EXHIBIT 99



Frankfort First Bancorp, Inc.

For Immediate Release January 20, 2004
Contact:  Don Jennings, President, or Clay Hulette, Vice President
            (502) 223-1638
            216 West Main Street
            P.O. Box 535
            Frankfort, KY 40602

                 FRANKFORT FIRST BANCORP, INC. RELEASES EARNINGS

     Frankfort First Bancorp, Inc. (Nasdaq: FKKY), the holding company for First
Federal Savings Bank of Frankfort,  Kentucky, announced net earnings of $217,000
or $0.17  diluted  earnings per share for the three month period ended  December
31, 2003, compared to $344,000 or $0.27 diluted earnings per share for the three
month period  ended  December  31,  2002.  This  results in a 37.0%  decrease in
diluted earnings per share for the quarter ended December 31, 2003. Net earnings
for the six month  period  ended  December  31,  2003 were  $468,000  or diluted
earnings  per share of $0.36  compared  to net  earnings  of $718,000 or diluted
earnings per share of $0.56 for the six month period ended  December 31, 2002, a
35.7% decrease in net earnings, period to period.

     Net  earnings  for the  current  quarter  decreased  by  $127,000  or 36.9%
compared to the prior year largely due to a decrease in net interest income. Net
interest income  decreased by $101,000 or 11.1% for the three month period ended
December  31, 2003  compared to the prior year period.  Net interest  income was
affected  by  historically  low market  interest  rates that  continued  to have
radical  effects on the  Company's  loan  portfolio,  which  included  borrowers
refinancing  for  lower  rates  and  downward   adjustment  of  adjustable  rate
mortgages.  During  the  quarter  just  ended,  these  market  factors  led to a
reduction  in the  average  rate  earned  on the  loan  portfolio.  Over the two
preceding fiscal years, these factors also had contributed to a reduction in the
Company's loan portfolio,  but at December 31, 2003, loans  receivable,  net had
increased $2.9 million or 2.3% to $127.5  million  compared to the June 30, 2003
level.  Also contributing to the decrease in net earnings for the quarter was an
increase  of  $75,000 or 18.1% in  general,  administrative  and other  expense,
caused primarily by higher costs associated with the Company's  pension plan and
other  employee  benefits.  President  Don  Jennings  stated  that while  margin
compression is affecting many financial institutions, the Company's earnings may
have been impacted to a greater  extent as management has continued to adhere to
its longstanding techniques for managing interest rate risk, such as emphasizing
investment in adjustable  rate mortgages as opposed to purchasing or originating
higher-yielding  fixed rate  investments.  While this currently  exacerbates the
margin  compression,  such techniques  should prove to be beneficial when market
interest rates rise.

     The decrease in net  earnings  for the six month period ended  December 31,
2003 is attributable to the same factors  identified for the quarter then ended.
Net interest income decreased $283,000 or 15.1% from period to period.  General,
administrative  and other  expense  increased  $76,000 or 9.1% for the six month
period ended December 31, 2003 compared to the prior year period.

     At December  31,  2003,  the Company  reported  its book value per share as
$14.06 compared to $14.35 at June 30, 2003.

     This press release contains  statements that are  forward-looking,  as that
term  is  defined  by the  Private  Securities  Litigation  Act of  1995  or the
Securities and Exchange Commission in its rules,  regulations and releases.  The
Company  intends  that such  forward-looking  statements  be subject to the safe
harbors created  thereby.  All  forward-looking  statements are based on current
expectation regarding important risk factors including, but not



limited to, real estate  values and the impact of interest  rates on  financing.
Accordingly,   actual   results   may  differ  from  those   expressed   in  the
forward-looking  statements,  and the  making of such  statements  should not be
regarded as a  representation  by the Company or any other  person that  results
expressed therein will be achieved.

     First  Federal  Savings  Bank  of  Frankfort   operates  three  offices  in
Frankfort,  Kentucky.  Frankfort  First Bancorp,  Inc.  shares are traded on the
Nasdaq  National  Market under the symbol FKKY. At December 31, 2003 the Company
had approximately 1,262,000 shares outstanding.


SUMMARY OF FINANCIAL
HIGHLIGHTS



CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                             December 31,  June 30,
                                 2003       2003
                               --------   --------
                       (In thousands, except per share data)
                              (Unaudited)  (Audited)
Assets
   Cash and Cash Equivalents   $    318   $  2,028
   Investment Securities          6,431      7,097
   Loans Receivable, net        127,503    124,596
   Other Assets                   4,603      4,615
                               --------   --------
        Total Assets           $138,855   $138,336
                               ========   ========

Liabilities
   Deposits                    $ 74,782   $ 75,622
   FHLB Advances                 44,936     43,017
   Other Liabilities              1,400      1,699
                               --------   --------
      Total Liabilities         121,118    120,338

Shareholders' Equity             17,737     17,998
                               --------   --------

Total Liabilities and Equity   $138,855   $138,336
                               ========   ========

Book Value Per Share           $  14.06   $  14.35
                               ========   ========


CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

                                            Six months ended  Three months ended
                                               December 31,      December 31,
                                              2003     2002     2003     2002
                                             ------   ------   ------   ------
                                             (In thousands,     (In thousands,
                                               except per         except per
                                               share data)        share data)
                                              (Unaudited)         (Unaudited)

Interest Income                              $3,896   $4,497   $1,934   $2,196
Interest Expense                              2,299    2,617    1,127    1,288
                                             ------   ------   ------   ------
Net Interest Income                           1,597    1,880      807      908

Provision for Losses on Loans                    --       --       --       --
Other Operating Income                           25       44       13       24
General, Administrative, and Other Expense      911      835      489      414
                                             ------   ------   ------   ------

Earnings Before Federal Income Taxes            711    1,089      331      518
Federal Income Taxes                            243      371      114      174
                                             ------   ------   ------   ------
Net Earnings                                 $  468   $  718   $  217   $  344
                                             ======   ======   ======   ======

Basic Earnings Per Share                     $ 0.37   $ 0.58   $ 0.17   $ 0.28
Diluted Earnings Per Share                   $ 0.36   $ 0.56   $ 0.17   $ 0.27
Dividends Per Share                          $ 0.56   $ 0.56   $ 0.28   $ 0.28