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, 2002

                                       OR

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

Commission file number:  0-26360

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

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


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

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

Indicate  by check mark  whether  the  registrant  has filed all  documents  and
reports  required  to be filed by  Sections  12, 13, or 15(d) of the  Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter  period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
Yes    X       No
      ---         ---

Indicate  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 February 7, 2003: 1,246,108

Page 1 of  14 pages


                                     page 1
<PAGE>

                                    CONTENTS


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

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

          Consolidated Statements of Earnings for the three
          months and six months ended December 31, 2002 and 2001             4

          Consolidated Statements of Cash Flows for the six
          months ended December 31, 2002 and 2001                            5

          Notes to Consolidated Financial Statements                         6

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

Item 3    Quantitative and Qualitative Disclosures
          About Market Risk                                                 12

Item 4    Controls and Procedures                                           12

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

Item 1   Legal Proceedings                                                  13

Item 2   Changes in Securities and Use of Proceeds                          13

Item 3   Defaults upon Senior Securities                                    13

Item 4   Submission of Matters to a
         Vote of Security Holders                                           13

Item 5.  Other Information                                                  13

Item 6.  Exhibits and Reports on Form 8-K                                   13

SIGNATURES                                                                  14
----------


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

Cash and due from banks                                     $     601    $     638
Interest-bearing deposits in other financial institutions       7,519        4,174
                                                            ---------    ---------
       Cash and cash equivalents                                8,120        4,812

Certificates of deposit in other financial institutions         3,100          100
Loans receivable - net                                        122,913      131,180
Property acquired in settlement of loans-net                       --          311
Office premises and equipment - at depreciated cost             1,401        1,372
Federal Home Loan Bank stock - at cost                          2,771        2,708
Accrued interest receivable on loans                              311          389
Accrued interest receivable on investments and
     interest-bearing deposits                                      4           --
Prepaid expenses and other assets                                  56           85
                                                            ---------    ---------
       Total assets                                         $ 138,676    $ 140,957
                                                            =========    =========

     LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                    $  75,736    $  75,896
Advances from the Federal Home Loan Bank                       43,707       44,982
Advances by borrowers for taxes and insurance                      38          329
Accrued interest payable                                           49           55
Accrued federal income taxes                                       24           13
Deferred federal income taxes                                     222          217
Other liabilities                                                 815        1,400
                                                            ---------    ---------
       Total liabilities                                      120,591      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                              18,626       18,606
   Less 426,335 shares of treasury stock-at cost               (6,434)      (6,434)
                                                            ---------    ---------
       Total shareholders' equity                              18,085       18,065
                                                            ---------    ---------

       Total liabilities and shareholders' equity           $ 138,676    $ 140,957
                                                            =========    =========

Book value per share                                        $   14.51    $   14.50
                                                            =========    =========
</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,
                                                     2002     2001          2002     2001
<S>                                                 <C>      <C>           <C>      <C>
Interest income
   Loans                                            $4,383   $5,056        $2,135   $2,497
   Investment securities                                 5       48             5       19
   Interest-bearing deposits and other                 109      144            56       58
                                                    ------   ------        ------   ------
          Total interest income                      4,497    5,248         2,196    2,574

Interest expense
   Deposits                                          1,252    1,904           611      918
   Borrowings                                        1,365    1,431           677      710
                                                    ------   ------        ------   ------
          Total interest expense                     2,617    3,335         1,288    1,628
                                                    ------   ------        ------   ------
          Net interest income                        1,880    1,913           908      946

Provision for losses on loans                           --        1            --       --
                                                    ------   ------        ------   ------
          Net interest income after provision for
             losses on loans                         1,880    1,912           908      946

Other operating income                                  44       31            24       13
General, administrative and other expense
   Employee compensation and benefits                  472      504           225      246
   Occupancy and equipment                              87       85            45       44
   Federal deposit insurance premiums                    7        8             3        4
   Franchise and other taxes                            56       41            30       27
   Data processing                                      58       61            28       30
   Other operating                                     155      155            83       77
                                                    ------   ------        ------   ------
          Total general, administrative
               and other expense                       835      854           414      428
                                                    ------   ------        ------   ------
          Earnings before income taxes               1,089    1,089           518      531

Federal income taxes
   Current                                             366      323           163      151
   Deferred                                              5       44            11       25
                                                    ------   ------        ------   ------
          Total federal income taxes                   371      367           174      176
                                                    ------   ------        ------   ------

