UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

For Quarterly Period Ended March 31, 2007          Commission File No. 000-29640


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


        South Carolina                                     58-2322486
  -------------------------------               --------------------------------
  (State or other jurisdiction of              (IRS Employer Identification No.)
  incorporation or organization)


                             449 HIGHWAY 123 BYPASS
                          SENECA, SOUTH CAROLINA 29678
--------------------------------------------------------------------------------
               (Address of principal executive offices, zip code)


                                 (864) 886-0206
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

         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 by check mark whether the  registrant  is a large  accelerated
filer,  an accelerated  filer,  or a  non-accelerated  filer.  See definition of
"accelerated  filer and large  accelerated  filer" in Rule 12b-2 of the Exchange
Act.  (Check  one):

  Large accelerated filer  [ ]  Accelerated filer  [ ] Non-accelerated filer [X]

         Indicate by check mark whether the  registrant  is a shell  company (as
defined in Rule 12b-2 of the Exchange Act).

                  Yes [ ]  No [X]

         Indicate  the  number of  shares  outstanding  of each of the  issuer's
classes of common stock, as of the latest practicable date: Common Stock, no par
or stated value, 2,972,418 Shares Outstanding on April 30, 2007



<PAGE>


                         COMMUNITY FIRST BANCORPORATION

                                    FORM 10-Q

                                      Index

                                                                            Page
PART I -        FINANCIAL INFORMATION

Item 1.         Financial Statements

                Consolidated Balance Sheets .................................  3
                Consolidated Statements of Income ...........................  4
                Consolidated Statements of Changes in Shareholders' Equity ..  5
                Consolidated Statements of Cash Flows .......................  6
                Notes to Unaudited Consolidated Financial Statements ........  7

Item 2.         Management's Discussion and Analysis of Financial
                 Condition and Results of Operations ........................  8
Item 3.         Quantitative and Qualitative Disclosures About Market Risk .. 14
Item 4T.        Controls and Procedures ..................................... 14

PART II -       OTHER INFORMATION

Item 6.         Exhibits .................................................... 15

SIGNATURE ................................................................... 16




                                       2
<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1. - Financial Statements

                         COMMUNITY FIRST BANCORPORATION

Consolidated Balance Sheets
<TABLE>
<CAPTION>
                                                                                                     (Unaudited)
                                                                                                       March 31,        December 31,
                                                                                                          2007              2006
                                                                                                          ----              ----
                                                                                                           (Dollars in thousands)
Assets
<S>                                                                                                     <C>               <C>
     Cash and due from banks ...................................................................        $   8,562         $   6,952
     Interest bearing deposits due from banks ..................................................               32                67
     Federal funds sold ........................................................................           39,945            24,126
                                                                                                        ---------         ---------
         Cash and cash equivalents .............................................................           48,539            31,145
     Securities available-for-sale .............................................................           98,165           102,487
     Securities held-to-maturity (fair value $6,309 for 2007 and $6,530 for 2006) ..............            6,361             6,595
     Other investments .........................................................................              975               980
     Loans .....................................................................................          212,053           202,966
         Allowance for loan losses .............................................................           (2,197)           (2,242)
                                                                                                        ---------         ---------
            Loans - net ........................................................................          209,856           200,724
     Premises and equipment - net ..............................................................            7,904             7,937
     Accrued interest receivable ...............................................................            2,084             2,182
     Other assets ..............................................................................            1,494             1,859
                                                                                                        ---------         ---------

            Total assets .......................................................................        $ 375,378         $ 353,909
                                                                                                        =========         =========

Liabilities
     Deposits
         Noninterest bearing ...................................................................        $  40,505         $  40,576
         Interest bearing ......................................................................          291,524           267,381
                                                                                                        ---------         ---------
            Total deposits .....................................................................          332,029           307,957
     Accrued interest payable ..................................................................            3,020             2,703
     Short-term borrowings .....................................................................                -             4,500
     Long-term debt ............................................................................            5,500             5,500
     Other liabilities .........................................................................              378                34
                                                                                                        ---------         ---------
            Total liabilities ..................................................................          340,927           320,694
                                                                                                        ---------         ---------

Shareholders' equity
     Common stock - no par value; 10,000,000 shares authorized; issued and
         outstanding - 2,972,418 for 2007 and 2,958,558 for 2006 ...............................           30,137            30,061
     Additional paid-in capital ................................................................              593               593
     Retained earnings .........................................................................            4,242             3,285
     Accumulated other comprehensive income (loss) .............................................             (521)             (724)
                                                                                                        ---------         ---------
            Total shareholders' equity .........................................................           34,451            33,215
                                                                                                        ---------         ---------

            Total liabilities and shareholders' equity .........................................        $ 375,378         $ 353,909
                                                                                                        =========         =========
</TABLE>


See accompanying notes to unaudited consolidated financial statements.


