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

 X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
---  EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2000


                                       OR

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

Commission file number:  0-26360

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

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


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

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

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

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock as of February 9, 2001: 1,246,108

Page 1 of  13 pages

                                     page 1
<PAGE>





                                    CONTENTS


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

Item 1            Consolidated Statements of Financial Condition at
                  December 31, 2000 and June 30, 2000                        3

                  Consolidated Statements of Earnings for the three
                  months and six months ended December 31,
                  2000 and 1999                                              4

                  Consolidated Statements of Cash Flows for the six
                  months ended December 31, 2000 and 1999                    5

                  Notes to Consolidated Financial Statements                 6

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

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

Item 1            Legal Proceedings 12

Item 2            Changes in Securities and Use of Proceeds                  12

Item 3            Defaults upon Senior Securities                            12

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

Item 5.           Other Information                                          12

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

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


                                     page 2

<PAGE>


                          FRANKFORT FIRST BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                                    December 31,        June 30,
                                                                       2000              2000
     ASSETS                                                                            (Audited)

<S>                                                                 <C>                <C>
Cash and due from banks                                             $    167           $    133
Interest-bearing deposits in other financial institutions              2,095                845
                                                                    --------           --------
       Cash and cash equivalents
                                                                       2,262                978


Certificates of deposit in other financial institutions                  100                100
Investment securities held to maturity- at amortized cost,
    approximate fair market value of $1,998 and $1,965 as of
    December 31, 2000 and June 30, 2000                                1,987              1,979
Loans receivable - net                                               139,149            137,792
Office premises and equipment - at depreciated cost                    1,420              1,453
Federal Home Loan Bank stock - at cost                                 2,476              2,351
Accrued interest receivable on loans                                     431                413
Accrued interest receivable on investments and
   interest-bearing deposits                                              42                 41
Prepaid expenses and other assets                                         41                 77
Prepaid federal income taxes                                             303                251
Deferred federal income taxes                                             --                 19
                                                                    --------           --------
       Total assets                                                 $148,211           $145,454
                                                                    ========           ========

     LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                            $ 80,771           $ 82,502
Advances from the Federal Home Loan Bank                              48,090             42,108
Other borrowed money                                                      --                373
Advances by borrowers for taxes and insurance                             25                337
Accrued interest payable                                                  44                 59
Deferred federal income taxes                                             24                 --
Other liabilities                                                      1,249              1,251
                                                                    --------           --------
       Total liabilities                                             130,203            126,630

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                                     18,549             18,412
   Less 426,335 and 352,335 shares of treasury stock-at cost          (6,434)            (5,481)
                                                                    --------           --------
       Total shareholders' equity                                     18,008             18,824
                                                                    --------           --------
       Total liabilities and shareholders' equity                   $148,211           $145,454
                                                                    ========           ========

Book value per share                                                $  14.45           $  14.26
                                                                    ========           ========

</TABLE>
                                     page 3

<PAGE>


                          FRANKFORT FIRST BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF EARNINGS
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                      Six months ended                Three months ended
                                                        December 31,                     December 31,
                                                     2000          1999               2000           1999
<S>                                                 <C>           <C>                 <C>           <C>
Interest income
   Loans                                            $5,246        $4,795              $2,652        $2,426
   Investment securities                                66            46                  33            19
   Interest-bearing deposits and other                 118            90                  61            50
                                                    ------        ------              ------        ------
          Total interest income                      5,430         4,931               2,746         2,495

Interest expense
   Deposits                                          2,020         1,920               1,006           958
   Borrowings                                        1,398           985                 730           524
                                                    ------        ------              ------        ------
          Total interest expense                     3,418         2,905               1,736         1,482
                                                    ------        ------              ------        ------
          Net interest income                        2,012         2,026               1,010         1,013
Provision for losses on loans                           --            --                  --            --
                                                    ------        ------              ------        ------
          Net interest income after provision
             for losses on loans                     2,012         2,026               1,010         1,013

Other operating income                                  25            23                  11            13

General, administrative and other expense
   Employee compensation and benefits                  465           460                 228           231
   Occupancy and equipment                              77            80                  39            42
   Federal deposit insurance premiums                    8            25                   4            13
   Franchise and other taxes                            57            50                  28            29
   Data processing                                      61            66                  30            32
   Other operating                                     173           162                  90            80
                                                    ------        ------              ------        ------
          Total general, administrative
               and other expense                       841           843                 419           427
                                                    ------        ------              ------        ------
          Earnings before income taxes               1,196         1,206                 602           599

