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, 2003

                                       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  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). Yes     No  X
                                               ---     ---

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock as of May 12, 2003: 1,246,108

Page 1 of  16 pages

                                     page 1
<PAGE>

                                    CONTENTS

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

Item 1.    Consolidated Statements of Financial Condition at
           March 31, 2003 and June 30, 2002                                  3

           Consolidated Statements of Earnings for the three
           months and nine months ended March 31, 2003 and 2002              4

           Consolidated Statements of Cash Flows for the nine
           months ended March 31, 2003 and 2002                              5

           Notes to Consolidated Financial Statements                        6

Item 2.    Management's Discussion and Analysis
           of Financial Condition and Results of
           Operations                                                        9

Item 3.    Quantitative and Qualitative Disclosures
           About Market Risk                                                 14

Item 4.    Controls and Procedures                                           14

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

Item 1.    Legal Proceedings                                                 15

Item 2.    Changes in Securities and Use of Proceeds                         15

Item 3.    Defaults upon Senior Securities                                   15

Item 4.    Submission of Matters to a
           Vote of Security Holders                                          15

Item 5.    Other Information                                                 15

Item 6.    Exhibits and Reports on Form 8-K                                  15

SIGNATURES                                                                   16
----------

                                     page 2
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                            March 31,     June 30,
                                                              2003          2002
<S>                                                         <C>          <C>
     ASSETS

Cash and due from banks                                     $     115    $     638
Interest-bearing deposits in other financial institutions       8,975        4,174
                                                            ---------    ---------
       Cash and cash equivalents                                9,090        4,812

Certificates of deposit in other financial institutions         3,100          100
Loans receivable - net                                        122,241      131,180
Property acquired in settlement of loans-net                     --            311
Office premises and equipment - at depreciated cost             1,384        1,372
Federal Home Loan Bank stock - at cost                          2,799        2,708
Accrued interest receivable on loans                              303          389
Accrued interest receivable on investments and
     interest-bearing deposits                                     19           --
Prepaid expenses and other assets                                  73           85
                                                            ---------    ---------

       Total assets                                         $ 139,009    $ 140,957
                                                            =========    =========

     LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                    $  76,230    $  75,896
Advances from the Federal Home Loan Bank                       43,299       44,982
Advances by borrowers for taxes and insurance                     188          329
Accrued interest payable                                           38           55
Accrued federal income taxes                                      155           13
Deferred federal income taxes                                     243          217
Other liabilities                                                 826        1,400
                                                            ---------    ---------
       Total liabilities                                      120,979      122,892

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                              18,571       18,606
   Less 418,335 shares of treasury stock-at cost               (6,331)      (6,434)
   Less shares acquired for stock benefit plan                   (103)        --
                                                            ---------    ---------
       Total shareholders' equity                              18,030       18,065
                                                            ---------    ---------
       Total liabilities and shareholders' equity           $ 139,009    $ 140,957
                                                            =========    =========

Book value per share                                        $   14.47    $   14.50
                                                            =========    =========
</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,
                                                      2003       2002          2003         2002
<S>                                                 <C>         <C>           <C>          <C>
Interest income
   Loans                                            $6,416      $7,421        $2,033       $2,365
   Investment securities                                21          54            16            7
   Interest-bearing deposits and other                 155         186            46           42
                                                    ------      ------        ------       ------
          Total interest income                      6,592       7,661         2,095        2,414

Interest expense
   Deposits                                          1,815       2,671           563          767
   Borrowings                                        2,019       2,116           654          686
                                                    ------      ------        ------       ------
          Total interest expense                     3,834       4,787         1,217        1,453
                                                    ------      ------        ------       ------
          Net interest income                        2,758       2,874           878          961
Provision for losses on loans                           --           1            --           --
                                                    ------      ------        ------       ------
          Net interest income after provision
             for losses on loans                     2,758       2,873           878          961

Other operating income                                  55          42            11           11
General, administrative and other expense
   Employee compensation and benefits                  716         771           244          267
   Occupancy and equipment                             134         131            47           45
   Federal deposit insurance premiums                   10          12             3            4
   Franchise and other taxes                            82          67            26           27
   Data processing                                      93          91            35           30
   Other operating                                     241         243            86           88
                                                    ------      ------        ------       ------
          Total general, administrative
               and other expense                     1,276       1,315           441          461
                                                    ------      ------        ------       ------
          Earnings before income taxes               1,537       1,600           448          511

