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 December 31, 2001

                                       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 February 11, 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
                  December 31, 2001 and June 30, 2001                         3

                  Consolidated Statements of Earnings for the three
                  months and six months ended December 31,
                  2001 and 2000                                               4

                  Consolidated Statements of Cash Flows for the six
                  months ended December 31, 2001 and 2000                     5

                  Notes to Consolidated Financial Statements                  6

Item 2            Management's Discussion and Analysis
                  of Financial Condition and Results of
                  Operations                                                  8

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

Item 1            Legal Proceedings                                           12

Item 2            Changes in Securities and Use of Proceeds                   12

Item 3            Defaults upon Senior Securities                             12

Item 4            Submission of Matters to a
                  Vote of Security Holders                                    12

Item 5.           Other Information                                           12

Item 6.           Exhibits and Reports on Form 8-K                            12

SIGNATURES                                                                    13
----------



                                     page 2
<PAGE>

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

Cash and due from banks                                        $     452    $     740
Interest-bearing deposits in other financial institutions          3,182        5,977
                                                               ---------    ---------
       Cash and cash equivalents                                   3,634        6,717

Certificates of deposit in other financial institutions              100          100
Investment securities held to maturity- at amortized cost,
    approximate fair market value of $1,005 and $2,013 as of
    December 31, 2001 and June 30, 2001, respectively                999        1,995

Loans receivable - net                                           136,526      136,435

Office premises and equipment - at depreciated cost                1,411        1,421

Federal Home Loan Bank stock - at cost                             2,647        2,566

Accrued interest receivable on loans                                 407          433
Accrued interest receivable on investments and
   interest-bearing deposits                                          24           42

Prepaid expenses and other assets                                     39           79

Prepaid federal income taxes                                          75           68
                                                               ---------    ---------
       Total assets                                            $ 145,862    $ 149,856
                                                               =========    =========

     LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                       $  80,426    $  82,829

Advances from the Federal Home Loan Bank                          45,767       47,128

Advances by borrowers for taxes and insurance                         41          344

Accrued interest payable                                              86           54

Deferred federal income taxes                                        137           93

Other liabilities                                                  1,248        1,274
                                                               ---------    ---------
       Total liabilities                                         127,705      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                                 18,698       18,675

   Less 426,335 shares of treasury stock-at cost                  (6,434)      (6,434)
                                                               ---------    ---------
       Total shareholders' equity                                 18,157       18,134
                                                               ---------    ---------
       Total liabilities and shareholders' equity              $ 145,862    $ 149,856
                                                               =========    =========

Book value per share                                           $   14.57    $   14.55
                                                               =========    =========
</TABLE>

                                     page 3
<PAGE>

                          FRANKFORT FIRST BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF EARNINGS
                      (In thousands, except per share data)
<TABLE>
<CAPTION>

                                                     Six months ended                Three months ended
                                                       December 31,                      December 31,
                                                    2001          2000               2001           2000
<S>                                                <C>           <C>                 <C>           <C>
Interest income
   Loans                                           $ 5,056       $ 5,246             $ 2,497       $ 2,652
   Investment securities                                48            66                  19            33
   Interest-bearing deposits and other                 144           118                  58            61
                                                   -------       -------             -------       -------
          Total interest income                      5,248         5,430               2,574         2,746

Interest expense
   Deposits                                          1,904         2,020                 918         1,006
   Borrowings                                        1,431         1,398                 710           730
                                                   -------       -------             -------       -------
          Total interest expense                     3,335         3,418               1,628         1,736
                                                   -------       -------             -------       -------
          Net interest income                        1,913         2,012                 946         1,010

Provision for losses on loans                            1            --                  --            --
                                                   -------       -------             -------       -------
          Net interest income after provision
             for losses on loans                     1,912         2,012                 946         1,010

Other operating income                                  31            25                  13            11

General, administrative and other expense
   Employee compensation and benefits                  504           465                 246           228
   Occupancy and equipment                              85            77                  44            39
   Federal deposit insurance premiums                    8             8                   4             4
   Franchise and other taxes                            41            57                  27            28
   Data processing                                      61            61                  30            30
   Other operating                                     155           173                  77            90
                                                   -------       -------             -------       -------
          Total general, administrative
               and other expense                       854           841                 428           419
                                                   -------       -------             -------       -------
          Earnings before income taxes               1,089         1,196                 531           602

Federal income taxes
   Current                                             323           364                 151           187
   Deferred                                             44            43                  25            18
                                                   -------       -------             -------       -------
          Total federal income taxes                   367           407                 176           205
                                                   -------       -------             -------       -------

          NET EARNINGS                             $   722         $ 789              $  355       $   397
                                                   =======       =======             =======       =======

