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 September 30, 2002


                                       OR

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

Commission file number:  0-26360

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

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

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

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

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

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock as of November 8, 2002: 1,246,108

Page 1 of  13 pages
<PAGE>

                                    CONTENTS


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

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

                  Consolidated Statements of Earnings for the three
                  months ended September 30, 2002 and 2001                   4

                  Consolidated Statements of Cash Flows for the three
                  months ended September 30, 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 11

Item 4            Controls and Procedures                                    11

PART II. OTHER INFORMATION

Item 1            Legal Proceedings 11

Item 2            Changes in Securities and Use of Proceeds                  11

Item 3            Defaults upon Senior Securities                            11

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

Item 5.           Other Information                                          11

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

SIGNATURES                                                                   12
----------


                                     page 2
<PAGE>

                          FRANKFORT FIRST BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                            September 30,   June 30,
                                                                2002          2002

     ASSETS
<S>                                                         <C>          <C>
Cash and due from banks                                     $     190    $     638
Interest-bearing deposits in other financial institutions       5,603        4,174
                                                            ---------    ---------
       Cash and cash equivalents
                                                                5,793        4,812


Certificates of deposit in other financial institutions           100          100
Loans receivable - net                                        128,917      131,180
Property acquired in settlement of loans-net                      133          311
Office premises and equipment - at depreciated cost             1,370        1,372
Federal Home Loan Bank stock - at cost                          2,740        2,708
Accrued interest receivable on loans                              365          389
Prepaid expenses and other assets                                  58           85
                                                            ---------    ---------

       Total assets                                         $ 139,476    $ 140,957
                                                            =========    =========

     LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                    $  75,107    $  75,896
Advances from the Federal Home Loan Bank                       44,502       44,982
Advances by borrowers for taxes and insurance                     469          329
Accrued interest payable                                           57           55
Accrued federal income taxes                                      217           13
Deferred federal income taxes                                     210          217
Other liabilities                                                 824        1,400
                                                            ---------    ---------
       Total liabilities                                      121,386      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                              18,631       18,606
   Less 426,335 shares of treasury stock-at cost               (6,434)      (6,434)
                                                            ---------    ---------
       Total shareholders' equity                              18,090       18,065
                                                            ---------    ---------

       Total liabilities and shareholders' equity           $ 139,476    $ 140,957
                                                            =========    =========

Book value per share                                        $   14.52    $   14.50
                                                            =========    =========
</TABLE>
                                     page 3
<PAGE>

                          FRANKFORT FIRST BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF EARNINGS
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                            Three months ended
                                                              September 30,
                                                             2002          2001
<S>                                                         <C>          <C>

Interest income
   Loans                                                    $ 2,248      $ 2,559
   Investment securities                                          1           29
   Interest-bearing deposits and other                           52           86
                                                            -------      -------
          Total interest income                               2,301        2,674

Interest expense
   Deposits                                                     641          986
   Borrowings                                                   688          721
                                                            -------      -------
          Total interest expense                              1,329        1,707
                                                            -------      -------
          Net interest income                                   972          967

Provision for losses on loans                                    --            1
                                                            -------      -------
          Net interest income after provision for
             losses on loans                                    972          966

Other operating income                                           20           18

General, administrative and other expense
   Employee compensation and benefits                           247          258
   Occupancy and equipment                                       43           41
   Federal deposit insurance premiums                             3            4
   Franchise and other taxes                                     26           14
   Data processing                                               30           31
   Other operating                                               72           78
                                                            -------      -------
          Total general, administrative
               and other expense                                421          426
                                                            -------      -------
          Earnings before income taxes                          571          558

Federal income taxes
   Current                                                      204          172
   Deferred                                                      (7)          19
                                                            -------      -------
          Total federal income taxes                            197          191
                                                            -------      -------

