UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

    EXCHANGE ACT OF 1934
        For the quarterly period ended September 30, 2003

                                       OR

__  TRANSITION REPORT UNDER 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 Small Business Issuer 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
--------------------------------------------------------------------------------
                (Issuer's Telephone Number, Including Area Code)

     Check whether the issuer (1) filed all documents and reports required to be
filed by Sections 13 or 15(d) of the  Exchange Act during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes X  No
   ---   ---

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common equity as of the latest practicable date.

     As of November 12, 2003: 1,261,522

Page 1 of  16 pages



<PAGE>

                                    CONTENTS


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

Item 1    Financial Statements

          Consolidated  Statements of Financial  Condition
           at September 30, 2003 and June 30, 2003 (Audited)                   3

          Consolidated Statements of Earnings for the three
           months ended September 30, 2003 and 2002                            4

          Consolidated Statements of Comprehensive Income
           for the three months ended September 30, 2003 and 2002              5

          Consolidated Statements of Cash Flows for the three
           months ended September 30, 2003 and 2002                            6

          Notes to Consolidated Financial Statements                           8

Item 2    Management's Discussion and Analysis
           or Plan of Operation                                               11

Item 3    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>


                                                                       September 30,          June 30,
                                                                            2003                2003
                                                                                             (Audited)
<S>                                                                         <C>                 <C>
     ASSETS

Cash and due from banks                                                $          195       $        478
Interest-bearing deposits in other financial institutions                       2,060              1,550
                                                                       --------------       ------------
       Cash and cash equivalents
                                                                                2,255              2,028


Certificates of deposit in other financial institutions                         3,100              3,100
Mortgage-backed securities available for sale - at market                       3,568              3,997
Loans receivable - net                                                        125,092            124,596
Real estate acquired through foreclosure - net                                     --                 29
Office premises and equipment - at depreciated cost                             1,350              1,364
Federal Home Loan Bank stock - at cost                                          2,855              2,827
Accrued interest receivable on loans                                              299                293
Accrued interest receivable on investments and
     interest-bearing deposits                                                     29                 15
Prepaid expenses and other assets                                                  63                 87
                                                                       --------------       ------------
       Total assets                                                    $      138,611       $    138,336
                                                                       ==============       ============

     LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits                                                               $       76,092       $     75,622
Advances from the Federal Home Loan Bank                                       42,649             43,017
Advances by borrowers for taxes and insurance                                     452                324
Accrued interest payable                                                           29                 29
Accrued federal income taxes                                                      394                261
Deferred federal income taxes                                                     248                265
Other liabilities                                                                 870                820
                                                                       --------------       ------------
       Total liabilities                                                      120,734            120,338

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                                                   5,887              5,879
   Retained earnings - restricted                                              18,425             18,525
   Less 415,903 and 418,335 shares of treasury stock-at cost                  (6,338)            (6,331)
   Less shares acquired for stock benefit plan                                   (95)               (98)
   Other comprehensive income, unrealized gains (losses) on
    securities designated as available for sale
    - net of related tax effects                                                 (19)                 6
                                                                       -------------        -----------
       Total shareholders' equity                                             17,877             17,998
                                                                       -------------        -----------
       Total liabilities and shareholders' equity                      $     138,611        $   138,336
                                                                       =============        ===========
Book value per share                                                   $       14.23        $     14.35
                                                                       =============        ===========
</TABLE>



                                     Page 3
<PAGE>
                          Frankfort First Bancorp, Inc.
                       CONSOLIDATED STATEMENTS OF EARNINGS
                    For the three months ended September 30,
                      (In thousands, except per share data)
<TABLE>
<CAPTION>

