UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                         ______________________________

                                   FORM 10-QSB

(Mark One)

[X]  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934

     FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

     FOR THE TRANSITION PERIOD FROM _________ TO _________

                         Commission File Number 0-50322

                          COMMUNITY FIRST BANCORP, INC.
--------------------------------------------------------------------------------
        (Exact name of Small Business Issuer as specified in its Charter)


             MARYLAND                                          36-4526348
-------------------------------                           ----------------------
(State or other jurisdiction of                             (IRS Employer
 incorporation or organization)                           Identification No.)


               240 SOUTH MAIN STREET, MADISONVILLE, KENTUCKY 42431
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (270) 821-7211
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

                                 NOT APPLICABLE
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)


     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days.
         Yes  __   No __X__

     As of June 30, 2003, there were 277,725 shares of the  Registrant's  common
stock, par value $.01 per share, outstanding.

     Transitional Small Business Issuer Disclosure Format (check one):
     Yes __ No __X__

<PAGE>

                          COMMUNITY FIRST BANCORP, INC.

                             MADISONVILLE, KENTUCKY

                                      INDEX

                                                                            PAGE
                                                                            ----
PART I.  FINANCIAL INFORMATION
------
Item 1.  Financial Statements

         Consolidated Statements of Condition as of June 30, 2003
              (unaudited) and  December 31, 2002                               3
         Consolidated  Statements  of Operations - (Unaudited)
              for the three and six months ended June 30, 2003 and 2002        4
         Consolidated Statements of Cash Flows - (Unaudited) for the
              six months ended June 30, 2003 and 2002                          5
         Notes to Consolidated Financial Statements (Unaudited)                7

Item 2.  Management's Discussion and Analysis or Plan of Operation             9

Item 3.  Controls and Procedures                                              12

PART II. OTHER INFORMATION
-------

Item 6.  Exhibits and Reports on Form 8-K                                     13

Signatures                                                                    14


                                       2
<PAGE>

ITEM 1.  FINANCIAL STATEMENTS

                          COMMUNITY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CONDITION
<TABLE>
<CAPTION>
                                                            JUNE 30,      DECEMBER 31,
                                                             2003            2002
                                                         ------------    ------------
                                                          (UNAUDITED)
<S>                                                      <C>             <C>
                   ASSETS

Cash and cash equivalents:
    Cash and due from banks                              $    185,488    $    733,126
    Time deposits                                              25,000          25,000
                                                         ------------    ------------
        Total cash and cash equivalents                       210,488         758,126
Securities, held-to-maturity                                1,461,835       1,901,750
Securities, available-for-sale, at fair value               2,008,935              --
Loans, net of unearned interest                            29,819,225      25,815,638
Allowance for loan losses                                    (137,179)       (105,868)
Accrued interest receivable                                   147,238         135,220
Premises and equipment, net                                 1,191,992         772,662
Stock in Federal Home Loan Bank, at cost                      646,600         634,100
Deferred tax assets, net                                       55,368              --
Other assets                                                  116,335          56,197
                                                         ------------    ------------
        Total assets                                     $ 35,520,592    $ 29,967,825
                                                         ============    ============

         LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
    Deposits                                             $ 30,528,116    $ 28,128,252
    Advances from Federal Home Loan Bank                      500,000              --
    Accrued interest payable and other liabilities            104,639          90,707
                                                         ------------    ------------
        Total liabilities                                  31,132,755      28,218,959
                                                         ------------    ------------

Commitments and contingencies                                      --              --
                                                         ------------    ------------
Stockholders' equity:
    Preferred stock, $.01 par value;
      authorized 1,000,000 shares                                  --              --
    Common stock, $.01 par value: authorized,
      5,000,000 shares; issued and outstanding
      277,725 and no shares at June 30, 2003
      and December 31, 2002, respectively                       2,777              --
    Additional paid-in capital                              2,512,788              --
    Retained earnings - substantially
      restricted                                            1,875,680       1,748,866
    Accumulated other comprehensive income                     (3,408)             --
                                                         ------------    ------------
        Total stockholders' equity                          4,387,837       1,748,866
                                                         ------------    ------------
        Total liabilities and stockholders' equity
                                                         $ 32,520,592    $ 29,967,825
                                                         ============    ============
</TABLE>
                 See notes to consolidated financial statements.