                                       3
<PAGE>

COMMUNITY FIRST BANCORPORATION
Consolidated Statements of Income
                                                                 (Unaudited)
                                                             Three Months Ended
                                                                  March 31,
                                                              2007         2006
                                                              ----         ----
                                                          (Dollars in thousands,
                                                             except per share)
Interest income
     Loans, including fees .............................      $3,978      $3,090
     Interest bearing balances due from banks ..........           1           2
     Securities
       Taxable .........................................         938         931
       Tax-exempt ......................................         187         120
     Other investments .................................          15          11
     Federal funds sold ................................         542         493
                                                              ------      ------
         Total interest income .........................       5,661       4,647
                                                              ------      ------

Interest expense
     Time deposits $100M and over ......................         918         732
     Other deposits ....................................       2,224       1,534
     Short-term borrowings .............................           3           2
     Long-term debt ....................................          54          62
                                                              ------      ------
         Total interest expense ........................       3,199       2,330
                                                              ------      ------

Net interest income ....................................       2,462       2,317
Provision for loan losses ..............................           -          25
                                                              ------      ------
Net interest income after provision ....................       2,462       2,292
                                                              ------      ------

Other income
     Service charges on deposit accounts ...............         334         364
     ATM interchange and other fees ....................         105          86
     Credit life insurance commissions .................           7          10
     Other income ......................................          40          79
                                                              ------      ------
         Total other income ............................         486         539
                                                              ------      ------

Other expenses
     Salaries and employee benefits ....................         811         729
     Net occupancy expense .............................          88          69
     Furniture and equipment expense ...................         102         104
     Amortization of computer software .................          59          60
     ATM interchange and related expenses ..............          70          78
     Other expense .....................................         404         396
                                                              ------      ------
         Total other expenses ..........................       1,534       1,436
                                                              ------      ------

Income before income taxes .............................       1,414       1,395
Income tax expense .....................................         457         484
                                                              ------      ------
Net income .............................................      $  957      $  911
                                                              ======      ======

Per share*
     Net income ........................................      $ 0.32      $ 0.31
     Net income, assuming dilution .....................        0.30        0.29
----------------------
* Per share  information has been  retroactively  adjusted to reflect a 5% stock
dividend effective December 18, 2006.

See accompanying notes to unaudited consolidated financial statements.


                                       4
<PAGE>

COMMUNITY FIRST BANCORPORATION
Consolidated Statements of Changes in Shareholders' Equity

<TABLE>
<CAPTION>
                                                                    (Unaudited)

                                                             Common Stock
                                                             ------------         Additional               Accumulated
                                                        Number of                  Paid-in    Retained  Other Comprehensive
                                                         Shares        Amount      Capital    Earnings     Income (Loss)    Total
                                                         ------        ------      -------    --------     -------------    -----
                                                                                 (Dollars in thousands)

<S>                                                    <C>          <C>          <C>          <C>          <C>           <C>
Balance, January 1, 2006 ..........................    2,798,409    $   26,956   $        -   $    3,296   $   (1,397)   $   28,855
                                                                                                                         ----------
Comprehensive income:
    Net income ....................................            -             -            -          911            -           911
                                                                                                                         ----------
    Unrealized holding gains and losses
      on available-for-sale securities
      arising during the period, net of
      income taxes of $87 .........................            -             -            -            -         (154)         (154)
                                                                                                                         ----------
        Total other comprehensive income ..........                                                                            (154)
                                                                                                                         ----------
          Total comprehensive income ..............                                                                             757
                                                                                                                         ----------
Share-based compensation ..........................            -             -           45            -            -            45
                                                      ----------    ----------   ----------   ----------   ----------    ----------
Balance, March 31, 2006 ...........................    2,798,409    $   26,956   $       45   $    4,207   $   (1,551)   $   29,657
                                                      ==========    ==========   ==========   ==========   ==========    ==========



Balance, January 1, 2007 ..........................    2,958,558    $   30,061   $      593   $    3,285   $     (724)   $   33,215
                                                                                                                         ----------
Comprehensive income:
    Net income ....................................            -             -            -          957            -           957
                                                                                                                         ----------
    Unrealized holding gains and losses
      on available-for-sale securities
      arising during the period, net of
      income taxes of $114 ........................            -             -            -            -          203           203
                                                                                                                         ----------
        Total other comprehensive income ..........                                                                             203
                                                                                                                         ----------
          Total comprehensive income ..............                                                                           1,160
                                                                                                                         ----------
Exercise of employee stock options ................       13,860            76            -            -            -            76
                                                      ----------    ----------   ----------   ----------   ----------    ----------
Balance, March 31, 2007 ...........................    2,972,418    $   30,137   $      593   $    4,242   $     (521)   $   34,451
                                                      ==========    ==========   ==========   ==========   ==========    ==========
</TABLE>

















See accompanying notes to unaudited consolidated financial statements.


