UNITED STATES 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, 2002


                                       OR

__  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934
For the transition period from __________ to ___________

Commission file number:  0-26360

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

         Delaware                                        61-1271129
--------------------------------------------------------------------------------
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                      Identification Number)

         216 West Main Street, Frankfort, Kentucky           40602
--------------------------------------------------------------------------------
           (Address of principal executive offices)        (Zip Code)

                                 (502) 223-1638
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

Indicate  by check mark  whether  the  registrant  has filed all  documents  and
reports  required  to be filed by  Sections  12, 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
                                                     ---    ---

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock as of May 9, 2002: 1,246,108

Page 1 of  13 pages


                                     page 1
<PAGE>

                                    CONTENTS


PART I.           FINANCIAL INFORMATION                                     PAGE
                  --------------------------------------------------------------

Item 1            Consolidated Statements of Financial Condition at
                  March 31, 2002 and June 30, 2001                           3

                  Consolidated Statements of Earnings for the three
                  months and nine months ended March 31,
                  2002 and 2001                                              4

                  Consolidated Statements of Cash Flows for the nine
                  months ended March 31, 2002 and 2001                       5

                  Notes to Consolidated Financial Statements                 6

Item 2            Management's Discussion and Analysis
                  of Financial Condition and Results of
                  Operations                                                 7

PART II. OTHER INFORMATION
         -----------------

Item 1            Legal Proceedings                                          11

Item 2            Changes in Securities and Use of Proceeds                  11

Item 3            Defaults upon Senior Securities                            11

Item 4            Submission of Matters to a
                  Vote of Security Holders                                   11

Item 5.           Other Information                                          11

Item 6.           Exhibits and Reports on Form 8-K                           11

SIGNATURES                                                                   12

                                     page 2
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                          March 31,          June 30,
                                                                            2002               2001
                                                                                             (Audited)
<S>                                                                       <C>                <C>
     ASSETS

Cash and due from banks                                                   $     1,478        $      740
Interest-bearing deposits in other financial institutions                       4,273             5,977
                                                                          -----------        -----------
       Cash and cash equivalents                                                5,751             6,717


Certificates of deposit in other financial institutions                           100               100
Investment securities held to maturity- at amortized cost,
    approximate fair market value of $2,013 as of June 30, 2001                    --             1,995
Loans receivable - net                                                        132,811           136,435
Office premises and equipment - at depreciated cost                             1,392             1,421
Federal Home Loan Bank stock - at cost                                          2,676             2,566
Accrued interest receivable on loans                                              405               433
Accrued interest receivable on investments and
   interest-bearing deposits                                                       --                42
Prepaid expenses and other assets                                                  57                79
Prepaid federal income taxes                                                       --                68
                                                                          -----------        ----------
       Total assets                                                       $   143,192        $  149,856
                                                                          ===========        ==========

     LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                  $    77,992        $   82,829
Advances from the Federal Home Loan Bank                                       45,283            47,128
Advances by borrowers for taxes and insurance                                     198               344
Accrued interest payable                                                           51                54
Accrued federal income taxes                                                       30                --
Deferred federal income taxes                                                     200                93
Other liabilities                                                               1,296             1,274
                                                                          -----------        ----------
       Total liabilities                                                      125,050           131,722

Shareholders' equity
   Preferred stock, 500,000 shares authorized, $.01 par
       value; no shares issued                                                     --                --
   Common stock, 3,750,000 shares authorized, $.01
       par value;  1,672,443 shares issued                                         17                17
   Additional paid-in capital                                                   5,876             5,876
   Retained earnings - restricted                                              18,683            18,675
   Less 426,335 shares of treasury stock-at cost                               (6,434)           (6,434)
                                                                          -----------        ----------
       Total shareholders' equity                                              18,142            18,134
                                                                          -----------        ----------
       Total liabilities and shareholders' equity                         $   143,192        $  149,856
                                                                          ===========        ==========

