FORM 10-QSB

                     Securities and Exchange Commission
                           Washington, D.C.  20549

                                 (Mark One)

           [X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                       OF THE SECURITIES EXCHANGE ACT OF 1934

              For the quarterly period ended December 31, 1997


           [ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                       OF THE SECURITIES EXCHANGE ACT OF 1934

               For the transition period from              to
               Commission File No. 0-20380
                                   -------



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

              Ohio                               31-1341110
-------------------------------            ----------------------
(State or other jurisdiction of               (I.R.S. Employer
incorporation or organization)             Identification Number)

  505 Market Street
   Zanesville, Ohio                                  43701
---------------------                              ----------
(Address of principal                              (Zip Code)
  executive office)

      Registrant's telephone number, including area code:  (740) 453-0606

      Check whether the issuer (1) filed all reports required to be filed by 
Section 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
         -----      -----

      As of January 31, 1998, the latest practicable date, 1,575,116 shares 
of the registrant's common stock, no par value, were issued and outstanding.


                         FIRST FEDERAL BANCORP, INC.


                                    INDEX
                                    -----

<TABLE>
<CAPTION>

PART  I  FINANCIAL INFORMATION                                PAGE
                                                              ----

         <S>                                                   <C>
         Consolidated Statements of Financial Condition         3

         Consolidated Statements of Income                      4

         Consolidated Statements of Cash Flows                  5

         Notes to Consolidated Financial Statements             6

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

PART II  OTHER INFORMATION                                     12

         SIGNATURES                                            13

</TABLE>

                                   PART I
                                   ------

                            FINANCIAL INFORMATION
                            ---------------------

                         First Federal Bancorp, Inc.

               CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>

                                                        At Dec. 31    At September 30
                                                           1997            1997
                                                        ----------    ---------------

<S>                                                    <C>            <C>
ASSETS
Cash and amounts due from depository institutions      $  6,378,307   $  7,237,127
Overnight deposits                                        1,450,000      1,600,000
                                                       ---------------------------
    Cash and cash equivalents                          $  7,828,307   $  8,837,127
Investment securities held to maturity (Fair value
 - $7,505,000 in 12/97 and $7,504,000 in 9/97)            7,506,108      7,503,561
Mortgage-backed securities held to maturity (Fair
 value - $1,403,000 in 12/97 and $1,477,000 in 9/97)      1,398,477      1,437,681
Loans receivable, net                                   179,990,757    174,026,629
Premises and equipment, net                               7,444,436      7,501,696
Accrued interest receivable and other assets              4,672,063      4,396,375
                                                       ---------------------------
    Total Assets                                       $208,840,148   $203,703,069
                                                       ============================

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
  Deposits                                             $126,732,294   $126,634,570
  Borrowed funds                                         64,375,000     59,805,000
  Advances from borrowers for taxes and insurance           583,506        376,276
  Accrued expenses and other liabilities                  1,261,190      1,261,362
                                                       ---------------------------
    Total Liabilities                                  $192,951,990   $188,077,208
                                                       ---------------------------

Stockholders' Equity
  Preferred stock, $100 par value, 1,000,000 shares
   authorized, no shares issued and outstanding
  Common stock, no par value, 4,000,000 shares
   authorized, 1,651,700 shares issued                 $  3,656,323   $  3,656,323
  Retained earnings                                      12,723,917     12,461,620
  Treasury shares, 76,584 shares                           (492,082)      (492,082)
                                                       ---------------------------
    Total Stockholders' Equity                         $ 15,888,158   $ 15,625,861
                                                       ---------------------------
    Total Liabilities and Stockholders' Equity         $208,840,148   $203,703,069
                                                       ===========================

</TABLE>

See Notes to the Consolidated Financial Statements.