Federal income taxes
   Current                                             364           374                 187           173
   Deferred                                             43            36                  18            31
                                                    ------        ------              ------        ------
          Total federal income taxes                   407           410                 205           204
                                                    ------        ------              ------        ------

          NET EARNINGS                              $  789        $  796              $  397         $ 395
                                                    ======        ======              ======        ======

            Basic Earnings Per Share                $ 0.62        $ 0.54              $ 0.32        $ 0.27
                                                    ======        ======              ======        ======
            Diluted Earnings Per Share              $ 0.62        $ 0.53              $ 0.32        $ 0.27
                                                    ======        ======              ======        ======
</TABLE>


                                     page 4


<PAGE>


                          FRANKFORT FIRST BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      For the six months ended December 31,
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                      2000               1999
<S>                                                                 <C>                  <C>
Cash flows from operating activities:
   Net earnings for the period                                      $  789            $    796
   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)                  3
       Amortization of deferred loan origination fees                  (19)                 (7)
       Depreciation and amortization                                    36                  40
       Federal Home Loan Bank stock dividends                          (90)                (62)
       Increase (decrease) in cash due to changes in:
          Accrued interest receivable                                  (19)                 (1)
          Prepaid expenses and other assets                             36                  77
          Accrued interest payable                                     (15)                (10)
          Other liabilities                                             (2)                 49
          Federal income taxes
             Current                                                   (52)                (57)
             Deferred                                                   43                  36
                                                                  --------             -------
               Net cash provided by operating activities               699                 864
Cash flows provided by (used in) investing activities:
   Purchase of investment securities designated as held
     to maturity                                                        --                (984)
   Proceeds from maturity of investment securities                      --               1,000
   Purchase of Federal Home Loan Bank stock                            (35)               (228)
   Loan principal repayments                                        10,698              13,436
   Loan disbursements                                              (12,036)            (17,136)
   Purchase of office premises and equipment                            (3)                (54)
                                                                  --------             -------
             Net cash used in investing activities                  (1,376)             (3,966)
Cash flows provided by (used in) financing activities:
   Net decrease in deposit accounts                                 (1,731)             (2,579)
   Proceeds from Federal Home Loan Bank advances                    14,650              18,550
   Repayment of Federal Home Loan Bank advances                     (8,668)            (12,448)
   Proceeds from other borrowed money                                  460                 932
   Repayment of other borrowed money                                  (833)             (1,216)
   Advances by borrowers for taxes and insurance                      (312)               (288)
   Dividends paid on common stock                                     (652)               (703)
   Acquisition of treasury stock                                      (953)               (808)
                                                                  --------             -------
             Net cash provided by financing activities               1,961               1,440
                                                                  --------             -------
Net increase (decrease) in cash and cash equivalents                 1,284              (1,662)
Cash and cash equivalents at beginning of period                       978               2,591
                                                                  --------             -------
Cash and cash equivalents at end of period                        $  2,262             $   929
                                                                  ========             =======
Supplemental  disclosure of cash flow  information:
  Cash paid during the period for:

       Federal income taxes                                       $    415             $   430
                                                                  ========             =======
       Interest on deposits and borrowings                        $  3,433             $ 2,915
                                                                  ========             =======
</TABLE>

                                     page 5
<PAGE>


                          FRANKFORT FIRST BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(1) BASIS OF PRESENTATION

     The accompanying  unaudited consolidated financial statements were prepared
in accordance with  instructions  for Form 10-Q and therefore do not include all
disclosures necessary for a complete presentation of the statements of financial
condition,  statements of earnings,  and  statements of cash flows in conformity
with generally accepted accounting  principles.  However,  all adjustments which
are, in the opinion of management,  necessary for the fair  presentation  of the
interim financial  statements have been included and all such adjustments are of
a normal recurring nature. The results of operations for the six and three month
periods ended December 31, 2000 and 1999 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, 2000.

(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 1,278,385 and 1,250,347 for the six and three
month periods ended December 31, 2000, respectively, and 1,474,587 and 1,456,338
for the six and three month periods ended December 31, 1999.