                                                                                           2003            2002
<S>                                                                                        <C>             <C>
Interest income
   Loans                                                                                $     1,889     $     2,248
   Investment securities                                                                         40               1
   Interest-bearing deposits and other                                                           34              52
                                                                                        -----------     -----------
          Total interest income
                                                                                              1,963           2,301
Interest expense
   Deposits                                                                                     515             641
   Borrowings                                                                                   657             688
                                                                                        -----------     -----------
          Total interest expense                                                              1,172           1,329
                                                                                        -----------     -----------
          Net interest income                                                                   791             972
Provision for losses on loans                                                                    --              --
                                                                                        -----------     -----------
          Net interest income after provision for
             losses on loans                                                                    791             972
Other operating income                                                                           12              20
General, administrative and other expense
   Employee compensation and benefits                                                           258             247
   Occupancy and equipment                                                                       38              43
   Franchise and other taxes                                                                     25              26
   Data processing                                                                               28              30
   Other operating                                                                               74              75
                                                                                        -----------     -----------
          Total general, administrative
               and other expense                                                                423             421
                                                                                        -----------     -----------
          Earnings before income taxes                                                          380             571
Federal income taxes
   Current                                                                                      136             204
   Deferred                                                                                      (7)             (7)
          Total federal income taxes                                                            129             197
                                                                                        -----------     -----------
          NET EARNINGS                                                                  $       251     $       374
                                                                                        ===========     ===========
Earnings Per Share
  Basic                                                                                 $      0.20     $      0.30
                                                                                        ===========     ===========
  Diluted
                                                                                        $      0.19     $      0.29
                                                                                        ===========     ===========
</TABLE>



                                     Page 4
<PAGE>

                          Frankfort First Bancorp, Inc.
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                    For the three months ended September 30,
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                           2003            2002
<S>                                                                                        <C>             <C>

Net earnings                                                                            $       251     $       374
Other comprehensive income, net of tax:
  Unrealized losses on securities, net of tax                                                   (25)             --
                                                                                        -----------     -----------
Comprehensive income                                                                    $       226     $       374
                                                                                        ===========     ===========
</TABLE>



                                     Page 5
<PAGE>

                          Frankfort First Bancorp, Inc.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                    For the three months ended September 30,
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                2003               2002
<S>                                                                             <C>                <C>
Cash flows from operating activities:
   Net earnings for the period                                            $             251   $          374
   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                                8               --
       Amortization of deferred loan origination fees                                   (20)             (21)
       Depreciation and amortization                                                     19               19
       Provision for losses on loans                                                     --               --
       Federal Home Loan Bank stock dividends                                           (28)             (32)
       Amortization expense of stock benefit plan                                         4               --
       Increase (decrease) in cash due to changes in:
          Accrued interest receivable                                                   (20)              24
          Prepaid expenses and other assets                                              24               27
          Accrued interest payable                                                       --                2
          Other liabilities                                                              50             (576)
          Federal income taxes
             Current                                                                    133              204
             Deferred                                                                    (3)              (7)
                                                                          -----------------   --------------
             Net cash provided by operating activities                                  418               14

Cash flows provided by (used in) investing activities:
   Principal repayments on mortgage-backed securities                                   382               --
   Loan principal repayments                                                         10,077            8,825
   Loan disbursements                                                               (10,524)          (6,541)
   Proceeds from sale of real estate acquired through foreclosure                        --              178
   Purchase of office premises and equipment                                            (5)              (17)
                                                                          -----------------   --------------
             Net cash provided by (used in) investing activities                        (70)           2,445

Cash flows provided by (used in) financing activities:
   Net increase (decrease) in deposit accounts                                          470             (789)
   Repayment of Federal Home Loan Bank advances                                        (368)            (480)
   Advances by borrowers for taxes and insurance                                        128              140
   Dividends paid on common stock                                                      (351)            (349)
                                                                          -----------------   --------------
             Net cash used in financing activities                                     (121)          (1,478)
                                                                          -----------------   --------------
Net increase in cash and cash equivalents                                               227              981
Cash and cash equivalents at beginning of period                                      2,028            4,812
                                                                          -----------------   --------------
Cash and cash equivalents at end of period                                $           2,255   $        5,793
                                                                          =================   ==============
</TABLE>

                                     Page 6
<PAGE>

                          Frankfort First Bancorp, Inc.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (continued) For the three months ended September 30,
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                               2003               2002
<S>                                                                            <C>                <C>
Supplemental disclosure of cash flow information:
   Cash paid during the period for:
         Federal income taxes                                           $               --   $            --
                                                                        ==================   ===============
          Interest on deposits and borrowings                           $            1,172   $         1,327
                                                                        ==================   ===============
Supplemental disclosure of noncash investing activities:
   Origination of loans upon sale of real estate acquired
     through foreclosure                                                $               40   $           180
                                                                        ==================   ===============
   Unrealized losses on securities designated as available
     for sale, net of related tax effects                               $              (25)  $            --
                                                                        ==================   ===============
Supplemental disclosure of noncash financing activities:
     Dividends declared but unpaid                                      $              351   $           349
                                                                        ==================   ===============
Issuance of shares under stock option plan in exchange
     for previously issued shares                                       $              104   $            --
                                                                        ==================   ===============
</TABLE>



