U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 10-Q

(Mark One)

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934

     For the quarterly period ended March 31, 2000

[ ]  Transition Report Pursuant to Section 13 or 15(d) of the Exchange Act

     For the transition period from ______ to ______

                       Commission File Number: 0-22543

                         COMMUNITY FIRST BANKING COMPANY
------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

                 GEORGIA                              58-2309605
   ---------------------------------            ---------------------
   (State or Other Jurisdiction of              (I.R.S. Employer
   Incorporation or Organization)               Identification No.)

                                110 Dixie Street
                            Carrollton, Georgia 30117
                                 (770) 834-1071

            -------------------------------------------------------
          (Address of Principal Executive Offices and Telephone Number)

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  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_

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest  practicable date: As of May 10, 2000, there were
3,282,054  shares issued and 2,751,715  shares  outstanding of the  Registrant's
Common Stock, par value $.01 per share.

CONTENTS

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

     Consolidated  Balance  Sheets as of  March 31, 2000 (unaudited)  and
          December 31, 1999

     Consolidated  Statements  of Earnings  for the Three Months  Ended
          March 31, 2000 and 1999 (unaudited)

     Consolidated  Statements  of  Comprehensive  Income  for the Three
          Months Ended March 31, 2000 and 1999 (unaudited)

     Consolidated  Statements of Cash Flows for the Three Months Ended March
          31, 2000 and 1999 (unaudited)

     Notes to Consolidated Financial Statements

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

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

Item 2.  Changes in Securities

Item 3.  Defaults Upon Senior Securities

Item 4.  Submission of Matters to a Vote of Security Holders

Item 5.  Other Information

Item 6.  Exhibits and Reports on Form 8-K

SIGNATURES
<PAGE>
                        COMMUNITY FIRST BANKING COMPANY
                          Consolidated Balance Sheets
                           (In thousands of dollars)
<TABLE>
<CAPTION>
                                                                    March 31,  December 31,
                                                                       2000         1999
                                      Assets                       (Unaudited)
<S>                                                                <C>          <C>
Cash and due from banks ..........................................      7,701       9,252
Interest-bearing deposits in financial institutions ..............        354         925
Federal funds sold ...............................................        760         220
                                                                     --------    --------
   Cash & cash equivalents .......................................      8,815      10,397

Securities available for sale ....................................     62,484      64,665
Securities held to maturity ......................................        180         184
Other investments ................................................      2,922       3,173
Mortgage loans held for sale .....................................        162          59
Loans, net .......................................................    305,210     290,804
Premises and equipment net .......................................      7,355       7,516
Accrued interest receivable ......................................      2,827       3,005
Other real estate and repossessions ..............................        267         528
Other assets .....................................................      6,146       5,717
                                                                     --------    --------
   Total assets ..................................................    396,368     386,048
                                                                     ========    ========
                       Liabilities and Stockholders' Equity
Deposits:
  Demand .........................................................     12,506      13,029
  Interest-bearing demand ........................................     57,355      55,424
  Savings ........................................................     29,145      29,552
  Time ...........................................................    143,626     144,347
  Time, over $100,000 ............................................     62,157      53,035
                                                                     --------    --------
     Total deposits ..............................................    304,789     295,387

Note payable and other borrowings ................................     58,504      55,345
Federal funds purchased ..........................................      3,629       5,684
Accrued interest payable and other liabilities ...................      2,842       2,433
                                                                     --------    --------
     Total liabilities ...........................................    369,764     358,849

