

     As  of  April  21,  2000,   there  were  issued  7,512,958  shares  of  the
Registrant's  Common  Stock.  The  Registrant's  voting  common  stock is traded
over-the-counter  and is listed on the Nasdaq  National  Market under the symbol
"KFBI."

<PAGE>

                   KLAMATH FIRST BANCORP, INC. AND SUBSIDIARY

                                TABLE OF CONTENTS

Part I.        Financial Information
-------        ----------------------
Item 1.        Financial Statements                                         Page
                                                                         -------
               Consolidated Balance Sheets
               (As of March 31, 2000 and September 30, 1999)                   3

               Consolidated Statements of Earnings
               (For the three months and six months
               ended March 31, 2000 and 1999)                                  4

               Consolidated Statements of Shareholders' Equity
               (For the year ended September 30, 1999 and for
               the six months ended March 31, 2000)                            5

               Consolidated Statements of Cash Flows (For the six
               months ended March 31, 2000 and 1999)                       6 - 7

               Notes to Consolidated Financial Statements                 8 - 11

Item 2.        Management's Discussion and Analysis of Financial
               Condition and Results of Operations                       12 - 16

Part II.       Other Information
--------       -------------------

Item 1.        Legal Proceedings                                              17

Item 2.        Changes in Securities                                          17

Item 3.        Defaults Upon Senior Securities                                17

Item 4.        Submission of Matters to a Vote of Security Holders            17

Item 5.        Other Information                                              17

Item 6.        Exhibits and Reports on Form 8-K                               17

Signatures                                                                    18











                                        2
<PAGE>
<TABLE>
<CAPTION>

                   KLAMATH FIRST BANCORP, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                   AS OF MARCH 31, 2000 AND SEPTEMBER 30, 1999
                                   (Unaudited)



                                                                             March 31, 2000    September 30, 1999
ASSETS                                                                     ----------------    ------------------

<S>                                                                         <C>                <C>
Cash and due from banks .................................................   $    26,042,691    $    21,123,217
Interest bearing deposits with banks ....................................         1,222,284          1,231,516
Federal funds sold and securities purchased under agreements to resell ..         4,092,516          2,167,856
                                                                            ---------------    ---------------
   Total cash and cash equivalents ......................................        31,357,491         24,522,589

Investment securities available for sale, at fair value
  (amortized cost: $152,101,065 and $161,112,272) .......................       149,004,467        158,648,057
Investment securities held to maturity, at amortized cost (fair
  value: $570,708 and $577,455) .........................................           558,589            559,512
Mortgage backed and related securities available for sale, at fair
  value (amortized cost: $96,891,204 and $73,075,553) ...................        96,537,407         72,695,555
Mortgage backed and related securities held to maturity, at amortized
  cost (fair value: $2,385,477 and $2,596,408) ..........................         2,401,850          2,600,920
Loans receivable, net ...................................................       737,092,357        739,793,403
Real estate owned and repossessed assets ................................         1,536,176          1,494,890
Premises and equipment, net .............................................        12,096,843         11,581,923
Stock in Federal Home Loan Bank of Seattle, at cost .....................        11,456,600         10,957,300
Accrued interest receivable .............................................         7,244,345          7,153,818
Core deposit intangible .................................................         8,952,002          9,778,341
Other assets ............................................................         2,529,423          1,855,032
                                                                            ---------------    ---------------
   Total assets .........................................................   $ 1,060,767,550    $ 1,041,641,340
                                                                            ===============    ===============

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
  Deposit liabilities ...................................................   $   709,303,193    $   720,401,112
  Accrued interest on deposit liabilities ...............................         1,182,400          1,184,471
  Advances from borrowers for taxes and insurance .......................         3,775,667          9,758,627
  Advances from Federal Home Loan Bank of Seattle .......................       223,000,000        197,000,000
  Short term borrowings .................................................         1,000,000                 --
  Accrued interest on borrowings ........................................         1,078,168             34,484
  Pension liabilities ...................................................           898,942            833,644
  Deferred income taxes .................................................           693,099            579,727
  Other liabilities .....................................................        12,044,937          2,263,812
                                                                            ---------------    ---------------
    Total liabilities ...................................................       952,976,406        932,055,877
                                                                            ---------------    ---------------
    Commitments and contingencies

SHAREHOLDERS' EQUITY

  Preferred stock, $.01 par value, 500,000 shares authorized; none issued              --                 --
  Common stock, $.01 par value, 35,000,000 shares authorized,
   March 31, 2000 - 7,512,958 issued, 6,668,875 outstanding
   September 30, 1999 - 7,908,377 issued, 7,062,092 outstanding .........            75,130             79,084
  Additional paid-in capital ............................................        39,257,776         43,794,535
  Retained earnings-substantially restricted ............................        78,988,895         76,866,452
  Unearned shares issued to ESOP ........................................        (5,382,575)        (5,871,900)
  Unearned shares issued to MRDP ........................................        (3,008,837)        (3,519,296)
  Net unrealized loss on securities available for sale, net of tax ......        (2,139,245)        (1,763,412)
                                                                            ---------------    ---------------
    Total shareholders' equity ..........................................       107,791,144        109,585,463
                                                                            ---------------    ---------------
    Total liabilities and shareholders' equity ..........................   $ 1,060,767,550    $ 1,041,641,340
                                                                            ===============    ===============

<FN>

      See notes to consolidated financial statements.
</FN>
</TABLE>

                                        3
<PAGE>
<TABLE>
<CAPTION>

                   KLAMATH FIRST BANCORP, INC. AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF EARNINGS
                                   (Unaudited)

                                                                      Three           Three            Six              Six
                                                               Months Ended    Months Ended   Months Ended     Months Ended
                                                                  March 31,       March 31,      March 31,        March 31,
                                                                       2000            1999           2000             1999
                                                             --------------  --------------  --------------  --------------
INTEREST INCOME
<S>                                                          <C>             <C>             <C>             <C>
  Loans receivable ........................................  $   14,283,921  $   14,064,649  $   28,529,511  $   27,904,038
  Mortgage backed and related securities ..................       1,266,675         391,092       2,350,605         952,302
  Investment securities ...................................       2,469,830       2,863,380       4,991,358       6,292,645
  Federal funds sold ......................................          49,320         214,756         146,444         422,316
  Interest bearing deposits ...............................          71,432         152,623         173,706         392,772
                                                             --------------  --------------  --------------  --------------
    Total interest income .................................      18,141,178      17,686,500      36,191,624      35,964,073
                                                             --------------  --------------  --------------  --------------