                         First Federal Bancorp, Inc.
                      CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
         
                                                             Three Months Ended
                                                                 December 31
                                                          -----------------------
                                                             1997         1996

<S>                                                       <C>          <C>
INTEREST INCOME
  Interest and fees on loans                              $3,795,570   $3,432,804
  Interest on mortgage-backed securities                      26,025       30,199
  Interest on investment securities                           98,687       63,942
  Interest on other interest earning investments              33,090       42,542
                                                          -----------------------
     Total Interest Income                                 3,953,372    3,569,487
                                                          -----------------------

INTEREST EXPENSE
  Interest on deposits                                     1,335,241    1,297,536
  Interest on borrowed money                                 945,337      599,884
                                                          -----------------------
    Total Interest Expense                                 2,280,578    1,897,420
                                                          -----------------------

    Net Interest Income                                    1,672,794    1,672,067
                                                          -----------------------

    Provision for Loan Losses                                228,956      147,663

    Net Interest Income After Provision for Loan Losses    1,443,838    1,524,404
                                                          -----------------------

NONINTEREST INCOME
  Service charges on deposit accounts                         81,791       75,848
  Gain on sale of loans                                       24,462       15,360
  Dividends on FHLB stock                                     56,390       37,624
  Other operating income                                     115,535      103,131
                                                          -----------------------
    Total Noninterest Income                                 278,178      231,963
                                                          -----------------------

NONINTEREST EXPENSE
  Salaries and employee benefits                             452,729      457,092
  Occupancy and equipment expense                            196,002      172,676
  Deposit insurance expense                                   34,287       87,602
  Data processing expense                                     83,269       79,092
  Advertising                                                 63,985       57,614
  Ohio franchise taxes                                        48,859       44,938
  Other operating expenses                                   278,815      224,460
                                                          -----------------------
    Total Noninterest Expenses                             1,157,946    1,123,474
                                                          -----------------------

    Income Before Income Taxes                               564,070      632,893
                                                          -----------------------

    Provision for Income Taxes                               191,516      208,935
                                                          -----------------------

    Net Income                                            $  372,554   $  423,958
                                                          =======================

EARNINGS PER SHARE
  Basic                                                   $      .24   $      .27
                                                          -----------------------
  Diluted                                                 $      .21   $      .25
                                                          -----------------------

WEIGHTED AVERAGE COMMON AND
 COMMON EQUIVALENT SHARES
  Basic                                                    1,575,116    1,571,716
                                                          -----------------------
  Diluted                                                  1,731,663    1,713,068
                                                          -----------------------

DIVIDENDS DECLARED PER SHARE                              $      .07   $      .06
                                                          -----------------------

</TABLE>

                         First Federal Bancorp, Inc.

                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (UNAUDITED)
<TABLE>
<CAPTION>

                                                          Three Months Ended
                                                              December 31
                                                      --------------------------
                                                         1997           1996
                                                      -----------    -----------

<S>                                                   <C>            <C> 
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income                                          $   372,554    $   423,958

  Adjustments to reconcile net income to net cash
   provided by operating activities:

    Provision for loan losses                             228,956        147,663
    Depreciation                                          130,393         92,983
    Federal Home Loan Bank stock dividends                (56,300)       (37,600)
    Amortization of net premiums (discounts) on
     investment securities                                 (8,828)       (32,124)
    Mortgage loans originated for sale                 (2,052,456)    (1,234,585)
    Proceeds from sale of mortgage loans                1,746,837      1,241,977
    Change in other assets and other liabilities          (41,961)      (663,916)
                                                      --------------------------

      Net Cash Provided by Operating Activities           319,195        (61,644)
                                                      --------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from maturities of investment securities     2,005,295      1,499,956
  Purchases of investment securities/FHLB stock        (2,176,614)    (1,901,647)
  Loans originated, net of principal repayments        (5,922,204)    (3,013,309)
  Principal collected on mortgage-backed securities        39,204         70,306
  Sale of real estate owned                                18,990              0
  Purchases of premises and equipment                     (73,132)      (655,386)
                                                      --------------------------

      Net Cash Used for Investing Activities           (6,108,461)    (4,000,080)
                                                      --------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net change in deposit accounts                           97,724     (3,756,212)
  Net change in advance payments by borrowers for
   taxes and insurance                                    207,229         52,280
  Net change in borrowed funds with original
   maturities of less than three months                 4,570,000      8,700,000
  Dividends paid                                          (94,507)       (86,356)
  Proceeds from exercise of options                             0          9,300
                                                      --------------------------