     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 1,494,915 and 1,477,878
for the six and three month  periods  ended  December  31,  1999,  respectively.
Incremental  shares related to the assumed exercise of stock options included in
the calculation of diluted  earnings per share totaled 20,328 and 21,540 for the
six and three month periods ended December 31, 1999. For the six and three month
periods ended December 31, 2000, there were no incremental shares related to the
assumed exercise of stock options due to the non-dilutive  nature of the options
during those periods. The Company has 239,492 stock options outstanding of which
234,745  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

     Accounting  for Derivative  Instruments  and Hedging  Activities.  In June,
1998, the Financial  Accounting Standards Board (the "FASB") issued Statement of
Financial  Accounting  Standards  ("SFAS") No. 133,  "Accounting  for Derivative
Instruments and Hedging  Activities,"  which requires  entities to recognize all
derivatives  in their  financial  statements  as either  assets  or  liabilities
measured at fair value.  SFAS No. 133 also  specifies  new methods of accounting
for hedging  transactions,  prescribes  the items and  transactions  that may be
hedged,  and  specifies  detailed  criteria  to be  met  to  qualify  for  hedge
accounting.

     The  definition of a derivative  financial  instrument  is complex,  but in
general,  it is an instrument with one or more underlyings,  such as an interest
rate or foreign exchange rate, that is applied to a notional amount,  such as an
amount of currency, to determine the settlement amount(s). It generally requires
no  significant  initial  investment and can be settled net or by delivery of an
asset that is readily  convertible to cash.  SFAS No. 133 applies to derivatives
embedded in other contracts, unless the underlying of the embedded derivative is
clearly and closely related to the host contract.


                                     page 6
<PAGE>


     SFAS No. 133, as amended by SFAS No. 137,  is  effective  for fiscal  years
beginning  after June 15, 2000. On adoption,  entities are permitted to transfer
held-to-maturity  debt securities to the  available-for-sale or trading category
without  calling into  question  their intent to hold other debt  securities  to
maturity in the future.  Management adopted SFAS No. 133 effective July 1, 2000,
as required, without material impact on the Company's financial statements.

     In September  2000, the FASB issued SFAS No. 140  "Accounting for Transfers
and Servicing of Financial Assets and  Extinguishments  of  Liabilities",  which
revises the standards for accounting for  securitizations and other transfers of
financial  assets and collateral and requires certain  disclosures,  but carries
over most of the  provisions of SFAS No. 125 without  reconsideration.  SFAS No.
140  is  effective  for   transfers  and  servicing  of  financial   assets  and
extinguishments of liabilities  occurring after March 31, 2001. The Statement is
effective for recognition and reclassification of collateral and for disclosures
relating to  securitization  transactions and collateral for fiscal years ending
after December 15, 2000.  SFAS No. 140 is not expected to have a material effect
on the Company's financial position 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 economy
and interest rates in the nation and the Company's market area generally.

GENERAL

     The principal  business of the Bank consists of accepting deposits from the
general public and investing these funds in loans secured by one- to four-family
owner-occupied  residential  properties in the Bank's  primary  market area. The
Bank also invests in loans  secured by non-owner  occupied  one- to  four-family
residential  properties  and some churches  located in the Bank's primary market
area. The Bank also maintains an investment portfolio which includes FHLB stock,
FHLB certificates of deposit,  U.S.  Government  Agency-issued  bonds, and other
investments.

COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 2000 AND JUNE 30, 2000

     ASSETS:  The Company's  total assets  increased from $145.5 million at June
30, 2000 to $148.2  million at December 31, 2000, an increase of $2.7 million or
1.9%. The increase in total assets is primarily  attributable  to an increase in
the Company's net loans receivable and an increase in cash and cash equivalents.
Net  loans  receivable  increased  $1.4  million  or 1.0% to $139.1  million  at
December 31, 2000. Cash and cash equivalents increased by $1.3 million or 131.3%
to $2.3 million at December 31, 2000.

     LIABILITIES:  The Company's total liabilities increased from $126.6 million
at June 30, 2000 to $130.2  million at December  31,  2000,  an increase of $3.6
million or 2.8%. The increase in total liabilities is primarily  attributable to
an increase in Advances from the Federal Home Loan Bank  ("Advances").  Advances
increased  $6.0  million or 14.2% to $48.1  million at December  31,  2000.  The
increase has been utilized to fund new loans,  replace lost deposits and to make
dividends to the Company.  The Company,  in turn,  has  repurchased  some of its
common stock (see "Stock Repurchase").  Deposits decreased from $82.5 million at
June 30, 2000 to $80.8  million at December 31, 2000, a decrease of $1.7 million
or 2.1%.