INTEREST EXPENSE
  Deposit liabilities .....................................       7,036,474       7,263,000      14,059,877      14,681,561
  FHLB advances ...........................................       3,182,153       2,135,328       5,953,181       4,346,724
  Other ...................................................          19,529          62,775          38,458         220,434
                                                             --------------  --------------  --------------  --------------
    Total interest expense ................................      10,238,156       9,461,103      20,051,516      19,248,719
                                                             --------------  --------------  --------------  --------------
    Net interest income ...................................       7,903,022       8,225,397      16,140,108      16,715,354

Provision for loan losses .................................         200,000         303,000         308,000         426,000

                                                             --------------  --------------  --------------  --------------
    Net interest income after provision for
      loan losses .........................................       7,703,022       7,922,397      15,832,108      16,289,354
                                                             --------------  --------------  --------------  --------------

NON-INTEREST INCOME
  Fees and service charges ................................         756,168         686,215       1,526,887       1,377,892
  Gain on sale of investments .............................            --           179,135           6,836         307,328
  Gain on sale of real estate owned .......................             748          26,179         118,314          26,179
  Other income ............................................         169,097          54,000         306,352         133,550
                                                             --------------  --------------  --------------  --------------
    Total non-interest income .............................         926,013         945,529       1,958,389       1,844,949
                                                             --------------  --------------  --------------  --------------
NON-INTEREST EXPENSE
  Compensation, employee benefits and related expense .....       2,884,515       2,549,616       5,632,127       4,963,502
  Occupancy expense .......................................         584,203         561,453       1,135,723       1,120,557
  Data processing expense .................................         243,283         242,978         464,331         482,783
  Insurance premium expense ...............................          38,057          77,662         113,886         147,638
  Loss on sale of investments .............................            --              --              --           112,256
  Loss on sale of real estate owned .......................            --             5,398            --             5,398
  Amortization of core deposit intangible .................         413,169         413,169         826,339         826,339
  Other expense ...........................................       1,407,419       1,213,458       3,264,341       2,480,338
                                                             --------------  --------------  --------------  --------------
    Total non-interest expense ............................       5,570,646       5,063,734      11,436,747      10,138,811
                                                             --------------  --------------  --------------  --------------

Earnings before income taxes ..............................       3,058,389       3,804,192       6,353,750       7,995,492

Provision for income tax ..................................       1,184,248       1,508,741       2,450,999       3,246,226
                                                             --------------  --------------  --------------  --------------

Net earnings ..............................................  $    1,874,141  $    2,295,451  $    3,902,751  $    4,749,266
                                                             ==============  ==============  ==============  ==============

Earnings per common share - basic .........................  $         0.28  $         0.32  $         0.57  $         0.59
Earnings per common share - fully diluted .................  $         0.28  $         0.31  $         0.57  $         0.57
Weighted average common shares outstanding - basic ........       6,769,260       7,261,474       6,896,199       8,095,744
Weighted average common shares outstanding -  with dilution       6,769,260       7,485,198       6,896,199       8,343,948


<FN>

     See notes to consolidated financial statements.
</FN>
</TABLE>

                                        4
<PAGE>
<TABLE>
<CAPTION>

                   KLAMATH FIRST BANCORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
  FOR THE YEAR ENDED SEPTEMBER 30, 1999 AND THE SIX MONTHS ENDED MARCH 31, 2000
                                   (Unaudited)

                                                                                   Unearned     Unearned
                                   Common       Common    Additional                 shares       shares         Other        Total
                                    stock        stock       paid-in   Retained      issued       issued comprehensive shareholders'
                                   shares       amount       capital   earnings     to ESOP      to MRDP income (loss)       equity
                                ---------  -----------   ----------- ---------- -----------  ----------- ------------  ------------
<S>                             <C>        <C>          <C>         <C>         <C>          <C>          <C>          <C>
Balance at October 1, 1998      8,898,972  $    99,168  $82,486,183 $71,051,445 ($6,850,550) ($4,536,865) $ 2,831,574  $145,080,955

Cash dividends ............          --         --            --     (3,340,186)       --           --           --      (3,340,186)

Stock repurchased and retired  (2,008,389)     (20,084) (39,314,056)       --           --          --           --     (39,334,140)

ESOP contribution .........        97,865       --          602,287        --       978,650         --           --       1,580,937

MRDP contribution .........        73,644       --           20,121        --          --      1,017,569        --        1,037,690
                             ------------  ------------  ----------  ----------  ----------   ----------   ----------   -----------
                                7,062,092       79,084   43,794,535  67,711,259  (5,871,900)  (3,519,296)   2,831,574   105,025,256

Comprehensive income
  Net earnings ............                                           9,155,193                                           9,155,193
  Other comprehensive income:
     Unrealized loss on
     securities, net of tax
     and reclassification
     adjustment .........(1)                                                                               (4,594,986)   (4,594,986)
                                                                                                                       ------------
     Total comprehensive
     income ...............                                                                                               4,560,207
                             ------------   ----------  -----------  ----------- -----------  ----------- -----------  ------------
Balance at September 30, 1999   7,062,092       79,084   43,794,535  76,866,452  (5,871,900)  (3,519,296)  (1,763,412)  109,585,463

Cash dividends ............          --          --           --     (1,780,308)        --           --          --      (1,780,308)

Stock repurchased and retired    (395,419)      (3,954)  (4,615,030)      --           --           --           --      (4,618,984)

ESOP contribution .........          --           --         71,417       --        489,325         --           --         560,742

MRDP contribution .........         2,202         --          6,854       --           --        510,459         --         517,313
                             ------------   ----------  -----------  ----------  ----------  -----------   ----------   -----------
                                6,668,875       75,130   39,257,776  75,086,144  (5,382,575)  (3,008,837)  (1,763,412)  104,264,226