Book value per share                                                      $     14.56        $    14.55
                                                                          ===========        ==========
</TABLE>
                                     page 3
<PAGE>

                          FRANKFORT FIRST BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF EARNINGS
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                          Nine months ended                Three months ended
                                                              March 31,                        March 31,
                                                         2002           2001              2002           2001
<S>                                                    <C>            <C>                <C>            <C>
Interest income
   Loans                                               $    7,421     $    7,907         $   2,365      $   2,661
   Investment securities                                       54            100                 7             33
   Interest-bearing deposits and other                        186            201                42             83
                                                       ----------     ----------         ---------      ---------
          Total interest income
                                                            7,661          8,208             2,414          2,777

Interest expense
   Deposits                                                 2,671          3,049               767          1,029
   Borrowings                                               2,116          2,119               686            721
                                                       ----------     ----------         ---------      ---------
          Total interest expense                            4,787          5,168             1,453          1,750
                                                       ----------     ----------         ---------      ---------
          Net interest income                               2,874          3,040               961          1,027

Provision for losses on loans                                   1             --                --             --
                                                       ----------     ----------         ---------      ---------
          Net interest income after provision for
             losses on loans                                2,873          3,040               961          1,027


Other operating income                                         42             35                11             10

General, administrative and other expense
   Employee compensation and benefits                         771            711               267            246
   Occupancy and equipment                                    131            123                45             46
   Federal deposit insurance premiums                          12             13                 4              4
   Franchise and other taxes                                   67             83                27             27
   Data processing                                             91             98                30             36
   Other operating                                            243            252                88             79
                                                       ----------     ----------         ---------      ---------
          Total general, administrative
               and other expense                            1,315          1,280               461            438
                                                       ----------     ----------         ---------      ---------
          Earnings before income taxes                      1,600          1,795               511            599

Federal income taxes
   Current                                                    438            549               167            186
   Deferred                                                   107             61                11             18
                                                       ----------     ----------         ---------      ---------
          Total federal income taxes                          545            610               178            204
                                                       ----------     ----------         ---------      ---------

          NET EARNINGS                                 $    1,055     $    1,185         $     333      $     395
                                                       ==========     ==========         =========      =========

            Basic Earnings Per Share                   $     0.85     $     0.93         $    0.27      $    0.31
                                                       ==========     ==========         =========      =========
            Diluted Earnings Per Share                 $     0.83     $     0.93         $    0.26      $    0.31
                                                       ==========     ==========         =========      =========
</TABLE>

                                     page 4
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                       For the nine months ended March 31,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                      2002        2001
<S>                                                                <C>         <C>
Cash flows from operating activities:
   Net earnings for the period                                     $  1,055    $  1,185
   Adjustments to reconcile net earnings to net cash
   provided by (used in) operating activities:
       Amortization of discounts and premiums on loans,
          investments, and mortgage backed securities, net               (5)        (12)
       Amortization of deferred loan origination fees                   (50)        (32)
       Depreciation and amortization                                     59          55
       Provision for losses on loans                                      1          --
       Federal Home Loan Bank stock dividends                          (110)       (134)
       Increase (decrease) in cash due to changes in:
          Accrued interest receivable                                    70           2
          Prepaid expenses and other assets                              22          23
          Accrued interest payable                                       (3)         (2)
          Other liabilities                                              22          49
          Federal income taxes
             Current                                                     98          74
             Deferred                                                   107          61
                                                                   --------    --------
               Net cash provided by operating activities              1,266       1,269
Cash flows provided by (used in) investing activities:
   Proceeds from maturity of investment securities                    2,000          --
   Purchase of Federal Home Loan Bank stock                              --         (35)
   Loan principal repayments                                         24,520      15,961
   Loan disbursements                                               (20,847)    (16,010)
   Purchase of office premises and equipment                            (30)         (4)
                                                                   --------    --------
               Net cash provided by (used in) investing
                 activities                                           5,643         (88)
Cash flows provided by (used in) financing activities:
   Net decrease in deposit accounts                                  (4,837)     (1,649)
   Proceeds from Federal Home Loan Bank advances                         --      14,650
   Repayment of Federal Home Loan Bank advances                      (1,845)     (9,274)
   Proceeds from other borrowed money                                    --         460
   Repayment of other borrowed money                                     --        (833)
   Advances by borrowers for taxes and insurance                       (146)       (133)
   Dividends paid on common stock                                    (1,047)       (977)
   Acquisition of treasury stock                                         --        (953)
                                                                   --------    --------
               Net cash provided by (used in) financing
                 activities                                          (7,875)      1,291
                                                                   --------    --------
Net increase (decrease) in cash and cash equivalents                   (966)      2,472
Cash and cash equivalents at beginning of period                      6,717         978
                                                                   --------    --------
Cash and cash equivalents at end of period                         $  5,751    $  3,450
                                                                   ========    ========
Supplemental disclosure of cash flow information:
       Cash paid during the period for:
       Federal income taxes                                        $    340    $    475
                                                                   ========    ========

