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FORM 10-QSB/A
U.S. SECURITIES AND EXCHANGE COMMISSIONWASHINGTON D.C. 20549

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|/x/                                          | Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934                                           
|-------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------
|For the quarterly period ended June 30, 2001
|/ /                                          | Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934 (No fee required) for the period from  to

Commission File Number 000-29105

CENTENNIAL FIRST FINANCIAL SERVICES(Name of Small Business Issuer in its Charter)

Incorporated in the State of California
IRS Employer Identification Number 91-1995265
Address: 218 East State Street, Redlands, CA 92373

Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act: Common Stock

Check
whether the issuer: (1) filed all reports required to be filed by Telephone: (909) 798-3611 Section 13 or 15(d) of the Securities 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 / /

State
the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: Common stock, 719,401 shares (June 30,2001).

Transitional
Small Business Disclosure Format: Yes / /  No /x/

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FORM 10-QSB        CROSS REFERENCE INDEX

|       |  |                      |  | Page
|------ |  | -------------------- |  | ----
|PART I |  |                      |  |     
|ITEM 1 |  | Financial Statements |  | 2-6 
|       |  | Signatures           |  |     

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CENTENNIAL FIRST FINANCIAL SERVICES AND SUBSIDIARY    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION  June 30, 2001 and December 31, 2000

|Dollar amounts in thousands |                                                                                                                                                                     | 2001                              |   | 2000                                       |       
|--------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------- | - | ------------------------------------------ | ------
|
|ASSETS                      |                                                                                                                                                                     |                                   |   |                                            |       
|                            | Cash and due from banks                                                                                                                                             |                                   | $ | 12,054                                     |       
|                            | Federal funds sold                                                                                                                                                  |                                   |   | 6,825                                      |       
|                            |                                                                                                                                                                     |                                   |   |                                            |       
|                            |                                                                                                                                                                     |                                   |   | Total cash and cash equivalents            |       
|                            | Interest-bearing deposits in financial institutions                                                                                                                 |                                   |   | 4,087                                      |       
|                            | Investment securities, available for sale                                                                                                                           |                                   |   | 13,479                                     |       
|                            | Federal Home Loan Bank stock, at cost                                                                                                                               |                                   |   | 68                                         |       
|                            | Loans, net                                                                                                                                                          |                                   |   | 66,760                                     |       
|                            | Accrued interest receivable                                                                                                                                         |                                   |   | 454                                        |       
|                            | Premises and equipment, net                                                                                                                                         |                                   |   | 2,545                                      |       
|                            | Other assets                                                                                                                                                        |                                   |   | 2,801                                      |       
|                            |                                                                                                                                                                     |                                   |   |                                            |       
|                            |                                                                                                                                                                     |                                   |   | Total assets                               |       
|                            |                                                                                                                                                                     |                                   |   |                                            |       
|LIABILITIES                 |                                                                                                                                                                     |                                   |   |                                            |       
|                            | Deposits:                                                                                                                                                           |                                   |   |                                            |       
|                            |                                                                                                                                                                     | Noninterest-bearing               |   | $                                          | 29,614
|                            |                                                                                                                                                                     | Interest-bearing and NOW accounts |   |                                            | 35,146
|                            |                                                                                                                                                                     | Savings                           |   |                                            | 9,797 
|                            |                                                                                                                                                                     | Time deposits $100,000 or greater |   |                                            | 17,710
|                            |                                                                                                                                                                     | Other time deposits               |   |                                            | 8,820 
|                            |                                                                                                                                                                     |                                   |   |                                            |       
|                            |                                                                                                                                                                     |                                   |   | Total deposits                             |       
|                            | Accrued interest payable                                                                                                                                            |                                   |   | 229                                        |       
|                            | Other liabilities                                                                                                                                                   |                                   |   | 256                                        |       
|                            |                                                                                                                                                                     |                                   |   |                                            |       
|                            |                                                                                                                                                                     |                                   |   | Total liabilities                          |       
|                            |                                                                                                                                                                     |                                   |   |                                            |       
|STOCKHOLDERS' EQUITY        |                                                                                                                                                                     |                                   |   |                                            |       
|                            | Common stock, $4 stated value; authorized 10,000,000 shares, issued and outstanding 719,401 and 692,269 shares at June 30, 2001 and December 31, 2000, respectively |                                   |   | 2,878                                      |       
|                            | Additional paid-in capital                                                                                                                                          |                                   |   | 3,021                                      |       
|                            | Retained earnings                                                                                                                                                   |                                   |   | 1,567                                      |       
|                            | Accumulated other comprehensive income (loss)                                                                                                                       |                                   |   | 35                                         |       
|                            |                                                                                                                                                                     |                                   |   |                                            |       
|                            |                                                                                                                                                                     |                                   |   | Total stockholders' equity                 |       
|                            |                                                                                                                                                                     |                                   |   |                                            |       
|                            |                                                                                                                                                                     |                                   |   | Total liabilities and stockholders' equity |       
|                            |                                                                                                                                                                     |                                   |   |                                            |       