                                     Page 7
<PAGE>

                          FRANKFORT FIRST BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
          FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30, 2003 AND 2002

(1) BASIS OF PRESENTATION

     The accompanying  unaudited consolidated financial statements were prepared
in accordance with instructions for Form 10-QSB 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  periods  ended  September  30,  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-KSB for the year ended June 30, 2003.

(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  1,254,690 and 1,246,108 for the three month
periods ended September 30, 2003, and 2002, respectively.

     Diluted  earnings per share is computed  taking into  consideration  common
shares  outstanding  and dilutive  potential  common shares,  i.e. the Company's
stock  option  plan.  Weighted-average  common  shares  deemed  outstanding  for
purposes of computing diluted earnings per share totaled 1,313,887 and 1,286,257
for the three month  periods ended  September  30, 2003 and 2002,  respectively.
Incremental  shares related to the assumed exercise of stock options included in
the calculation of diluted  earnings per share totaled 59,197 and 40,149 for the
three month  periods  ended  September  30, 2003 and 2002,  respectively.  As of
September 30, 2003,  the Company had 174,349 stock options  outstanding of which
169,602  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 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  July 1, 2003,  without  material  effect on its  financial
statements.


                                     Page 8
<PAGE>

     In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133 on
Derivative   Instruments  and  Hedging   Activities,"  which  clarifies  certain
implementation   issues  raised  by  constituents   and  amends  SFAS  No.  133,
"Accounting for Derivative  Instruments and Hedging  Activities," to include the
conclusions  reached by the FASB on certain  FASB  Staff  Implementation  Issues
that, while  inconsistent with Statement 133's  conclusions,  were considered by
the Board to be  preferable;  amends  SFAS No.  133's  discussion  of  financial
guarantee   contracts  and  the   application  of  the  shortcut  method  to  an
interest-rate  swap agreement that includes an embedded  option and amends other
pronouncements.  The guidance in Statement  149 is generally  effective  for new
contracts  entered  into or  modified  after  June  30,  2003  and  for  hedging
relationships  designated  after that date.  Management  adopted the  disclosure
provisions of SFAS No. 149 effective July 1, 2003,  without  material  effect on
the Company's financial position and results of operations.

     In May  2003,  the  FASB  issued  SFAS No.  150,  "Accounting  for  Certain
Financial  Instruments  with  Characteristics  of both  Liabilities and Equity,"
which  changes the  classification  in the  statement of  financial  position of
certain   common   financial   instruments   from  either  equity  or  mezzanine
presentation to liabilities and requires an issuer of those financial statements
to  recognize  changes in fair value or  redemption  amount,  as  applicable  in
earnings.  SFAS No.  150  requires  an  issuer  to  classify  certain  financial
instruments  as  liabilities,  including  mandatorily  redeemable  preferred and
common  stocks.  Management  adopted the  disclosure  provisions of SFAS No. 150
effective  July 1, 2003,  without  material  effect on the  Company's  financial
position and results of operations.

(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.

     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 three  month
periods ended  September  30, 2003 and 2002,  as no options were granted  during
those periods and options  previously  granted had fully vested prior to July 1,
2001.


                                     Page 9
<PAGE>


     A summary of the status of the Company's  stock option plan as of September
30, 2003 and June 30, 2003 and 2002,  and changes  during the periods  ending on
those dates is presented below:
<TABLE>
<CAPTION>

                                                    THREE MONTHS ENDED                         YEAR ENDED
                                                       SEPTEMBER 30,                            JUNE 30,
                                                           2003                        2003                    2002
                                                               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      181,859     $13.83      239,495     $13.82
Granted                                                   --         --           --         --           --         --
Exercised                                             (7,510)     13.80           --         --           --         --
Forfeited                                                 --         --           --         --      (57,636)     13.80
                                                   ---------     ------      -------     ------    ---------     ------
Outstanding at end of period                         174,349     $13.83      181,859     $13.83      181,859     $13.83
                                                   =========     ======      =======     ======    =========     ======
Options exercisable at period-end                    174,349     $13.83      181,859     $13.83      181,859     $13.83
                                                   =========     ======      =======     ======    =========     ======
</TABLE>