       Interest on deposits and borrowings                         $  4,790    $  5,170
                                                                   ========    ========
</TABLE>
                                     page 5
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(1) BASIS OF PRESENTATION

     The accompanying  unaudited consolidated financial statements were prepared
in accordance with  instructions  for Form 10-Q and therefore do not include all
disclosures necessary for a complete presentation of the statements of financial
condition,  statements of earnings,  and  statements of cash flows in conformity
with accounting  principles  generally accepted in the United States of America.
However, all adjustments which are, in the opinion of management,  necessary for
the fair presentation of the interim financial statements have been included and
all such adjustments are of a normal recurring nature. The results of operations
for the nine and three month periods ended March 31, 2002,  are not  necessarily
indicative  of the results  which may be  expected  for the entire  year.  These
financial statements should be read in conjunction with the audited consolidated
financial  statements  and the notes thereto  included in the  Company's  Annual
Report on Form 10-K for the year ended June 30, 2001.

(2) PRINCIPLES OF CONSOLIDATION

     The accompanying  consolidated financial statements include the accounts of
Frankfort  First Bancorp,  Inc. (the Company) and First Federal  Savings Bank of
Frankfort (the Bank). All significant intercompany items have been eliminated.

(3) EARNINGS PER SHARE

     Basic earnings per share is computed based upon the weighted average common
shares  outstanding which totaled 1,246,108 for each of the nine and three month
periods ended March 31, 2002, and 1,267,626 and 1,246,108 for the nine and three
month periods ended March 31, 2001, respectively.

     Diluted  earnings per share is computed  taking into  consideration  common
shares  outstanding  and dilutive  potential  common shares,  i.e. the Company's
stock  option  plan.  Weighted-average  common  shares  deemed  outstanding  for
purposes of computing diluted earnings per share totaled 1,278,394 and 1,281,768
for the nine and three month  periods  ended March 31, 2002,  respectively,  and
1,247,897  for the three month period ended March 31, 2001.  Incremental  shares
related to the assumed  exercise of stock options included in the calculation of
diluted  earnings  per share  totaled  32,286  and 35,660 for the nine and three
month periods ended March 31, 2002.  Incremental  shares  related to the assumed
exercise of stock options  included in the  calculation of diluted  earnings per
share  totaled  1,789 for the three month period  ended March 31, 2001.  For the
nine month period ended March 31, 2001, there were no incremental shares related
to the assumed exercise of stock options due to the  non-dilutive  nature of the
options  during that period.  As of March 31, 2002 the Company had 181,859 stock
options  outstanding  of which 177,112 had an exercise price of $13.80 per share
and 4,747 had an exercise price of $14.91 per share.

(4) EFFECTS OF RECENT ACCOUNTING PRONOUNCEMENTS

     In June 2001, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial  Accounting  Standards  ("SFAS")  No. 142  "Goodwill  and
Intangible  Assets," which prescribes  accounting for all purchased goodwill and
intangible assets. Pursuant to SFAS No. 142, acquired goodwill is not amortized,
but is tested for  impairment at the reporting  unit level annually and whenever
an impairment indicator arises.