Comprehensive income
  Net earnings ............                                           3,902,751                                           3,902,751
  Other comprehensive income:
     Unrealized loss on
     securities, net of tax
     and reclassification
     adjustment ........(2)                                                                                  (375,833)     (375,833)
                                                                                                                       ------------
     Total comprehensive
     income ...............                                                                                               3,526,918
                             ------------   ---------- -----------  -----------  ----------- -----------  -----------  ------------
Balance at March 31, 2000 .     6,668,875   $   75,130 $39,257,776  $78,988,895  ($5,382,575)($3,008,837) ($2,139,245) $107,791,144
                             ============   ========== ===========  ===========  =========== ===========  ===========  ============
<FN>

(1)  Net unrealized holding loss on securities of $4,332,997 (net of $2,655,708 tax benefit) less reclassification adjustment
        for gains included in net earnings of $261,989 (net of $160,574 tax expense).
(2)  Net unrealized holding loss on securities of $325,851 (net of $199,715 tax benefit) less reclassification adjustment
        for gains included in net earnings of $49,982 (net of $30,634 tax expense).


  See notes to consolidated financial statements.
</FN>
</TABLE>











                                        5

<PAGE>

<TABLE>
<CAPTION>
                   KLAMATH FIRST BANCORP, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE SIX MONTHS ENDED MARCH 31, 2000 AND 1999
                                   (Unaudited)


                                                             Six Months Ended   Six Months Ended
                                                                    March 31,          March 31,
                                                                         2000               1999
                                                             ----------------   ----------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                          <C>                <C>
    Net earnings ..........................................  $      3,902,751   $      4,749,266

ADJUSTMENTS TO RECONCILE NET EARNINGS TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
    Depreciation and amortization .........................         1,455,295          1,447,131
    Provision for deferred taxes ..........................           343,721           (653,002)
    Provision for loan losses .............................           308,000            426,000
    Provision for loss on real estate owned ...............           120,000               --
    Compensation expense related to ESOP benefit ..........           560,742            848,678
    Compensation expense related to MRDP Trust ............           517,313            507,104
    Net amortization of premiums (discounts)  paid on
      investment and mortgage backed and related securities           128,325            (65,700)
    Increase in deferred loan fees, net of amortization ...          (270,335)           434,825
    Accretion of discounts on purchased loans .............              (689)             2,602
    Net (gain) loss on sale of real estate owned and
      premises and equipment ..............................          (129,314)           (20,781)
    Net (gain) loss on sale of investment and mortgage
      backed and related securities .......................            (6,836)          (195,072)
    FHLB stock dividend ...................................          (381,800)          (396,800)
CHANGES IN ASSETS AND LIABILITIES
    Accrued interest receivable ...........................           (90,527)           837,669
    Other assets ..........................................          (754,391)          (396,545)
    Accrued interest on deposit liabilities ...............            (2,071)           (91,195)
    Accrued interest on borrowings ........................         1,043,684            (93,595)
    Pension liabilities ...................................            65,298             65,298
    Other liabilities .....................................         9,977,914            926,974
                                                             ----------------   ----------------
Net cash provided by operating activities .................        16,787,080          8,332,857
                                                             ----------------   ----------------
CASH FLOWS FROM INVESTING ACTIVITIES
    Proceeds from maturity of investment securities
      held to maturity ....................................              --           82,130,000
    Proceeds from maturity of investment securities
      available for sale ..................................              --           29,072,000
    Principal repayments received on mortgage
       backed and related securities held to maturity .....           196,011            693,758
    Principal repayments received on mortgage
       backed and related securities available for sale ...         5,333,869         10,104,457
    Principal repayments received on loans ................        49,032,568         86,664,019
    Loan originations .....................................       (51,915,658)      (135,767,224)
    Loans purchased .......................................              --           (4,764,023)
    Loans sold ............................................         4,108,823               --
    Purchase of investment securities held
      to maturity .........................................              --          (79,711,523)
    Purchase of investment securities available
      for sale ............................................        (1,110,000)        (6,331,027)
    Purchase of mortgage backed and related
      securities available for sale .......................       (29,197,384)              --
    Purchase of FHLB stock ................................          (117,500)              --
    Proceeds from sale of investment securities
      available for sale ..................................        10,051,563         10,302,314
    Proceeds from sale of mortgage backed and related
      securities available for sale .......................              --            9,454,776
    Proceeds from sale of real estate owned and
      premises and equipment ..............................         1,406,366            258,865
    Purchases of premises and equipment ...................        (1,063,876)          (245,363)
                                                             ----------------   ----------------
Net cash provided by (used in) investing activities .......       (13,275,218)         1,861,029
                                                             ----------------   ----------------
</TABLE>


                                        6
<PAGE>
<TABLE>
<CAPTION>

                   KLAMATH FIRST BANCORP, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE SIX MONTHS ENDED MARCH 31, 2000 AND 1999
                                   (Unaudited)
                                   (Continued)

                                                             Six Months Ended   Six Months Ended
                                                                    March 31,          March 31,
                                                                         2000               1999
                                                             ----------------   ----------------

CASH FLOWS FROM FINANCING ACTIVITIES
    Increase (decrease) in deposit liabilities,
<S>                                                          <C>                <C>
      net of withdrawals ..................................  ($    11,097,919)  $     34,635,840
    Proceeds from FHLB advances ...........................       429,500,000          5,000,000
    Repayments of FHLB advances ...........................      (403,500,000)        (5,000,000)
    Proceeds from short term borrowings ...................         1,000,000          8,595,000
    Repayments of short term borrowings ...................              --          (20,707,500)
    Stock repurchase and retirement .......................        (4,618,984)       (38,980,733)
    Advances from borrowers for taxes and insurance .......        (5,982,960)        (5,462,456)
    Dividends paid ........................................        (1,977,097)        (1,646,113)
                                                             ----------------   ----------------
Net cash provided by (used in) financing activities .......         3,323,040        (23,565,962)
                                                             ----------------   ----------------
Net (decrease) increase in cash and cash
  equivalents .............................................         6,834,902        (13,372,076)