     SHAREHOLDERS' EQUITY:  Shareholders' equity decreased from $18.8 million at
June 30, 2000 to $18.0  million at December  31, 2000, a decrease of $816,000 or
4.3%.  This  decrease is a result of the Company's net earnings of $789,000 less
the  Company's  dividends  declared  during the period of $652,000  and less the
acquisition  of the Company's  own stock at a cost of $953,000 (see  "Dividends"
and  "Stock  Repurchase").  The  Company's  book  value per share was  $14.45 at
December 31, 2000 compared to $14.26 at June 30, 2000.

COMPARISON OF RESULTS OF OPERATIONS  FOR THE SIX MONTHS ENDED  DECEMBER 31, 2000
AND DECEMBER 31, 1999

     NET  EARNINGS:  The  Company's  net  earnings  decreased  $7,000 or 0.9% to
$789,000 for the six month period ended  December 31, 2000  compared to $796,000
for the six month period ended  December  31, 1999.  This  decrease is primarily
attributable  to a decrease in net  interest  income of $14,000.  The  Company's
basic  earnings  per share  rose $0.08 or 14.8% from $0.54 per share for the six
month period ended December 31, 1999 to $0.62 per share for the six month period
ended December 31, 2000. The Company's  diluted earnings per share rose $0.09 or
17.0% from $0.53 per share for the six month period  ended  December 31, 1999 to
$0.62 per share for the six month period ended  December 31, 2000.  The increase
in the per share amounts was due to a decrease in the weighted average number of
shares outstanding.

     NET INTEREST  INCOME:  Net interest income totaled $2.0 million for the six
month  period  ended  December  31, 2000, a decrease of $14,000 or 0.7% from the
same period in 1999.  The  decrease  was  primarily  due to an increase in total
interest expense.

                                     page 8


<PAGE>


     INTEREST  INCOME:  Interest  income  increased  $499,000  or  10.1% to $5.4
million for the six month  period  ended  December  31,  2000.  The  increase in
interest income from loans was primarily  responsible for the increased level of
interest income for the period. Interest income from loans increased $451,000 or
9.4% to $5.2 million for the six month period ended December 31, 2000.  Interest
income from  interest-bearing  deposits and other increased from $90,000 for the
six month  period  ended  December 31, 1999 to $118,000 for the six month period
ended December 31, 2000, an increase of $28,000 or 31.1%.  Interest  income from
investment  securities  increased  from  $46,000 for the six month  period ended
December 31, 1999 to $66,000 for the six month  period ended  December 31, 2000,
an increase of $20,000 or 43.5%.  Management  believes that generally rates paid
on  short-term  investments  and  deposits  are less than the rates  that can be
earned on mortgage  loans,  and  prefers to use excess  funds to either make new
loans or  reduce  advances.  The  increase  in  interest  income  from  loans is
attributable  to both an increase in volume of the Company's  loan  portfolio as
well as an increase in the rate earned on the portfolio.

     INTEREST  EXPENSE:  Interest  expense  increased  $513,000 or 17.7% to $3.4
million for the six month period ended  December  31,  2000.  This  increase was
primarily due to an increase in interest  expense on borrowings  which increased
$413,000 or 41.9% from $985,000 for the six month period ended December 31, 1999
to $1.4 million for the six month period ended  December 31, 2000.  The increase
is a result of an increase in the average amount of Advances outstanding as well
as  an  increase  in  the  average  interest  rate  paid  on  those  borrowings.
Supplementing  the  increase in interest  expense on Advances was an increase of
$100,000  or 5.2% in  interest  expense on  deposits,  which  increased  to $2.0
million for the six month period ended December 31, 2000.

     PROVISION FOR LOSSES ON LOANS:  The provision for losses on loans  remained
constant with no provision for the six month periods ended  December 31, 2000 or
1999.  Management believed,  on the basis of its analysis of the risk profile of
the Company's assets, that the allowance for loan losses, which was $101,000 and
$100,000,  was  appropriate  at  December  31, 2000 and 1999,  respectively.  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.
There can be no assurance that the allowance will be adequate to cover losses on
nonperforming assets in the future.

     OTHER OPERATING  INCOME:  Other operating  income  increased $2,000 or 8.7%
from $23,000 for the six month period ended December 31, 1999 to $25,000 for the
six month  period  ended  December 31,  2000.  Other  operating  income is not a
significant component of the Company's statement of operations.

