Klamath First to Participate in Sandler O'Neill Fourth Annual West Coast Financial Services...

Business Editors

KLAMATH FALLS, Ore.--(BUSINESS WIRE)--Feb. 22, 2002

Klamath First Bancorp, Inc. (Nasdaq:KFBI) today announced that Kermit Houser, president and chief executive officer, is scheduled to participate in a panel discussion titled, "Pacific Northwest Banking"

Attendance at the Sandler O'Neill conference is by invitation only. However, Sandler O'Neill will offer a simultaneous webcast on the Internet at its web site, www.sandleroneill.com. Click on "Conference Webcast" to access the discussion. Through the webcast, viewers will be able to hear the presentations as well as view the speakers at the conference. The webcast will be available to the general public and will be archived for replay at that web site for 30 days after the conference ends. The audio portion of the live presentation also will be available to the general public through a simultaneous phone-in line at 888/924-4447 (no passcode required).

On January 29, 2002, Klamath reported that net income for the first fiscal quarter of 2002 ended December 31, 2001 was $821,000, or $.13 per diluted share. Revenues grew 58% to $13.6 million from a year earlier. Assets jumped 48% from a year earlier to $1.5 billion at December 31, 2001, while deposits increased 67% to $1.2 billion and stockholders' equity was $109 million. The loan portfolio totaled $671 million.

Klamath First Bancorp, Inc. is the holding company for Klamath First, which operates 53 offices, 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. Additionally, customers may visit new in-store branches seven days a week with extended banking hours.