                                       3
<PAGE>
                          COMMUNITY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF OPERATIONS
            FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                   THREE MONTHS ENDED          SIX MONTHS ENDED
                                        JUNE 30,                   JUNE 30,
                                -----------------------    -----------------------
                                  2003          2002          2003         2002
                                ----------   ----------    ----------   ----------
<S>                             <C>          <C>           <C>          <C>
Interest income:
  Interest and fees on loans    $  505,799   $  418,257    $  989,344   $  834,904
  Interest on investment
    securities                      25,429       45,257        54,240       98,892
  Federal Home Loan Bank
    dividends                        6,386        9,493        12,640       16,213
  Other interest income                 --          951            --          951
                                ----------   ----------    ----------   ----------
      Total interest income        537,614      473,958     1,056,224      950,960
                                ----------   ----------    ----------   ----------

Interest expense:
  Interest on deposits             213,360      244,110       408,222      490,229
  Interest on Federal Home
    Loan Bank advances               2,306        3,705         4,730        8,930
  Interest on other
    borrowings                          --          568            --          568
                                ----------   ----------    ----------   ----------
      Total interest expense       215,666      248,383       412,952      499,727
                                ----------   ----------    ----------   ----------

      Net interest income          321,948      225,575       643,272      451,233

  Provision for loan losses         13,000         --          32,000        2,200
                                ----------   ----------    ----------   ----------
      Net interest income
        after provision for
        loan losses                308,948      225,575       611,272      449,033
                                ----------   ----------    ----------   ----------

Other income:
  Service charges and fees          28,964       14,289        62,378       22,585
  Loss on sale of fixed
    assets                              --           --            --       (3,600)
  Loss on sale of foreclosed
    assets                              --       (3,762)           --       (3,762)
  Insurance commissions and
    premiums                           778          836         2,644        3,044
  Other income                       2,913        1,683        10,751        9,566
                                ----------   ----------    ----------   ----------
                                    32,655       13,046        75,773       27,833
                                ----------   ----------    ----------   ----------
Other expenses:
  Compensation and benefits        134,195      105,415       253,650      213,668
  Directors fees                    10,800       10,800        21,600       21,600
  Occupancy expense                 39,185       32,108        70,559       61,558
  Insurance premiums                 6,291        5,493        11,919       11,031
  Data processing                   49,858       40,528        89,241       78,115
  Advertising                       19,343       15,649        37,398       32,031
  Office supplies and postage       14,862       12,923        29,222       23,344
  Payroll and other taxes           18,451       15,080        35,584       30,322
  Professional fees                 10,219        6,574        17,455       12,689
  Other operating expenses          25,139        6,202        48,971       18,367
                                ----------   ----------    ----------   ----------
                                   328,343      250,772       615,599      502,725
                                ----------   ----------    ----------   ----------
Income (loss) before income
  taxes                             13,260      (12,151)       71,446      (25,859)
Income tax benefit                  55,368           --        55,368           --
                                ----------   ----------    ----------   ----------
Net income (loss)               $   68,628   $  (12,151)   $  126,814   $  (25,859)
                                ==========   ==========    ==========   ==========
Basic earnings per share        $     0.25          N/A    $     0.46          N/A
                                ==========   ==========    ==========   ==========
</TABLE>

                 See notes to consolidated financial statements.