          NET EARNINGS                              $  718   $  722        $  344   $  355
                                                    ======   ======        ======   ======

            Basic Earnings Per Share                $ 0.58   $ 0.58        $ 0.28   $ 0.28
                                                    ======   ======        ======   ======
            Diluted Earnings Per Share              $ 0.56   $ 0.57        $ 0.27   $ 0.28
                                                    ======   ======        ======   ======
</TABLE>



                                     page 4
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      For the six months ended December 31,
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                  2002         2001
<S>                                                                             <C>         <C>
Cash flows from operating activities:
   Net earnings for the period                                                  $    718    $    722
   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)
       Amortization of deferred loan origination fees                                (53)        (40)
       Depreciation and amortization                                                  38          40
       Provision for losses on loans                                                  --           1
       Federal Home Loan Bank stock dividends                                        (63)        (81)
       Increase (decrease) in cash due to changes in:
          Accrued interest receivable                                                 74          44
          Prepaid expenses and other assets                                           29          40
          Accrued interest payable                                                    (6)         32
          Other liabilities                                                         (585)        (26)
          Federal income taxes
             Current                                                                  11          (7)
             Deferred                                                                  5          44
                                                                                --------    --------
               Net cash provided by operating activities                             168         765
Cash flows provided by (used in) investing activities:
   Purchase of investment securities                                              (3,000)         --
   Proceeds from maturity of investment securities                                    --       1,000
   Loan principal repayments                                                      20,693      16,383
   Loan disbursements                                                            (12,373)    (16,435)
   Proceeds from sale of real estate acquired through foreclosure                    311          --
   Purchase of office premises and equipment                                         (67)        (30)
                                                                                --------    --------
             Net cash provided by  investing activities                            5,564         918
Cash flows provided by (used in) financing activities:
   Net decrease in deposit accounts                                                 (160)     (2,403)
   Repayment of Federal Home Loan Bank advances                                   (1,275)     (1,361)
   Advances by borrowers for taxes and insurance                                    (291)       (303)
   Dividends paid on common stock                                                   (698)       (699)
                                                                                --------    --------
             Net cash used in financing activities                                (2,424)     (4,766)
                                                                                --------    --------
Net increase (decrease) in cash and cash equivalents                               3,308      (3,083)
Cash and cash equivalents at beginning of period                                   4,812       6,717
                                                                                --------    --------
Cash and cash equivalents at end of period                                      $  8,120    $  3,634
                                                                                ========    ========
Supplemental disclosure of cash flow information:
   Cash paid during the period for:
       Federal income taxes                                                     $    360    $    330
                                                                                ========    ========

       Interest on deposits and borrowings                                      $  2,623    $  3,303
                                                                                ========    ========
</TABLE>


                                     page 5
<PAGE>

                          FRANKFORT FIRST BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
   FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED DECEMBER 31, 2002 AND 2001

(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 six  month  periods  ended  December  31,  2002 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 six and three month
periods ended December 31, 2002, and 2001.

     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 1,284,976 and 1,283,672
for the six and three month  periods  ended  December  31,  2002,  respectively.
Incremental  shares related to the assumed exercise of stock options included in
the calculation of diluted  earnings per share totaled 38,868 and 37,564 for the
six  and  three  month   periods   ended   December  31,   2002,   respectively.
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,  respectively.  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 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 December 31, 2002.

     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.

     SFAS No. 147 is not  expected  to have a 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.

     SFAS No. 148 is not  expected  to have a material  effect on the  Company's
financial condition or results of operations.


                                     page 7
<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 DECEMBER 31, 2002 AND JUNE 30, 2002

     ASSETS:  The  Company's  total  assets were $138.7  million at December 31,
2002, a decrease of $2.3  million or 1.6% from $141.0  million at June 30, 2002.
The decrease in total  assets was  primarily  attributable  to a decrease in the
Company's net loans  receivable,  which decreased $8.3 million or 6.3% to $122.9
million at December 31, 2002, partially offset by an increase of $3.3 million or
68.7% in cash and cash equivalents.

     LIABILITIES:  The Company's total liabilities  decreased by $2.3 million or
1.9% from  $122.9  million at June 30, 2002 to $120.6  million at  December  31,
2002. The decrease in total  liabilities  was  attributable to decreases in FHLB
advances and other liabilities.  FHLB advances decreased $1.3 million or 2.8% to
$43.7  million at December 31, 2002.  Other  liabilities  decreased  $585,000 or
41.8% to $815,000 at December  31,  2002,  as  liabilities  associated  with the
Company's deferred compensation program were reduced during the period.

