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 SEPTEMBER 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  X    No
             ---      ---

          As  of  September  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
              ---     ---


                                       1
<PAGE>

                          COMMUNITY FIRST BANCORP, INC.

                             MADISONVILLE, KENTUCKY

                                      INDEX

                                                                            PAGE
                                                                            ----

PART I.  FINANCIAL INFORMATION
----

Item 1.  Financial Statements

         Consolidated Balance Sheets as of September 30, 2003
             (unaudited) and December 31, 2002 3 Consolidated Statements
             of Operations - (Unaudited) for the three and nine months
             ended September 30, 2003 and 2002                               4
         Consolidated Statements of Cash Flows - (Unaudited) for the
             nine months ended September 30, 2003 and 2002                   5
         Consolidated Statements of Changes in Stockholders' Equity
             for the nine months ended September 30, 2003 and 2002           7
         Notes to Consolidated Financial Statements (Unaudited)              8

Item 2.  Management's Discussion and Analysis of Financial Condition         10
             and Results of Operation

Item 3.  Controls and Procedures                                             15

PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                    16

Signatures                                                                   17


                                       2
<PAGE>

ITEM 1.  FINANCIAL STATEMENTS

                          COMMUNITY FIRST BANCORP, INC.

                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                         SEPTEMBER 30,   DECEMBER 31,
                                                             2003            2002
                                                         ------------    ------------
                                                         (UNAUDITED)
<S>                                                      <C>             <C>
           ASSETS
Cash and cash equivalents:
    Cash and due from banks                              $    708,049    $    733,126
    Interest-bearing deposits with banks                       25,000          25,000
                                                         ------------    ------------
        Total cash and cash equivalents                       733,049         758,126
Securities, held-to-maturity                                1,447,808       1,901,750
Securities, available-for-sale, at fair value               1,985,157            --
Loans, net of unearned interest                            32,415,632      25,815,638
Allowance for loan losses                                    (151,277)       (105,868)
Accrued interest receivable                                   162,407         135,220
Premises and equipment, net                                 1,497,638         772,662
Stock in Federal Home Loan Bank, at cost                      653,100         634,100
Deferred tax assets, net                                       59,504            --
Other assets                                                  130,562          56,197
                                                         ------------    ------------
        Total assets                                     $ 38,933,580    $ 29,967,825
                                                         ============    ============

      LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
    Deposits                                             $ 32,356,205    $ 28,128,252
    Advances from Federal Home Loan Bank                    2,000,000            --
    Accrued interest payable and other liabilities
                                                              240,878          90,707
                                                         ------------    ------------
        Total liabilities                                  34,597,083      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 September 30,
      2003 and December 31, 2002, respectively                  2,777            --
    Additional paid-in capital                              2,466,428            --
    Retained earnings - substantially
      restricted                                            1,885,469       1,748,866
    Accumulated other comprehensive income                    (18,177)           --
                                                         ------------    ------------

        Total stockholders' equity                          4,336,497       1,748,866
                                                         ------------    ------------
        Total liabilities and stockholders' equity
                                                         $ 38,933,580    $ 29,967,825
                                                         ============    ============
</TABLE>
                 See notes to consolidated financial statements.

                                       3
<PAGE>
                          COMMUNITY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF OPERATIONS
         FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                     THREE MONTHS ENDED            NINE MONTHS ENDED
                                        SEPTEMBER 30,                 SEPTEMBER 30,
                                  -------------------------    --------------------------
                                     2003          2002           2003           2002
                                  -----------   -----------    -----------    -----------
<S>                               <C>           <C>            <C>            <C>
Interest income:
  Interest and fees on loans      $   524,321   $   426,390    $ 1,513,665    $ 1,261,294
  Interest on investment               31,517        40,944         85,757        139,836
    securities
  Federal Home Loan Bank                6,519         7,596         19,159         23,809
    dividends
  Other interest income                  --           2,670           --            3,621
                                  -----------   -----------    -----------    -----------
      Total interest income           562,357       477,600      1,618,581      1,428,560
                                  -----------   -----------    -----------    -----------