The following information applies to options outstanding at September 30, 2003:
<TABLE>
<CAPTION>
<S>                                                                                                     <C>
Number outstanding                                                                                      174,349
Range of exercise prices                                                                        $13.80 - $14.91
Weighted-average exercise price                                                                          $13.83
Weighted-average remaining contractual life                                                          2.25 years
</TABLE>

(6) CRITICAL ACCOUNTING POLICIES

     Allowance  for  Losses  on Loans:  It is the  Company's  policy to  provide
valuation  allowances  for  estimated  losses  on loans  based  upon  past  loss
experience,  trends in the  level of  delinquent  and  specific  problem  loans,
adverse  situations  that may  affect  the  borrower's  ability  to  repay,  the
estimated value of any underlying  collateral and current economic conditions in
the  Company's  primary  market  areas.  When the  collection  of a loan becomes
doubtful, or otherwise troubled, the Company records a loan loss provision equal
to the difference  between the fair value of the property  securing the loan and
the loan's carrying value. Lending areas are reviewed  periodically to determine
potential  problems at an early date. The allowance for loan losses is increased
by charges to earnings and decreased by charge-offs (net of recoveries).

     The Company  accounts for impaired  loans in accordance  with SFAS No. 114,
"Accounting by Creditors for Impairment of a Loan," which requires that impaired
loans be  measured  based upon the present  value of expected  future cash flows
discounted at the loan's effective  interest rate or, as an alternative,  at the
loan's observable market price or fair value of the collateral.

     A loan is defined  under SFAS No. 114 as  impaired  when,  based on current
information and events, it is probable that a creditor will be unable to collect
all amounts due according to the  contractual  terms of the loan  agreement.  In
applying the provisions of SFAS No. 114, the Company considers its investment in
one-to-four  family  residential  loans  and  consumer  installment  loans to be
homogeneous and therefore  excluded from separate  identification for evaluation
of  impairment.  With respect to the Company's  investment in  multi-family  and
nonresidential  loans, and its evaluation of impairment thereof,  such loans are
collateral dependent and as a result are carried as a practical expedient at the
lower of cost or fair value.

     Collateral  dependent  loans which are more than ninety days delinquent are
considered  to  constitute  more  than a  minimum  delay  in  repayment  and are
evaluated for impairment under SFAS No. 114 at that time.


                                    Page 10
<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 business of Frankfort First Bancorp (the "Company") is the operation of
First Federal Savings Bank of Frankfort (the "Bank").  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 SEPTEMBER 30, 2003 AND JUNE 30, 2003

     ASSETS:  The  Company's  total assets were $138.6  million at September 30,
2003, an increase of $275,000 or 0.2% from the June 30, 2003 level. The increase
in total assets was primarily  attributable  to an increase in the Company's net
loans receivable and cash and cash equivalents.  Net loans receivable  increased
$496,000 or 0.4% to $125.1  million at September  30, 2003,  while cash and cash
equivalents  increased  $227,000 or 11.2% to $2.3  million.  The increase in the
Company's  net loans  receivable  and cash and cash  equivalents  was  partially
offset by a decrease of $429,000 or 10.7% in mortgage-backed  securities,  which
totaled  $3.6 million at September  30,  2003.  The decrease in  mortgage-backed
securities was attributable primarily to principal repayments of $382,000 during
the period, although premium amortization of $8,000 and a net unrealized loss of
$39,000 on the securities contributed to the decline.

     LIABILITIES:  The Company's total liabilities increased $396,000 or 0.3% to
$120.7 million at September 30, 2003, compared to June 30, 2003. The increase in
total liabilities was primarily  attributable to an increase in deposits,  which
increased  $470,000 or 0.6% to $76.1  million at September  30,  2003.  Somewhat
offsetting  the  increase in deposits  was a decrease  in FHLB  advances,  which
decreased $368,000 or 0.9% to $42.6 million at September 30, 2003.

     SHAREHOLDERS'  EQUITY:  Shareholders' equity was $17.9 million at September
30,  2003,  a decrease  of  $121,000  or 0.7%  compared  to June 30,  2003.  The
Company's  book value per share was $14.23 at September  30,  2003,  compared to
$14.35 at June 30, 2003.