                                       4
<PAGE>
                          COMMUNITY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                 FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                   SIX MONTHS ENDED
                                                                       JUNE 30,
                                                             --------------------------
                                                                 2003          2002
                                                             -----------    -----------
<S>                                                          <C>            <C>
Cash flows from operating activities:
    Net income (loss)                                        $   126,814    $   (25,859)
    Adjustments to reconcile net income (loss) to net
      cash provided (used) by operating activities:
        FHLB stock dividend                                      (12,500)       (13,900)
        Provision for loan losses                                 32,000          2,200
        Depreciation, amortization and accretion                  27,800         19,653
        Loss on sale of fixed assets                                  --          3,600
        Loss on sale of foreclosed assets                             --          3,762
        Deferred income tax benefit                              (55,368)            --
        Change in assets and liabilities:
            Accrued interest receivable and other assets         (70,155)         6,648
            Accrued interest payable and other liabilities        13,932          3,056
                                                             -----------    -----------

                Net cash provided (used) by
                  operating activities                            62,523           (840)
                                                             -----------    -----------

Cash flows from investing activities:
    Net increase in loans                                     (4,004,276)      (419,987)
    Proceeds from maturities/calls of held-to-maturity
       securities                                                439,914        789,243
    Proceeds from maturities/calls of available-for-
       sale securities                                                --        350,000
    Purchases of held-to-maturity securities                          --       (500,000)
    Purchases of available-for-sale securities                (2,014,098)            --
    Proceeds from sale of foreclosed assets                           --          5,338
    Purchases of premises and equipment                         (447,130)      (272,846)
                                                             -----------    -----------

                Net cash used by investing
                  activities                                  (6,025,590)       (48,252)
                                                             -----------    -----------

Cash flows from financing activities:
    Net increase in deposits                                   2,399,864        501,482
    Payments on short-term borrowings                         (1,500,000)    (1,000,000)
    Proceeds from short-term borrowings                        2,000,000      1,000,000
    Net proceeds from issuance of common stock                 2,515,565             --
                                                             -----------    -----------

                Net cash provided by financing activities      5,415,429        501,482
                                                             -----------    -----------

Net increase (decrease) in cash and cash equivalents            (547,638)       452,390
Cash and cash equivalents, beginning of period                   758,126      2,306,937
                                                             -----------    -----------
Cash and cash equivalents, end of period                     $   210,488    $ 2,759,327
                                                             ===========    ===========
</TABLE>

                 See notes to consolidated financial statements.

                                       5
<PAGE>

                          COMMUNITY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

                 FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                            SIX MONTHS ENDED
                                                               JUNE 30,
                                                         --------------------
                                                           2003         2002
                                                         --------    --------
<S>                                                      <C>         <C>
SUPPLEMENTAL DISCLOSURES:

Cash paid for interest                                   $413,489    $569,180
                                                         ========    ========

NONCASH TRANSACTIONS:
Federal Home Loan Bank Stock dividend received           $ 12,500    $ 13,900
                                                         ========    ========
Loans transferred to foreclosed real estate              $     --    $  7,400
                                                         ========    ========
Loans to facilitate the sale of foreclosed real estate   $     --    $ 15,300
                                                         ========    ========
Decrease in unrealized gain on securities
    available-for-sale                                   $ (5,163)         --
                                                         ========    ========
</TABLE>

                 See notes to consolidated financial statements.

                                       6
<PAGE>

                          COMMUNITY FIRST BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

1.   COMMUNITY FIRST BANCORP, INC.

     In  March  2003,   Community  First  Bancorp,   Inc.  (the  "Company")  was
     incorporated  to facilitate  the  conversion  of Community  First Bank (the
     "Bank")  from  a  mutual   savings  bank  to  a  stock  savings  bank  (the
     "Conversion").  In connection with the Conversion,  the Company offered its
     common stock to the  depositors  and  borrowers of the Bank as of specified
     dates.  The Conversion was  consummated on June 26, 2003, at which time the
     Company  became the holding  company for the Bank and issued  shares of its
     stock to the general public.