Federal income taxes
   Current                                             497         438           131          167
   Deferred                                             26         107            21           11
                                                    ------      ------        ------       ------
          Total federal income taxes                   523         545           152          178
                                                    ------      ------        ------       ------
          NET EARNINGS                              $1,014      $1,055        $  296       $  333
                                                    ======      ======        ======       ======
            Basic Earnings Per Share                $ 0.81      $ 0.85        $ 0.23       $ 0.27
                                                    ======      ======        ======       ======
            Diluted Earnings Per Share              $ 0.79      $ 0.83        $ 0.23       $ 0.26
                                                    ======      ======        ======       ======
</TABLE>

                                     page 4
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                       For the nine months ended March 31,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                       2003        2002
<S>                                                                 <C>         <C>
Cash flows from operating activities:
   Net earnings for the period                                      $  1,014    $  1,055
   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)
       Amortization of deferred loan origination fees                    (95)        (50)
       Depreciation and amortization                                      59          59
       Provision for losses on loans                                      --           1
       Federal Home Loan Bank stock dividends                            (91)       (110)
       Increase (decrease) in cash due to changes in:
          Accrued interest receivable                                     67          70
          Prepaid expenses and other assets                               12          22
          Accrued interest payable                                       (17)         (3)
          Other liabilities                                             (574)         22
          Federal income taxes
             Current                                                     142          98
             Deferred                                                     26         107
                                                                    --------    --------
               Net cash provided by operating activities
                                                                         543       1,266
Cash flows provided by (used in) investing activities:
   Purchase of certificates of deposit in other financial
     institutions                                                     (3,000)         --
   Proceeds from maturity of investment securities                        --       2,000
   Loan principal repayments                                          27,634      24,520
   Loan disbursements                                                (18,600)    (20,847)
   Proceeds from sale of real estate acquired through
     foreclosure                                                         311          --
   Purchase of office premises and equipment                             (71)        (30)
                                                                    --------    --------
             Net cash provided by investing activities                 6,274       5,643
Cash flows provided by (used in) financing activities:
   Net increase (decrease) in deposit accounts                           334      (4,837)
   Repayment of Federal Home Loan Bank advances                       (1,683)     (1,845)
   Advances by borrowers for taxes and insurance                        (141)       (146)
   Dividends paid on common stock                                     (1,049)     (1,047)
                                                                    --------    --------
             Net cash used in financing activities                    (2,539)     (7,875)
                                                                    --------    --------
Net increase (decrease) in cash and cash equivalents                   4,278        (966)
Cash and cash equivalents at beginning of period                       4,812       6,717
                                                                    --------    --------
Cash and cash equivalents at end of period                          $  9,090    $  5,751
                                                                    ========    ========
Supplemental disclosure of cash flow information:
       Cash paid during the period for:
       Federal income taxes                                         $    360    $    340
                                                                    ========    ========

       Interest on deposits and borrowings                          $  3,851    $  4,790
                                                                    ========    ========
</TABLE>

                                     page 5
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    For the three month and nine month periods ended March 31, 2003 and 2002

(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  three  month  and nine  month  periods  ended  March  31,  2003 are not
necessarily  indicative  of the  results  which may be  expected  for the entire
fiscal 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, 2002.

(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 month and three
month periods ended March 31, 2003, and 2002.

     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 1,284,634 and 1,283,953
for the nine and  three  month  periods  ended  March  31,  2003,  respectively.
Incremental  shares related to the assumed exercise of stock options included in
the calculation of diluted  earnings per share totaled 38,526 and 37,845 for the
nine  and   three   month   periods   ended   March  31,   2003,   respectively.
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.  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,  respectively.  As of March 31, 2003 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 2002, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial  Accounting  Standards  ("SFAS") No. 146  "Accounting for
Costs  Associated  with Exit or  Disposal  Activities."  SFAS No.  146  provides
financial  accounting and reporting  guidance for costs  associated with exit or
disposal   activities,   including  one-time  termination   benefits,   contract
termination  costs  other  than for a capital  lease,  and costs to  consolidate
facilities or relocate employees. SFAS No. 146 is effective for exit or disposal
activities initiated after March 31, 2003.

     SFAS No. 146 is not  expected  to have a material  effect on the  Company's
financial position or results of operations.