     SHAREHOLDERS'  EQUITY:  Shareholders'  equity  remained  constant  at $18.1
million at December 31, 2002 and June 30,  2002.  The  Company's  book value per
share was $14.51 at December 31, 2002, compared to $14.50 at June 30, 2002.

COMPARISON OF RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2002
AND DECEMBER 31, 2001

     NET  EARNINGS:  The Company's  net earnings  decreased  $4,000 or 0.6% from
$722,000 for the six month period ended  December 31, 2001,  to $718,000 for the
six month  period  ended  December  31,  2002.  The decrease in net earnings was
primarily  attributable  to a decrease in net  interest  income of $33,000.  The
Company's basic earnings per share remained unchanged at $0.58 per share for the
six month  periods  ended  December  31, 2002 and 2001.  The  Company's  diluted
earnings  per share  decreased  $0.01  per share or 1.8% from  $0.57 for the six
month  period  ended  December  31, 2001 to $0.56 for the six month period ended
December 31, 2002.

     NET INTEREST  INCOME:  Net interest  income after provision for loan losses
decreased  $32,000 or 1.7% and was $1.9 million for the six month  periods ended
December 31, 2002 and 2001.  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  $751,000  or  14.3% to $4.5
million for the six month  period  ended  December  31,  2002.  The decrease was
related  primarily to a decrease in interest income from loans,  which decreased
$673,000 or 13.3%,  to $4.4 million for the six month period ended  December 31,
2002.  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  $43,000 or 89.6% from $48,000 for the six month period ended December
31,  2001  to  $5,000  for  the  period  just   ended.   Interest   income  from
interest-bearing deposits and other decreased $35,000 or 24.3% from $144,000 for
the six month period ended December 31, 2001 to $109,000 for the current period.

                                     page 8
<PAGE>

     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 $10.4 million
or 7.6% to $127.3  million for the six month  period  ended  December  31, 2002,
compared to the prior year  period,  while the  average  rate earned on the loan
portfolio  decreased  46 basis  points  to 6.89% for the most  recent  six 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  $718,000 or 21.5% to $2.6
million for the six month period ended  December  31,  2002.  This  decrease was
primarily  due to a decrease in interest  expense on deposits,  which  decreased
$652,000 or 34.2% to $1.3 million for the six month  period  ended  December 31,
2002. The decrease in interest expense on deposits was primarily attributable to
a 131 basis  point  decrease  in the rate paid on  deposits to 3.33% for the six
month period ended  December 31, 2002,  although a $6.8 million or 8.3% decrease
in the  average  balance of  deposits  outstanding  from  period to period  also
contributed.  The  average  balance of  deposits  outstanding  for the six month
period ended December 31, 2002, was $75.3 million, compared to $82.1 million for
the six month period ended December 31, 2001.  Interest expense on FHLB advances
decreased  $66,000  or 4.6% to $1.4  million  for  the six  month  period  ended
December 31, 2002, compared to the same period in 2001. 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 six month period ended December 31, 2002 was $44.4
million  compared to $46.5  million for the six month period ended  December 31,
2001.  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 six month period ended December 31, 2002 and a $1,000  provision for the
six month period ended  December 31,  2001.  The  allowance  for loan losses was
$82,000  and  $102,000  at  December  31,  2002  and  2001,  respectively.  As a
percentage of non-performing assets, the allowance for losses on loans increased
from 12.7% at December 31, 2001 to 20.9% at December 31, 2002. This increase was
caused 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  December  31,  2002.  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.

     OTHER OPERATING  INCOME:  Other operating income increased $13,000 or 41.9%
from $31,000 for the six month period ended December 31, 2001 to $44,000 for the
six month period ended December 31, 2002. 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.

                                     page 9
<PAGE>
     GENERAL, ADMINISTRATIVE,  AND OTHER EXPENSES: General, administrative,  and
other expense  decreased  $19,000 or 2.2% from $854,000 for the six month period
ended  December 31, 2001 to $835,000 for the six month period ended December 31,
2002.  The decrease was due  primarily to a $32,000 or 6.3% 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 increased from
$367,000 for the six month  period  ended  December 31, 2001 to $371,000 for the
six month period ended December 31, 2002.  The Company's  effective tax rate was
34.1% and 33.7% for the six month  periods  ended  December  31,  2002 and 2001,
respectively.