            Basic Earnings Per Share               $  0.58       $  0.62             $  0.28       $  0.32
                                                   =======       =======             =======       =======
            Diluted Earnings Per Share             $  0.57       $  0.62             $  0.28       $  0.32
                                                   =======       =======             =======       =======
</TABLE>

                                     page 4
<PAGE>

                          FRANKFORT FIRST BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      For the six months ended December 31,
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                  2001         2000
<S>                                                                             <C>         <C>
Cash flows from operating activities:
   Net earnings for the period                                                  $    722    $    789
   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                            (4)         (8)
       Amortization of deferred loan origination fees                                (40)        (19)
       Depreciation and amortization                                                  40          36
       Provision for losses on loans                                                   1          --
       Federal Home Loan Bank stock dividends                                        (81)        (90)
       Increase (decrease) in cash due to changes in:
          Accrued interest receivable                                                 44         (19)
          Prepaid expenses and other assets                                           40          36
          Accrued interest payable                                                    32         (15)
          Other liabilities                                                          (26)         (2)
          Federal income taxes
             Current                                                                  (7)        (52)
             Deferred                                                                 44          43
                                                                                --------    --------
               Net cash provided by operating activities                             765         699
Cash flows provided by (used in) investing activities:
   Proceeds from maturity of investment securities                                 1,000          --
   Purchase of Federal Home Loan Bank stock                                           --         (35)
   Loan principal repayments                                                      16,383      10,698
   Loan disbursements                                                            (16,435)    (12,036)
   Purchase of office premises and equipment                                         (30)         (3)
                                                                                --------    --------
             Net cash provided by (used in) investing activities                     918      (1,376)
Cash flows provided by (used in) financing activities:
   Net decrease in deposit accounts                                               (2,403)     (1,731)
   Proceeds from Federal Home Loan Bank advances                                      --      14,650
   Repayment of Federal Home Loan Bank advances                                   (1,361)     (8,668)
   Proceeds from other borrowed money                                                 --         460
   Repayment of other borrowed money                                                  --        (833)
   Advances by borrowers for taxes and insurance                                    (303)       (312)
   Dividends paid on common stock                                                   (699)       (652)
   Acquisition of treasury stock                                                      --        (953)
                                                                                --------    --------
             Net cash provided by (used in) financing activities                  (4,766)      1,961
                                                                                --------    --------
Net increase (decrease) in cash and cash equivalents                              (3,083)      1,284
Cash and cash equivalents at beginning of period                                   6,717         978
                                                                                --------    --------
Cash and cash equivalents at end of period                                      $  3,634    $  2,262
                                                                                ========    ========
Supplemental disclosure of cash flow information:
       Cash paid during the period for:
       Federal income taxes                                                     $    330    $    415
                                                                                ========    ========
       Interest on deposits and borrowings                                      $  3,303    $  3,433
                                                                                ========    ========
</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 six and three month periods ended December 31, 2001, 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 six and three month
periods  ended  December 31, 2001,  and  1,278,385 and 1,250,347 for the six and
three month periods ended December 31, 2000, 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 1,276,657 and 1,276,721
for the six and three month  periods  ended  December  31,  2001,  respectively.
Incremental  shares related to the assumed exercise of stock options included in
the calculation of diluted  earnings per share totaled 30,549 and 30,613 for the
six and three month periods ended December 31, 2001. For the six and three month
periods ended December 31, 2000, there were no incremental shares related to the
assumed exercise of stock options due to the non-dilutive  nature of the options
during  those  periods.  As of December  31, 2001 the Company has 181,859  stock
options  outstanding of which 177,112 have an exercise price of $13.80 per share
and 4,747 have 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.  141  "Business
Combinations,"  which requires that all business  combinations  initiated  after
June   30,   2001  be   accounted   for   using   the   purchase   method.   The
pooling-of-interests  method of accounting is prohibited except for combinations
initiated  before  June 30,  2001.  The  remaining  provisions  of SFAS No.  141
relating  to  business  combinations  accounted  for  by  the  purchase  method,
including identification of intangible assets, accounting for negative goodwill,
financial statement presentation and disclosure,  are effective for combinations
completed after June 30, 2001. Management adopted SFAS No. 141 effective July 1,
2001, as required,  without material effect on the Company's  financial position
or results of operations.

     In June  2001,  the FASB  issued  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
and interest rates in the nation and the Company's market area generally.