                                     page 6
<PAGE>
     In October  2002,  the FASB issued SFAS No.  147,  "Accounting  for Certain
Financial Institutions:  An Amendment of FASB Statements No. 72 and 144 and FASB
Interpretation No. 9," which removes acquisitions of financial institutions from
the scope of SFAS No. 72,  "Accounting  for Certain  Acquisitions of Banking and
Thrift  Institutions,"  except  for  transactions  between  mutual  enterprises.
Accordingly,  the excess of the fair value of liabilities  assumed over the fair
value of tangible  and  intangible  assets  acquired  in a business  combination
should be recognized  and accounted for as goodwill in accordance  with SFAS No.
141,  "Business  Combinations," and SFAS No. 142, "Goodwill and Other Intangible
Assets."

     SFAS  No.  147 also  requires  that the  acquisition  of a  less-than-whole
financial  institution,  such  as a  branch,  be  accounted  for  as a  business
combination  if the  transferred  assets and  activities  constitute a business.
Otherwise,  the  acquisition  should be accounted for as the  acquisition of net
assets.

     SFAS No. 147 also  amends the scope of SFAS No.  144,  "Accounting  for the
Impairment  or Disposal of  Long-Lived  Assets," to include  long-term  customer
relationship  assets of financial  institutions  (including mutual  enterprises)
such as  depositor-  and  borrower-relationship  intangible  assets  and  credit
cardholder intangible assets.

     The provisions of SFAS No. 147 related to unidentifiable  intangible assets
and the acquisition of a less-than-whole financial institution are effective for
acquisitions  for which the date of  acquisition is on or after October 1, 2002.
The provisions related to impairment of long-term customer  relationship  assets
are effective October 1, 2002.  Transition  provisions for previously recognized
unidentifiable  intangible assets are effective on October 1, 2002, with earlier
application permitted.

     Management adopted SFAS No. 147 effective October 1, 2002, without material
effect on the Company's financial condition or results of operations.

     In December 2002, the FASB issued SFAS No. 148  "Accounting for Stock-Based
Compensation-Transition and Disclosure." SFAS No. 148, which amends FASB No. 123
"Accounting  for  Stock-Based  Compensation,"  provides  alternative  methods of
transition  for a voluntary  change to the fair value based method of accounting
for stock-based employee  compensation.  SFAS No. 148 also amends the disclosure
requirements  of SFAS No.  123 to  require  more  prominent  and  more  frequent
disclosures   in  financial   statements   about  the  effects  of   stock-based
compensation.  The transition guidance and annual disclosure  provisions of SFAS
No. 148 are effective for fiscal years ending after December 15, 2002, while the
interim  disclosure  provisions are effective for financial  reports  containing
financial statements for interim periods beginning after December 15, 2002.

     Management  adopted the  disclosure  provisions  of SFAS No. 148  effective
January 1, 2003, without material effect on the Company's financial condition or
results of operations.

     In January  2003,  the FASB issued FASB  Interpretation  No. 46 ("FIN 46"),
"Consolidation  of  Variable  Interest  Entities."  FIN 46  requires  a variable
interest  entity to be consolidated by a company if that company is subject to a
majority of the risk of loss from the variable interest  entity's  activities or
entitled to receive a majority of the entity's residual returns, or both. FIN 46
also requires disclosures about variable interest entities that a company is not
required to consolidate,  but in which it has a significant  variable  interest.
The consolidation  requirements of FIN 46 apply immediately to variable interest
entities created after January 31, 2003. The consolidation requirements apply to
existing  entities in the first fiscal year or interim  period  beginning  after
June 15, 2003.  Certain of the  disclosure  requirements  apply in all financial
statements  issued  after  January 31,  2003,  regardless  of when the  variable
interest entity was established. The Company adopted the disclosure requirements
of FIN 46 effective  January 1, 2003,  without  material effect on its financial
statements.

(5) STOCK OPTION PLAN

     The Board of Directors adopted the Frankfort First Bancorp, Inc. 1995 Stock
Option and  Incentive  Plan (the  "Plan")  which  provided  for the  issuance of
261,085 (adjusted) shares of authorized,  but unissued shares of common stock at
fair value at the date of grant.  The Company had initially  granted  options to
purchase shares at an adjusted fair value of $13.80 per share. The Plan provides
for one-fifth of the shares  granted to be exercisable on each of the first five
anniversaries of the date of the grant.