Stockholders' Equity:
 Convertible preferred stock, par value $.01, 96,542 shares issued          1           1
 Common stock, $.01 par, 10,000,000 authorized, 3,282,054 issued .         33          33
 Additional paid in capital ......................................     14,663      14,663
 Retained earnings ...............................................     26,601      25,842
 Treasury stock at cost ..........................................    (10,483)     (9,826)
 Accumulated other comprehensive income and (loss) ...............     (4,211)     (3,514)
                                                                     --------    --------
     Total stockholders' equity ..................................     26,604      27,199
                                                                     --------    --------
  Total liabilities & stockholders' equity .......................    396,368     386,048
                                                                     ========    ========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
                         COMMUNITY FIRST BANKING COMPANY
                   Consolidated Statements of Earnings (Inst.8)
                                   (Unaudited)
                            (In thousands of dollars)
<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                                          March 31,
                                                                      2000      1999
<S>                                                                <C>       <C>
Interest income:
 Interest and fees on loans ......................................    6,856     6,251
 Interest-bearing deposits  and federal funds sold ...............       32       179
 Interest and dividends on investment securities:
   U.S. Treasury .................................................       -         45
   U.S. Govt. agency and mortgage-backed .........................    1,044       938
   State, county & municipals ....................................        1        29
   Other .........................................................       81        89
                                                                    -------   -------
     Total interest income .......................................    8,014     7,531
                                                                    -------   -------
Interest Expense:
 Interest on deposits:
   Demand ........................................................      298       272
   Savings .......................................................      150       165
   Time ..........................................................    2,665     2,598
                                                                    -------   -------
                                                                      3,113     3,035
                                                                    -------   -------
Interest on note payable and other borrowings ....................      917       957
                                                                    -------   -------
          Total interest expense .................................    4,030     3,992
                                                                    -------   -------
           Net interest income ...................................    3,984     3,539
                                                                    -------   -------
Provision for loan losses ........................................      234       172
                                                                    -------   -------
          Net interest income after provision for loan losses ....    3,750     3,367
                                                                    -------   -------
Noninterest income:
   Service charges on deposits ...................................      506       582
   Gain (Loss) on calls and sales of securities available for sale       (7)       -
   Insurance commissions .........................................      212       195
   Miscellaneous .................................................      286       244
                                                                    -------   -------
          Total noninterest income ...............................      997     1,021
                                                                    -------   -------
Noninterest expenses:
   Salaries and employee benefits ................................    1,682     1,553
   ESOP and MRP expense ..........................................       -        370
   Occupancy and equipment .......................................      325       375
   Deposit insurance premiums ....................................       15        45
   Other operating ...............................................      906       985
                                                                    -------   -------
         Total noninterest expense ...............................    2,928     3,328
                                                                    -------   -------
         Earnings before income taxes ............................    1,819     1,060
Income tax expense ...............................................      585       297
                                                                    -------   -------
               Net earnings ......................................    1,234       763
                                                                    =======   =======

 EPS basic .......................................................     0.45      0.30
 EPS diluted .....................................................     0.42      0.28
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
                         COMMUNITY FIRST BANKING COMPANY
                 Consolidated Statements of Comprehensive Income
                      (Unaudited - in thousands of dollars)
<TABLE>
<CAPTION>
                                                                                Three Months Ended
                                                                                      March 31,
                                                                                  2000      1999
                                                                                  ----      ----
<S>                                                                             <C>       <C>
Net earnings .................................................................    1,234       763
Other  comprehensive  income,  net of  income  taxes:
 Unrealized  gains (losses) on securities available for sale .................   (1,130)     (404)
  Income tax on gains (losses) ...............................................     (429)     (153)
                                                                                 ------    ------
    Unrealized gains (losses) arising during the period, net of tax ..........     (701)     (251)
                                                                                 ------    ------
  Less: Reclassification adjustment for (losses) included in net earnings ....       (7)     --
   Income tax on reclassification on adjustments .............................       (3)     --
                                                                                 ------    ------
    Reclassification adjustment for gains included in net earnings, net of tax       (4)     --
                                                                                 ------    ------
     Other comprehensive income (loss) .......................................     (697)     (251)
                                                                                 ------    ------
COMPREHENSIVE INCOME .........................................................      537       512
                                                                                 ======    ======
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
                         COMMUNITY FIRST BANKING COMPANY
                      Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
                                                                                       Three Months Ended
                                                                                            March 31,
                                                                                         2000       1999
                                                                                         ----       ----
                                                                                          In thousands
<S>                                                                                    <C>        <C>
Net earnings .......................................................................     1,234        763
 Adjustments to reconcile net earnings to net cash provided by operating activities:
  Depreciation, amortization and accretion .........................................       204        249
  Provision for loan losses ........................................................       234        172
  Deferred income tax expense (benefit) ............................................       427       --
  Loss on calls and sales of securities available for sale .........................         7       --
  Loss (gain) on sale of other real estate .........................................      --          (58)
  Loss (gain) on sales of premises and equipment, net ..............................      --          (15)
  ESOP and MRP compensation expense ................................................      --          370
  Change in:
    Mortgage loans held for sale ...................................................      (103)        (5)
    Accrued interest receivable ....................................................       178          2
    Other assets ...................................................................      (429)      (695)
    Accrued interest payable .......................................................         5         12
    Other liabilities ..............................................................       404         84
                                                                                       -------    -------
       Net cash provided by (used in) operating activities .........................     2,161        879
                                                                                       -------    -------