Interest expense:
  Interest on deposits                206,717       239,573        614,939        729,802
  Interest on Federal Home              2,943         2,100          7,673         11,030
    Loan Bank advances
  Interest on other                      --            --             --              568
    borrowings
                                  -----------   -----------    -----------    -----------
      Total interest expense          209,660       241,673        622,612        741,400
                                  -----------   -----------    -----------    -----------

      Net interest income             352,697       235,927        995,969        687,160

  Provision for loan losses            18,000         3,500         50,000          5,700
                                  -----------   -----------    -----------    -----------
      Net interest income
        after provision for
          loan losses                 334,697       232,427        945,969        681,460
                                  -----------   -----------    -----------    -----------

Other income:
  Service charges and fees             37,865        16,752        100,243         39,337
  Loss on sale of fixed                  --            --             --           (3,600)
    assets
  Loss on sale of foreclosed             --            (701)          --           (4,463)
    assets
  Insurance commissions and               940           994          3,584          4,038
    premiums
  Other income                          3,332         1,658         14,083         11,224
                                  -----------   -----------    -----------    -----------
                                       42,137        18,703        117,910         46,536
                                  -----------   -----------    -----------    -----------
Other expenses:
  Compensation and benefits           144,363       112,157        398,013        325,825
  Directors fees                       10,800        10,800         32,400         32,400
  Occupancy expense                    50,483        32,756        121,042         94,313
  Insurance premiums                    8,422         5,548         20,341         16,579
  Data processing                      45,989        39,861        135,230        117,976
  Advertising                          23,258        14,593         60,656         46,624
  Office supplies and postage          21,518        13,873         50,740         37,217
  Payroll and other taxes              18,112        15,001         53,696         45,323
  Professional fees                    11,572         6,928         29,027         19,618
  Other operating expenses             26,596        16,364         75,567         34,731
                                  -----------   -----------    -----------    -----------
                                      361,113       267,881        976,712        770,606
                                  -----------   -----------    -----------    -----------
Income (loss) before income            15,721       (16,751)        87,167        (42,610)
  taxes
Income tax expense (benefit)            5,933          --          (49,435)          --
                                  -----------   -----------    -----------    -----------
Net income (loss)                 $     9,788   $   (16,751)   $   136,602    $   (42,610)
                                  ===========   ===========    ===========    ===========
Basic earnings (loss) per share   $      0.04   $     (0.06)   $      0.49    $     (0.15)
                                  ===========   ===========    ===========    ===========
</TABLE>

                 See notes to consolidated financial statements.

                                       4
<PAGE>
                          COMMUNITY FIRST BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                 NINE MONTHS ENDED
                                                                   SEPTEMBER 30,
                                                             --------------------------
                                                                2003           2002
                                                             -----------    -----------
<S>                                                          <C>            <C>
Cash flows from operating activities:
    Net income (loss)                                        $   136,602    $   (42,610)
    Adjustments to reconcile net income (loss) to net
      cash provided by operating activities:
        FHLB stock dividend                                      (19,000)       (21,300)
        Provision for loan losses                                 50,000          5,700
        Depreciation, amortization and accretion                  63,036         58,960
        Loss on sale of foreclosed assets                           --            3,700
        Deferred income tax benefit                              (50,140)        10,000
        Change in assets and liabilities:
            Accrued interest receivable and other assets        (101,552)       (16,679)
            Accrued interest payable and other liabilities       150,172         24,967
                                                             -----------    -----------

                Net cash provided by
                  operating activities                           229,118         22,738
                                                             -----------    -----------

Cash flows from investing activities:
    Net increase in loans                                     (6,604,585)    (1,267,163)
    Proceeds from maturities/calls of held-to-maturity           439,914      1,439,223
       securities
    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                         (772,584)      (381,015)
                                                             -----------    -----------