                                     page 7
<PAGE>

     The  Company  accounts  for the  Plan in  accordance  with  SFAS  No.  123,
"Accounting for  Stock-Based  Compensation,"  which contains a fair  value-based
method  for  valuing  stock-based  compensation  that  entities  may use,  which
measures  compensation  cost at the grant  date  based on the fair  value of the
award. Compensation is then recognized over the service period, which is usually
the vesting period. Alternatively,  SFAS No. 123 permits entities to continue to
account for stock  options  and  similar  equity  instruments  under  Accounting
Principles  Board  ("APB")  Opinion  No.  25,  "Accounting  for Stock  Issued to
Employees."  Entities  that  continue  to account  for stock  options  using APB
Opinion No. 25 are  required to make pro forma  disclosures  of net earnings and
earnings per share, as if the fair value-based  method of accounting  defined in
SFAS No. 123 had been applied.

     The Company  applies APB  Opinion  No. 25 and  related  Interpretations  in
accounting for its stock option plan. Accordingly, no compensation cost has been
recognized with respect to the Plan. The pro forma  disclosure  requirements for
net earnings and  earnings  per share are not  applicable  to the nine and three
month periods  ended March 31, 2003 and 2002, as no options were granted  during
those periods and options  previously  granted had fully vested prior to July 1,
2001.

     A summary of the status of the Company's  stock option plan as of March 31,
2003 and June 30, 2002 and 2001,  and changes during the periods ending on those
dates is presented below:
<TABLE>
<CAPTION>
                                                     NINE MONTHS ENDED                         YEAR ENDED
                                                         MARCH 31,                              JUNE 30,
                                                           2003                    2002                    2001
                                                               WEIGHTED-                WEIGHTED-               WEIGHTED-
                                                                AVERAGE                  AVERAGE                 AVERAGE
                                                               EXERCISE                 EXERCISE                EXERCISE
                                                     SHARES      PRICE        SHARES      PRICE       SHARES      PRICE
<S>                                                  <C>         <C>         <C>         <C>         <C>         <C>
Outstanding at beginning of period                   181,859     $13.83      239,495     $13.82      239,495     $13.82
Granted                                                   --         --           --         --           --         --
Exercised                                                 --         --           --         --           --         --
Forfeited                                                 --         --      (57,636)     13.80           --         --
                                                     -------     ------      -------     ------      -------     ------
Outstanding at end of period                         181,859     $13.83      181,859     $13.83      239,492     $13.82
                                                     =======     ======      =======     ======      =======     ======
Options exercisable at period-end                    181,859     $13.83      181,859     $13.83      238,543     $13.82
                                                     =======     ======      =======     ======      =======     ======
</TABLE>

The following information applies to options outstanding at March 31, 2003:

Number outstanding                                                    181,859
Range of exercise prices                                      $13.80 - $14.91
Weighted-average exercise price                                        $13.83
Weighted-average remaining contractual life                        2.75 years


                                     page 8
<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 local
and national economy, as well as changes in the general level of interest rates.

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 MARCH 31, 2003 AND JUNE 30, 2002

     ASSETS: The Company's total assets were $139.0 million at March 31, 2003, a
decrease of $1.9  million or 1.4% from the June 30, 2002 level.  The decrease in
total assets was primarily attributable to a decrease in the Company's net loans
receivable,  which decreased $8.9 million or 6.8% to $122.2 million at March 31,
2003. The decrease in the Company's net loans receivable was partially offset by
an increase of $4.3 million or 88.9% in cash and cash equivalents, which totaled
$9.1 million at March 31, 2003 and a $3.0 million  increase in  certificates  of
deposit in other financial institutions.

     LIABILITIES: The Company's total liabilities decreased $1.9 million or 1.6%
to $121.0 million at March 31, 2003,  compared to June 30, 2002. The decrease in
total  liabilities was primarily  attributable to decreases in FHLB advances and
other liabilities. FHLB advances decreased $1.7 million or 3.7% to $43.3 million
at March 31, 2003. Other liabilities  decreased $574,000 or 41.0% to $826,000 at
March  31,  2003,  as  liabilities   associated  with  the  Company's   deferred
compensation program were reduced during the period.

     SHAREHOLDERS'  EQUITY:  Shareholders' equity was $18.0 million at March 31,
2003,  a decrease of $35,000 or 0.2%  compared to June 30, 2002.  The  Company's
book value per share was $14.47 at March 31,  2003,  compared  to $14.50 at June
30, 2002.