Cash flows from investing activities:
  Proceeds from sales and calls of securities available for sale ...................        18       --
  Proceeds from maturities of securities held to maturity ..........................         4         20
  Proceeds from maturities of securities available for sale ........................     1,155      4,370
  Purchases of other investments ...................................................      --       (1,072)
  Proceeds from sales of other investments .........................................       251       --
  Purchases of securities available for sale .......................................      --       (2,998)
  Net change in loans ..............................................................   (14,779)    (3,324)
  Proceeds from sale of real estate and repossessions ..............................       259        311
  Proceeds from sales of premises and equipment ....................................      --           15
  Purchases of premises and equipment ..............................................       (25)       (87)
                                                                                       -------    -------
       Net cash provided by (used in) investing activities .........................   (13,117)    (2,765)
                                                                                       -------    -------

Cash flows from financing activities:
  Net change in demand and savings deposits ........................................     1,001      2,392
  Net change in time deposits ......................................................     8,401      4,741
  Payment of FHLB advances .........................................................       (65)   (10,065)
  Proceeds from  FHLB advances .....................................................     5,000     24,000
  Payment of federal funds purchased ...............................................    (2,055)      --
  Change in payable for branch sales ...............................................      --      (27,461)
  Payment of note payable ..........................................................    (1,776)    (1,000)
  Treasury stock purchased .........................................................      (657)      (348)
  Cash dividend paid ...............................................................      (475)      (267)
                                                                                       -------    -------
      Net cash provided by financing activities ....................................     9,374     (8,008)
                                                                                       -------    -------
      Net change in cash and cash equivalents ......................................    (1,582)    (9,894)
                                                                                       -------    -------
Cash and cash equivalents at beginning of year .....................................    10,397     32,736
                                                                                       -------    -------
Cash and cash equivalents at quarter end ...........................................     8,815     22,842
                                                                                       =======    =======
</TABLE>
See Notes to Consolidated Financial Statements.
<TABLE>
<CAPTION>
                                                                                       Three Months Ended
Supplemental disclosure of cash flow information:                                           March 31,
                                                                                         2000       1999
                                                                                          In thousands
<S>                                                                                   <C>         <C>
  Cash paid for:
     Interest.......................................................................     4,025      3,980
     Income taxes...................................................................       617        --
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
COMMUNITY FIRST BANKING COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1.  NATURE OF BUSINESS

GENERAL

Community First Banking Company (the "Company") was incorporated in the State of
Georgia on March 12, 1997, for the purpose of becoming a holding  company to own
100% of the  outstanding  capital  stock of Carrollton  Federal  Bank,  FSB (the
"Savings  Bank").  The Savings Bank was organized on August 1, 1994 as a federal
savings bank subsidiary of CF Mutual Holdings (the "Mutual Holding Company"),  a
federally chartered mutual holding company.  Prior to that date, the predecessor
of the Savings Bank had operated as a mutual savings bank since 1929.

On June 27, 1997, a plan of conversion  and  reorganization  whereby the Company
became the unitary  holding  company for the Savings Bank and the dissolution of
the Mutual Holding Company was completed.

On December 29, 1997,  the Savings Bank  converted  from a federal  savings bank
regulated  by the  Office of Thrift  Supervision  to a Georgia  chartered  state
commercial  bank regulated by the Georgia  Department of Banking and Finance and
concurrently  changed the name of the  institution to Community  First Bank (the
"Bank").

NOTE 2.  BASIS OF PRESENTATION

The accompanying  unaudited  consolidated  financial  statements (except for the
statement of financial  condition on December 31, 1999,  which is audited)  have
been prepared in accordance with instructions to Form 10Q. Accordingly,  they do
not include all of the information and footnotes  required by generally accepted
accounting  principles  for  complete  financial  statements.  In the opinion of
management,  all  adjustments  (none of which were other than  normal  recurring
accruals)  necessary  for a fair  presentation  of the  financial  position  and
results  of  operations  for the  periods  presented  have  been  included.  The
accompanying  consolidated  financial  statements  include  the  accounts of the
Company and the Bank. All significant intercompany items have been eliminated.