Cash and cash equivalents at beginning
  of period ...............................................        24,522,589         66,985,269

                                                             ----------------   ----------------
Cash and cash equivalents at end of period ................  $     31,357,491   $     53,613,193
                                                             ================   ================
SUPPLEMENTAL SCHEDULE OF INTEREST AND
INCOME
  TAXES PAID
    Interest paid .........................................  $     19,009,603   $     19,433,509
    Income taxes paid .....................................         2,940,000          3,001,000

SUPPLEMENTAL SCHEDULE OF NONCASH
  INVESTING AND FINANCING ACTIVITIES
    Net unrealized gain (loss) on securities
      available for sale ..................................  ($       375,833)  ($     1,959,800)
    Dividends declared and accrued in other
      liabilities .........................................           976,685            951,920



<FN>


    See notes to consolidated financial statements
</FN>
</TABLE>


                                        7
<PAGE>


                   KLAMATH FIRST BANCORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1.      BASIS OF PRESENTATION

In the opinion of Management,  the accompanying unaudited consolidated financial
statements contain all adjustments  necessary for a fair presentation of Klamath
First Bancorp,  Inc.'s (the "Company")  financial condition as of March 31, 2000
and September 30, 1999,  the results of operations  for the three and six months
ended March 31, 2000 and 1999 and cash flows for the six months  ended March 31,
2000 and 1999.  Certain  information and note disclosures  normally  included in
financial  statements  prepared in accordance with generally accepted accounting
principles  have been  omitted  pursuant  to the rules  and  regulations  of the
Securities and Exchange  Commission.  These  consolidated  financial  statements
should be read in conjunction  with the  consolidated  financial  statements and
notes thereto  included in the Company's Annual Report on Form 10-K. The results
of  operations  for the  three  and six  months  ended  March  31,  2000 are not
necessarily  indicative  of the  results  which may be  expected  for the entire
fiscal year.

2.      COMPREHENSIVE INCOME

For the three months ended March 31, 2000,  the  Company's  total  comprehensive
income was $2.5  million  compared to $1.8  million for the three  months  ended
March 31, 1999. Total comprehensive  income for the three months ended March 31,
2000 was comprised of net income of $1.9 million and other comprehensive  income
of $666,937,  net of tax. Total comprehensive  income for the three months ended
March  31,  1999  was  comprised  of  net  income  of  $2.3  million  and  other
comprehensive loss of $526,025, net of tax.

For the six months  ended March 31,  2000,  the  Company's  total  comprehensive
income was $3.5 million  compared to $2.8 million for the six months ended March
31, 1999. Total comprehensive income for the six months ended March 31, 2000 was
comprised  of net  income  of  $3.9  million  and  other  comprehensive  loss of
$375,833,  net of tax. Total comprehensive income for the six months ended March
31, 1999 was  comprised  of net income of $4.7  million and other  comprehensive
loss of $1.9 million, net of tax.



                                       8
<PAGE>

3.      ALLOWANCE FOR LOAN LOSSES


Activity in the allowance for loan losses is summarized as follows:
<TABLE>
<CAPTION>

                                   Six Month Ended              Year Ended
                                         March 31,           September 30,
                                              2000                    1999
                                      ------------            ------------
<S>                                     <C>                     <C>
Balance, beginning of period            $2,483,625              $1,949,677
Charge-offs                               (155,716)               (398,052)
Recoveries                                 346,669                      --
Additions                                  308,000                 932,000
                                        ----------              ----------
Balance, end of period                  $2,982,578              $2,483,625
                                        ==========              ==========
</TABLE>

At March 31, 2000, impaired loans totalled $445,562. Specifically allocated loan
loss reserves related to these loans totalled $32,500. The average investment in
impaired  loans for the three  months and six months  ended  March 31,  2000 was
$913,560 and $648,610,  respectively.  There were no impaired loans at March 31,
1999 or during the six months then ended.

4.      ADVANCES FROM FEDERAL HOME LOAN BANK

Borrowings at March 31, 2000 consisted of one short term advance  totaling $50.0
million and eight long term advances  totaling  $173.0  million from the Federal
Home Loan Bank of Seattle ("FHLB"). The advances are collateralized in aggregate
by certain mortgages or deeds of trust and securities of the U.S. Government and
agencies thereof.


Scheduled maturities of advances from the FHLB were as follows:
<TABLE>
<CAPTION>


                                        March 31, 2000                              September 30, 1999
                       -----------------------------------------------  --------------------------------------------
                                           Range of           Weighted                     Range of         Weighted
                                           interest            average                     interest          average
                              Amount          rates      interest rate        Amount          rates    interest rate
                       -------------   ------------     --------------  ------------   ------------    -------------
<S>                     <C>            <C>                       <C>   <C>             <C>                     <C>
Due within one year .   $ 50,000,000          6.08%              6.08%           $--           --                --

After one but within
five years ..........     15,000,000   5.70%-5.96%               5.87%    40,000,000   5.39%-5.70%             5.43%

After five but within
ten years ...........    158,000,000   4.77%-7.05%               5.86%   157,000,000   4.77%-5.87%             5.32%
                        ------------                                    ------------
                        $223,000,000                                   $ 197,000,000
                        ============                                   =============
</TABLE>

5.      SHORT TERM BORROWINGS

Short term borrowings at March 31, 2000 consisted of $1.0 million in credit line
borrowing from a financial institution at a rate of 9.00%.

6.      COMMITMENTS AND CONTINGENCIES

In the  ordinary  course  of  business,  the  Company  has  various  outstanding
commitments  and  contingencies  that  are  not  reflected  in the  accompanying
consolidated  financial statements.  In addition,  the Company is a defendant in
certain claims and legal actions arising in the ordinary course of business.  In
the opinion of management,  after consultation with legal counsel,  the ultimate
disposition  of these matters is not expected to have a material  adverse effect
on the consolidated financial condition of the Company.