2

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CENTENNIAL FIRST FINANCIAL SERVICES AND SUBSIDIARY    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS  Three and Six Months Ended June 30, 2001 and 2000

|                           |                                                  | Three Months Ended
June 30, |                                          | Six Months Ended
June 30,                          
|-------------------------- | ------------------------------------------------ | --------------------------- | ---------------------------------------- | ---------------------------------------------------
|
|
|
|Interest income:           |                                                  |                             |                                          |                                                    
|                           | Interest and fees on loans                       |                             | $                                        | 1,923                                              
|                           | Deposits in financial institutions               |                             |                                          | 61                                                 
|                           | Federal funds sold                               |                             |                                          | 89                                                 
|                           | Investments                                      |                             |                                          | 144                                                
|                           |                                                  |                             |                                          |                                                    
|                           |                                                  |                             |                                          | Total interest income                              
|                           |                                                  |                             |                                          |                                                    
|Interest expense:          |                                                  |                             |                                          |                                                    
|                           | Demand and savings deposits                      |                             |                                          | 202                                                
|                           | Time deposits $100,000 or greater                |                             |                                          | 225                                                
|                           | Other time deposits                              |                             |                                          | 127                                                
|                           | Interest expense on borrowed funds               |                             |                                          |                                                   
|                           |                                                  |                             |                                          |                                                    
|                           |                                                  |                             |                                          | Total interest expense                             
|                           |                                                  |                             |                                          |                                                    
|                           |                                                  |                             |                                          | Net interest income                                
|Provision for loan losses  |                                                  |                             | 30                                       |                                                    
|                           |                                                  |                             |                                          |                                                    
|                           |                                                  |                             |                                          | Net interest income after provision
for loan losses
|                           |                                                  |                             |                                          |                                                    
|Other income:              |                                                  |                             |                                          |                                                    
|                           | Customer service fees                            |                             |                                          | 145                                                
|                           | Gain from sale of loans                          |                             |                                          | 140                                                
|                           | Gain from sale of investment securities          |                             |                                          |                                                   
|                           | Gain on sale of investment in BancData Solutions |                             |                                          |                                                   
|                           | Other income                                     |                             |                                          | 159                                                
|                           |                                                  |                             |                                          |                                                    
|                           |                                                  |                             |                                          | Total other income                                 
|                           |                                                  |                             |                                          |                                                    
|Other expenses:            |                                                  |                             |                                          |                                                    
|                           | Salaries and wages                               |                             |                                          | 838                                                
|                           | Employee benefits                                |                             |                                          | 121                                                
|                           | Net occupancy expense and equipment              |                             |                                          | 235                                                
|                           | Other operating expense                          |                             |                                          | 522                                                
|                           |                                                  |                             |                                          |                                                    
|                           |                                                  |                             | Total other expenses                     |                                                    
|                           |                                                  |                             |                                          |                                                    
|                           |                                                  |                             | Income before provision for income taxes |                                                    
|Provision for income taxes |                                                  |                             | 124                                      |                                                    
|                           |                                                  |                             |                                          |                                                    
|                           |                                                  |                             | Net income                               |                                                    
|                           |                                                  |                             |                                          |                                                    
|Basic earnings per share   |                                                  | $                           | .33                                      |                                                    
|                           |                                                  |                             |                                          |                                                    
|Diluted earnings per share |                                                  | $                           | .32                                      |                                                    
|                           |                                                  |                             |                                          |                                                    