     NON-PERFORMING  ASSETS:  At December 31, 2002,  the Bank had  approximately
$393,000  (0.3%  of net  loans)  in loans  90 days or more  past  due but  still
accruing,  as compared to $797,000 at  December  31,  2001.  Also,  the Bank had
approximately  $269,000 in loans listed as special mention and $355,000 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 December 31,
2002, the Company had recorded  dividends payable of $349,000 for the payment of
a dividend on January 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  December 31, 2002, 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.

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

     NET EARNINGS:  The Company's  net earnings  decreased  $11,000 or 3.1% from
$355,000 for the three month period ended December 31, 2001, to $344,000 for the
three month  period ended  December  31, 2002.  The decrease in net earnings was
primarily  attributable  to a decrease in net  interest  income of $38,000.  The
Company's basic earnings per share remained unchanged at $0.28 per share for the
three month periods  ended  December 31, 2002 and 2001.  The  Company's  diluted
earnings  per share  decreased  $0.01 per share or 3.6% from $0.28 for the three
month period  ended  December 31, 2001 to $0.27 for the three month period ended
December 31, 2002.

                                    page 10
<PAGE>
     NET INTEREST  INCOME:  Net interest  income after provision for loan losses
decreased  $38,000  or 4.0% from  $946,000  for the  three  month  period  ended
December  31, 2001 to $908,000  for the three month  period  ended  December 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.

     INTEREST  INCOME:  Interest  income  decreased  $378,000  or  14.7% to $2.2
million for the three month  period ended  December  31, 2002.  The decrease was
related  primarily to a decrease in interest income from loans,  which decreased
$362,000 or 14.5%, to $2.1 million for the three month period ended December 31,
2002.  Also  contributing  to the decrease in interest  income was a decrease in
interest  income from  investment  securities.  Interest  income from investment
securities  decreased  $14,000 or 73.7% from  $19,000 for the three month period
ended December 31, 2001 to $5,000 for the period just ended.

     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 $12.8
million or 9.3% to $125.2  million for the three month period ended December 31,
2002,  compared to the prior year  period,  while the average rate earned on the
loan  portfolio  decreased 41 basis points to 6.82% 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  $340,000 or 20.9% to $1.3
million for the three month period ended  December 31, 2002.  This  decrease was
primarily  due to a decrease in interest  expense on deposits,  which  decreased
$307,000 or 33.4% to $611,000  for the three month  period  ended  December  31,
2002. The decrease in interest expense on deposits was primarily attributable to
a 124 basis  point  decrease in the rate paid on deposits to 3.25% for the three
month period ended December 31, 2002, although the $6.5 million or 7.9% 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 December 31, 2002, was $75.3 million, compared to $81.8 million for
the three  month  period  ended  December  31,  2001.  Interest  expense on FHLB
advances  decreased $33,000 or 4.6% to $677,000 for the three month period ended
December 31, 2002, compared to the same period in 2001. 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 three month  period  ended  December 31, 2002 was
$44.1  million  compared  to $46.2  million  for the three  month  period  ended
December  31,  2001.  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 increased $11,000 or 84.6%
from $13,000 for the three month  period ended  December 31, 2001 to $24,000 for
the three month period ended December 31, 2002. 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 $14,000 or 3.3% from $428,000 for the three month period
ended  December 31, 2001 to $414,000  for the three month period ended  December
31,  2002.  The  decrease  was due  primarily  to a $21,000 or 8.5%  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
$176,000 for the three month period ended  December 31, 2001 to $174,000 for the
three month  period ended  December  31, 2002.  The decrease was a result of the
decrease in the Company's pretax earnings.  The Company's effective tax rate was
33.6% and 33.1% for the three month  periods  ended  December 31, 2002 and 2001,
respectively.

                                    page 11
<PAGE>

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Information as of December 31, 2002,  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 12
<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,
          2002.

     (b)  Not applicable.

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

          Nominee                   Votes For              Votes Withheld
          -------                   ---------              --------------
          David G. Eddins           1,085,828                  1,973
          William C. Jennings       1,076,525                 11,276
          C. Michael Davenport      1,083,077                  4,724

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 13
<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 7, 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 14

<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: 2/7/03


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

                                    page 15

<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: 2/7/03

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


                                    page 16