     The Company filed a Form SB-2 with the Securities  and Exchange  Commission
     ("SEC") on April 1, 2003, which as amended,  was declared  effective by the
     SEC on May 14,  2003.  The Bank  filed a Form AC with the  Office of Thrift
     Supervision  (the  "OTS") on April 2, 2003,  which as  amended,  along with
     related offering and proxy materials, was conditionally approved by the OTS
     on May 14, 2003.  The Company also filed an  Application  H-(e)1-S with the
     OTS on April 2, 2003,  which was  conditionally  approved by the OTS on May
     14,  2003.  The members of the Bank  approved the Plan of  Conversion  at a
     special meeting held on June 23, 2003, and the subscription offering closed
     on June 17, 2003.

     On June 26, 2003, the Company became the holding  company for the Bank upon
     the consummation of the Conversion. The Conversion was accomplished through
     the sale and  issuance by the Company of 277,725  shares of common stock at
     $10 per share.  Net proceeds from the sale of common stock were $2,515,565.
     Costs  associated  with the Conversion were deducted from the proceeds from
     the sale of the common stock and totaled $261,685.

2.   BASIS OF PRESENTATION

     The accompanying  unaudited consolidated financial statements were prepared
     in  accordance  with  instructions  for Form 10-QSB and  therefore,  do not
     include  all  disclosures  necessary  for a  complete  presentation  of the
     statements  of condition,  statements  of operations  and statement of cash
     flows in conformity with U.S.  generally  accepted  accounting  principles.
     However,  all adjustments (all of which are of a normal  recurring  nature)
     which  are,  in  the  opinion  of   management,   necessary  for  the  fair
     presentation of the interim  financial  statements have been included.  The
     statements  of  operations  for  periods   presented  are  not  necessarily
     indicative of the results which may be expected for the entire year.

     The unaudited consolidated financial statements include the accounts of the
     Company and the Bank for the periods  presented in 2003 and the accounts of
     the Bank for the  periods  presented  in 2002.  All  material  intercompany
     balances and transactions have been eliminated in consolidation.


                                       7
<PAGE>

3.   EARNINGS PER SHARE

     Earnings per share has been  determined  in accordance  with  Statements of
     Financial  Accounting Standards No. 128, "Earnings per Share." Earnings per
     common  share were  computed by dividing net income by the number of shares
     of common  stock issued in the Bank's  conversion  to stock form as if such
     shares had been  outstanding  for the entire period.  Diluted  earnings per
     share is not  presented  since  the  Company  did not have any  outstanding
     common stock equivalents.

     The  following  data show the amounts used in computing  earnings per share
     (EPS).

                                                             JUNE 30,
                                                               2003
                                                             --------

             Net income                                      $126,814

             Weighted average number of common
             shares used in basic EPS                         277,725
                                                             ========

                                       8
<PAGE>

ITEM 2.

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                              OR PLAN OF OPERATION

GENERAL

The following discussion and analysis is intended to assist in understanding the
financial condition and results of operations of the Company.

FORWARD-LOOKING STATEMENTS

When used in this  discussion  and  elsewhere in this  Quarterly  Report on Form
10-QSB,  the words or phrases  "will likely  result,"  "are  expected  to," will
continue," "is anticipated,"  "estimate,"  "project," or similar expressions are
intended  to  identify  "forward-looking  statements"  within the meaning of the
Private Securities  Litigation Reform Act of 1995. The Bank cautions readers not
to place undue reliance on any such forward-looking statements, which speak only
as of the date  made,  and  advises  readers  that  various  factors,  including
regional  and  national  economic  conditions,  substantial  changes in level of
market  interest  rates,  credit  and  other  risks of  lending  and  investment
activities and  competitive  and  regulatory  factors could affect the Company's
financial  performance  and could  cause the Bank's  actual  results  for future
periods to differ  materially from those  anticipated or projected.  The Company
does not  undertake  and  specifically  disclaims  any  obligation to update any
forward-looking statements to reflect occurrence of anticipated or unanticipated
events or circumstances after the date of such statements.