3

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CENTENNIAL FIRST FINANCIAL SERVICES AND SUBSIDIARY    CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY  Six Months Ended June 30, 2001 and 2000

|Dollars in thousands       |                                           | Common Stock                                                                                        |       | Additional Paid-In Capital |   | Retained Earnings |      | Accumulated Other Comprehensive Income (Loss) |       | Total |    
|-------------------------- | ----------------------------------------- | --------------------------------------------------------------------------------------------------- | ----- | -------------------------- | - | ----------------- | ---- | --------------------------------------------- | ----- | ----- | ---
|BALANCE, DECEMBER 31, 1999 |                                           | $                                                                                                   | 2,708 |                            | $ | 2,660             |      | $                                             | 1,165 |       | $  
|                           | Comprehensive income:                     |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|                           |                                           | Net income                                                                                          |       |                            |  |                   |      |                                              |       |       | 394
|                           |                                           | Change in net unrealized gain on investment securities available for sale, after tax effects        |       |                            |  |                   |      |                                              |       |       |   
|                           |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|                           |                                           |                                                                                                     |       | Total comprehensive income |   |                   |      |                                               |       |       |    
|                           |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|                           | Stock and cash dividend                   |                                                                                                     |       | 135                        |   |                   | 412  |                                               |       | (584  | )  
|                           | Exercise of stock options                 |                                                                                                     |       | 26                         |   |                   | 16   |                                               |       |      |    
|                           | Repurchase and retirement of common stock |                                                                                                     |       | (178                       | ) |                   | (203 | )                                             |       | (270  | )  
|                           |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|BALANCE, JUNE 30, 2000     |                                           | $                                                                                                   | 2,691 |                            | $ | 2,885             |      | $                                             | 705   |       | $  
|                           |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|(Unaudited)                |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|BALANCE, DECEMBER 31, 2000 |                                           | $                                                                                                   | 2,769 |                            | $ | 2,959             |      | $                                             | 1,184 |       | $  
|                           | Comprehensive income:                     |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|                           |                                           | Net income                                                                                          |       |                            |  |                   |      |                                              |       |       | 418
|                           |                                           | Change in net unrealized gain (loss) on investment securities available for sale, after tax effects |       |                            |  |                   |      |                                              |       |       |   
|                           |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|                           |                                           |                                                                                                     |       | Total comprehensive income |   |                   |      |                                               |       |       |    
|                           |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|                           | Cash dividend                             |                                                                                                     |       |                            |   |                   |      |                                               |       | (35   | )  
|                           | Exercise of stock options                 |                                                                                                     |       | 109                        |   |                   | 62   |                                               |       |      |    
|                           |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|BALANCE, JUNE 30, 2001     |                                           | $                                                                                                   | 2,878 |                            | $ | 3,021             |      | $                                             | 1,567 |       | $  
|                           |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    
|(Unaudited)                |                                           |                                                                                                     |       |                            |   |                   |      |                                               |       |       |    

4

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CENTENNIAL FIRST FINANCIAL SERVICES AND SUBSIDIARY    CONSOLIDATED STATEMENTS OF CASH FLOWS  Six Months Ended June 30, 2001