                                        9
<PAGE>

7.             SHAREHOLDERS' EQUITY

In  September  1998,  the  Board  of  Directors  authorized  the  repurchase  of
approximately  20  percent  of  the  Company's  outstanding  common  stock.  The
repurchase was completed  through a "Modified Dutch Auction  Tender." Under this
procedure, the Company's shareholders were given the opportunity to sell part or
all of their  shares to the Company at a price of not less than $18.00 per share
and not more than  $20.00 per share.  Results  of the offer  were  finalized  on
January 15,  1999 when the Company  announced  purchase of  1,984,090  shares at
$19.50 per share.  This  represented  approximately  85.9  percent of the shares
tendered at $19.50 per share or below,  and 64.7 percent of all shares tendered.
The value of the shares purchased was approximately $38.7 million.

In December 1999, the Company  announced a five percent stock repurchase plan to
be completed  over a twelve month period.  As of March 31, 2000,  the repurchase
had been  completed  with the purchase of 395,419  shares at an average price of
$11.68 per share and a total cost of $4.6 million.

8.      EARNINGS PER SHARE

Earnings  per share  ("EPS")  is  computed  in  accordance  with  SFAS No.  128,
"Earnings per Share." Shares held by the Company's Employee Stock Ownership Plan
("ESOP") that are committed for release are considered  common stock equivalents
and are included in weighted average shares  outstanding  (denominator)  for the
calculation of basic and diluted EPS. Diluted EPS is computed using the treasury
stock  method,  giving  effect to potential  additional  common shares that were
outstanding  during the period.  Potential dilutive common shares include shares
awarded  but  not  released  under  the  Company's  Management  Recognition  and
Development  Plan  ("MRDP"),  and stock  options  granted under the Stock Option
Plan.  Following is a summary of the effect of dilutive  securities  on weighted
average  number  of  shares   (denominator)   for  the  basic  and  diluted  EPS
calculations.  There are no resulting adjustments to net earnings. There were no
dilutive  MRDP shares or stock  options for the three and six months ended March
31, 2000.

<TABLE>
<CAPTION>
                                                              For the Three Months Ended
                                                                March  31,      March 31,
                                                                      2000           1999

                                                              -------------   -----------
Weighted average common
<S>                                                               <C>           <C>
shares outstanding - basic                                        6,769,260     7,261,474
                                                              -------------   -----------
Effect of Dilutive Securities on Number of Shares:
MRDP shares ................................................           --          37,252
Stock options ..............................................           --         186,472
                                                               ------------   -----------
Total Dilutive Securities ..................................           --         223,724
                                                               ------------   -----------
Weighted average common shares
 outstanding - with dilution ...............................      6,769,260     7,485,198
                                                               ============   ===========

                                                                For the Six Months Ended
                                                                  March 31,     March 31,
                                                                       2000          1999
                                                               ------------   -----------
Weighted average common
shares outstanding - basic .................................      6,896,199     8,095,744
                                                               ------------   -----------
Effect of Dilutive Securities on Number of Shares:
MRDP shares ................................................           --          36,218
Stock options ..............................................           --         211,986
                                                               ------------   -----------
Total Dilutive Securities ..................................           --         248,204
                                                               ------------   -----------
Weighted average common shares
 outstanding - with dilution ...............................      6,896,199     8,343,948
                                                               ============   ===========
</TABLE>


                                       10
<PAGE>

9.             REGULATORY CAPITAL

The following table  illustrates the compliance by Klamath First Federal Savings
and Loan Association (the  "Association") with currently  applicable  regulatory
capital requirements at March 31, 2000:

<TABLE>
<CAPTION>

                                                                             Categorized as "Well
                                                                               Capitalized" Under
                                                             For Capital        Prompt Corrective
                                       Actual          Adequacy Purposes         Action Provision
                             ----------------------  ---------------------  ----------------------
                                   Amount     Ratio        Amount    Ratio        Amount     Ratio
As of March 31, 2000:        ------------   -------  ------------  -------  ------------   -------
<S>                          <C>              <C>    <C>              <C>   <C>              <C>
Total Capital: ...........   $100,869,999     18.3%  $ 44,211,760     8.0%  $ 55,264,700     10.0%
 (To Risk Weighted Assets)
Tier I Capital: ..........     98,150,347     17.8%         N/A       N/A     33,158,820      6.0%
 (To Risk Weighted Assets)
Tier I Capital: ..........     98,150,347      9.3%    42,090,114     4.0%    52,612,642      5.0%
 (To Total Assets)
Tangible Capital: ........     98,150,347      9.3%    15,783,792     1.5%          N/A       N/A
 (To Tangible Assets)
</TABLE>

10.            RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In June 1998,  SFAS No. 133,  Accounting for Derivative  Instruments and Hedging
Activities,  was  issued.  SFAS  No.133  establishes  accounting  and  reporting
standards for derivative  instruments,  including certain derivative instruments
embedded in other contracts  (collectively referred to as derivatives),  and for
hedging  activities.  It requires that an entity  recognize all  derivatives  as
either assets or liabilities in the statement of financial  position and measure
those instruments at fair value. If certain conditions are met, a derivative may
be specifically designated as (a) a hedge of the exposure to changes in the fair
value of a recognized asset or liability or an unrecognized firm commitment, (b)
a hedge of the exposure to variable cash flows of a forecasted  transaction,  or
(c) a hedge of the foreign  currency  exposure of a net  investment in a foreign
operation, an unrecognized firm commitment, an available-for-sale security, or a
foreign-currency-denominated  forecasted transaction. The effective date of this
Statement  was  deferred  by the  issuance  of  SFAS  No.  137,  Accounting  for
Derivative  Instruments and Hedging  Activities - Deferral of the Effective Date
of FASB  Statement  No. 133.  This  Statement is now  effective for fiscal years
beginning after June 15, 2000.

The Company has  determined  that it currently has no  instruments  or contracts
that meet the scope of SFAS No. 133. Accordingly, the adoption of this Statement
in 2001 is not expected to have a material impact on the financial statements of
the Company.