          NET EARNINGS                                      $   374      $   367
                                                            =======      =======
            Basic Earnings Per Share                        $  0.30      $  0.30
                                                            =======      =======
            Diluted Earnings Per Share                      $  0.29      $  0.29
                                                            =======      =======
</TABLE>
                                     page 4
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                    For the three months ended September 30,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                      2002        2001
<S>                                                                 <C>        <C>
Cash flows from operating activities:
   Net earnings for the period                                      $   374    $   367
   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               --         (2)
       Amortization of deferred loan origination fees                   (21)       (15)
       Depreciation and amortization                                     19         20
       Provision for losses on loans                                     --          1
       Federal Home Loan Bank stock dividends                           (32)       (45)
       Increase (decrease) in cash due to changes in:
          Accrued interest receivable                                    24         (1)
          Prepaid expenses and other assets                              27          9
          Accrued interest payable                                        2         17
          Other liabilities                                            (576)        17
          Federal income taxes
             Current                                                    204        172
             Deferred                                                    (7)        19
                                                                    -------    -------
               Net cash provided by operating activities                 14        559
Cash flows provided by (used in) investing activities:
   Proceeds from maturity of investment securities                       --      1,000
   Loan principal repayments                                          8,825      5,969
   Loan disbursements                                                (6,541)    (8,192)
   Proceeds from sale of real estate acquired through foreclosure       178         --
   Purchase of office premises and equipment                            (17)        (4)
                                                                    -------    -------
             Net cash provided by (used in) investing activities
                                                                      2,445     (1,227)
Cash flows provided by (used in) financing activities:
   Net increase (decrease) in deposit accounts                         (789)       164
   Repayment of Federal Home Loan Bank advances                        (480)      (607)
   Advances by borrowers for taxes and insurance                        140        133
   Dividends paid on common stock                                      (349)      (349)
                                                                    -------    -------
             Net cash used in financing activities                   (1,478)      (659)
                                                                    -------    -------
Net increase (decrease) in cash and cash equivalents                    981     (1,327)
Cash and cash equivalents at beginning of period                      4,812      6,717
                                                                    -------    -------
Cash and cash equivalents at end of period                          $ 5,793    $ 5,390
                                                                    =======    =======
Supplemental disclosure of cash flow information:
       Cash paid during the period for:
       Federal income taxes                                         $    --    $    --
                                                                    =======    =======
       Interest on deposits and borrowings                          $ 1,327    $ 1,690
                                                                    =======    =======
</TABLE>

                                     page 5
<PAGE>
                          FRANKFORT FIRST BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
          FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30, 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  period  ended  September  30,  2002  are not  necessarily
indicative  of the results  which may be  expected  for the entire  year.  These
financial statements should be read in conjunction with the audited consolidated
financial  statements  and the notes thereto  included in the  Company's  Annual
Report on Form 10-K for the year ended June 30, 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 three month periods
ended September 30, 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 1,286,257 and 1,286,343
for the three month  periods ended  September  30, 2002 and 2001,  respectively.
Incremental  shares related to the assumed exercise of stock options included in
the calculation of diluted  earnings per share totaled 40,149 and 40,235 for the
three month periods ended September 30, 2002 and 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 August 2001, the Financial  Accounting  Standards  Board ("FASB") issued
Statement of Financial  Accounting  Standards ("SFAS") No. 144,  "Accounting for
the Impairment or Disposal of Long-Lived  Assets." SFAS No. 144 carries over the
recognition and measurement  provisions in SFAS No. 121. Accordingly,  an entity
must recognize an impairment loss if the carrying value of a long-lived asset or
asset group (a) is not  recoverable  and (b) exceeds its fair value.  Similar to
SFAS No.  121,  SFAS No. 144  requires an entity to test an asset or asset group
for impairment  whenever  events or changes in  circumstances  indicate that its
carrying amount may not be  recoverable.  SFAS No. 144 differs from SFAS No. 121
in  that  it  provides   guidance  on  estimating  future  cash  flows  to  test
recoverability.  An entity may use  either a  probability-weighted  approach  or
best-estimate   approach  in   developing   estimates  of  cash  flows  to  test
recoverability.  SFAS No. 144 is effective for financial  statements  issued for
fiscal years  beginning after December 15, 2001 and interim periods within those
fiscal  years.  Management  adopted  SFAS No. 144  effective  July 1,  2002,  as
required,  without  material  effect on the  Company's  financial  condition  or
results of operations.

                                     page 6
<PAGE>

     In June 2002, the FASB issued 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.

     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.