COMPARISON  OF RESULTS OF  OPERATIONS  FOR THE THREE MONTHS ENDED  SEPTEMBER 30,
2003 AND SEPTEMBER 30, 2002

     NET EARNINGS:  The Company's  net earnings  decreased  $123,000 or 32.9% to
$251,000 for the three month period ended  September  30, 2003 compared to 2002.
The  decrease in net earnings was  primarily  attributable  to a decrease in net
interest  income of $181,000.  The Company's  basic earnings per share decreased
$0.10 or 33.3% from $0.30 per share for the three month period  ended  September
30, 2002 to $0.20 per share for the 2003 period.  The Company's diluted earnings
per  share  decreased  $0.10 per share or 34.5% to $0.19 per share for the three
month  period  just ended  compared to $0.29 for the three  month  period  ended
September 30, 2002.

     NET INTEREST  INCOME:  Net interest  income after provision for loan losses
was $791,000 for the three month period ended  September 30, 2003, a decrease of
$181,000  or 18.6%  compared  to  $972,000  for the  three  month  period  ended
September 30, 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 interest income than the decrease in interest expense.



                                    Page 11
<PAGE>

     INTEREST  INCOME:  Interest  income  decreased  $338,000  or  14.7% to $2.0
million for the three month period ended  September  30, 2003.  The decrease was
related  primarily to a decrease in interest income from loans,  which decreased
$359,000 or 16.0%,  to $1.9 million for the three month period  recently  ended.
Also  contributing to the decrease in interest income was a decrease in interest
income from  interest-bearing  deposits and other,  which  decreased  $18,000 or
34.6%  from  period  to  period.  Interest  income  from  investment  securities
increased  $39,000 from $1,000 for the three month period  ended  September  30,
2002 to $40,000 for the period just ended.

     The decrease in yield on the Company's loan portfolio was related primarily
to a decrease in the average rate earned on the  portfolio,  although a decrease
in the average  outstanding  balance of the portfolio also had a negative impact
on the overall yield. The average rate earned on the loan portfolio decreased 84
basis points  ("bps") to 6.08% for the three month period  ended  September  30,
2003,  compared to the prior year period,  while the average outstanding balance
of the loan  portfolio  decreased $5.6 million or 4.3% to $124.3 million for the
most recent three month  period.  The decrease in the average rate earned on the
Company's loan portfolio was chiefly a result of borrowers  refinancing to lower
rates and downward  adjustment  of  adjustable  rate  mortgages.  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  $157,000 or 11.8% to $1.2
million for the three month period ended  September 30, 2003.  This decrease was
primarily  due to a decrease in interest  expense on deposits,  which  decreased
$126,000 or 19.7% to $515,000  for the three month period  ended  September  30,
2003.  The  decrease  in  interest  expense on deposits  was  attributable  to a
decrease in the average rate paid on deposits,  which  decreased 69 bps to 2.72%
for the three month period ended  September 30, 2003.  The decrease was slightly
offset by an increase in the average outstanding balance of deposits of $575,000
or 0.8% to $75.8 million for the period ended  September  30, 2003,  compared to
the 2002 period.  Interest expense on FHLB advances decreased $31,000 or 4.5% to
$657,000 for the three month period ended  September  30, 2003,  compared to the
same  period in 2002.  The  decrease in interest  expense on FHLB  advances  was
primarily  attributable to a decrease in the average balance outstanding of $1.9
million or 4.3% to $42.8 million for the three month period ended  September 30,
2003  compared to the three month period ended  September  30, 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 three month periods ended  September 30, 2003 or 2002. The allowance for
loan losses was  $82,000 at  September  30,  2003 and 2002,  as well as June 30,
2003.  As a percentage  of  non-performing  assets,  the allowance for losses on
loans  decreased from 20.5% at September 30, 2002 to 9.7% at September 30, 2003.
This increase was caused chiefly by an increase 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 September 30, 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 12
<PAGE>

     OTHER OPERATING  INCOME:  Other operating  income decreased $8,000 or 40.0%
from $20,000 for the three month period ended  September 30, 2002 to $12,000 for
the three month period ended September 30, 2003. 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  increased  $2,000 or 0.5% to $423,000 for the three month period
ended  September 30, 2003.  The increase was due primarily to an $11,000 or 4.5%
increase in employee  compensation  and  benefits,  which  resulted  mostly from
increased costs  associated with the Company's  defined benefit pension program.
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 expense
will be approximately $79,000 for the fiscal year ending June 30, 2004.