                                       11
<PAGE>


                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

Special Note Regarding Forward-Looking Statements

Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations and other portions of this report  contain  certain  "forward-looking
statements"  concerning  the future  operations of Klamath First  Bancorp,  Inc.
Management  desires to take  advantage of the "safe  harbor"  provisions  of the
Private Securities Litigation Reform Act of 1995 and is including this statement
for the express  purpose of availing the Company of the protections of such safe
harbor with  respect  to  all  "forward-looking  statements"  contained  in this
quarterly report. We have used  "forward-looking  statements" to describe future
plans  and  strategies,  including  our  expectations  of the  Company's  future
financial  results.  Management's  ability to  predict  results or the effect of
future plans or strategies is inherently  uncertain.  Factors which could affect
actual results include interest rate trends, the general economic climate in the
Company's  market  area  and the  country  as a whole  which  could  affect  the
collectibility  of loan balances,  the ability to increase  non-interest  income
through  expansion  of new lines of  business,  the  ability  of the  Company to
control costs and expenses,  competitive products and pricing,  loan delinquency
rates,  and changes in federal and state  regulation.  These  factors  should be
considered in evaluating the  "forward-looking  statements,"  and undue reliance
should not be placed on such statements.

General

The Company, an Oregon corporation,  became the unitary savings and loan holding
company for the Association upon the  Association's  conversion from a federally
chartered  mutual to a federally  chartered  stock savings and loan  association
("Conversion")  on October 4, 1995.  At March 31,  2000,  the  Company had total
consolidated  assets of $1.06 billion and consolidated  shareholders'  equity of
$107.8  million.  The Company is currently not engaged in any business  activity
other than holding the stock of the  Association.  Accordingly,  the information
set forth in this  report,  including  financial  statements  and related  data,
relates primarily to the Association.

The   Association  is  a  traditional,   community-oriented   savings  and  loan
association  that focuses on customer  service  within its primary  market area.
Accordingly,  the Association is primarily  engaged in attracting  deposits from
the general  public  through  its  offices  and using those and other  available
sources of funds to originate  permanent  residential  one- to four-family  real
estate  loans  within  its  market  area and to a lesser  extent  on  commercial
property and  multi-family  dwellings.  While the Association  has  historically
emphasized  fixed  rate  mortgage  lending,  it has been  diversifying  its loan
portfolio by focusing on  increasing  the number of  originations  of commercial
real estate loans,  multi-family  residential  loans,  residential  construction
loans,  small  business  loans and  non-mortgage  consumer  loans. A significant
portion of these newer loan products carry adjustable  rates,  higher yields, or
shorter terms than the traditional  fixed rate mortgages.  This lending strategy
is designed to enhance  earnings,  reduce interest rate risk, and provide a more
complete  range of  financial  services to customers  and the local  communities
served by the Association.

Net  interest  income,  which is the  difference  between  interest and dividend
income on interest-earning  assets,  primarily loans and investment  securities,
and interest expense on interest-bearing  deposits and borrowings,  is the major
source of profit for the Company.  Because the Company depends  primarily on net
interest  income for its earnings,  the focus of the Company's  management is to
create and  implement  strategies  that will provide  stable,  positive  spreads
between the yield on  interest-earning  assets and the cost of  interest-bearing
liabilities. Such strategies include the Association's expansion of its consumer
and commercial loan products.  Consumer and commercial  loans increased 50% from
$13.7 million at March 31, 1999 to $20.5 million at March 31, 2000.  The Company
hired an  experienced  commercial  loan officer to spearhead the plan to further
increase commercial

                                       12
<PAGE>

loan growth. After only 90 days in operation,  the commercial lending department
has over $10  million  in loans in the  pipeline.  To a lesser  degree,  the net
earnings  of the  Company  rely on the  level of its  non-interest  income.  The
Company is  aggressively  pursuing  strategies to improve its service charge and
fee income,  and control  its  non-interest  expense,  which  includes  employee
compensation and benefits,  occupancy and equipment  expense,  deposit insurance
premiums and miscellaneous other expenses.

The Association is regulated by the Office of Thrift Supervision ("OTS") and its
deposits  are insured up to  applicable  limits  under the  Savings  Association
Insurance Fund ("SAIF") of the Federal Deposit Insurance Corporation ("FDIC").

The Association is a member of the Federal Home Loan Bank of Seattle, conducting
its  business  through 35 office  facilities,  with the main  office  located in
Klamath  Falls,  Oregon.  The  Association  has applied for approval to open new
branches in Central Point, near Medford, and Redmond, Oregon. The primary market
areas  of the  Association  are the  state  of  Oregon  and  adjoining  areas of
California and Washington.

Changes in Financial Condition

At March 31,  2000,  the  consolidated  assets  of the  Company  totaled  $1.061
billion, up 1.84% from $1.042 billion at September 30, 1999.

Net loans  receivable  decreased by $2.7 million to $737.1  million at March 31,
2000, compared to $739.8 million at September 30, 1999. Rising mortgage interest
rates have dampened mortgage demand,  reducing loan originations during the last
six months. In addition, the Company sold $4.1 million in single family mortgage
loans to Fannie Mae, further reducing loans receivable.

Investment  securities  decreased $9.6 million, or 6.06%, from $159.2 million at
September  30,  1999 to $149.6  million at March 31,  2000.  This  decrease  was
primarily the result of sale of $10.1 million of investment securities available
for sale.

During the six months ended March 31, 2000,  $5.5 million of principal  payments
were  received  on  mortgage  backed and  related  securities  ("MBS") and $29.2
million  of MBS  available  for sale were  purchased,  resulting  in an  overall
increase in the balance of MBS from $75.3 million at September 30, 1999 to $98.9
million at March 31, 2000.

Deposit  liabilities  decreased $11.1 million,  or 1.54%, from $720.4 million at
September 30, 1999 to $709.3  million at March 31, 2000.  The decrease  reflects
the  Company's  strategy to rely on Federal  Home Loan Bank of Seattle  borrowed
funds which can be acquired at lower rates than corresponding  maturities of new
deposits.  This approach controls interest expense as well as managing scheduled
liability maturities.

Advances  from  borrowers for taxes and  insurance  decreased  $6.0 million from
September  30, 1999 to March 31,  2000.  The decrease is the result of using the
reserves to pay the required  real estate taxes due on the  Association's  loans
receivable portfolio in November.

The Company's total  borrowings  increased $26.0 million from September 30, 1999
to March 31, 2000. The majority of the increase was used to purchase MBS as part
of the plan to manage interest rate risk.