      Net Cash Provided by Financing Activities         4,780,446      4,919,012
                                                      --------------------------

NET CHANGE IN CASH AND CASH EQUIVALENTS                (1,008,820)       857,288

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD        8,837,127      8,161,988
                                                      --------------------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD            $ 7,828,307    $ 9,019,276
                                                      ==========================

</TABLE>

                         FIRST FEDERAL BANCORP, INC.
                 Notes to Consolidated Financial Statements

1.    Basis of Presentation
      ---------------------

The accompanying unaudited Consolidated Financial Statements have been 
prepared in accordance with generally accepted accounting principles for 
interim financial information and the instructions to Form 10-QSB.  The Form 
10-QSB does not include all the information and footnotes required by 
generally accepted accounting principles for complete financial statements.  
Only material changes in financial condition and results of operations are 
discussed in Management's Discussion and Analysis of Financial Condition and 
Results of Operations.

In the opinion of management, the condensed Consolidated Financial 
Statements contain all adjustments necessary to present fairly the financial 
condition of First Federal Bancorp, Inc. ("Bancorp"), as of December 31, 
1997, and September 30, 1997, and the results of its operations for the 
three months ended December 31, 1997, and 1996, and its cash flow for the 
three months ended December, 1997 and 1996.  The results of operations for 
the interim periods reported herein are not necessarily indicative of 
results of operations to be expected for the entire year.

2.    Commitments
      -----------

Outstanding commitments to originate mortgage loans and to sell mortgage 
loans were $1,544,950 and $444,394 respectively, at December 31, 1997, and 
$591,000 and $139,000 respectively at September 30, 1997.

3.    Earnings and Dividends Per Common Share
      ---------------------------------------

Basic and diluted earnings per share are computed under a new accounting 
standard effective in the quarter ended December 31, 1997.  All prior 
amounts have been restated to be comparable.  Basic earnings per share is 
based on net income (less preferred dividends) divided by the weighted 
average number of shares outstanding during the period.  Diluted earnings 
per share shows the dilutive effect of additional common shares issuable 
under stock options (and convertible securities).  On November 6, 1996, and 
on October 26, 1994, the Board of Directors declared two-for-one stock 
splits in the form of 100% stock dividends.  All earnings and dividends per 
share disclosures have been restated to reflect these stock splits.

4.    Allowance for Losses on Loans
      -----------------------------

Because some loans may not be repaid in full, an allowance for loan losses 
is recorded.  Increases to the allowance are recorded by a provision for 
loan losses charged to expense.  Estimating the risk of loss and the amount 
of loss on any loan is necessarily subjective.  Accordingly, the allowance 
is maintained by management at a level considered adequate to cover possible 
losses that are currently anticipated based on past loss experience, general 
economic conditions, information about specific borrower situations, 
including their financial position and collateral values, and other factors 
and estimates which are subject to change over time.  While management may 
periodically allocate portions of the allowance for specific problem loan 
situations, the whole allowance is available for any loan charge-offs that 
occur.  A loan is charged-off by management as a loss when deemed 
uncollectible, although collection efforts continue and future recoveries 
may occur.

Loans are considered impaired if full principal or interest payments are not 
anticipated.  Impaired loans are carried at the present value of expected 
cash flows discounted at the loan's effective interest rate or at the fair 
value of the collateral if the loan is collateral dependent.  A portion of 
the allowance for loan losses is allocated to impaired loans.

Smaller-balance, homogeneous loans are evaluated for impairment in total.  
Such loans include residential first mortgage loans secured by one- to four-
family residences, residential construction loans, and automobile, home 
equity and second mortgage loans.  Mortgage loans secured by other 
properties are evaluated individually for impairment.  When analysis of 
borrower operating results and financial condition indicates that underlying 
cash flows of the borrower's business are not adequate to meet its debt 
service requirements, the loan is evaluated for impairment. Loans are 
generally moved to nonaccrual status when 90 days or more past due.  These 
loans are often also considered impaired.  Impaired loans, or portions 
thereof, are charged-off when deemed uncollectible.  The nature of 
disclosures for impaired loans is considered generally comparable to prior 
nonaccrual and renegotiated loans and nonperforming and past-due asset 
disclosures.  The Savings Bank had no loans meeting the definition of 
impaired during the quarter ended December 31, 1997, and September 30, 1997.