     SFAS No. 142 is effective  for fiscal years  beginning  after  December 15,
2001.  SFAS No. 142 is not expected to have a material  effect on the  Company's
financial position or results of operations.

                                     page 6
<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS

NOTE REGARDING FORWARD-LOOKING STATEMENTS

     In addition to  historical  information  contained  herein,  the  following
discussion   contains   forward-looking   statements   that  involve  risks  and
uncertainties.   Economic  circumstances,  the  Company's  operations,  and  the
Company's actual results could differ  significantly from those discussed in the
forward-looking  statements.  Some of the factors that could cause or contribute
to such  differences  are  discussed  herein  but also  include  changes  in the
economy,  changes in interest rates in the nation and the Company's  market area
generally, loan demand and refinancing activity.

GENERAL

     The principal  business of the Bank consists of accepting deposits from the
general public and investing these funds in loans secured by one- to four-family
owner-occupied  residential  properties in the Bank's  primary  market area. The
Bank also invests in loans  secured by non-owner  occupied  one- to  four-family
residential  properties and some churches and commercial  real estate located in
the Bank's primary market area. The Bank also maintains an investment  portfolio
which may include FHLB stock,  FHLB  certificates  of deposit,  U.S.  Government
Agency-issued bonds, and other investments.

COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2002 AND JUNE 30, 2001

     ASSETS:  The  Company's  total assets  decreased by $6.7 million or 4.4% to
$143.2 million at March 31, 2002, compared to total assets at June 30, 2001. The
decrease  in total  assets  was  primarily  attributable  to a  decrease  in the
Company's  loans  receivable,  which decreased by $3.6 million or 2.7% to $132.8
million at March 31, 2002. Loans receivable  decreased  primarily as a result of
historically  low interest  rates during the period which  induced  borrowers to
refinance their mortgages with long-term,  fixed rate mortgages  rather than the
Bank's primary  product,  the  adjustable  rate  mortgage.  Also  decreasing was
investment  securities  held to  maturity,  which  decreased  by $2.0 million or
100.0% to zero at March 31, 2002. The Company's cash and cash  equivalents  also
decreased by $966,000 or 14.4% to $5.8 million at March 31, 2002.

     LIABILITIES:  The Company's total liabilities  decreased by $6.7 million or
5.1% to $125.1 million at March 31, 2002. The decrease in total  liabilities was
primarily  attributable  to a decrease in deposits of $4.8  million or 5.8% from
$82.8 million at June 30, 2001 to $78.0 million at March 31, 2002.  The decrease
in deposits occurred in response to management's efforts to match the decline in
the level of interest-earning assets. Also contributing to the decrease in total
liabilities  was a  decrease  in  Advances  from  the  Federal  Home  Loan  Bank
("Advances") of $1.8 million or 3.9% to $45.3 million at March 31, 2002.

     SHAREHOLDERS' EQUITY:  Shareholders' equity was $18.1 million at both March
31, 2002 and June 30,  2001.  The  Company's  net  earnings of $1.1 million were
distributed to  shareholders  via the Company's  dividends  declared  during the
period.  The  Company's  book  value  per share  was  $14.56 at March 31,  2002,
compared to $14.55 at June 30, 2001.

COMPARISON  OF RESULTS OF  OPERATIONS  FOR THE NINE MONTHS ENDED MARCH 31, 2002
AND MARCH 31, 2001

     NET EARNINGS: The Company's net earnings decreased by $130,000 to 11.0 % or
$1.1 million for the nine month eriod ended March 31, 2002, compared to the nine
month period ended March 31,  2001.  The decrease in net earnings was  primarily
attributable  to a decrease in net interest  income of $166,000.  The  Company's
basic  earnings per share  decreased by $0.08 or 8.6% to $0.85 per share for the
nine month  period  ended March 31,  2002,  compared  to $0.93 for the  previous
period.  The Company's  diluted  earnings per share declined $0.10 or 10.8% from
$0.93 per share for the nine  month  period  ended  March 31,  2001 to $0.83 per
share for the nine month period ended March 31, 2002.