COMPARISON OF RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED MARCH 31, 2003 AND
MARCH 31, 2002

     NET EARNINGS:  The Company's net earnings decreased $41,000 or 3.9% to $1.0
million for the nine month  period  ended March 31,  2003.  The  decrease in net
earnings was primarily  attributable  to a decrease in net interest income after
provision  for losses on loans of $115,000.  The  Company's  basic  earnings per
share  decreased  $0.04 or 4.7% from $0.85 per share for the nine  month  period
ended  March 31, 2002 to $0.81 per share for the nine month  period  ended March
31, 2003. The Company's  diluted earnings per share decreased $0.04 per share or
4.8% from $0.83 for the nine month  period ended March 31, 2002 to $0.79 for the
nine month period ended March 31, 2003.

     NET INTEREST  INCOME:  Net interest  income after provision for loan losses
was $2.8  million for the nine month  period ended March 31, 2003, a decrease of
$115,000 or 4.0%  compared to the nine month period ended March 31, 2002.  While
total interest income and interest expense decreased from period to period,  the
decrease in net interest income was primarily due to a greater decrease in total
interest income than the decrease in interest expense.

                                     page 9
<PAGE>
     INTEREST  INCOME:  Interest income  decreased $1.1 million or 14.0% to $6.6
million for the nine month period ended March 31, 2003. The decrease was related
primarily  to a decrease in interest  income from loans,  which  decreased  $1.0
million or 13.5%,  to $6.4  million  for the nine month  period  ended March 31,
2003.  Also  contributing  to the decrease in interest  income were decreases in
interest   income  from   investment   securities   and  interest   income  from
interest-bearing  deposits and other. Interest income from investment securities
decreased  $33,000 or 61.1% from  $54,000 for the nine month  period ended March
31,  2002  to  $21,000  for  the  period  just  ended.   Interest   income  from
interest-bearing deposits and other decreased $31,000 or 16.7% from $186,000 for
the nine month period ended March 31, 2002 to $155,000 for the current period.

     The decrease in yield on the Company's loan portfolio was related primarily
to a decrease in the average  balance of the  portfolio,  although a decrease in
the  average  rate  earned on the  portfolio  also had a negative  impact on the
overall yield. The average balance of the loan portfolio decreased $10.8 million
or 7.9% to $125.9  million  for the nine  month  period  ended  March 31,  2003,
compared to the prior year  period,  while the  average  rate earned on the loan
portfolio  decreased  44 basis  points to 6.80% for the most  recent  nine month
period.  The decrease in the average balance of the Company's loan portfolio was
chiefly a result of repayments  associated  with borrowers  refinancing to lower
rates with other lenders.  Demand for the Bank's primary product, the adjustable
rate  mortgage,  declines  somewhat  in periods  of  falling  or low  prevailing
interest rates. Still, Management believes the origination of this loan provides
the best blend of yield and interest rate risk  protection  and will continue to
emphasize its origination.

     INTEREST  EXPENSE:  Interest  expense  decreased  $953,000 or 19.9% to $3.8
million  for the nine month  period  ended March 31,  2003.  This  decrease  was
primarily  due to a decrease in interest  expense on deposits,  which  decreased
$856,000  or 32.0% to $1.8  million  for the nine month  period  ended March 31,
2003. The decrease in interest expense on deposits was primarily attributable to
a 120 basis  point  decrease  in the rate paid on deposits to 3.20% for the nine
month period ended March 31, 2003,  although a $5.3 million or 6.6%  decrease in
the  average  balance  of  deposits  outstanding  from  period  to  period  also
contributed.  The  average  balance of deposits  outstanding  for the nine month
period  ended  March 31,  2003,  was $75.5  million.  Interest  expense  on FHLB
advances  decreased  $97,000 or 4.6% to $2.0  million for the nine month  period
ended  March 31,  2003,  compared to the same  period in 2002.  The  decrease in
interest  expense on FHLB advances was primarily  attributable  to a decrease of
$2.1 million or 4.5% in the average balance outstanding.  The average balance of
FHLB  advances  outstanding  for the nine month  period ended March 31, 2003 was
$44.1  million  compared to $46.2  million for the nine month period ended March
31, 2002. In general, rates paid on FHLB advances are greater than rates paid on
deposits and do not re-price as quickly. Management believes that, when compared
to other sources of funds,  FHLB advances offer plans and terms that can be more
easily matched to characteristics of the Company's interest-earning assets. This
strategy  may be altered as market  conditions  affect  the  terms,  rates,  and
availability of retail deposits.