COMPARISON  OF THE  RESULTS OF  OPERATIONS  FOR THE THREE AND SIX MONTH  PERIODS
ENDED JUNE 30, 2003 AND 2002

NET INCOME.  Net income for the quarter ended June 30, 2003 was $68,600 compared
to a net loss of $12,200 for the same  period last year.  Net income for the six
months  ended June 30, 2003 was  $126,800  compared to a net loss of $25,900 for
the six months ended June 30, 2002.  The  Company's net income for the three and
six months ended June 30, 2003 reflects  management's ongoing efforts to restore
the Bank to profitability.

NET INTEREST INCOME.  Net interest income increased $96,300 or 42.7% to $321,900
for the three  months  ended June 30, 2003  compared  to $225,600  for the three
months  ended June 30,  2002.  Year-to-date  net  interest  income was  $643,300
compared  to $451,200  for the six months  ended June 30,  2002,  an increase of
$192,100,  or 42.6%. The increase in net interest income during the 2003 periods
was  attributable  to  increased  interest  income and a  reduction  in interest
expense.  Interest  income for the three and six months  ended June 30, 2003 was
$537,600 and $1,056,200,  respectively, an increase of $63,600 and $105,300 over
the prior year.  The  increase in interest  income  reflects a higher  volume of
interest-earning   assets   and  a  shift  in   interest-earning   assets   into
higher-yielding  loans.  During the six months  ended June 30,  2003,  net loans
averaged  $28.1 million for the period as compared to $22.3  million  during the
first six months of fiscal year 2002. While interest rates decreased during this
period,   interest  income  increased  by  $105,300   primarily  due  to  higher
outstanding  loan balances.  Net interest  income also  benefitted  from reduced
deposit  costs  in  the  lower  interest  rate  environment  as  higher  costing
certificates of deposit  matured.  Accordingly,  interest  expense  decreased by
$32,700 and $86,800,  respectively,  for the three and six months ended June 30,
2003 as  compared to the prior year

                                       9
<PAGE>

periods.  The Bank's interest rate spread  increased to 3.87% for the six months
ended June 30, 2003  compared to 3.58% for the six months  ended June 30,  2002.
Net interest margin increased to 3.85% for the 2003 period compared to 3.37% for
the 2002 period.

PROVISION FOR LOAN LOSSES. The provision for loan losses was $13,000 and $32,000
for the three and six months ended June 30, 2003,  respectively,  compared to $0
and $2,200 for the three and six months ended June 30, 2002,  respectively.  The
Bank makes  provisions for loan losses in amounts  deemed  necessary to maintain
the  adequacy of the  allowance  for loan losses.  At June 30, 2003,  the Bank's
allowance for loan losses was $137,200 or 0.50% of the gross loan portfolio.

OTHER INCOME.  Other income was $32,700 and $13,000 for the quarters  ended June
30,  2003 and 2002,  respectively,  and  $75,800  and $27,800 for the six months
ended June 30, 2003 and 2002, respectively. The increase in other income for the
most recent periods is reflective of management's ongoing efforts to enhance fee
income.

OTHER EXPENSES. Other expenses were $328,300 and $250,800 for the quarters ended
June 30, 2003 and 2002,  respectively,  and  $615,600  and  $502,700 for the six
months  ended June 30, 2003 and 2002,  respectively.  The  increase for the most
recent periods was due primarily to higher occupancy and compensation expense.

