8-K

                                   FORM 8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15 (d) OF THE

                         SECURITIES EXCHANGE ACT OF 1934


      Date of Report (Date of earliest event reported): June 25, 2003

                           Klamath First Bancorp, Inc.
             (Exact name of registrant as specified in its charter)


          Oregon                      0-26556                         93-1180440
State or other jurisdiction       Commission                    (I.R.S. Employer
 of incorporation                 File Number                Identification No.)


540 Main Street, Klamath Falls, Oregon                                  97601
(Address of principal executive offices)                              (Zip Code)


        Registrant's telephone number (including area code):(541)882-3444


                               Not Applicable
          (Former name or former address, if changed since last report)



Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

        (c)  The following exhibit is included with this report:

        99.1  Press release of Klamath First Bancorp, Inc. dated June 25, 2003.


                                   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.

                                             KLAMATH FIRST BANCORP, INC.

Date:      June 26, 2003                 By: /s/ Kermit K. Houser
                                             -------------------------------
                                             Kermit K. Houser, President and
                                             Chief Executive Officer


Date:      June 26, 2003                 By: /s/ Marshall Jay Alexander
                                             -------------------------------
                                             Marshall Jay Alexander,
                                             Executive Vice President and
                                             Chief Financial Officer

EX-99

                                                                    EXHIBIT 99.1
Contacts:     Kermit K. Houser                 Marshall J. Alexander
              President and CEO                Executive VP and CFO
              (541)882-3444 X7133              (541)882-3444 X7120

                                  News Release

================================================================================

         KLAMATH FIRST DECLARES 31st CONSECUTIVE QUARTERLY CASH DIVIDEND
                       $0.13 PER SHARE TO BE PAID JULY 14


     KLAMATH  FALLS,  OREGON - June  26,  2003 -  Klamath  First  Bancorp,  Inc.
(Nasdaq:  KFBI) today  announced that its board of directors  declared a regular
quarterly  cash  dividend of $0.13 per share of common stock to be paid July 14,
2003 to shareholders of record on July 3, 2003.

     "We remain a well  capitalized,  profitable  institution and believe paying
regular cash  dividends is an excellent  way to reward our  shareholders,"  said
Kermit K. Houser,  President and CEO.  "This is our 31st  consecutive  quarterly
cash dividend and represents a 3% annual yield at our recent stock price."

     On April 24, 2003,  Klamath  reported that net income for the first half of
the fiscal year was up 14% to $2.8 million,  or $0.43 per diluted share.  Assets
increased to $1.5 billion,  net loans totaled $573.4 million,  and deposits were
$1.1 billion at March 31, 2003.  Shareholders'  equity grew 9% to $119.0 million
and book value was $18.30 per share at March 31, 2003.

About Klamath First Bancorp, Inc.

     Klamath First Bancorp, Inc. is the holding company for Klamath First, which
operates  58  offices,  56 in 26  counties  throughout  Oregon and two  in-store
branches in South Central  Washington.  Klamath First serves the state of Oregon
through these offices by offering a full range of products and services for both
the consumer  and business  customer,  including  commercial,  consumer and real
estate loans, various checking and savings products,  24-hour telephone banking,
and online  banking  with bill pay  through  its web site  www.KlamathFirst.com.
Customers have access to brokerage and investment services through the company's
subsidiary Klamath First Financial Services.  Additionally,  customers may visit
new in-store branches seven days a week with extended banking hours.


     Safe Harbor  Clause:  Except for the  historical  information  in this news
release, the matters described herein are forward-looking  statements within the
meaning of the Private Securities  Litigation Reform Act of 1995 and are subject
to risks and uncertainties that could cause actual results to differ materially.
Such risks and  uncertainties  include the company's ability to maintain current
dividend  payments or increase  dividend payouts to shareholders and other risks
and uncertainties  discussed from time to time in Klamath First Bancorp,  Inc.'s
SEC filings including its 2002 Form 10-K. Klamath First Bancorp,  Inc. disclaims
any  obligation  to publicly  announce  future events or  developments  that may
affect the forward-looking statements herein.

                                                                 # # #

Note:  Transmitted on BusinessWire at 5:00 am PDT, June 26, 2003.