EXHIBIT 99.1
Contacts: Kermit K. Houser Marshall J. Alexander
President and CEO Executive VP And CFO
(541) 882-3444 X 7133 (541) 882-3444 X 7120
News Release
================================================================================
KLAMATH FIRST BANCORP REPORTS CORRECTION TO SECOND QUARTER 2003 EARNINGS RELEASE
Klamath Falls, OR - April 25, 2003 - Klamath First Bancorp, Inc. (Nasdaq:
KFBI) previously reported book value per share of $19.36 at March 31, 2003. Due
to an error in calculation of period end shares, the reported book value and
tangible book value were overstated. The table below details the figures as
reported and the corrected amounts.
For March 31, 2003
Shares Issued : (1) As reported Corrected
Shares issued at end of period 6,502,780 6,859,405
Less unearned ESOP and MRDP shares at end of period 356,625 356,625
------------ ------------
Shares outstanding at end of period excluding the unearned shares 6,146,155 6,502,780
============ ============
Book Value Per Share (1) $ 19.36 $ 18.30
Tangible Book Value Per Share (1) $ 13.10 $ 12.38
<FN>
(1)Calculation is based on number of shares outstanding at the end of the period rather than weighted
average shares outstanding and excludes unallocated shares in the employee stock ownership plan (ESOP)
and Management Recognition and Development Plan (MRDP).
</FN>
Contact: Marshall J. Alexander
Executive Vice President & Chief Financial Officer
541-882-3444 X 7120