<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>6
<FILENAME>exhibit21.txt
<DESCRIPTION>SUBSIDIARIES
<TEXT>

                                   Exhibit 21

                           Subsidiaries of Registrant


<TABLE>
<CAPTION>


                                            Percentage      Jurisdiction or
Subsidiary (1)                                Owned      State of Incorporation
------------------------------------------  ----------   ----------------------

Klamath First Federal Savings
<S>                                             <C>           <C>
  and Loan Association                          100%          United States

Klamath First Capital Trust I                   100%          Oregon

Klamath First Capital Trust II                  100%          Oregon

Klamath First Financial Services, Inc. (2)      100%          Oregon

Pacific Cascades Financial, Inc. (2)            100%          Oregon
<FN>


(1)  The  operations of the Company's  subsidiary  are included in the Company's
     consolidated financial statements.

(2)  Wholly-owned   subsidiary  of  Klamath  First  Federal   Savings  and  Loan
     Association
</FN>
</TABLE>

</TEXT>
</DOCUMENT>