     INCOME TAX: The Company's provision for federal income taxes decreased from
$197,000 for the three month period ended September 30, 2002 to $129,000 for the
three month period ended  September 30, 2003.  The Company's  effective tax rate
was 33.9% and 34.5% for the three month  periods  ended  September  30, 2003 and
2002, respectively.

     NON-PERFORMING  ASSETS:  At September 30, 2003, the Bank had  approximately
$845,000  (0.7%  of net  loans)  in loans  90 days or more  past  due but  still
accruing,  as compared to $400,000  (including $133,000 of real estate owned) at
September 30, 2002. Also, the Bank had approximately $181,000 in loans listed as
special mention and $773,000 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  not  initiated   foreclosure   proceedings   with  any  loans  included  in
non-performing  assets,  but rather is  attempting to encourage the borrowers to
remedy the delinquencies,  although  foreclosure remains an option. The Bank has
not charged off any loans  during the period.  While the  addition of one or two
home loans can  dramatically  impact the percentages  used to analyze changes in
the level of non-performing  assets from one period to another,  management does
not  believe  that the  risk of loss is  increased  materially.  The Bank has an
excellent history with respect to losses on non-performing assets.

     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 September
30, 2003, the Company had recorded dividends payable of $351,000 for the payment
of a dividend on October 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  September  30, 2003,  the Company did not have a repurchase
program in place and did not repurchase any shares of its stock. However, during
the quarter  just ended 7,510  shares of stock  options  were  exercised  by the
exchange  of 5,078  previously  outstanding  shares.  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.

     CRITICAL ACCOUNTING  POLICIES:  See footnote 6 of the notes to consolidated
financial statements.



                                    Page 13
<PAGE>

ITEM 3.  CONTROLS AND PROCEDURES

As of the end of the period  covered by this report,  management  of the Company
carried out an evaluation,  under the supervision and with the  participation of
the Company's  principal  executive officer and principal  financial officer, of
the effectiveness of the Company's disclosure controls and procedures.  Based on
this  evaluation,  the  Company's  principal  executive  officer  and  principal
financial  officer  concluded  that  the  Company's   disclosure   controls  and
procedures are effective in ensuring that  information  required to be disclosed
by the Company in reports that it files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within
the time periods specified in the Securities and Exchange Commission's rules and
forms. It should be noted that the design of the Company's  disclosure  controls
and procedures is based in part upon certain  reasonable  assumptions  about the
likelihood of future events,  and there can be no reasonable  assurance that any
design of  disclosure  controls and  procedures  will  succeed in achieving  its
stated goals under all potential  future  conditions,  regardless of how remote,
but the Company's principal executive and financial officers have concluded that
the Company's  disclosure  controls and procedures are, in fact,  effective at a
reasonable assurance level.

In addition,  there have been no changes in the Company's  internal control over
financial  reporting  (to the extent  that  elements of  internal  control  over
financial  reporting are subsumed  within  disclosure  controls and  procedures)
identified in connection  with the evaluation  described in the above  paragraph
that occurred  during the Company's  last fiscal  quarter,  that has  materially
affected, or is reasonably likely.


                                    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

                a)  Exhibits:
                    ---------
                    1) Exhibit 31 - Rule 13a-14 Certifications
                    2) Exhibit 32 - Section 1350 Certification

                b)  Reports on Form 8-K. On August 4, 2003, the Company
                    --------------------
                    filed a report on Form 8-K issuing a press release
                    announcing its unaudited financial results for the
                    three months and twelve months ended June 30, 2003.
                    The full press release dated August 4, 2003 was
                    attached as Exhibit 99 to that Form 8-K filing.



                                    Page 15
<PAGE>


                                   SIGNATURES

     Pursuant to the  requirements  of the Exchange Act, the registrant has duly
caused this report to be signed on its behalf by the undersigned  thereunto duly
authorized.






                                   FRANKFORT FIRST BANCORP, INC.


Date: November 13, 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)