5.    Interest Income on Loans
      ------------------------

Interest on loans is accrued over the term of the loans based upon the 
principal outstanding.  Management reviews loans delinquent 90 days or more 
to determine if the interest accrual should be discontinued.  The carrying 
value of impaired loans reflects cash payments, revised estimates of future 
cash flows, and increases in the present value of expected cash flows due to 
the passage of time.  Cash payments representing interest income are 
reported as such and other cash payments are reported as reductions in 
carrying value.  Increases or decreases in carrying value due to changes in 
estimates of future payments or the passage of time are reported as 
reductions or increases in bad debt expense.


                   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General
-------

First Federal Bancorp, Inc. ("Bancorp"), is a savings and loan holding 
company that wholly owns First Federal Savings Bank of Eastern Ohio (the 
"Savings Bank").  The Savings Bank is engaged in the savings and loan 
business primarily in Central and Eastern Ohio.  The Savings Bank is a 
member of the Federal Home Loan Bank ("FHLB") of Cincinnati, and the 
accounts in the Savings Bank are insured up to the applicable limits by the 
Federal Deposit Insurance Corporation in the Savings Association Insurance 
Fund ("SAIF").

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, First Federal's operations and First 
Federal'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 First Federal's market 
area generally.  See Exhibit 99 hereto, which is incorporated herein by 
reference.

Some of the forward-looking statements included herein are the statements 
regarding the following:

1.    Management's determination of the amount of loan loss allowance;

2.    Management's belief that deposits will grow slightly during fiscal 
      year 1998, and plans to become more aggressive in promoting deposit 
      products;

3.    Management's anticipation that loan demand will increase slightly;

4.    Management's anticipation that additional advances from the FHLB will 
      be necessary to fund loan originations;

5.    Management's anticipation that adjustable-rate loans will reprice 
      higher in fiscal year 1998 if interest rates remain relatively stable;

6.    Management's anticipation to add up to $7.5 million in fixed-rate 
      residential loans to the loan portfolio;

7.    Legislative changes with respect to the federal thrift charter; and

8.    Management's expectation that the amount of its consumer loans will 
      increase.

Changes in Financial Condition from September 30, 1997, to December 31, 1997
----------------------------------------------------------------------------

Total consolidated assets of Bancorp increased by $5.1 million, or 
2.52%, from $203.7 million at September 30, 1997, to $208.8 million at 
December 31, 1997.  The increase is due primarily to an increase in loans 
receivable of $6.0 million, and a $234,000 increase in FHLB stock, offset by 
a $1.0 million decrease in cash and cash equivalents.

Total liquidity (consisting of cash and amounts due from depository 
institutions, interest-bearing deposits in other banks, and investment 
securities) was $6.4 million at December 31, 1997, which is a decrease of 
$859,000 from September 30, 1997.  The regulatory liquidity of the Savings 
Bank was 6.91% at December 31, 1997, and 7.53% at September 30, 1997, which 
was in excess of the minimum regulatory requirement of 4%.  Funds are 
available through FHLB advances to meet the Savings Bank's liquidity 
requirement if necessary.

The loans receivable balance increased $6.0 million for the three-month 
period as the anticipated steady mortgage and consumer loan volume in the 
Savings Bank's  market area continued.

As of December 31, 1997, the Savings Bank had borrowed funds from 
the FHLB in the amount of $64.4 million at a weighted average rate of 6.08%.  
FHLB advances increased $4.6 million, or 7.64%, from $59.8 million at 
September 30, 1997.  Deposits increased by $100,000, or .08%, from $126.6 
million at September 30, 1997, to $126.7 million at December 31, 1997. 
Management believes that the Savings Bank will experience a slight increase 
in deposits during the current fiscal year.  As the result of the decrease 
in the SAIF premium cost, the Savings Bank can afford to pay depositors a 
slightly higher rate while managing the cost of funds.  FHLB advances have 
increased in cost compared to deposits of a similar term.  The Savings Bank 
therefore plans to become more aggressive in promoting deposit products.  No 
assurance can be provided, however, that deposits will grow.  Deposit levels 
are affected by national, as well as local, interest rates and other 
national and local economic circumstances.