The  results of  operations  for the three  months  ended March 31, 2000 are not
necessarily indicative of the results of operations that may be expected for the
year ended December 31, 2000. The accompanying consolidated financial statements
and related notes of Community  First Banking  Company and subsidiary  should be
read in  conjunction  with the audited  consolidated  financial  statements  and
related notes included in the Company's  Annual Report on Form 10-K for the year
ended December 31, 1999.

NOTE 3.  EARNINGS PER COMMON SHARE

Earnings per common share  calculations  for the three month periods ended March
31, 2000 and 1999 are  presented  based on the net earnings for the three months
divided by the  weighted  average  number of shares  outstanding,  or  2,760,125
shares (three  months ended March 31, 2000) and  2,561,707  shares (three months
ended March 31, 1999).  Diluted earnings per common share takes into account the
effect of dilution from the assumed  exercise of all  outstanding  stock options
and awards.  Diluted  earnings  per common share is  calculated  by dividing net
earnings by the average  number of common  shares  outstanding  adjusted for the
incremental shares resulting from the exercise of dilutive convertible preferred
stock options during the period, or 2,953,209 and 2,757,297 shares for the three
months ended March 31, 2000 and 1999 respectively.

NOTE 4. DIVIDENDS DECLARED

On March 16, 2000 the Board of Directors of the Company approved a cash dividend
of $.1725 per share  payable April 1, 2000 for  stockholders  of record on March
17, 2000.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2000 AND MARCH 31, 1999

On March 31,  2000 the Company had total  assets of $396.4  million  compared to
$386.0 million at December 31, 1999. This increase in assets of $10.3 million or
2.7% is primarily due to a increase in net loans of $14.4 million or 5.0%.  This
increase in loans was  partially  offset by a $2.2  million or 3.4%  decrease in
available for sale  securities  (resulting  primarily from maturities and normal
amortization),  and a decrease in cash and cash  equivalents  of $1.6 million or
15.2%.

Total deposit liabilities  increased $9.4 million or 3.2% from December 31, 1999
to March 31, 2000. Time desposits over $100,000 increased $9.1 million primarily
from a brokered  certificate of deposit of $8.7 million  accepted in March 2000.
Time deposits less than $100,000 decreased  $721,000 or -.5%.  Interest bearing
demand deposits  increased $1.9 million or 3.5%, and demand  deposits  decreased
$523,000 or -4.0%.  Savings deposits  decreased  $407,000 or -1.4% for the three
months ended March 31, 2000.

Note  payable and other  borrowings  increased  $3.2  million or 5.7% during the
three  months ended March 31,  2000.  This  increase  resulted  from  additional
borrowings  of $5.0  million by the Bank from the Federal Home Loan Bank (FHLB).
This borrowing was offset by a reduction in notes payable by the Company of $1.8
million.  Federal funds  purchased by the Bank decreased $2.1 million during the
three months ended March 31, 2000.

Retained  earnings  increased  $759,000  during the three months ended March 31,
2000. This increase  represents earnings of $1.2 million less dividends declared
of  $475,000.  Treasury  stock  increased  $657,000  from the purchase of 37,733
shares  of the  Company's  stock  at an  average  price  of  $17.42  per  share.
Accumulated  other  comprehensive  losses  increased  $697,000  during the three
months ended March 31, 2000 as a result of a rising  interest  rate  environment
and the decrease in stock prices of equity securities.


COMPARISON  OF RESULTS OF  OPERATIONS  FOR THE THREE MONTHS ENDED MARCH 31, 2000
AND 1999

GENERAL.  Net earnings totaled $1.2 million for the three months ended March 31,
2000,  an increase of  $471,000  or 61.7% over the  $763,000  earned in the same
three  months in 1999.  This  increase  is  primarily  the  result of higher net
interest  income  and lower  noninterest  expense.  These and other  significant
fluctuations are discussed below.

NET INTEREST  INCOME.  Net interest  income for the three months ended March 31,
2000  increased  $445,000 or 12.6%  compared to the same  three-month  period in
1999.  Total interest income  increased  $483,000 or 6.4%,  while total interest
expense  increased  $38,000 or 1.0%. The increase in interest  income was caused
primarily by higher  average loan  balances  during the three months ended March
31,  2000  compared to the same three  months in 1999.  The loan  portfolio  mix
continues to move away from residential  mortgage loans and into higher yielding
commercial loans. The average balance of loans by type for the first quarters of
2000 and 1999 were as follows:

                                    Average Balances
                                   Three Months Ended
                                       March 31,
                                    2000       1999
                                    ----       ----
                                    (In thousands)
Mortgage loans                     83,322    113,822
Consumer loans                     53,687     54,548
Construction loans                 36,852      3,239
Commercial loans                  134,997    103,049
                                  -------    -------
                                  308,858    274,658
                                  =======    =======

Interest and fee income on loans increased $605,000 or 9.7% in the first quarter
of 2000 compared to the same quarter in 1999, while the average balance of loans
increased  $34.2  million or 12.5%.  Interest  income on federal  funds sold and
interest-bearing deposits decreased $147,000 or 82.1% for the three months ended
March 31,  2000  compared  to the same three  months of 1999.  This  decrease in
income on federal  funds and deposits  resulted from use of funds not needed for
liquidity  being  used to fund loan  demand.  Interest  and  dividend  income on
investment  securities  increased  $25,000 or 2.3% during the three months ended
March 31, 2000 compared to the same three months of 1999.

The net interest rate spread  measures the difference  between the average yield
on earning  assets and the  average  rate paid on  interest  bearing  sources of
funds.  The net interest  rate spread for the quarters  ended March 31, 2000 and
1999 was 4.37% and 3.94% respectively.
<PAGE>

The following table presents average balances,  associated rates earned and paid
for all interest earning assets and interest bearing liabilities,  and variances
caused by volume and rates for the three  months  ended March 31, 2000 and March
31, 1999. (dollars in thousands)
<TABLE>
<CAPTION>
                                                                                                       Three Months Ended
                                                                                                         March 31, 2000
                                                                                                      Compared to Same Three
                                         Quarter Ended                  Quarter Ended                    Months of 1999
                                         March 31, 2000                March 31, 1999              Increase (Decrease) Due To
                                         --------------                --------------              --------------------------
                                    Average   Interest Effective   Average  Interest Effective       Volume   Rate      Total
                                    Balance    Yield     Rate      Balance    Yield    Rate        Variance Variance   Variance
 <S>                                 <C>       <C>     <C>         <C>         <C>      <C>         <C>      <C>      <C>
Loans, Net                          294,153    6,856   9.35%       271,689      6,251    9.33%        516       89       605
Interest-Bearing Deposits & FF Sold   2,199       32   5.84%        14,213        179    5.11%       (151)       4      (147)
Securities                           63,767    1,126   7.08%        74,600      1,101    5.99%       (159)     184        25
--------------------------------------------------------------- -------------------------------    --------------------------
                                    360,119    8,014   8.93%       360,502      7,531    8.47%        206      277       483
--------------------------------------------------------------- -------------------------------    --------------------------
Demand Deposits                      67,487      298   1.77%        65,308        272    1.69%          9       17        26
Savings                              29,297      150   2.05%        32,117        165    2.08%        (14)      (1)      (15)
Certificates of Deposit             197,572    2,665   5.41%       189,591      2,598    5.56%        109      (42)       67
Borrowings                           60,701      917   6.06%        69,831        957    5.56%       (125)      85       (40)
--------------------------------------------------------------- -------------------------------    --------------------------
                                    355,057    4,030   4.55%       356,847      3,992    4.54%        (21)      59        38
--------------------------------------------------------------- -------------------------------    --------------------------
Net Interest Income & Spread                   3,984   4.37%                    3,539    3.94%
Change                                                                                                227      218       445
</TABLE>

PROVISION  FOR LOAN LOSSES.  The  provision for loan losses was $234,000 for the
three  months  ended March 31, 2000  compared to $172,000  for the three  months
ended March 31, 1999. At March 31, 2000,  the loan loss reserve was $3.5 million
or 1.1% of total loans  compared to $3.0 million or 1.1% of total loans at March
31, 1999.  Management deemed the allowance for loan losses adequate at March 31,
2000.

NONPERFORMING  ASSETS AND PAST DUE LOANS.  Nonperforming  assets,  comprised  of
non-accrual  loans (generally loans on which payments are more than 90 days past
due) and other real estate  owned  totaled  $931,000 or 0.2% of total  assets at
March 31, 2000, and $6.2 million or 1.6% of total assets at March 31, 1999.

OTHER INCOME. Total noninterest income decreased $24,000, or 2.4%, for the three
months  ended  March 31,  2000  versus  the same three  months in 1999.  Service
charges on  deposits  decreased  $76,000 or 13.1% for the first  quarter of 2000
verses the same period in 1999.  The Company sold equity  securities  during the
first quarter of 2000 for a loss of $7,000.  Income from  insurance  commissions
increased  $17,000 or 8.7% primarily  because of the insurance  subsidary of the
Bank.  Miscellaneous  income  increased  $42,000 or 17.2%  primarily  because of
higher return item charges.