     NET INTEREST  INCOME:  Net interest income decreased by $166,000 or 5.5% to
$2.9 million for the nine month  period  ended March 31,  2002,  compared to the
same  period in 2001.  The  decrease  was  primarily  due to a decrease in total
interest income as the average return on the Company's  interest-earning  assets
continued  to  decline  at a faster  rate than the  average  cost of funds.  The
unprecedented  reduction in interest rates by the Federal Open Market  Committee
has caused a radical overall reduction in market interest rates.

                                     page 7
<PAGE>

     INTEREST  INCOME:  Interest  income  decreased  by $547,000 or 6.7% to $7.7
million  for the nine month  period  ended March 31,  2002.  This  decrease  was
primarily  attributable  to a decrease in interest income from loans of $486,000
or 6.1%,  which is chiefly the result of lower  interest  rates  earned on these
loans  caused by  downward  adjustments  in  adjustable  rate  mortgages  (which
comprise  approximately  70% of the Company's loan portfolio) and refinancing as
borrowers  sought to lower their mortgage  rates.  Management  states that it is
possible  that the level of loans  receivable-net  could  further  decline  as a
result of borrowers choosing  long-term,  fixed-rate  mortgages offered by other
lenders over the Bank's  primary  offering of  adjustable-rate  mortgages.  As a
portfolio  lender,  the  Bank is  reluctant  to grow  its  loan  portfolio  with
long-term, fixed-rate mortgages when those rates are at historically low levels.
Understandably,  borrowers may be more likely to eagerly pursue such  mortgages.
This could  likewise have a negative  impact on earnings.  Interest  income from
investment  securities  decreased  by $46,000  or 46.0% to $54,000  for the nine
month period ended March 31, 2002.  Since the  Company's  investment  securities
matured, the proceeds have been invested in interest-bearing deposits and other.
Despite increased average levels of interest-bearing deposits in other financial
institutions, interest income from interest-bearing deposits and other decreased
by $15,000 or 7.5% to $186,000  for the nine month  period ended March 31, 2002.
The  reason  for the  decrease  is that the rates  earned on these  assets  have
dropped sharply as well.

     INTEREST  EXPENSE:  Interest expense  decreased by $381,000 or 7.4% to $4.8
million for the nine month period ended March 31,  2002.  This  decrease was due
primarily to a decrease in interest  expense on deposits of $378,000 or 12.4% to
$2.7 million for the nine month period ended March 31, 2002. Interest expense on
borrowings  decreased by $3,000 or 0.1% to $2.1 million  during the same period.
The  decrease in  interest  expense on deposits is a result of a decrease in the
average  rate paid on  deposits,  as the average  balance of deposits  increased
$145,000  or 0.2% to $80.9  million  for the nine month  period  ended March 31,
2002.  The decrease in interest  expense on borrowings is a result of a decrease
in the  average  rate paid on the  Advances.  The  average  balance of  Advances
outstanding  during the period increased $119,000 or 0.3% from $46.1 million for
the nine month period ended March 31, 2001,  to $46.2 million for the nine month
period  ended  March 31,  2002.  Generally,  rates  paid on  deposits  have been
decreasing in the current  period.  Management  has some  discretion in reducing
rates paid on savings accounts,  checking accounts, and short-term  certificates
of deposit. However, the average cost of longer-term certificates of deposit and
long-term  borrowings  cannot be reduced.  Management cannot predict whether the
rates paid on deposits  will  decrease at a rate faster than the rates earned on
loans;  therefore,  it is possible that earnings could be negatively impacted by
the current and future interest rate environment. Conversely, the rates paid for
Advances are  generally  fixed and will not decline.  They offer  protection  in
times of increasing  interest rates,  but could hamper earnings in times such as
these where rates have significantly decreased.