     It is difficult to predict what interest  rates will do in the near future.
If interest rates continue to decline,  the cost of the Company's  deposits will
probably  continue to decrease.  However,  Management cannot predict whether the
cost of liabilities will decrease as fast as the yield generated by the loan and
investment portfolio. If interest rates increase, the Company's cost of deposits
will increase as well, and may increase  faster than the yield  generated by the
loan and investment portfolio.

     PROVISION  FOR LOSSES ON LOANS:  There was no provision for losses on loans
for the nine month  period ended March 31, 2003 and a $1,000  provision  for the
nine month  period  ended  March 31,  2002.  The  allowance  for loan losses was
$82,000 and $102,000 at March 31, 2003 and 2002,  respectively.  As a percentage
of non-performing assets, the allowance for losses on loans increased from 16.7%
at March 31, 2002 to 17.5% at March 31, 2003.  This increase was caused  chiefly
by a decrease in the balance of non-performing assets from period to period (see
"Non-Performing Assets"). Management believed, based on its analysis of the risk
profile of the  Company's  assets,  that the  allowance  for losses on loans was
adequate at March 31, 2003. 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 one-
to four-family residential real estate, which heretofore has resulted in minimal
losses on loans.  However,  there can be no assurance that the allowance will be
adequate to cover losses on non-performing assets in the future.

                                    page 10
<PAGE>
     OTHER OPERATING  INCOME:  Other operating income increased $13,000 or 31.0%
from  $42,000 for the nine month  period ended March 31, 2002 to $55,000 for the
nine month period ended March 31, 2003. The increase in other  operating  income
was  primarily  attributable  to  gain  on the  sale  of  property  acquired  in
settlement of loans.  Other operating  income is not a significant  component of
the Company's statement of earnings.

     GENERAL, ADMINISTRATIVE,  AND OTHER EXPENSES: General, administrative,  and
other expense  decreased  $39,000 or 3.0% remaining at $1.3 million for the nine
month periods ended March 31, 2003 and 2002. The decrease was due primarily to a
$55,000 or 7.1% decrease in employee  compensation and benefits,  which resulted
mostly from decreased costs associated with the Company's deferred  compensation
program.  Although the deferred  compensation  plan has some features that cause
compensation expense to increase with the Company's stock price, the Company has
taken  steps to  greatly  reduce  the  expense  in the  future and to reduce the
effects that  increasing  stock prices can have on the expense  associated  with
this plan.  Management  expects that the Company will incur  increased  employee
compensation  and  benefit  costs  associated  with the Bank's  defined  benefit
pension plan.  For many years the Company has  benefited  from an excess of plan
assets  (and   investment   performance   thereon)  over   calculated   required
contributions,  which  made  additional  contributions  unnecessary.  Management
estimates  that the  additional  expense will be  approximately  $21,000 for the
fiscal year ending June 30, 2003.

     INCOME TAX: The Company's provision for federal income taxes decreased from
$545,000 for the nine month period ended March 31, 2002 to $523,000 for the nine
month period ended March 31, 2003.  The  Company's  effective tax rate was 34.0%
and  34.1%  for  the  nine  month   periods  ended  March  31,  2003  and  2002,
respectively.

     NON-PERFORMING  ASSETS:  At March  31,  2003,  the  Bank had  approximately
$468,000  (0.4%  of net  loans)  in loans  90 days or more  past  due but  still
accruing,  as  compared  to  $612,000  at March  31,  2002.  Also,  the Bank had
approximately  $361,000 in loans listed as special mention and $490,000 in loans
internally  classified as  Substandard.  No loans were classified as Doubtful or
Loss. All assets listed as non-performing are one- to four-family mortgage loans
with loan-to-value ratios (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.

     DIVIDENDS:  On September 14, 2001, the Company  announced a dividend policy
whereby it will pay a quarterly  cash dividend of $0.28 per share,  per quarter,
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. 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.  At March 31,
2003, the Company had recorded  dividends payable of $351,000 for the payment of
a dividend on April 15, 2003.