NONINTEREST EXPENSES. Total noninterest expenses decreased $400,000 or 12.0% for
the three  months  ended March 31, 2000 as compared to the same three  months in
1999. This decrease was primarily the result of all the expenses associated with
the ESOP and MRP being recognized  prior to December 31, 1999.  During the first
quarter of 1999 ESOP and MRP expense  totaled  $370,000.  Salaries  and employee
benefits  increased  $129,000 for the three months ended March 31, 2000 compared
to the same  three  months  of 1999  because  of an  annual  wage  increase  and
additional health insurance accruals to cover higher costs experienced in recent
months.  Occupancy and equipment  expense decreased  $50,000.  Deposit insurance
premiums decreased $30,000 and other operating expense decreased $79,000 for the
three months ended March 31, 2000 compared to the same three months of 1999.

INCOME  TAXES.  Income tax  expense  for the  quarter  ended  March 31, 2000 was
$585,000 or 32.2% of pretax  income and  $297,000 or 28.0% of pretax  income for
the same three month period in 1999. The difference  between these rates and the
statutory  rate is  primarily  the  result  of  interest  income  on tax  exempt
securities and the dividend  received  deduction on government  agency preferred
stocks.

LIQUIDITY AND CAPITAL RESOURCES. Operating activities provided net cash proceeds
of $2.2 million for the three months ended March 31, 2000.  Investing activities
used $13.1  million in cash during this same three months  primarily  because of
the $14.8  million  increase in net loans.  Financing  activities  provided $9.4
million of cash during the three  months  ended  March 31,  2000.  Increases  in
demand and savings  deposits  provided $1.0 million,  increases in time deposits
provided  $8.4  million,  primarily  because of the brokered  deposit  mentioned
previously,  and borrowing  from FHLB  provided  $5.0 million.  Cash provided by
financing  activities was offset in part by repayment of $2.1 million of federal
funds  purchased  by the Bank and  repayment by the Company of $1.8 million of a
note  payable.  See the  Consolidated  Statements  of Cash  Flow for a  complete
analysis of sources and uses of cash.

The asset portion of the balance sheet provides liquidity primarily through loan
principal  repayments,  maturities  of  investment  securities  and, to a lesser
extent,  sales  of  securities.   Installment  loan  payments  are  becoming  an
increasingly  important  source of liquidity  for the Company as this  portfolio
continues to grow. Other  short-term  investments such as federal funds sold and
maturing  interest-bearing  deposits with other banks are additional  sources of
liquidity funding.

The liability  portion of the balance sheet provides  liquidity  through various
customers'  interest-bearing and  noninterest-bearing  deposit  accounts.  These
sources of liquidity are  short-term in nature and are used as necessary to fund
asset growth and meet short-term liquidity needs.  Liquidity is also provided by
advances  from the FHLB of Atlanta and federal  funds  accomodations  from other
lending institutions.

As of  March  31,  2000 the  Bank's  regulatory  capital  was in  excess  of all
applicable  regulatory  requirements.  At  March  31,  2000,  the  Bank's  total
risk-based  capital,  tier 1  risk-based  capital  and  tier 1  leverage  ratios
amounted  to 10.2%, 9.0%  and 7.4%,  respectively,  compared  to  regulatory
requirements of 8.0%, 4.0% and 4.0%, respectively.


PART II.  OTHER INFORMATION

      ITEM 1.  LEGAL PROCEEDINGS

            None.

      ITEM 2.  CHANGES IN SECURITIES

            None.

      ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

            None.

      ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS

            None

      ITEM 5.  OTHER INFORMATION

            None

      ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

          (a) The following exhibit is filed herewith:

               Exhibit 27 Financial Data Schedule

          (b) No  reports  on Form 8-K  were  filed  during  the  quarter  ended
              March 31, 2000.


<PAGE>

                                   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.

                         COMMUNITY FIRST BANKING COMPANY


Date:       May 11, 2000           /s/ Gary D. Dorminey
                                  ----------------------
                                    Gary D. Dorminey
                                       President
                              (Principal Executive Officer)



Date:       May 11, 2000          /s/ C. Lynn Gable
                                 -------------------
                                  C. Lynn Gable
                              Chief Financial Officer
                           (Principal Financial Officer)