     PROVISION FOR LOSSES ON LOANS: The provision for losses on loans was $1,000
for the nine month period ended March 31, 2002, compared to no provision for the
nine  month  period  from the prior  year.  The  allowance  for  losses on loans
increased  from  $101,000 at March 31, 2001 to $102,000 at March 31, 2002.  As a
percentage of non-performing loans, the allowance for loan losses decreased from
39.9% at March 31, 2001 to 16.6% at March 31, 2002.  This decrease was caused by
an  increase  in the  balance  of  nonperforming  loans at March  31,  2002 (see
"Non-Performing   Assets").   Despite  the  increase  in  non-performing  loans,
management  believes,  on the basis of its  analysis of the risk  profile of the
Company's assets, that the allowance for loan losses is adequate. In determining
the appropriate provision,  management considers a number of factors,  including
specific  loans in the  Company's  portfolio,  real estate  market trends in the
Company's market area, economic conditions, interest rates, and other conditions
that may affect a borrower's  ability to comply with repayment  terms.  Overall,
management  considers  the fact that the vast majority of loans in the Company's
portfolio are secured by 1-4 family residential real estate which heretofore has
resulted in minimal  losses on loans.  The decision to adjust the  provision for
losses on loans in the nine month  period  ended  March 31,  2002 was made after
careful consideration of these factors.  However, there can be no assurance that
the allowance  will be adequate to cover losses on  nonperforming  assets in the
future.

     OTHER OPERATING INCOME: Other operating income increased by $7,000 or 20.0%
from  $35,000 for the nine month  period ended March 31, 2001 to $42,000 for the
nine  month  period  ended  March  31,  2002.  Other  operating  income is not a
significant component of the Company's statement of earnings.

                                     page 8
<PAGE>
     GENERAL, ADMINISTRATIVE,  AND OTHER EXPENSES: General, administrative,  and
other  expense  increased  by $35,000 or 2.7% to $1.3 million for the nine month
period ended March 31, 2002. The increase was due primarily to a $60,000 or 8.4%
increase in employee  compensation  and  benefits,  which  resulted  mostly from
increased costs associated with the Company's deferred compensation program. The
deferred  compensation plan has some features that cause compensation expense to
increase with the Company's  stock price.  Partially  offsetting the increase in
employee  compensation  and benefits were decreases in franchise and other taxes
and other  operating  expense.  Franchise and other taxes  decreased  $16,000 or
19.3% to $67,000 for the nine month period ended March 31, 2002,  due  primarily
to tax attributes utilized during the period. Similar tax attributes will not be
available for future use. Other operating  expense  decreased  $9,000 or 3.6% to
$243,000 for the nine month  period ended March 31, 2002.  The decrease in other
operating  expense  resulted from lower overall costs in various expenses and an
incident  occurring  during the nine month period  ended March 31,  2001,  which
management does not expect to reoccur.

     INCOME TAX: The Company's provision for federal income taxes decreased from
$610,000 for the nine month period ended March 31, 2001 to $545,000 for the nine
month period ended March 31, 2002.  The decrease was a result of the decrease in
the Company's  pretax earnings.  The Company's  effective tax rate was 34.1% and
34.0% for the nine month periods ended March 31, 2002 and 2001, respectively.

     NON-PERFORMING  ASSETS:  At March  31,  2002,  the  Bank had  approximately
$612,000  (0.5%  of net  loans)  in loans  90 days or more  past  due but  still
accruing, as compared to $253,000 at March 31, 2001. Also, the Bank had $446,000
in loans listed as special mention and $710,000 in loans  internally  classified
as Substandard.  No loans were classified as Doubtful or Loss. All assets listed
as  non-performing  are 1-4 family  mortgage  loans with a  loan-to-value  ratio
(based on the original  appraisal  and current  principal  balance) of less than
80%.  Non-performing  assets are  considered by the Bank to still be accruing as
long as the  reasonably  determined  fair value of the  collateral  exceeds  all
principal, interest, and fees required to discharge the obligation without loss.
Management has initiated  foreclosure  proceedings on some of the loans included
in non-performing assets. With others, management is attempting to encourage the
borrower to remedy the delinquency  although  foreclosure remains an option. The
Bank has not charged off any loans during the period. On April 8, 2002, the Bank
acquired  through  foreclosure  property  worth  $385,000  based  on  a  current
appraisal.  The Bank has not  written  off any  amount  in  connection  with the
foreclosure  and will hold the property as Real Estate Owned  ("REO") until such
time as it can be  sold.  The  property  will  be  held  at cost  (approximately
$322,000).