     STOCK  REPURCHASES:  The Company has utilized stock repurchase  programs to
increase  earnings per share,  increase the Company's  return on equity,  and to
attempt to improve the market liquidity in the Company's stock. During the three
month period ended March 31, 2003,  the Company did not repurchase any shares of
its stock,  due  largely to an  increase  in the market  price of the  Company's
shares.  On August 15,  2002,  the Company  announced a new  repurchase  program
whereby it would seek to purchase up to 62,000 shares of its outstanding  common
stock. The program is dependent upon market conditions and there is no guarantee
as to the exact number of shares to be repurchased by the Company. The Company's
Board and Management  continue to believe in the potential positive effects of a
repurchase  strategy and will continue to evaluate market  conditions along with
other  possible  uses of  capital in  determining  the  authorization  of future
repurchase programs.
                                    page 11
<PAGE>
COMPARISON  OF RESULTS OF  OPERATIONS  FOR THE THREE MONTHS ENDED MARCH 31, 2003
AND MARCH 31, 2002

     NET EARNINGS:  The Company's net earnings  decreased  $37,000 or 11.1% from
$333,000 for the three month  period  ended March 31, 2002,  to $296,000 for the
three month  period  ended March 31,  2003.  The  decrease in net  earnings  was
primarily  attributable  to a decrease in net  interest  income of $83,000.  The
Company's  basic earnings per share  decreased $0.04 or 14.8% to $0.23 per share
for the three month period ended March 31, 2003  compared to $0.27 per share for
the three month period ended March 31, 2002. The Company's  diluted earnings per
share  decreased  $0.03 or 11.5% from $0.26 per share for the three month period
ended March 31, 2002 to $0.23 for the three month period ended March 31, 2003.

     NET INTEREST  INCOME:  Net interest  income after provision for loan losses
decreased  $83,000 or 8.6% from  $961,000 for the three month period ended March
31, 2002 to $878,000  for the three month  period  ended March 31,  2003.  While
total interest income and interest expense decreased from period to period,  the
decrease in net interest income was primarily due to a greater decrease in total
interest income than the decrease in interest expense.

     INTEREST  INCOME:  Interest  income  decreased  $319,000  or  13.2% to $2.1
million for the three  month  period  ended March 31,  2003.  The  decrease  was
related  primarily to a decrease in interest income from loans,  which decreased
$332,000 or 14.0%,  to $2.0  million for the three month  period ended March 31,
2003.  Partially  offsetting  the  decrease in  interest  income from loans were
increases in interest income from investment securities and interest income from
interest-bearing  deposits and other. Interest income from investment securities
increased  $9,000 or 128.6% to $16,000  for the three  month  period just ended.
Interest income from  interest-bearing  deposits and other  increased  $4,000 or
9.5% to $46,000 for the three month period ended March 31, 2003.

     The  decrease  in  income  on the  Company's  loan  portfolio  was  related
primarily  to a decrease  in the  average  balance of the  portfolio  although a
decrease in the average rate earned on the portfolio also had a negative  impact
on the overall yield. The average balance of the loan portfolio  decreased $12.1
million or 9.0% to $122.6  million  for the three month  period  ended March 31,
2003,  compared to the prior year  period,  while the average rate earned on the
loan  portfolio  decreased 40 basis points to 6.63% for the most recent  quarter
ended.  The decrease in the average  balance of the Company's loan portfolio was
chiefly a result of repayments  associated  with borrowers  refinancing to lower
rates with other lenders.  Demand for the Bank's primary product, the adjustable
rate  mortgage,  declines  somewhat  in periods  of  falling  or low  prevailing
interest rates. Still, Management believes the origination of this loan provides
the best blend of yield and interest rate risk  protection  and will continue to
emphasize its origination.

     INTEREST  EXPENSE:  Interest  expense  decreased  $236,000 or 16.2% to $1.2
million for the three month  period  ended March 31,  2003.  This  decrease  was
primarily  due to a decrease in interest  expense on deposits,  which  decreased
$204,000 or 26.6% to $563,000  for the three month  period ended March 31, 2003.
The decrease in interest expense on deposits was primarily  attributable to a 94
basis point decrease in the average rate paid on deposits to 2.96% for the three
month period ended March 31, 2003, although the $2.7 million or 3.5% decrease in
the  average  balance  of  deposits  outstanding  from  period  to  period  also
contributed.  The average  balance of deposits  outstanding  for the three month
period  ended  March 31,  2003,  was $76.0  million.  Interest  expense  on FHLB
advances  decreased $32,000 or 4.7% to $654,000 for the three month period ended
March 31,  2003,  compared to the same period in 2002.  The decrease in interest
expense on FHLB  advances  was  primarily  attributable  to a  decrease  of $2.0
million or 4.4% in the average balance outstanding.  The average balance of FHLB
advances  outstanding  for the three month period ended March 31, 2003 was $43.5
million  compared to $45.5  million for the three month  period  ended March 31,
2002.  In general,  rates paid on FHLB  advances  are greater than rates paid on
deposits and do not re-price as quickly. Management believes that, when compared
to other sources of funds,  FHLB advances offer plans and terms that can be more
easily matched to characteristics of the Company's interest-earning assets. This
strategy  may be altered as market  conditions  affect  the  terms,  rates,  and
availability of retail deposits.