INCOME TAX BENEFIT.  The Bank  recorded an income tax benefit of $55,400 for the
three- and  six-month  periods  ended June 30,  2003,  compared to no income tax
benefit or expense for the three- and six-month periods ended June 30, 2002. The
Bank provides for both the current and deferred tax effects of the  transactions
reported in its financial  statements  and  establishes  deferred tax assets and
liabilities for the temporary  differences  between the financial  reporting and
tax  bases  of its  assets  and  liabilities.  The  Bank,  however,  establishes
valuation  allowances  for its net deferred tax assets  unless it is more likely
than not that these net  deferred  tax  assets  will be  realized.  Based on its
current  earnings and other  factors,  the Bank  determined  in 2002 that it was
appropriate to establish a valuation  allowance for its net deferred tax assets.
During the quarter  ended June 30, 2003,  the Bank  determined  that it was more
likely then not that some or all of net deferred tax assets would be realizable.
Accordingly, the corresponding deferred tax valuation allowance was reversed.

COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 2003 AND DECEMBER 31, 2002

The Company's  total assets as of June 30, 2003 were $35.5 million,  an increase
of $5.5 million from  December 31, 2002's level of $30.0  million.  The increase
was due to growth in the loan portfolio.  Net loans receivable increased by $4.0
million,  or  15.5%,  which  reflected  our  continued  marketing  efforts.  The
Company's  investment  securities  also increased by $1.6 million,  or 82.5%, to
$3.5 million at June 30, 2003.  The Bank invested a portion of the proceeds from
its stock conversion into investment securities.

Liabilities  increased by $2.9 million, or 10.3%, to $31.1 million due primarily
to a $2.4  million,  or 8.5%,  increase  in deposits  as the Bank  continued  to
attract deposits locally at favorable rates.

Stockholders'  equity  increased  to $4.4  million  at June 30,  2003 from $1.75
million at December 31, 2002. The increase in stockholders'  equity

                                       10
<PAGE>

principally  reflects the Company's sale of 277,725  shares of common stock,  at
$10 per share,  as part of the Bank's  conversion  to stock form.  Stockholders'
equity also benefitted from $126,800 in earnings during the period.

At June 30, 2003,  the Bank was in  compliance  with all  applicable  regulatory
capital  requirements with tangible and core capital equal to 11.96% of adjusted
total  assets  and total  risk-based  capital  equal to 21.96% of  risk-weighted
assets.

ASSET QUALITY

The following table sets forth  information  regarding the Bank's  nonperforming
assets at the dates indicated.
<TABLE>
<CAPTION>
                                                               JUNE 30,     DECEMBER 31,
                                                                2003           2002
                                                               -------      -----------
                                                                 (IN THOUSANDS)
<S>                                                            <C>            <C>
Restructured loans                                             $  --          $  --
Non-accrual loans                                                 --             --
Accruing loans past due 90 days or more                           28             29
                                                               -----          -----

    Total non-performing loans                                    28             29

Foreclosed assets                                                 --             --
                                                               -----          -----

    Total non-performing assets                                $  28          $  29
                                                               =====          =====
</TABLE>

At June 30, 2003,  there were no loans  outstanding  not  reflected in the above
table as to which known  information about possible credit problems of borrowers
caused  management to have serious doubts as to the ability of such borrowers to
comply with present loan repayment terms.

An analysis of the changes in the allowance for loan losses is as follows:
<TABLE>
<CAPTION>
                                                     SIX MONTHS ENDED JUNE 30,
                                                    ---------------------------
                                                      2003              2002
                                                    ---------         ---------

<S>                                                 <C>               <C>
Balance, beginning of period                        $ 105,868         $ 105,000
Loans charged off                                      (1,584)          (19,389)
Loan recoveries                                           895            11,297
                                                    ---------         ---------
     Net charge-offs                                     (689)           (8,092)

Provision for loan losses                              32,000             2,200
                                                    ---------         ---------

Balance, end of period                              $ 137,179         $  99,108
                                                    =========         =========
</TABLE>

LIQUIDITY AND CAPITAL RESOURCES

The Company  currently  has no  operating  business  and does not have  material
funding  needs.  In the future,  the Company may require funds for dividends and
tax payments for which it will rely on dividends  and other  distributions  from
the Bank. The Bank is subject to various regulatory  restrictions on the payment
of dividends.