     DIVIDENDS:  On September 14, 2001, the Company  announced a dividend policy
whereby it will pay a quarterly cash dividend of $0.28 per share, payable on the
15th day of the month  following the end of each  quarter,  to  shareholders  of
record as of the last business day of each quarter. This represented an increase
of $0.02 or 7.7% from the previous  quarterly dividend of $0.26 per share, which
was  established on September 13, 2000. The Board of Directors  determined  that
the payment of a dividend  was  appropriate  in light of the  Company's  capital
position and  financial  condition.  Although the Board of Directors has adopted
this policy,  the future  payment of dividends is dependent  upon the  Company's
financial  condition,  earnings,  equity  structure,  capital needs,  regulatory
requirements,  and  economic  conditions.  The  Company  last paid a dividend on
January 15, 2002. At March 31, 2002, the Company had recorded  dividends payable
of $349,000 for the payment of a dividend on April 15, 2002.

     STOCK  REPURCHASES:  On November 7, 2001,  the Company  announced  that the
Board of Directors had authorized a new program for the purchase of up to 62,000
of the remaining  outstanding shares of common stock.  Management  believes that
the repurchase  program should be completed  within nine months of commencement.
The Board of Directors  considers the Company's common stock to be an attractive
investment,  and believes that repurchase  programs may improve liquidity in the
market for the common stock and may result in increased per share  earnings and,
depending on price,  book value per share.  The Board will  continue to consider
stock  repurchases  and in the future may enact  similar  programs  depending on
market conditions, interest rates, and the availability of funds.

COMPARISON  OF RESULTS OF  OPERATIONS  FOR THE THREE MONTHS ENDED MARCH 31, 2002
AND MARCH 31, 2001

     NET EARNINGS:  The Company's net earnings  decreased by $62,000 or 15.7% to
$333,000 for the three months ended March 31, 2002  compared to $395,000 for the
three months ended March 31, 2001. This decrease was primarily attributable to a
decrease in net interest  income of $66,000.  The Company's  basic  earnings per
share  declined  $0.04 or 12.9% from $0.31 per share for the three month  period
ended March 31, 2001 to $0.27 per share for the three month  period  ended March
31, 2002. The Company's  diluted earnings per share declined $0.05 or 16.1% from
$0.31 to $0.26 per share for the three  month  periods  ended March 31, 2001 and
2002, respectively.

                                     page 9
<PAGE>

     NET INTEREST  INCOME:  Net interest  income totaled  $961,000 for the three
month  period  ended March 31, 2002, a decrease of $66,000 or 6.4% from the same
period in 2001.  The decrease was primarily due to a decrease in total  interest
income as the average return on the Company's  interest-earning assets continued
to decline at a faster rate than the average  cost of funds.  The  unprecedented
reduction in interest  rates by the Federal Open Market  Committee  has caused a
radical overall reduction in market interest rates.

     INTEREST  INCOME:  Interest  income  decreased by $363,000 or 13.1% to $2.4
million for the three month  period  ended March 31,  2002.  This was  primarily
attributable  to a decrease in interest  income  from loans which  decreased  by
$296,000 or 11.1%, which is chiefly the result of lower interest rates earned on
these loans caused by downward  adjustments in adjustable rate mortgages  (which
comprise  approximately  70% of the Company's loan portfolio) and refinancing as
borrowers   sought  to  lower  their  mortgage   rates.   Interest  income  from
interest-bearing  deposits and other  decreased from $83,000 for the three month
period  ended March 31, 2001 to $42,000 for the three month  period  ended March
31,  2002,  a decrease  of $41,000 or 49.4%.  Interest  income  from  investment
securities  decreased  from  $33,000 for the three month  period ended March 31,
2001 to $7,000 for the three month  period  ended March 31,  2002, a decrease of
$26,000 or 78.8%.