|Dollars in thousands                           |                                                                                   | 2001 |                                                                                  | 2000                        |                                                    
|---------------------------------------------- | --------------------------------------------------------------------------------- | ---- | -------------------------------------------------------------------------------- | --------------------------- | ---------------------------------------------------
|
|CASH FLOWS FROM OPERATING ACTIVITIES           |                                                                                   |      |                                                                                  |                             |                                                    
|                                               | Net income                                                                        |      | $                                                                                | 418                         |                                                    
|                                               | Adjustments to reconcile net income to net cash provided by operating activities: |      |                                                                                  |                             |                                                    
|                                               |                                                                                   |      | Depreciation and amortization                                                    |                             |                                                    
|                                               |                                                                                   |      | Provision for loan losses                                                        |                             |                                                    
|                                               |                                                                                   |      | Gain from sale of loans                                                          |                             |                                                    
|                                               |                                                                                   |      | Amortization of deferred loan fees                                               |                             |                                                    
|                                               |                                                                                   |      | Deferred income tax benefit                                                      |                             |                                                    
|                                               |                                                                                   |      | Amortization of premiums (discounts) on investment securities available for sale |                             |                                                    
|                                               |                                                                                   |      | Gain on sale of BancData investment                                              |                             |                                                    
|                                               |                                                                                   |      | Increase in cash surrender value of life insurance                               |                             |                                                    
|                                               |                                                                                   |      | Decrease (increase) in assets:                                                   |                             |                                                    
|                                               |                                                                                   |      |                                                                                  | Accrued interest receivable |                                                    
|                                               |                                                                                   |      |                                                                                  | Other assets                |                                                    
|                                               |                                                                                   |      | Increase (decrease) in liabilities:                                              |                             |                                                    
|                                               |                                                                                   |      |                                                                                  | Accrued interest payable    |                                                    
|                                               |                                                                                   |      |                                                                                  | Other liabilities           |                                                    
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|                                               |                                                                                   |      |                                                                                  |                             | Net cash provided by (used in) operating activities
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|CASH FLOWS FROM INVESTING ACTIVITIES           |                                                                                   |      |                                                                                  |                             |                                                    
|                                               | Net decrease in interest-bearing deposits in financial institutions               |      |                                                                                  | 693                         |                                                    
|                                               | Net sales, maturities and (purchases) of available-for-sale securities            |      |                                                                                  | (3,950                      | )                                                  
|                                               | Proceeds from sale of repossessed assets                                          |      |                                                                                  | 412                         |                                                    
|                                               | Net increase in loans                                                             |      |                                                                                  | (7,632                      | )                                                  
|                                               | Purchases of Federal home Loan Bank stock                                         |      |                                                                                  | (16                         | )                                                  
|                                               | Purchases of Pacific Coast Bankers' Bank stock                                    |      |                                                                                  | (350                        | )                                                  
|                                               | Proceeds from sale of investment in BancData Solutions                            |      |                                                                                  |                            |                                                    
|                                               | Net additions to bank premises and equipment                                      |      |                                                                                  | (456                        | )                                                  
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|                                               |                                                                                   |      |                                                                                  |                             | Net used in investing activities                   
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|CASH FLOWS FROM FINANCING ACTIVITIES           |                                                                                   |      |                                                                                  |                             |                                                    
|                                               | Net increase (decrease) in demand and savings deposits                            |      | $                                                                                | 11,879                      |                                                    
|                                               | Net increase in time deposits                                                     |      |                                                                                  | 2,828                       |                                                    
|                                               | Cash dividends paid                                                               |      |                                                                                  | (35                         | )                                                  
|                                               | Cash dividends paid in lieu of fractional shares                                  |      |                                                                                  |                            |                                                    
|                                               | Payments to acquire common stock and stock options                                |      |                                                                                  |                            |                                                    
|                                               | Proceeds from exercise of stock options                                           |      |                                                                                  | 171                         |                                                    
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|                                               |                                                                                   |      |                                                                                  |                             | Net cash provided by financing activities          
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|                                               |                                                                                   |      |                                                                                  |                             | Net increase in cash and cash equivalents          
|CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |                                                                                   |      | 15,709                                                                           |                             |                                                    
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|CASH AND CASH EQUIVALENTS AT END OF YEAR       |                                                                                   | $    | 18,879                                                                           |                             | $                                                  
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|SUPPLEMENTARY INFORMATION                      |                                                                                   |      |                                                                                  |                             |                                                    
|                                               | Interest paid                                                                     |      | $                                                                                | 1,254                       |                                                    
|                                               |                                                                                   |      |                                                                                  |                             |                                                    
|                                               | Income taxes paid                                                                 |      | $                                                                                | 280                         |                                                    
|                                               |                                                                                   |      |                                                                                  |                             |                                                    

5

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CENTENNIAL FIRST FINANCIAL SERVICES    NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  June 30, 2001

Note 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The unaudited consolidated financial information included herein has been prepared in conformity with the accounting principles and practices in Centennial
First Financial Services Corporation's ("the Company") consolidated financial statements included in the Annual Report for the year ended December 31, 2000. The accompanying interim
consolidated financial statements contained herein are unaudited. However, in the opinion of the Company, all adjustments, consisting of normal recurring items necessary for a fair presentation of the
operating results for the periods shown, have been made. The results of operations for the six months ended June 30, 2001 may not be indicative of operating results for the year ending
December 31, 2001. Certain prior year and prior quarter amounts have been reclassified to conform to current classifications. Cash and cash equivalents consist of cash, due from banks, and
federal funds sold.

Note 2.  EARNINGS PER SHARE

Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the
period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that
would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method.

The
weighted-average number of shares used in computing basic and diluted earnings per share are as follows:

Three Months Ended
June 30,In thousands2001

2000Basic shares

705

702Dilutive effect of stock options

25

54Diluted shares

729

756


Six Months Ended
June 30,In thousands2001

2000Basic shares

705

702Dilutive effect of stock options

25

54Diluted shares

729

756


6

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PART IIOTHER INFORMATION

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.

|                         |  | CENTENNIAL FIRST FINANCIAL SERVICES
(REGISTRANT)
|------------------------ |  | ------------------------------------------------
|Date: September 12, 2001 |  | By:                                             

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