                Net cash used in investing
                  activities                                  (8,951,353)      (703,617)
                                                             -----------    -----------

Cash flows from financing activities:
    Net increase in deposits                                   4,227,953      1,558,307
    Payments on short-term borrowings                               --       (1,000,000)
    Proceeds from short-term borrowings                        2,000,000           --
    Net proceeds from issuance of common stock                 2,469,205           --
                                                             -----------    -----------

                Net cash provided by financing activities      8,697,158        558,307
                                                             -----------    -----------

Net decrease in cash and cash equivalents                        (25,077)      (122,572)
Cash and cash equivalents, beginning of period                   758,126      2,306,937
                                                             -----------    -----------
Cash and cash equivalents, end of period                     $   733,049    $ 2,184,365
                                                             ===========    ===========
</TABLE>
                 See notes to consolidated financial statements.

                                       5
<PAGE>
                          COMMUNITY FIRST BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                              NINE MONTHS ENDED
                                                                SEPTEMBER 30,
                                                             -------------------
                                                               2003       2002
                                                             --------   --------
<S>                                                          <C>        <C>
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest                                       $622,612   $743,200
                                                             ========   ========

NON-CASH TRANSACTIONS:
Loans transferred to foreclosed real estate                      --     $  7,400
                                                             ========   ========
Loans to facilitate the sale of foreclosed real estate           --     $ 15,300
                                                             ========   ========
</TABLE>

                 See notes to consolidated financial statements.

                                       6
<PAGE>
                          COMMUNITY FIRST BANCORP, INC.

           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                         2003           2002
                                                     -----------    -----------
<S>                                                  <C>            <C>
Balance January 1                                    $ 1,748,866    $ 1,838,162
  Net income                                             136,602        (42,610)
  Issuance of common stock                             2,469,205           --
  Other comprehensive income (loss), net of tax          (18,176)          --
                                                     -----------    -----------
Balance at end of period                             $ 4,336,497    $ 1,795,552
                                                     ===========    ===========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                       7
<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 $2,469,205. Costs associated with the Conversion were
         deducted  from  the  proceeds  from the sale of the  common  stock  and
         totaled $308,045.

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 accounting  principles generally accepted
         in the United States of America. 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 consolidated balance sheet
         of the  company  as of  December  31,  2002 has been  derived  from the
         audited  consolidated  balance  sheet of the  company  as of that date.
         Certain  information  and note  disclosures  normally  included  in the
         company's annual financial statements prepared in accounting principles
         generally  accepted in the United States of America have been condensed
         or omitted. These condensed consolidated financial statements should be
         read in  conjunction  with the  consolidated  financial  statements and
         notes thereto  included in the company's  Form 10-KSB annual report for
         2002 filed with the Securities and Exchange Commission.  The statements
         of operations for periods  presented are not necessarily  indicative of
         the results which may be expected for the entire year.

                                       8
<PAGE>

         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.


3.       OTHER COMPREHENSIVE LOSS

         Other comprehensive loss components and related taxes were as follows:
<TABLE>
<CAPTION>
                                                             2003         2002
                                                           -------       -----
<S>                                                        <C>           <C>
         Unrealized loss on available-
            for-sale securities before
            tax effect                                     $27,541       $  --
         Tax expense                                         9,364          --
                                                           -------       -----
         Other comprehensive loss                          $18,177       $  --
                                                           =======       =====
</TABLE>


4.       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).
<TABLE>
<CAPTION>
                                                         2003            2002
                                                      ---------       ---------
<S>                                                   <C>             <C>
   Nine months ended September 30:
      Net income (loss)                               $ 136,602       $ (42,610)
      Weighted average number of
         common shares                                  277,725         277,725
                                                      ---------       ---------
               Basic Earnings (Loss)
                 per share                              $0.49          $(0.15)
                                                        =====          ======

                                                         2003            2002
                                                      ---------       ---------
   Three months ended September 30:
      Net income (loss)                               $   9,788       $ (16,751)
      Weighted average number of
         common shares                                  277,725         277,725
                                                      ---------       ---------
               Basic Earnings (Loss)
                 per share                              $0.04          $(0.06)
                                                        =====          ======
</TABLE>


                                       9
<PAGE>
ITEM 2.