     INTEREST  EXPENSE:  Interest expense decreased by $297,000 or 17.0% to $1.5
million  for the three  month  period  ended  March 31,  2002,  compared to $1.8
million for the three month  period  ended March 31,  2001.  This  decrease  was
primarily due to a decrease in interest  expense on deposits which  decreased by
$262,000 or 25.5% to $767,000  for the three month  period ended March 31, 2002.
While the decrease in interest expense on deposits was primarily the result of a
decrease in the average rate paid on deposits,  the average  balance of deposits
also  decreased.  The average  balance of deposits  decreased by $2.1 million or
2.5% from $80.8  million for the three month  period  ended March 31,  2001,  to
$78.7 million for the three month period ended March 31, 2002.  Interest expense
on  borrowings  decreased  by $35,000 or 4.9% to  $686,000  for the three  month
period ended March 31, 2002,  primarily due to a decrease in the average  amount
of advances outstanding. The average amount of Advances outstanding decreased by
$2.2 million or 4.7% to $45.5 million for the three month period ended March 31,
2002, compared to the three month period ended March 31, 2001.

     OTHER OPERATING  INCOME:  Other operating  income increased $1,000 or 10.0%
from  $10,000 for the three month period ended March 31, 2001 to $11,000 for the
three  month  period  ended  March 31,  2002.  Other  operating  income is not a
significant component of the Company's statement of operations.

     GENERAL, ADMINISTRATIVE,  AND OTHER EXPENSES: General, administrative,  and
other  expense  increased  by $23,000 or 5.3% from  $438,000 for the three month
period  ended March 31, 2001 to $461,000  for the three month period ended March
31, 2002. The increase was primarily the result of a $21,000 or 8.5% increase in
employee  compensation and benefits,  which resulted mostly from increased costs
associated  with the  Company's  deferred  compensation  program.  The  deferred
compensation plan has some features that cause compensation  expense to increase
with the Company's  stock price.  Also  contributing to the increase in general,
administrative  and other expense was an increase in other operating  expense of
$9,000 or 11.4%,  which  increased  to $88,000 for the three month  period ended
March 31, 2002. The increase in other operating expense was primarily related to
increased  levels  of  advertising  during  the  period  just  ended.  Partially
offsetting  the  increases  in  employee  compensation  and  benefits  and other
operating expense was a $6,000 or 16.7% decrease in data processing expense.

     INCOME TAX: The Company's provision for federal income taxes decreased from
$204,000  for the three month  period  ended March 31, 2001 to $178,000  for the
three  month  period  ended March 31,  2002.  The  decrease  was a result of the
decrease in the Company's pretax earnings.  The Company's effective tax rate was
34.1% for the three  month  period  ended March 31, 2001 and 34.8% for the three
month period ended March 31, 2002.

                                    page 10
<PAGE>

PART II.

ITEM 1.  LEGAL PROCEEDINGS

                                    None

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

                                    None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

                                    None

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

                                    None

ITEM 5.  OTHER INFORMATION

                                    None

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

                  Exhibits:         None

                  Reports on Form 8-K:      None


                                    page 11
<PAGE>

                                    Signature


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.




                                         Frankfort First Bancorp, Inc.


Date: May 14, 2002                       /s/  Don D. Jennings
                                         ---------------------------------------
                                         Don D. Jennings
                                         President



                                         /s/  R. Clay Hulette
                                         ---------------------------------------
                                         R. Clay Hulette
                                         Vice President and Treasurer
                                         (Principal Financial and Accounting
                                         Officer)


                                    page 12