     OTHER OPERATING INCOME: Other operating income remained constant at $11,000
for the three  month  periods  ended March 31,  2003 and 2002.  Other  operating
income is not a significant component of the Company's statement of earnings.

                                    page 12
<PAGE>
     GENERAL, ADMINISTRATIVE,  AND OTHER EXPENSES: General, administrative,  and
other expense decreased $20,000 or 4.3% from $461,000 for the three month period
ended  March 31, 2002 to $441,000  for the three  month  period  ended March 31,
2003.  The decrease was due  primarily to a $23,000 or 8.6% decrease in employee
compensation and benefits, which resulted mostly from decreased costs associated
with  the  Company's  deferred  compensation  program.   Although  the  deferred
compensation plan has some features that cause compensation  expense to increase
with the Company's  stock price,  the Company has taken steps to greatly  reduce
the expense in the future and to reduce the effects that increasing stock prices
can have on the expense associated with this plan.

     INCOME TAX: The Company's provision for federal income taxes decreased from
$178,000  for the three month  period  ended March 31, 2002 to $152,000  for the
three  month  period  ended March 31,  2003.  The  decrease  was a result of the
decrease in the Company's pretax earnings.  The Company's effective tax rate was
33.9% and  34.8% for the three  month  periods  ended  March 31,  2003 and 2002,
respectively.

                                    page 13
<PAGE>

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Information  as of March 31, 2003,  concerning  the  Company's  exposure to
market risk,  which has remained  relatively  unchanged  from June 30, 2002,  is
incorporated  by  reference  under  Item  7A,   "Quantitative   and  Qualitative
Disclosures  About Market Risk," in the Company's Annual Report on Form 10-K for
the fiscal year ended June 30, 2002.

ITEM 4.  CONTROLS AND PROCEDURES

     The Company's  Chief  Executive  Officer and Chief  Financial  Officer have
evaluated  the Company's  disclosure  controls and  procedures  (as such term is
defined in Rule 13a-14 (c) under the  Exchange  Act) as of a date within 90 days
of the date of  filing of this  Form  10-Q.  Based  upon  such  evaluation,  the
Company's  Chief Executive  Officer and Chief  Financial  Officer have concluded
that such controls and procedures  are effective to ensure that the  information
required  to be  disclosed  by the  Company in the  reports  it files  under the
Exchange Act is gathered, analyzed and disclosed with adequate timeliness.

     There have been no significant  changes in the Company's  internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of the evaluation described above.

                                    page 14
<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:  Exhibit 99-Certification of Chief  Executive Officer
                            and Chief Financial Officer pursuant to section 906
                            of the Sarbanes-Oxley Act of 2002

                 Reports on Form 8-K:   None

                                    page 15
<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 12, 2003
                                  /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 16
<PAGE>
                                  CERTIFICATION


I, Don  Jennings,  President  and Chief  Executive  Officer of  Frankfort  First
Bancorp, Inc., certify that:


1. I have  reviewed  this  quarterly  report  on Form  10-Q of  Frankfort  First
Bancorp, Inc.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   Designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   Presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
the  registrant's  board or  directors  (or persons  fulfilling  the  equivalent
functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: May 13, 2003


                                 /s/ Don Jennings
                                 -------------------------------------
                                 Don Jennings
                                 President and Chief Executive Officer

                                    page 17
<PAGE>
                                  CERTIFICATION


I, R. Clay  Hulette,  Vice  President and Chief  Financial  Officer of Frankfort
First Bancorp, Inc., certify that:

1. I have  reviewed  this  quarterly  report  on Form  10-Q of  Frankfort  First
Bancorp, Inc.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     d)   Designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     e)   Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     f)   Presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
the  registrant's  board or  directors  (or persons  fulfilling  the  equivalent
functions):

     c)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     d)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: May 12, 2003

                                  /s/ R. Clay Hulette
                                  ------------------------------------------
                                  R. Clay Hulette
                                  Vice President and Chief Financial Officer

                                    page 18