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS 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.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

ALLOWANCE FOR LOAN LOSSES. The Company's  consolidated  financial statements are
prepared in accordance  with  accounting  principles  generally  accepted in the
United  States and  follow  general  practices  within  the  financial  services
industry.  The most significant  accounting policies followed by the Company are
presented in Note 1 to the  consolidated  financial  statements in the Company's
Registration  Statement  on Form SB-2 filed  with the  Securities  and  Exchange
Commission.  These policies,  along with the disclosures  presented in the other
financial  statement notes and in this financial review,  provide information on
how significant  assets and  liabilities are valued in the financial  statements
and how those values are determined.  Based on the valuation techniques used and
the sensitivity of financial statement amounts to the methods,  assumptions, and
estimates underlying those amounts,  management has identified the determination
of the  allowance  for loan losses to be the  accounting  area that requires the
most  subjective  or complex  judgments,  and as such  could be most  subject to
revision as new information becomes available.

The  allowance  for loan  losses  represents  management's  estimate of probable
credit  losses  inherent in the loan  portfolio.  Determining  the amount of the
allowance for loan losses is considered a critical  accounting  estimate because
it requires  significant judgment and the use of estimates related to the amount
and timing of expected future cash flows on impaired loans,  estimated losses on
loans based on historical loss experience, and consideration of current economic
trends and conditions, all of which may be susceptible to significant change.

                                       10
<PAGE>

The loan  portfolio also  represents the largest asset type on the  consolidated
balance sheet. Note 1 to the consolidated  financial statements in the Company's
Registration  Statement  on Form SB-2 filed  with the  Securities  and  Exchange
Commission  describes the  methodology  used to determine the allowance for loan
losses,  and a discussion  of the factors  driving  changes in the amount of the
allowance for loan losses is included under Asset Quality below.

Loans that  exhibit  probable  or  observed  credit  weaknesses  are  subject to
individual review. Where appropriate, reserves are allocated to individual loans
based on management's estimate of the borrower's ability to repay the loan given
the  availability  of  collateral,  other sources of cash flow and legal options
available to the Company.  Included in the review of individual  loans are those
that are  impaired as provided in SFAS No. 114,  "Accounting  by  Creditors  for
Impairment  of a  Loan."  The  Company  evaluates  the  collectibility  of  both
principal and interest when assessing the need for a loss accrual. Historical or
industry  loss  rates  are  applied  to  other  loans  not  subject  to  reserve
allocations.  These  historical  or  industry  loss  rates may be  adjusted  for
significant  factors that, in management's  judgment,  reflect the impact of any
current  conditions on loss recognition.  Factors which management  considers in
the analysis include the effects of the national and local economies,  trends in
the  nature  and  volume of loans  (delinquencies,  charge-offs  and  nonaccrual
loans),  changes  in  mix,  asset  quality  trends,  risk  management  and  loan
administration,  changes in internal lending policies and credit standards,  and
examination  results  from bank  regulatory  agencies  and our  internal  credit
examiners.

An unallocated  reserve is maintained to recognize the imprecision in estimating
and measuring loss when  evaluating  reserves for  individual  loans or pools of
loans.  Reserves on individual  loans and  historical or industry loss rates are
reviewed  quarterly and adjusted as necessary based on changing  borrower and/or
collateral conditions and actual collection and charge-off experience.

The Company has not substantively  changed any aspect of its overall approach in
the determination of the allowance for loan losses.  There have been no material
changes in  assumptions  or  estimation  techniques as compared to prior periods
that impacted the determination of the current period allowance.