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  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 DECEMBER 31, 2001 AND JUNE 30, 2001

     ASSETS:  The Company's  total assets  decreased from $149.9 million at June
30, 2001 to $145.9  million at December  31, 2001, a decrease of $4.0 million or
2.7%.  The decrease in total assets is primarily  attributable  to a decrease in
the Company's cash and cash  equivalents,  which decreased $3.1 million or 45.9%
to $3.6 million at December 31, 2001. Also decreasing was investment  securities
held to maturity,  which decreased $996,000 or 49.9% to $999,000 at December 31,
2001. Loans receivable increased by $91,000, or 0.1%.

     LIABILITIES: The Company's total liabilities decreased $4.0 million or 3.0%
to $127.7  million at December 31, 2001.  The decrease in total  liabilities  is
primarily  attributable  to a decrease in deposits of $2.4  million or 2.9% from
$82.8  million at June 30, 2001 to $80.4  million at  December  31,  2001.  Also
contributing  to the  decrease in total  liabilities  was a decrease in Advances
from the Federal  Home Loan Bank  ("Advances")  of $1.4 million or 2.9% to $45.8
million at December 31, 2001.

     SHAREHOLDERS'  EQUITY:  Shareholders'  equity increased  $23,000 or 0.1% to
$18.2  million at December 31, 2001.  This increase is a result of the Company's
net earnings of $722,000 less the Company's dividends declared during the period
of $699,000. The Company's book value per share was $14.57 at December 31, 2001,
compared to $14.55 at June 30, 2001.

COMPARISON OF RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2001,
AND DECEMBER 31, 2000

     NET EARNINGS:  The Company's net earnings decreased by $67,000 or 8.5% from
$789,000 for the six month period ended  December 31, 2000,  to $722,000 for the
six month  period  ended  December  31,  2001.  The decrease in net earnings was
primarily  attributable  to a decrease in net  interest  income of $99,000.  The
Company's  basic earnings per share  decreased  $0.04 or 6.5% to $0.58 per share
for the six month  period ended  December  31,  2001,  compared to $0.62 for the
previous period. The Company's diluted earnings per share declined $0.05 or 8.1%
from $0.62 per share for the six month period  ended  December 31, 2000 to $0.57
per share for the six month period ended December 31, 2001.

     NET INTEREST  INCOME:  Net interest income  decreased  $99,000 or 4.9% from
$2.0 million for the six month  period  ended  December 31, 2000 to $1.9 million
for the six month period ended December 31, 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 $182,000 or 3.4% to $5.2 million
for  the  six  month  period  ended  December  31,  2001.   This  was  primarily
attributable  to a decrease in  interest  income from loans of $190,000 or 3.6%,
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 offer long-term,  fixed-rate mortgages when those rates are
at historically  low levels and for the same reason borrowers may be more likely
to eagerly pursue such mortgages.  This could likewise have a negative impact on
earnings.  Interest  income from  interest-bearing  deposits and other increased
during the period by $26,000 or 22.0%.  This was the result of increased  levels
of interest-bearing deposits in other financial institutions generated primarily
by an increase in the average  balance of deposits and a decrease in  investment
securities.  The Company primarily utilizes  short-term  vehicles for investment
and liquidity purposes. The rates earned on these assets have dropped sharply as
well.

     INTEREST  EXPENSE:  Interest  expense  decreased  $83,000  or  2.4% to $3.3
million for the six month period ended December 31, 2001.  This decrease was due
to a decrease  in  interest  expense on  deposits  of  $116,000  or 5.7% to $1.9
million for the six month period ended  December 31, 2001,  but was offset by an
increase of $33,000 in interest expense on borrowings.  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 slightly for the period.
The increase in interest expense on borrowings is a result of an increase in the
average  balance of  advances  outstanding.  The  average  rate paid on advances
decreased slightly.  The average balance of advances outstanding  increased $1.1
million or 2.5% from $45.4  million for the six month period ended  December 31,
2000,  to $46.5  million  for the six month  period  ended  December  31,  2001.
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 six month period ended  December 31, 2001,  compared to no provision for
the six month  period from the prior  year.  The  allowance  for losses on loans
increased  from  $101,000 at December 31, 2000 to $102,000 at December 31, 2001.
As a percentage of non-performing loans, the allowance for loan losses decreased
from 46.9% at December 31, 2000 to 12.8% at December 31, 2001. This decrease was
caused by a greater  balance of  nonperforming  loans at December  31, 2001 (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 six month period  ended  December 31, 2001 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 $6,000 or 24.0%
from $25,000 for the six month period ended December 31, 2000 to $31,000 for the
six month  period  ended  December 31,  2001.  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  $13,000 or 1.5% from $841,000 for the six month period
ended  December 31, 2000 to $854,000 for the six month period ended December 31,
2001.  The increase was due  primarily to a $39,000 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  was an $18,000  or 10.4%  decrease  in other  operating  expense.  The
decrease in other operating expense resulted from lower overall costs in various
expenses and an incident  occurring  during the six month period ended  December
31, 2000, which management does not expect to reoccur.