The Savings Bank is subject to regulatory capital requirements established 
by the Office of Thrift Supervision ("OTS").  The Savings Bank's capital 
ratios were as follows at December 31, 1997.

<TABLE>
<CAPTION>

                                          Amount      Percent of
                                      (In Thousands)    Assets
                                      --------------------------

      <S>                                 <C>            <C>
      Actual Tangible Capital             $14,083        6.75%
      Required Tangible Capital             3,130        1.50%
                                          -------------------
      Excess Tangible Capital             $10,953        5.25%

      Actual Core Capital                 $14,083        6.75%
      Required Core Capital                 6,259        3.00%
                                          -------------------
      Excess Core Capital                 $ 7,824        3.75%

      Actual Risk Based Capital           $15,488       11.10%
      Required Risk Based Capital          11,167        8.00%
                                          -------------------
      Excess Risk Based Capital           $ 4,321        3.10%

</TABLE>

Management is not aware of any proposed regulations or recommendations by 
the OTS that, if implemented, would have a material effect upon the Savings 
Bank's capital.

The deposits of First Federal and other savings associations are insured by 
the FDIC in the SAIF.  The deposit accounts of commercial banks are insured 
by the FDIC in the Bank Insurance Fund (the "BIF"), except to the extent 
such banks have acquired SAIF deposits.  Legislation to recapitalize the 
SAIF and to eliminate the significant premium disparity between the BIF and 
the SAIF became effective September 30, 1996.  

The recapitalization plan also provides that the cost of prior thrift 
failures will be shared by both the SAIF and the BIF, which increased BIF 
assessments for healthy banks to $.013 per $100 of deposits in 1997 and 
1998.  SAIF assessments for healthy savings associations in 1997 were, and 
remain in 1998, $.064 per $100 in deposits and may never be reduced below 
the level set for healthy BIF institutions.

The recapitalization plan also provides for the merger of the SAIF and the 
BIF effective January 1, 1999, assuming there are no savings associations 
under federal law.  Under separate proposed legislation, Congress is 
considering the elimination of the federal thrift charter and the separate 
federal regulation of thrifts.  As a result, First Federal would have to 
convert to a different financial institution charter and would be regulated 
under federal law as a bank, including being subject to the more restrictive 
activity limitations imposed on national banks.

In addition, Bancorp might become subject to more restrictive holding 
company requirements, including activity limits and capital requirements 
similar to those imposed on First Federal.  Bancorp cannot predict the 
impact of the conversion of First Federal to, or regulation of First Federal 
as, a bank until the legislation requiring such change is enacted.

In August 1996, Congress passed legislation repealing the reserve method of 
accounting used by many thrifts to calculate their bad debt reserve for 
federal income tax purposes and requiring any bad debt reserves taken after 
1987, using the percentage of taxable income method, be included in future 
taxable income of the association over a six-year period.  A two-year delay 
is permitted for institutions meeting a residential mortgage loan 
origination test.  At September 30, 1997, First Federal had approximately 
$1.0 million in bad debt reserves subject to recapture for federal income 
tax purposes.  The deferred tax liability related to the recapture was 
established in prior years, so First Federal's net income will not be 
negatively affected by this legislation.

Year 2000 Considerations
------------------------

As with all financial institutions, First Federal's operations depend almost 
entirely on computer systems.  First Federal is addressing the potential 
problems associated with the possibility that the computers that control or 
operate First Federal's operating systems, facilities and infrastructure may 
not be programmed to read four-digit date codes and, upon arrival of the 
year 2000, may recognize the two-digit code "00" as the year 1900, causing 
systems to fail to function or to generate erroneous data.  First Federal is 
working with the companies that supply or service its computer-operated or -
dependent systems to identify and remedy any year 2000 related problems.