                                     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 SEPTEMBER 30, 2002 AND JUNE 30, 2002

     ASSETS:  The  Company's  total assets were $139.5  million at September 30,
2002, a decrease of $1.5  million or 1.1% from $141.0  million at June 30, 2002.
The  decrease in total  assets is  primarily  attributable  to a decrease in the
Company's  loans  receivable,  which  decreased  $2.3  million or 1.7% to $128.9
million at September  30, 2002,  partially  offset by an increase of  $981,000or
2.0% in cash and cash equivalents.

     LIABILITIES:  The Company's total liabilities  decreased by $1.5 million or
1.2% from $122.9  million at June 30, 2002 to $121.4  million at  September  30,
2002. The decrease in total liabilities is attributable to decreases in deposits
and other  liabilities.  Deposits decreased $789,000 or 1.0% to $75.1 million at
September 30, 2002. Other liabilities decreased $576,000 or 41.1% to $824,000 at
September  30, 2002,  as  liabilities  associated  with the  Company's  deferred
compensation  program were reduced during the period. This plan has been amended
for  withdrawal of some  participants,  thus  reducing the overall  liability to
participants.

     SHAREHOLDERS'  EQUITY:  Shareholders'  equity  remained  constant  at $18.1
million at September 30, 2002 and June 30, 2002.  The  Company's  book value per
share was $14.52 at September 30, 2002, compared to $14.50 at June 30, 2002.

COMPARISON  OF RESULTS OF  OPERATIONS  FOR THE THREE MONTHS ENDED  SEPTEMBER 30,
2002, AND SEPTEMBER 30, 2001

     NET  EARNINGS:  The Company's  net earnings  increased  $7,000 or 1.9% from
$367,000 for the three month period ended  September  30, 2001,  to $374,000 for
the three month period ended September 30, 2002. The increase in net earnings is
attributable  to an increase in net interest  income of $5,000 and a decrease in
general,  administrative  and other  expense  of  $5,000.  The  Company's  basic
earnings  per share  remained  unchanged  at $0.30 per share for the three month
periods ended  September 30, 2002 and 2001. The Company's  diluted  earnings per
share also  remained  unchanged  at $0.29 per share for the three month  periods
ended September 30, 2002 and 2001.

     NET INTEREST  INCOME:  Net interest  income after provision for loan losses
increased  $5,000  or 0.5%  from  $967,000  for the  three  month  period  ended
September  30, 2001 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  increase in net  interest  income was  primarily  due to a greater
decrease in total interest expense than the decrease in interest income.

                                     page 8
<PAGE>

     INTEREST  INCOME:  Interest  income  decreased  $373,000  or  13.9% to $2.3
million for the three month period ended  September  30, 2002.  The decrease was
related  primarily to a decrease in interest income from loans,  which decreased
$311,000 or 12.2%,  to $2.2 million for the three month  period ended  September
30, 2002. Also contributing to the decrease in interest income were decreases in
interest  income  from  interest-bearing   deposits  and  other  and  investment
securities.  Interest income from interest-bearing  deposits and other decreased
$34,000 or 39.5% to $52,000 for the three month period ended September 30, 2002,
compared  to $86,000 for the three  month  period for the prior  year.  Interest
income from investment  securities  decreased  $28,000 or 96.6% from $29,000 for
the three month  period ended  September  30, 2001 to $1,000 for the period just
ended.