Based on the procedures  discussed above,  management is of the opinion that the
reserve of $151,277 was adequate, but not excessive,  to absorb estimated credit
losses associated with the loan portfolio at September 30, 2003.

DEFERRED INCOME TAXES. We have a deferred tax asset of $59,504. We evaluate this
asset on a quarterly  basis. To the extent we believe it is more likely than not
that it will not be utilized,  we establish a valuation  allowance to reduce its
carrying  amount to the amount we expect to be realized.  At September 30, 2003,
there is no  valuation  allowance  established.  The  deferred tax asset will be
utilized as we are profitable or as we carry back tax losses to periods in which
we paid income taxes.  The estimate of the realizable  amount of this asset is a
critical accounting policy.

                                       11
<PAGE>
COMPARISON  OF THE RESULTS OF  OPERATIONS  FOR THE THREE AND NINE MONTH  PERIODS
ENDED SEPTEMBER 30, 2003 AND 2002

NET  INCOME.  Net income for the  quarter  ended  September  30, 2003 was $9,788
compared to a net loss of  $(16,751)  for the same period last year.  Net income
for the nine months ended September 30, 2003 was $136,602 compared to a net loss
of $(42,610)  for the nine months ended  September  30, 2002.  The Company's net
income  for the  three  and  nine  months  ended  September  30,  2003  reflects
management's ongoing efforts to restore the Bank to profitability.

NET INTEREST INCOME. Net interest income increased $116,800 or 49.5% to $352,700
for the three months ended September 30, 2003 compared to $235,900 for the three
months ended September 30, 2002.  Year-to-date  net interest income was $996,000
compared to $687,200 for the nine months ended  September  30, 2002, an increase
of  $308,800,  or 44.9%.  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 nine months ended September
30, 2003 was $562,400 and $1,618,600,  respectively,  an increase of $84,800 and
$190,000 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 nine months ended  September  30, 2003,  net
loans  averaged $29.1 million for the period as compared to $22.5 million during
the first nine months of fiscal year 2002. While interest rates decreased during
this  period,  interest  income  increased by $190,000  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
$32,000  and  $118,800,  respectively,  for the  three  and  nine  months  ended
September  30, 2003 as compared to the prior year periods.  The Bank's  interest
rate spread  increased  to 3.48% for the nine months  ended  September  30, 2003
compared to 3.45% for the nine months ended  September  30,  2002.  Net interest
margin  increased  to 3.64% for the 2003  period  compared to 3.35% for the 2002
period.

PROVISION FOR LOAN LOSSES. The provision for loan losses was $18,000 and $50,000
for the three and nine months ended September 30, 2003,  respectively,  compared
to $3,500 and $5,700 for the three and nine months  ended  September  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
September 30, 2003,  the Bank's  allowance for loan losses was $151,300 or 0.47%
of the gross loan portfolio.

OTHER  INCOME.  Other  income was $42,100 and  $18,700  for the  quarters  ended
September 30, 2003 and 2002, respectively, and $117,900 and $49,700 for the nine
months ended  September 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 from service charges and fees on deposit accounts.

OTHER EXPENSES. Other expenses were $361,100 and $267,900 for the quarters ended
September  30, 2003 and 2002,  respectively,  and  $976,700 and $773,300 for the
nine months ended  September 30, 2003 and 2002,  respectively.  The increase for
the most recent periods was due primarily to higher occupancy,  data processing,
and  compensation  expense.  The Company  anticipates  that other  expenses will
increase due to the planned  opening of a new branch in the 1st quarter of 2004.
The Bank has begun hiring personnel for the new branch. The Bank also expects to
terminate  its  contract  with its current

                                       12
<PAGE>

data  processing  provider and begin  converting to a new data  processor in the
fourth  quarter.  The  Bank  currently  estimates  that the  aggregate  expenses
associated with the termination and conversion could range as high as $190,000.