As of the date of this Form 10-QSB, First Federal has not identified any 
specific expenses that are reasonably likely to be incurred by First Federal 
in connection with this issue and does not expect to incur significant 
expense to implement corrective measures.  No assurance can be given, 
however, that significant expense will not be incurred in future periods.  
In the event that First Federal is ultimately required to purchase 
replacement computer systems, programs and equipment, or that substantial 
expense must be incurred to make First Federal's current systems, programs 
and equipment year 2000 compliant, First Federal's net income and financial 
condition could be adversely affected.

In addition to possible expense related to its own systems, First Federal 
could incur losses if loan payments are delayed due to year 2000 problems 
affecting any of First Federal's primary market area.  Because First 
Federal's loan portfolio is highly diversified with regard to individual 
borrowers and types of businesses and First Federal's primary market area is 
not significantly dependent upon one employer or industry, First Federal 
does not expect any significant or prolonged difficulties that will affect 
net earnings or cash flow.

Comparison of Operating Results for the Three-Month
---------------------------------------------------
Periods Ended December 31, 1997, and 1996
-----------------------------------------

Net interest income before provision for loan losses remained stable at $1.7 
million for the comparative three-month periods.  Total interest income 
increased by $384,000 for the three-month period ended December 31, 1997, 
compared to the same period in 1996.  The increase is primarily due to an 
increase in the interest rate earned on mortgage loans and an increase in 
loans receivable as the result of the stable loan market.  The majority of 
the loans in the Savings Bank's portfolio are adjustable-rate mortgage loans 
whose interest rates fluctuate with market interest rates.

Interest expense increased by $383,000 for the three-month period ended 
December 31, 1997, as the result of increases in interest rates of savings 
deposits at First Federal and an increase in the amount of borrowings at the 
Federal Home Loan Bank.  It is anticipated that the adjustable-rate mortgage 
loan portfolio will reprice at slightly higher rates because most loans 
originated during fiscal year 1997 were not initially priced at the fully-
indexed interest rate and will be repricing upward at their first adjustment 
and because the balance of the adjustable-rate mortgage loan portfolio will 
not reprice substantially lower during 1998.  No assurance can be provided, 
however, that interest rates will remain stable.  Interest rates are 
affected by general local and national economic conditions, the policies of 
various regulatory authorities and other factors beyond the control of 
Bancorp.

Nonperforming and Delinquent Loans and Allowance for Loan Losses
----------------------------------------------------------------

Total nonaccrual loans and accruing loans that are 90 days past due were 
$836,000 at December 31, 1997, which represents .46% of total loans.  This 
was an increase of $118,000 from December 31, 1996.

There were no loans that are not currently classified as nonaccrual, 90 days 
past due or restructured but which may be so classified in the near future 
because management has concerns as to the ability of the borrowers to comply 
with repayment terms.

The Savings Bank maintains an allowance for losses on loans and on real 
estate owned.  The allowance for losses on loans and on real estate owned 
was $2,002,000 at December 31, 1997, compared to $1,723,000 at December 31, 
1996.  During the three-month periods ended December 31, 1997, and December 
31, 1996, the Savings Bank recorded no recoveries.  The provisions for loan 
losses during the three-month periods ended December 31, 1997, and 1996, 
were $229,000 and $148,000 respectively. 

Noninterest Income and Expense
------------------------------

The federal income tax provision decreased $17,000 for the three-month 
period ended December 31, 1997, compared to the same period in 1996 due to 
lower net income for the period.

Total noninterest income increased $46,000 for the three-month period ended 
December 31, 1997, compared to the same period in 1996. Dividends on FHLB 
stock increased $19,000 due to an increase in FHLB stock held.  Other income 
increased $12,000 due to increased fees from the ATM and automatic transfer 
services.