     The decrease in yield on the Company's  loan portfolio is related to both a
decrease  in the  average  rate  earned on the  portfolio  and a decrease in the
average balance of the portfolio.  The average rate earned on the loan portfolio
decreased 50 basis  points to 6.92% for the three month  period ended  September
30, 2002,  compared to the prior year period,  while the average  balance of the
loan  portfolio  decreased  $7.9 million or 5.8% to $130.0  million for the most
recent quarter ended. The decrease in yield on the Company's loan portfolio is a
result of downward adjustments of rates on adjustable rate mortgages,  borrowers
refinancing   to  lower  rates,   and  the  customary   replacement   of  older,
higher-yielding  loans in the portfolio with newer,  lower-yielding  loans (as a
result of home sales,  scheduled repayment,  etc.) 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  $378,000 or 22.1% to $1.3
million for the three month period ended  September 30, 2002.  This decrease was
primarily  due to a decrease in interest  expense on deposits,  which  decreased
$345,000 or 35.0% to $641,000  for the three month period  ended  September  30,
2002. The decrease in interest expense on deposits is primarily  attributable to
a 133 basis  point  decrease  in the rate paid on deposits to 3.4% for the three
month  period  ended  September  30,  2002,  although  the $8.1  million or 9.7%
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  September  30, 2002,  was $75.2  million,  compared to $83.3
million for the three month period ended September 30, 2001. Interest expense on
FHLB advances  decreased  $33,000 or 4.6% to $688,000 for the three month period
ended September 30, 2002, compared to the same period in 2001. In general, rates
paid on FHLB  advances  are  greater  than  rates paid on  deposits.  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  period  ended  September  30,  2002,  compared to a $1,000
provision  for the three month  period from the prior year.  This  represents  a
decrease  of $1,000 or 100.0%.  The  allowance  for loan  losses was $82,000 and
$102,000  at  September  30, 2002 and 2001,  respectively.  As a  percentage  of
non-performing assets, the allowance for losses on loans increased from 11.1% at
September 30, 2001 to 30.7% at September 30, 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 September  30,  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 1-4 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 9
<PAGE>
     OTHER OPERATING  INCOME:  Other operating  income increased $2,000 or 11.1%
from $18,000 for the three month period ended  September 30, 2001 to $20,000 for
the three month period ended September 30, 2002. 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 $5,000 or 1.2% from $426,000 for the three month period
ended  September 30, 2001 to $421,000 for the three month period ended September
30,  2002.  The decrease  was due  primarily  to an $11,000 or 4.3%  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.  Partially  offsetting
the  decrease  in  employee  compensation  and  benefits  was a $12,000 or 85.7%
increase in franchise and other taxes. The increase in franchise and other taxes
resulted from state income tax expense  returning to normal after  carrying back
income tax attributes to a prior period.

     INCOME TAX: The Company's provision for federal income taxes increased from
$191,000 for the three month period ended September 30, 2001 to $197,000 for the
three month period ended  September  30, 2002.  The increase was a result of the
increase in the Company's pretax earnings.  The Company's effective tax rate was
34.5% and 34.2% for the three month periods  ended  September 30, 2002 and 2001,
respectively.

     NON-PERFORMING  ASSETS:  At September 30, 2002, the Bank had  approximately
$267,000  (0.2%  of net  loans)  in loans  90 days or more  past  due but  still
accruing,  as compared to $912,000 at  September  30, 2001.  Also,  the Bank had
approximately  $130,000 in loans listed as special mention and $459,000 in loans
internally  classified as  Substandard.  No loans were classified as Doubtful or
Loss. All assets listed as  non-performing  are 1-4 family mortgage loans with a
loan-to-value  ratio  (based on the  original  appraisal  and current  principal
balance) of less than 80%.  Non-performing  assets are considered by the Bank to
still  be  accruing  as long as the  reasonably  determined  fair  value  of the
collateral exceeds all principal,  interest,  and fees required to discharge the
obligation  without loss.  Management has initiated  foreclosure  proceedings on
some of the loans included in non-performing assets. With others,  management is
attempting  to  encourage  the  borrower  to  remedy  the  delinquency  although
foreclosure remains an option. The Bank has not charged off any loans during the
period.  On April 8, 2002, the Bank acquired through  foreclosure two parcels of
real estate valued at $385,000 based on a then current appraisal.  As of October
31, 2002, both properties had been sold.

     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, 2002, the Company had recorded dividends payable of $349,000 for the payment
of a dividend on October 15, 2002.

     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, 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.

                                    page 10
<PAGE>

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Information as of September 30, 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.


PART II.

ITEM 1.  LEGAL PROCEEDINGS

                                    None

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

                                    None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

                                    None

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

                                    None

ITEM 5.  OTHER INFORMATION

                                    None

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

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


                  Reports on Form 8-K:      None

                                    page 11
<PAGE>
                                    signature



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.




                                          Frankfort First Bancorp, Inc.


Date: November 12, 2002
                                          /s/  Don D. Jennings
                                          -------------------------------------
                                          Don D. Jennings
                                          President



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

                                    page 12
<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: November 12, 2002


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

                                    page 13
<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:

     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: November 12, 2002

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