     GENERAL, ADMINISTRATIVE,  AND OTHER EXPENSES: General, administrative,  and
other  expense  decreased  $2,000 or 0.2% from $843,000 for the six month period
ended  December 31, 1999 to $841,000 for the six month period ended December 31,
2000.  The decrease was  comprised  primarily of a $17,000 or 68.0%  decrease in
Federal  deposit  insurance  premiums  and a  $5,000  or 7.6%  decrease  in data
processing  expense,  which were partially offset by an $11,000 or 6.8% increase
in other  operating  expenses and a $7,000 or 14.0%  increase in  franchise  and
other taxes.  The  decrease in Federal  deposit  insurance  premiums is due to a
reduction in premium  rates year to year.  Effective  January 1, 2000,  the FICO
assessment  rate for  SAIF-insured  institutions  was  reduced  from 5.920 basis
points to 2.120 basis points.  Further  reductions in the  assessment  rate were
made for each quarterly  period of 2000. As of January 1, 2001, the current FICO
assessment  rate is set at 1.96 basis  points.  The increase in other  operating
expenses was a result of an isolated  incident which  management does not expect
to reoccur.

     INCOME TAX: The Company's provision for federal income taxes decreased from
$410,000 for the six month  period  ended  December 31, 1999 to $407,000 for the
six month  period  ended  December  31,  2000.  The decrease was a result of the
decrease in the Company's pretax earnings.  The Company's effective tax rate was
34.0% for the six month periods ended December 31, 2000 and 1999.

     NON-PERFORMING  ASSETS:  At December 31, 2000,  the Bank had  approximately
$215,000 in loans 90 days or more past due but still accruing.  These delinquent
loans  represent  0.2% of the Bank's net  loans.  The Bank had  $47,000 in loans
listed as special mention in addition to $587,000 in loans internally classified
as  Substandard.  No loans were classified as Doubtful or Loss. The Bank has not
charged off any loans during the period.


                                     page 9

<PAGE>


     DIVIDENDS:  On September 13, 2000, the Company  announced a dividend policy
whereby it will pay a quarterly  cash dividend of $0.26 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.  This
represented an increase of $0.02 or 8.3% from the previous quarterly dividend of
$0.24 per share,  which was  established  on September  15,  1999.  The Board of
Directors  determined that the payment of a dividend was appropriate in light of
the Company's  capital position and financial  condition.  Although the Board of
Directors has adopted this policy,  the future payment of dividends is dependent
upon the Company's  financial  condition,  earnings,  equity structure,  capital
needs, regulatory requirements, and economic conditions. The Company last paid a
dividend on October 13, 2000.  At December  31,  2000,  the Company had recorded
dividends payable of $324,000 for the payment of a dividend on January 12, 2001.

     STOCK  REPURCHASES:  On September 13, 2000, the Company announced a plan to
purchase up to 65,000 shares of the Company's  common stock,  which  represented
approximately  5% of the  outstanding  common  stock  at that  time.  Management
believes that the repurchase  program should be completed  within nine months of
commencement.  The Board of Directors considers the Company's common stock to be
an attractive  investment,  and the repurchase  program may improve liquidity in
the market for the common stock and result in increased  per share  earnings and
book value per share. The Board will continue to consider stock  repurchases and
in the  future  may enact  similar  programs  depending  on  market  conditions,
interest  rates,  and the  availability  of funds.  At February 9, 2001,  15,000
shares had been repurchased at an average cost of $12.94 per share.

COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2000
AND DECEMBER 31, 1999

     NET  EARNINGS:  The  Company's  net  earnings  increased  $2,000 or 0.5% to
$397,000 for the three months ended  December 31, 2000  compared to $395,000 for
the  three  months  ended   December  31,  1999.   This  increase  is  primarily
attributable  to a decrease  in  general,  administrative  and other  expense of
$8,000.  The Company's basic and diluted  earnings per share rose $0.05 or 18.5%
from $0.27 per share for the three month period ended December 31, 1999 to $0.32
per share for the three month period ended December 31, 2000.

     NET INTEREST INCOME: Net interest income totaled $1.0 million for the three
months  ended  December  31,  2000,  a decrease  of $3,000 or 0.3% from the same
period in 1999.  The decrease was primarily due to an increase in total interest
expense.