Total noninterest expenses increased $34,000 for the quarter ended December 
31, 1997, compared to the same period in 1996.  Salaries and benefits 
decreased $4,000 as a result of a decrease of $68,000 in retirement plan 
accrual costs, partially offset by an increase in salaries of $63,000.  
Salaries increased due to the increase in staff for the comparative three-
month periods.  The SAIF premium decreased $53,000 due to the reduction in 
the SAIF premium.  Occupancy expense increased $23,000 due to the increased 
depreciation on the new Main Office building.  Other noninterest expenses 
increased $54,000 due to several items; a change in our area code to 740 
resulted in all business cards and stationary having to be reordered, a 
Sales Tax assessment, a loss on checks of $25,000 due to a fraudulent act, 
one-time debit card start-up costs, and increased training and seminar 
costs.

Impact of Inflation and Changing Prices
---------------------------------------

The financial statements and related data presented herein have been 
prepared in accordance with generally accepted accounting principles 
("GAAP"), which require the measurement of financial position and results of 
operations in terms of historical dollars without considering changes in 
relative purchasing power of money over time because of inflation.

Unlike most industrial companies, virtually all of the assets and 
liabilities of First Federal are monetary in nature.  As a result, interest 
rates have a more significant impact on First Federal's performance than the 
effects of general levels of inflation.  Interest rates do not necessarily 
move in the same direction or in the same magnitude as the prices of goods 
and services.

Effect of Accounting Changes
----------------------------

On October 1, 1996, First Federal adopted SFAS No. 123, "Accounting for 
Stock-Based Compensation."  SFAS No. 123 encourages but does not require 
entities to use a fair value based method to account for stock-based 
compensation plans such as the First Federal stock option plans.  If the 
fair value accounting encouraged by SFAS No. 123 is not adopted, entities 
must disclose the pro forma effect on net income and earnings per share had 
the accounting been adopted.  Fair value of a stock option is to be 
estimated using an option-pricing model that considers exercise price, 
expected life of the option, current price of the stock, expected price 
volatility, expected dividends on the stock, and the risk-free interest 
rate.

SFAS No. 125, "Accounting for Transfers and Servicing of Financial Assets 
and Extinquishments of Liabilities," was issued by the FASB in 1996.  SFAS 
125 revises the accounting for transfers of financial assets, such as loans 
and securities, and for distinguishing between sales and secured borrowings.  
It was originally effective for some transactions in 1997 and others in 
1998.  SFAS No. 127, "Deferral of the Effective Date of Certain Provisions 
of FASB Statement No. 125" was issued in December 1996.  SFAS 127 defers, 
for one year, the effective date of provisions related to securities 
lending, repurchase agreements and other similar transactions.  The 
remaining portions of SFAS 125 continued to be effective January 1, 1997.  
SFAS 125 did not have a material impact on First Federal's financial 
statements.

In March 1997, the FASB issued SFAS No. 128, "Earnings Per Share" which was 
effective for financial statements for periods ending after December 15, 
1997, including interim periods.  SFAS 128 simplifies the calculation of 
earnings per share ("EPS") by replacing primary EPS with basic EPS.  It also 
requires dual presentation of basic EPS and diluted EPS for entities with 
complex capital structures.  Basic EPS includes no dilution and is computed 
by dividing income available to common shareholders by the weighted-average 
common shares outstanding for the period.  Diluted EPS reflects the 
potential dilution of securities that could share in earnings such as stock 
options, warrants or other common stock equivalents.  All prior period EPS 
data will be restated to conform with the new presentation; however, First 
Federal does not expect such restatement to be materially different from EPS 
data previously reported.

In February 1997, the FASB issued SFAS No. 129, "Disclosures of Information 
about Capital Structure."  SFAS 129 consolidated existing accounting 
guidance relating to disclosure about a company's capital structure.  Public 
companies generally have always been required to make disclosures now 
required by SFAS 129 and, therefore, SFAS 129 had no material impact on 
First Federal.  SFAS 129 was effective for financial statements for periods 
ending after December 15, 1997.

In June 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive 
Income."  SFAS 130 establishes standards for reporting and display of 
comprehensive income and its components (revenues, expenses, gains and 
loses) in a full set of general-purpose financial statements.  SFAS 130 
requires that all items that are required to be recognized under accounting 
standards as components of comprehensive income be reported in a financial 
statement that is displayed with the same prominence as other financial 
statements.  It does not require a specific format for that financial 
statement but requires that an enterprise display an amount representing 
total comprehensive income for the period in that financial statement.