                                       11
<PAGE>

The Bank's  sources of funds for lending  activities and operations are deposits
from its primary market area,  advances from the FHLB of  Cincinnati,  principal
and  interest  payments on loans,  interest  received on other  investments  and
federal  funds  purchased.   Its  principal  funding  commitments  are  for  the
origination  of loans,  the  payment of maturing  deposits,  and  principal  and
interest  payments on advances from the FHLB.  Deposits are considered a primary
source of funds supporting the Bank's lending and investment activities.

Cash and cash  equivalents  (cash due from banks,  interest-bearing  deposits in
other  financial  institutions,  and federal  funds sold),  as of June 30, 2003,
totaled  $210,500  compared to $2.8  million at June 30,  2002.  The Bank's cash
flows were provided mainly by financing activities,  including $2.4 million from
net  deposit  increases  and  $2.5  million  in  net  proceeds  from  the  stock
conversion.  Operating  activities  provided  $62,500 in cash for the six months
ended June 30, 2003  compared to $800 used in cash for the six months ended June
30, 2002.  The Bank used cash flows for its  investing  activities  primarily to
fund an increase in gross loans of $4.0 million.

As  a  federal  savings  bank,  the  Bank  is  subject  to  regulatory   capital
requirements  of  Office  of  Thrift  Supervision  ("OTS").  In order to be well
capitalized  under OTS  regulations,  the Bank must maintain a leverage ratio of
Tier I Capital to  average  assets of at least 5% and ratios of Tier I and total
capital to risk-weighted assets of at least 6% and 10% respectively. At June 30,
2003, the Bank satisfied the capital  requirements  for  classification  as well
capitalized under OTS regulations.

ITEM 3.  CONTROLS AND PROCEDURES

The Company's  management  evaluated,  with the  participation  of the Company's
Chief Executive  Officer and Chief Financial  Officer,  the effectiveness of the
Company's  disclosure  controls  and  procedures,  as of the  end of the  period
covered by this report.  Based on that evaluation,  the Chief Executive  Officer
and Chief Financial Officer concluded that the Company's disclosure controls and
procedures are effective to ensure that information  required to be disclosed by
the  Company  in the  reports  that it files or  submits  under  the  Securities
Exchange Act of 1934 is recorded, processed,  summarized and reported within the
time periods  specified in the  Securities and Exchange  Commission's  rules and
forms.

There were no changes in the Company's internal control over financial reporting
that occurred  during the  Company's  last fiscal  quarter that have  materially
affected,  or are reasonably likely to materially affect, the Company's internal
control over financial reporting.


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<PAGE>
PART II

                                OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
         --------------------------------

     (a)  The following  exhibits are either being filed with or incorporated by
          reference in this quarterly report on Form 10-QSB:

         NUMBER   DESCRIPTION
         ------   -----------

         3.1      Articles of Incorporation *
         3.2      Bylaws *
         4        Form of Common Stock Certificate *
         10.1     Employment Agreement with William M. Tandy *
         31.1     Section 302 Certification of Chief Executive Officer
         31.2     Section 302 Certification of Chief Financial Officer
         32       Section 1350 Certification
         _______________
         *Incorporated by reference from the Registrant's Registration Statement
          on Form SB-2 (File No. 333-104226).


     (b)  During the quarter ended June 30, 2003,  the  Registrant  did not file
          any current reports on Form 8-K.

                                       13
<PAGE>
                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                    COMMUNITY FIRST BANCORP, INC.

Date: 8-13-03                       /s/ William M. Tandy
                                    --------------------------------------------
                                    William M. Tandy, President
                                    (Duly Authorized Representative)



Date: 8-13-03                       /s/ Michael D. Wortham
                                    --------------------------------------------
                                    Michael D. Wortham, Vice President
                                    (Chief Financial Officer)


                                       14