INCOME TAX EXPENSE (BENEFIT).  The Bank recorded an income tax expense (benefit)
of $5,900 and ($49,400) for the three- and  nine-month  periods ended  September
30,  2003,  compared  to no income tax  benefit  or  expense  for the three- and
nine-month  periods  ended  September  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 BALANCE SHEETS AT SEPTEMBER 30, 2003 AND DECEMBER 31, 2002

The  Company's  total assets as of  September  30, 2003 were $38.9  million,  an
increase of $8.9 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 $6.6 million, or 25.6%, which reflected our continued marketing efforts.  The
Company's  investment  securities  also increased by $1.5 million,  or 80.5%, to
$3.4 million at September 30, 2003.  The Bank invested a portion of the proceeds
from its stock conversion into investment securities.

Premises  and  equipment  increased  $725,000,  or 93.8%,  primarily  due to the
acquisition  of a new branch  site and the  purchase  of  equipment  for the new
branch. The Company expects to make additional expenditures for the branch prior
to the opening in the first quarter of 2004.

Liabilities  increased by $6.4 million, or 22.6%, to $34.6 million due primarily
to a $4.2  million,  or 15.0%,  increase in deposits  as the Bank  continued  to
attract deposits locally at favorable rates.

Federal Home Loan Bank advances  increased to $2.0 million at September 30, 2003
from $0 at December 31, 2002.  The Bank has used  proceeds  from the advances to
help meet loan demand.

Stockholders'  equity  increased to $4.3 million at September 30, 2003 from $1.7
million at December 31, 2002. The increase in stockholders'  equity  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 $136,600 in earnings during the period.

At September 30, 2003, the Bank was in compliance with all applicable regulatory
capital  requirements with tangible and core capital equal to 10.98% of adjusted
total  assets  and total  risk-based  capital  equal to 21.89% of  risk-weighted
assets.

                                       13
<PAGE>
ASSET QUALITY

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

Total non-performing loans                                       --             29

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

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

At September 30, 2003, there were $28,000 in 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.  The loan was current at
September  30, 2003 but the Bank has received  information  that the borrower on
this loan may file bankruptcy.

An analysis of the changes in the allowance for loan losses is as follows:
<TABLE>
<CAPTION>
                                                         NINE MONTHS ENDED
                                                           SEPTEMBER 30,
                                                    ---------------------------
                                                       2003             2002
                                                    ---------         ---------
<S>                                                 <C>               <C>
Balance, beginning of period                        $ 105,868         $ 105,000
Loans charged off                                      (6,052)          (26,506)
Loan recoveries                                         1,461            11,357
                                                    ---------         ---------

     Net charge-offs                                   (4,591)          (15,149)

                                                       50,000             5,700
Provision for loan losses
                                                    ---------         ---------

Balance, end of period                              $ 151,277         $  95,551
                                                    =========         =========
</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.

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

                                       14
<PAGE>

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 with
banks,  and federal  funds sold),  as of September  30, 2003,  totaled  $733,000
compared  to $2.2  million at  September  30,  2002.  The Bank's cash flows were
provided mainly by financing activities, including $4.2 million from net deposit
increases and $2.5 million in net proceeds from the stock conversion.  Operating
activities  provided  $229,100 in cash for the nine months ended  September  30,
2003  compared to $22,700 used in cash for the nine months ended  September  30,
2002. The Bank used cash flows for its investing activities primarily to fund an
increase in gross loans of $6.6 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
September  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.

                                       15
<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     Rule 13a-14(a)/15d-14(a) Certification of Chief Executive
                    Officer
         31.2     Rule 13a-14(a)/15d-14(a) 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  September 30, 2003,  the Registrant did
               not file any current reports on Form 8-K.

                                       16
<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: November 14, 2003             /s/ William M. Tandy
                                    --------------------------------------------
                                    William M. Tandy, President
                                    (Duly Authorized Representative)


Date: November 14, 2003             /s/ Michael D. Wortham
                                    --------------------------------------------
                                    Michael D. Wortham, Vice President
                                    (Chief Financial Officer)

                                       17