     INTEREST  INCOME:  Interest  income  increased  $251,000  or  10.1% to $2.7
million for the three month period ended  December 31, 2000.  This was primarily
attributed  to the  increase  in  interest  income  from loans  which  increased
$226,000 or 9.3% to $2.7 million for the three month  period ended  December 31,
2000. Interest income from investment  securities increased from $19,000 for the
three month period ended December 31, 1999 to $33,000 for the three month period
ended December 31, 2000, an increase of $14,000 or 73.7%.  Interest  income from
interest-bearing  deposits and other  increased from $50,000 for the three month
period  ended  December  31, 1999 to $61,000 for the three  month  period  ended
December 31, 2000,  an increase of $11,000 or 22.0%.  Management  believes  that
generally  rates paid on short-term  investments  and deposits are less than the
rates that can be earned on mortgage  loans,  and prefers to use excess funds to
either make new loans or reduce  advances.  The increase in interest income from
loans is  attributable  to both an  increase  in  volume of the  Company's  loan
portfolio as well as an increase in the rate earned on the portfolio.

     INTEREST  EXPENSE:  Interest  expense  increased  $254,000 or 17.1% to $1.7
million for the three month period ended  December 31, 2000.  This  increase was
primarily due to an increase in interest  expense on borrowings  which increased
$206,000 or 39.3% from  $524,000 for the three month  period ended  December 31,
1999 to  $730,000  for the three month  period  ended  December  31,  2000.  The
increase  is a  result  of  an  increase  in  the  average  amount  of  Advances
outstanding  as well as an increase in the average  interest  rate paid on those
borrowings.  Also,  the  Company  experienced  an increase of $48,000 or 5.0% in
interest expense on deposits,  which increased from $958,000 for the three month
period ended December 31, 1999, to $1.0 million for the three month period ended
December 31, 2000.

                                    page 10
<PAGE>

     PROVISION FOR LOSSES ON LOANS:  The provision for losses on loans  remained
constant with no provision  for the three month periods ended  December 31, 2000
or 1999.  Management believed,  on the basis of its analysis of the risk profile
of the Company's assets, that the allowance for loan losses,  which was $101,000
and $100,000,  was appropriate at December 31, 2000 and 1999,  respectively.  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.
There can be no assurance that the allowance will be adequate to cover losses on
nonperforming assets in the future.

     OTHER OPERATING  INCOME:  Other operating  income decreased $2,000 or 15.4%
from $13,000 for the three month  period ended  December 31, 1999 to $11,000 for
the three month period ended December 31, 2000.  Other operating income is not a
significant component of the Company's statement of operations.

     GENERAL, ADMINISTRATIVE,  AND OTHER EXPENSES: General, administrative,  and
other expense  decreased $8,000 or 1.9% from $427,000 for the three month period
ended  December 31, 1999 to $419,000  for the three month period ended  December
31, 2000.  The decrease was primarily the result of a $9,000,  or 69.2% decrease
in Federal  deposit  insurance  premiums.  Offsetting  the  decrease  in Federal
deposit insurance premiums was an increase in other operating expense of $10,000
or 12.5%.  The  reduction  in Federal  deposit  insurance  premiums was due to a
reduction in premium rates year to year due to the  aforementioned  reduction in
the FICO assessment. The increase in other operating expenses was a result of an
isolated incident which management does not expect to reoccur.

     INCOME TAX: The Company's provision for federal income taxes increased from
$204,000 for the three month period ended  December 31, 1999 to $205,000 for the
three month  period ended  December  31, 2000.  The increase was a result of the
increase in the Company's pretax earnings.  The Company's effective tax rate was
34.0% for the three month period ended December 31, 2000 and 34.1% for the three
month period ended December 31, 1999.

                                    page 11
<PAGE>


PART II.

ITEM 1.  LEGAL PROCEEDINGS

                                    None

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

                                    None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

                                    None

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

     (a)  The registrant held its Annual Meeting of Stockholders on November 14,
          2000.

     (b)  Not applicable.

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

                  Nominee                   Votes For          Votes Withheld
                  -------                   ---------          --------------
                  William M. Johnson        1,115,679             11,257
                  Frank McGrath             1,114,531             12,405
                  Herman D. Regan, Jr.      1,114,591             12,345

ITEM 5.  OTHER INFORMATION

                                    None

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

                  Exhibits:         None

                  Reports on Form 8-K:      None


                                    page 12

<PAGE>



                                    SIGNATURE






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






                                             Frankfort First Bancorp, Inc.


Date: February 9, 2001
                                             /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 13