     INCOME TAX: The Company's provision for federal income taxes decreased from
$407,000 for the six month  period  ended  December 31, 2000 to $367,000 for the
six month  period  ended  December  31,  2001.  The decrease was a result of the
decrease in the Company's pretax earnings.  The Company's effective tax rate was
33.7% and 34.0% for the six month  periods  ended  December  31,  2001 and 2000,
respectively.

     NON-PERFORMING  ASSETS:  At December 31, 2001,  the Bank had  approximately
$797,000  (0.6%  of net  loans)  in loans  90 days or more  past  due but  still
accruing,  as compared to $215,000 at  December  31,  2000.  Also,  the Bank had
$461,000 in loans  listed as special  mention and  $762,000 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)  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.

     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
October 15,  2001.  At December 31,  2001,  the Company had  recorded  dividends
payable of $349,000 for the payment of a dividend on January 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 DECEMBER 31, 2001
AND DECEMBER 31, 2000

     NET  EARNINGS:  The Company's  net earnings  decreased  $42,000 or 10.6% to
$355,000 for the three months ended  December 31, 2001  compared to $397,000 for
the  three  months  ended   December  31,  2000.   This  decrease  is  primarily
attributable  to a decrease in net  interest  income of $64,000.  The  Company's
basic and  diluted  earnings  per share  declined  $0.04 or 12.5% from $0.32 per
share for the three month period ended  December 31, 2000 to $0.28 per share for
the three month period ended December 31, 2001.

     NET INTEREST  INCOME:  Net interest  income totaled  $946,000 for the three
month  period  ended  December  31, 2001, a decrease of $64,000 or 6.3% from the
same  period in 2000.  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 9
<PAGE>

     INTEREST INCOME: Interest income decreased $172,000 or 6.3% to $2.6 million
for the  three  month  period  ended  December  31,  2001.  This  was  primarily
attributable  to a decrease in interest  income  from loans which  decreased  by
$155,000 or 5.8%,  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 investment
securities  decreased from $33,000 for the three month period ended December 31,
2000 to $19,000 for the three month period  ended  December 31, 2001, a decrease
of $14,000 or 42.4%.  Interest income from  interest-bearing  deposits and other
decreased  from $61,000 for the three month  period  ended  December 31, 2000 to
$58,000 for the three month period ended December 31, 2001, a decrease of $3,000
or 4.9%.

     INTEREST  EXPENSE:  Interest  expense  decreased  $108,000  or 6.2% to $1.6
million for the three month period ended  December 31, 2001.  This  decrease was
primarily  due to a decrease in interest  expense on  deposits  which  decreased
$88,000 or 8.7% to $918,000 for the three month period ended  December 31, 2001.
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 $2.0
million or 2.5% to $81.8  million for the three month period ended  December 31,
2001  compared  to the prior  year.  Interest  expense on  borrowings  decreased
$20,000 or 2.7% to $710,000 for the three month period ended  December 31, 2001,
primarily due to a decrease in the average amount of advances  outstanding.  The
average  amount of advances  outstanding  decreased $1.2 million or 2.6% for the
three month period ended  December 31, 2001,  compared to the three month period
ended December 31, 2000.

     OTHER OPERATING  INCOME:  Other operating  income increased $2,000 or 18.2%
from $11,000 for the three month  period ended  December 31, 2000 to $13,000 for
the three month period ended December 31, 2001.  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 $9,000 or 2.1% from $419,000 for the three month period
ended  December 31, 2000 to $428,000  for the three month period ended  December
31, 2001.  The increase was  primarily the result of an $18,000 or 7.9% 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 was a $13,000 or 14.4%  decrease in other  operating
expense.  The decrease in other  operating  expense  resulted from lower overall
costs in various  expenses  and an  incident  occurring  during the three  month
period ended December 31, 2000, which management does not expect to reoccur.

     INCOME TAX: The Company's provision for federal income taxes decreased from
$205,000 for the three month period ended  December 31, 2000 to $176,000 for the
three month  period ended  December  31, 2001.  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 December 31, 2000 and 33.1% for the three
month period ended December 31, 2001.

                                    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

     (a)  The registrant held its Annual Meeting of Stockholders on November 12,
          2001.

     (b)  Not applicable.

     (c)  The  only  matter  to be  voted  upon at the  Annual  Meeting  was the
          election of two individuals as directors.

                  Nominee                      Votes For         Votes Withheld
                  -------                      ---------         --------------
                  Charles A. Cotton, III       1,101,924             1,627
                  Danny A. Garland             1,089,447            14,104

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: February 11, 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