Total shareholders' equity decreased $1.8 million, or 1.64%, from $109.6 million
at September  30, 1999 to $107.8  million at March 31, 2000.  This  decrease was
primarily  the result of a $4.6 million  reduction  due to the buyback of shares
and a $375,833  increase in unrealized losses on securities  available for sale,
partially offset by $3.9 million in earnings for the six month period.




                                       13
<PAGE>

Results of Operations

             Comparison of Six Months Ended March 31, 2000 and 1999

General. The higher interest rate environment, the inverted yield curve, and low
loan volume had an adverse effect on earnings, primarily by lowering loan demand
throughout the Company's statewide market. Net income decreased by $846,515,  or
17.82%,  from $4.7  million  for the six  months  ended  March 31,  1999 to $3.9
million for the six months  ended March 31, 2000.  Increases in interest  income
and  non-interest  income  were  offset by  increases  in  interest  expense and
non-interest expense.

Interest  Income.  Additional  interest  income  generated by the $26.6  million
increase  in average  interest  earning  assets  contributed  to an  increase of
$227,551 in interest  income for the six months ended March 31, 2000 compared to
1999.  Interest income on loans receivable  increased  $625,473,  or 2.24%, from
$27.9  million for the six months ended March 31, 1999 to $28.5  million for the
same period of 2000. This increase was a result of the $45.4 million increase in
average  loans  receivable.  The  increase  in interest on loans was offset by a
$494,938  decrease in interest on federal funds and interest  bearing  deposits.
Short term investments  matured and interest bearing deposits were liquidated to
provide funds for stock repurchase  programs in January 1999, December 1999, and
January 2000, reducing average investment balances, thus generating less income.
The average yield on interest  earning assets decreased 14 basis points to 7.18%
for the six months  ended March 31,  2000  compared to 7.32% for the same period
ended March 31, 1999.  Interest  rate spread (the  difference  between the rates
earned on  interest  earning  assets  and the  rates  paid on  interest  bearing
liabilities)  decreased  from  2.72% to 2.59%  and  interest  rate  margin  (net
interest income divided by average interest earning assets) decreased from 3.40%
to 3.20% comparing the six month periods.

Interest Expense.  Total interest expense increased $802,797,  or 4.17%, for the
six months  ended  March 31,  2000  compared  to the same  period in 1999.  That
increase was the combined  result of a $621,684  decrease in interest on deposit
liabilities  and a $1.6 million  increase in interest  expense on FHLB advances.
Interest on deposit  liabilities  declined due to a 20 basis point  reduction in
the average  interest rate paid on deposit  accounts.  Interest  expense on FHLB
advances  increased with the $36.9 million increase in average  borrowings and a
45 basis point increase in the average rate paid.

Provision for Loan Losses.  The provision for loan losses was $308,000 and there
were  $155,716 of charge offs and $346,669 of  recoveries  during the six months
ended March 31, 2000 compared to a $426,000  provision and $3,000 of charge offs
during the six months  ended March 31,  1999.  As the Company has grown over the
last twelve  months,  the  composition  of the loan  portfolio  has changed with
increases in  construction  loans and commercial and consumer  loans,  which are
considered to have more associated risk than the Company's traditional portfolio
of one- to four-family  residential mortgages.  Because of the Company's history
of  relatively  low loan loss  experience,  it has  historically  maintained  an
allowance for loan losses at a lower  percentage of total loans as compared with
other  institutions with higher risk loan portfolios and higher loss experience.
The increased provision for loan losses reflects such changes in the composition
of the  loan  portfolio,  although  the  Company's  recent  experience  has  not
indicated a deterioration in loan quality.  The balance of non-performing  loans
has decreased  during the current fiscal year,  primarily as a result of the pay
off of a $1.5 million land development loan. The Company is not anticipating any
material loss on the remaining non-performing loans at this time.

Non-Interest Income.  Non-interest income increased $113,440,  or 6.15%, to $2.0
million for the six months  ended  March 31, 2000 from $1.8  million for the six
months ended March 31, 1999. Fees and service charges increased by 10.81% due to
an increase in deposit accounts  subject to service  charges.  In the time since
March 31,  1999 the  Company  initiated  a program  to sell  mortgage  loans and
established a retail investment  subsidiary,  Klamath First Financial  Services.
The  results  of these  actions  can be seen in the  129.39%  increase  in other
non-interest  income from  $133,550  for the six months  ended March 31, 1999 to
$306,352 for the six months ended March 31, 2000.  Of this  increase  $60,800 is

                                       14
<PAGE>

from  profit on sale of  mortgage  loans  and  $68,487  is  income  from the new
investment subsidiary.

Non-Interest Expense. Non-interest expense increased $1.3 million, or 12.80%, to
$11.4  million for the six months ended March 31, 2000,  from $10.1  million for
the comparable  period in 1999.  Compensation,  employee  benefits,  and related
expense increased $668,625, or 13.47% from $5.0 million for the six months ended
March 31, 1999 to $5.6  million for the same period in 2000.  Of this  increase,
$243,787  relates  directly  to an  increase in salary  expense.  The  remaining
increase in compensation expense is a function of a routine accounting procedure
wherein  a  portion  of  compensation  expense  is  allocated  to  the  cost  of
originating  loans and such cost is deferred  and taken to expense over the life
of the loans.  Because the number of loan originations  decreased  significantly
for the six months  ended March 31, 2000  compared to the  previous  year,  less
compensation cost was allocated to loan originations and deferred,  resulting in
an increase in compensation  expense.  Other  non-interest  expense increased by
$784,003, or 31.61%, comparing the six months ended March 31, 2000 with the same
period  of 1999.  Approximately  $400,000  of this  increase  is due to  charges
related to  foreclosure  of a  commercial  real  estate  property.  The ratio of
non-interest  expense  to average  total  assets was 2.18% and 1.97% for the six
months ended March 31, 2000 and 1999, respectively.

Income  Taxes.  The provision  for income taxes  decreased  $795,227 for the six
months ended March 31, 2000 compared with the prior year. The effective tax rate
was  evaluated  and  revised to 38.57% for the six months  ended  March 31, 2000
compared to 40.60% for the same period of 1999.