SFAS 130 requires that an enterprise (a) classify items of other 
comprehensive income by their nature in a financial statement and (b) 
display the accumulated balance of other comprehensive income separately 
from retained earnings and additional paid-in capital in the equity section 
of a statement of financial position.  SFAS 130 is effective for fiscal 
years beginning after December 15, 1997.  Reclassification of financial 
statements for earlier periods provided for comparative purposes is 
required.

In June 1997, the FASB issued SFAS No. 131, "Disclosures about Segments of 
an Enterprise and Related Information."  This Statement significantly 
changes the way that public business enterprises report information about 
operating segments in annual financial statements and requires that those 
enterprises report selected information about reportable segments in interim 
financial reports issued to shareholders.  It also establishes standards for 
related disclosures about products and services, geographic areas and major 
customers.  SFAS 131 uses a "management approach" to disclose financial and 
descriptive information about an enterprise's reportable operating segments 
which is based on reporting information the way management organizes the 
segments within the enterprise for making operating decisions and assessing 
performance.  For many enterprises, the management approach will likely 
result in more segments being reported.  In addition, the Statement requires 
significantly more information to be disclosed for each reportable segment 
than is presently being reported in annual financial statements.  The 
Statement also requires that selected information be reported in interim 
financial statements.  SFAS 131 is effective for financial statements for 
periods beginning after December 15, 1997.


                                   PART II
                                   -------


                              OTHER INFORMATION
                              -----------------


ITEM 1.   LEGAL PROCEEDINGS
          -----------------

          Not applicable

ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS
          -----------------------------------------

          Not applicable

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES
          -------------------------------

          Not applicable

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

          Not applicable

ITEM 5.   OTHER INFORMATION
          -----------------

          Not applicable

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K
          --------------------------------
          Exhibit 3.1    Articles of Incorporation of First Federal Bancorp, 
                         Inc. (The Articles of Incorporation of First 
                         Federal Bancorp, Inc. ("Bancorp"), filed as Exhibit 
                         3.1  to Bancorp's Registration Statement on Form S-1 
                         ("S-1") filed with the Securities and Exchange 
                         Commission ("SEC") on March 16, 1992, are 
                         incorporated herein by reference.)
          Exhibit 3.2    Amendment to the Articles of Incorporation of First 
                         Federal Bancorp, Inc. (The Amendment to the 
                         Articles of Incorporation of Bancorp filed as 
                         Exhibit 3.2 to Bancorp's 10-K for the fiscal year 
                         ended September 30, 1992, filed with the SEC on 
                         December 29, 1992 (the "1992 10-K") is incorporated 
                         herein by reference.)
          Exhibit 3.3    Code of Regulations of First Federal Bancorp, Inc. 
                         (The Code of Regulations of Bancorp filed as 
                         Exhibit 3.2 to Bancorp's S-1 filed with the SEC on 
                         March 16, 1992, is incorporated herein by 
                         reference.)
          Exhibit 3.4    Amendment to the Code of Regulations of First 
                         Federal Bancorp, Inc. (The Amendment to the code of 
                         Regulations of Bancorp filed as Exhibit 3.4 to the 
                         1992 10-K is incorporated herein by reference.)
          Exhibit 10.9   First Federal Bancorp, Inc., 1997 Performance Stock 
                         Option Plan for Senior Executive Officers and 
                         Outside Directors (Incorporated by reference to 
                         Proxy Statement for 1997 Annual Meeting filed on 
                         January 10, 1997.)
          Exhibit 27     Financial Data Schedule
          Exhibit 99.2   Safe Harbor Under the Private Securities Litigation 
                         Reform Act of 1995

          No reports on Form 8-K were filed during the quarter for which 
          this report is filed.


                                 SIGNATURES


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.



Date:  February 13, 1998               By: /s/ J. William Plummer
                                           -----------------------------
                                           J. William Plummer
                                           President


Date:  February 13, 1998               By: /s/ Connie Ayres LaPlante
                                           -----------------------------
                                           Connie Ayres LaPlante
                                           Chief Financial Officer