            Comparison of Three Months Ended March 31, 2000 and 1999

General.  Basic  earnings per share  decreased  from $.32 for the quarter  ended
March  31,  1999 to $.28  for the same  period  of 2000.  Net  income  decreased
$421,310, or 18.35%, from $2.3 million for the three months ended March 31, 1999
to $1.9 million for the three months ended March 31, 2000. This decrease was the
combined  result  of a  decrease  in net  interest  income  and an  increase  in
non-interest expense.

Interest Income.  The Company  recorded  interest income of $18.1 million in the
second quarter ended March 31, 2000, an increase of 2.57% from $17.7 million for
the same period last year.  While average  interest  earning assets increased by
$45.4 million,  or 4.69%, yield decreased from 7.31% for the quarter ended March
31, 1999 to 7.17% for the same period of 2000. The primary  factor  contributing
to the  decrease in yield was a decrease in the yield on loans  receivable  from
7.83% for the quarter  ended  March 31,  1999 to 7.61% for the current  quarter.
Yields on other  interest  earning  assets  remained  stable or improved for the
period.

Interest Expense.  Total interest expense increased $777,053, or 8.21%, to $10.2
million for the quarter  ended March 31, 2000  compared to $9.5  million for the
quarter  ended March 31,  1999.  Average  deposits  decreased  by $12.6  million
comparing  the three  months  ended  March 31,  1999 to 2000,  while the average
interest paid on  interest-bearing  deposits decreased 6 basis points from 4.35%
for the three  months  ended March 31,  1999 to 4.29% for the same period  ended
March 31, 2000. The average  balance of FHLB advances  increased  $49.7 million,
from $170.5  million for the three months ended March 31, 1999 to $220.2 million
for the same period ended March 31,  2000,  resulting in an increase in interest
on FHLB  advances  of $1.0  million  for the three  months  ended March 31, 2000
compared with the same period ended March 31, 1999.  The rate paid on borrowings
increased by 68 basis points from 5.12% for the quarter  ended March 31, 1999 to
5.80% for the same period in 2000.

Provision for Loan Losses.  The provision for loan losses was $200,000 and there
were $153,303 of charge offs,  and $5,851 of recoveries  during the three months
ended March 31, 2000 compared to a $303,000  provision and no charge offs during
the three months ended March 31, 1999.  In previous  periods,  the provision was
increased in response to portfolio  growth and changes in the composition of the
portfolio  to include a higher  percentage  of loans,  such as  commercial  real
estate and consumer  loans,  which are considered to have more  associated  risk
than the  Company's  traditional  portfolio of one- to  four-family  residential
mortgages.  The  provision  for loan  losses is being  maintained  at the higher
level.

                                       15
<PAGE>


Non-Interest  Income.  Non-interest  income  decreased  $19,516,  or  2.06%,  to
$926,013 for the three  months ended March 31, 2000 from  $945,529 for the three
months ended March 31, 1999.  Income from fees and service charges  continues to
show growth,  increasing by 10.19% from $686,215 for the quarter ended March 31,
1999 to $756,168 for the current quarter.  Other  non-interest  income increased
significantly  due to gains recorded on sale of mortgage loans to Fannie Mae and
income  generated  by  Klamath  First  Financial  Services.   Gain  on  sale  of
investments of $179,135  during the quarter ended March 31, 1999 was not matched
in 2000, resulting in the slight decrease in non-interest income.

Non-Interest  Expense.  Non-interest  expense increased $506,912,  or 10.01%, to
$5.6 million for the three months ended March 31, 2000, from $5.1 million in the
comparable  period  in  1999.  The  most  significant  increases  were  noted in
compensation,  employee  benefits and related expense,  and other expense.  As a
routine accounting procedure,  a portion of compensation expense is allocated to
the cost of originating loans and such cost is taken to expense over the life of
the loans.  Because the number of loan originations  decreased  significantly in
the quarter ended March 31, 2000, less  compensation  cost was allocated to loan
originations  and deferred,  resulting in an increase in  compensation  expense.
Other expense  increased  due to increases in general  operating  expenses.  The
ratio of  non-interest  expense to average  total assets was 2.12% and 1.99% for
the three months ended March 31, 2000 and 1999, respectively.

Income Taxes.  The provision for income taxes  decreased  $324,493 for the three
months ended March 31, 2000 compared with the prior year. The effective tax rate
was  evaluated  and  revised  to 38.72% for the  quarter  ended  March 31,  2000
compared to 39.66% for the same period of 1999.



                                       16
<PAGE>


                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          The Company is involved in various claims and legal actions arising in
          the  normal  course  of  business.   Management  believes  that  these
          proceedings will not result in a material loss to the Company.


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

          The Company held an annual  meeting on January 26, 2000.  The election
          of three  directors was brought before the security  holders for vote.
          The  following   three   directors  were  nominated  and  elected  for
          three-year terms:

                                                 Vote For          Vote Withheld
               Timothy A. Bailey                6,271,067                142,056
               James D. Bocchi                  6,258,312                154,811
               William C. Dalton                6,250,560                162,563

          The  following  directors  continue  in office  for  their  respective
          remaining  terms:  Gerald V. Brown (two-year term), J. Gillis Hannigan
          (two-year term),  Dianne E. Spires  (two-year term),  Rodney N. Murray
          (one-year term), and Bernard Z. Agrons (one-year term).

          No  additional  items were on the agenda of the annual  meeting and no
          items were brought to a vote during the meeting.

Item 5.   Other Information

          Not applicable.

Item 6.   Exhibits and Reports on Form 8-K

          a)  Not applicable.

          b) No Current  Reports on Form 8-K were filed during the quarter ended
          March 31, 2000.




                                       17
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                                   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.

                                   KLAMATH FIRST BANCORP, INC.

Date:          May 12, 2000        By:    /s/ Gerald V. Brown
                                   ---------------------------
                                   Gerald V. Brown, President and
                                   Chief Executive Officer


Date:          May 12, 2000        By:   /s/ Marshall Jay Alexander
                                   --------------------------------
                                   Marshall Jay Alexander, Senior Vice President
                                   and Chief Financial Officer


                                       18

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