                                       5
<PAGE>


COMMUNITY FIRST BANCORPORATION
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
                                                                                                                (Unaudited)
                                                                                                            Three Months Ended
                                                                                                                  March 31,
                                                                                                           2007              2006
                                                                                                           ----              ----
                                                                                                            (Dollars in thousands)
Operating activities
<S>                                                                                                    <C>                 <C>
     Net income ............................................................................           $    957            $    911
     Adjustments to reconcile net income to net
         cash provided by operating activities
            Provision for loan losses ......................................................                  -                  25
            Depreciation ...................................................................                 88                  76
            Amortization of net loan fees and costs ........................................                (72)                (30)
            Securities accretion and premium amortization ..................................                 27                  46
            Gain on sale of foreclosed assets ..............................................                  -                 (31)
            Decrease (increase) in interest receivable .....................................                 98                (102)
            Increase in interest payable ...................................................                317                 339
            Decrease in prepaid expenses and other assets ..................................                251                  20
            Increase in other accrued expenses .............................................                344                 475
            Share-based compensation .......................................................                  -                  45
                                                                                                       --------            --------
                Net cash provided by operating activities ..................................              2,010               1,774
                                                                                                       --------            --------

Investing activities
     Purchases of available-for-sale securities ............................................             (5,058)            (10,259)
     Maturities, calls and paydowns of securities available-for-sale .......................              9,669               7,767
     Maturities, calls and paydowns of securities held-to-maturity .........................                235                 277
     Disposals of other investments ........................................................                  5                   -
     Net increase in loans made to customers ...............................................             (9,060)             (2,086)
     Purchases of premises and equipment ...................................................                (55)               (372)
     Proceeds of sale of foreclosed assets .................................................                  -                 168
                                                                                                       --------            --------
                Net cash used by investing activities ......................................             (4,264)             (4,505)
                                                                                                       --------            --------

Financing activities
     Net increase in demand deposits, interest
         bearing transaction accounts and savings accounts .................................              4,366              11,997
     Net increase in certificates of deposit and other
         time deposits .....................................................................             19,706               5,335
     Decrease in short-term borrowings .....................................................             (4,500)             (3,500)
     Exercise of employee stock options ....................................................                 76                   -
                                                                                                       --------            --------
                Net cash provided by financing activities ..................................             19,648              13,832
                                                                                                       --------            --------
Increase in cash and cash equivalents ......................................................             17,394              11,101
Cash and cash equivalents, beginning .......................................................             31,145              32,450
                                                                                                       --------            --------
Cash and cash equivalents, ending ..........................................................           $ 48,539            $ 43,551
                                                                                                       ========            ========

Supplemental Disclosure of Cash Flow Information
     Cash paid during the period for
         Interest, net of $15 capitalized during construction ..............................           $  2,882            $  1,991
         Income taxes ......................................................................                  -                   -
     Noncash investing and financing activities:
         Other comprehensive income (loss) .................................................                203                (154)
</TABLE>

See accompanying notes to unaudited consolidated financial statements.


                                       6
<PAGE>




COMMUNITY FIRST BANCORPORATION

Notes to Unaudited Consolidated Financial Statements

Accounting  Policies - A summary of significant  accounting policies is included
in Community First  Bancorporation's  (the "Company") Annual Report on Form 10-K
for the year ended  December  31, 2006 filed with the  Securities  and  Exchange
Commission.   Certain  amounts  in  the  2006  financial  statements  have  been
reclassified to conform to the current presentation.

Management  Opinion - In the opinion of management,  the accompanying  unaudited
consolidated  financial statements of Community First Bancorporation reflect all
adjustments  necessary  for a fair  presentation  of the  results of the periods
presented. Such adjustments were of a normal, recurring nature.

Nonperforming  Loans - As of March 31, 2007,  there were  $193,000 in nonaccrual
loans and no loans 90 days or more past due and still accruing interest.

Earnings Per Share - Basic earnings per common share is computed by dividing net
income  applicable  to common  shares by the weighted  average  number of common
shares  outstanding.   Diluted  earnings  per  share  is  computed  by  dividing
applicable  net  income  by  the  weighted   average  number  of  common  shares
outstanding and any dilutive potential common shares and dilutive stock options.
It is assumed that all dilutive  stock options are exercised at the beginning of
each period and that the proceeds are used to purchase  shares of the  Company's
common stock at the average  market price during the period.  All 2006 per share
information  has  been  retroactively  adjusted  to give  effect  to a 5%  stock
dividend  effective  December 18, 2006.  Net income per share and net income per
share, assuming dilution, were computed as follows:

<TABLE>
<CAPTION>
                                                                                                             (Unaudited)
                                                                                                          Three Months Ended
                                                                                                              March 31,
                                                                                                              ---------
                                                                                                     2007                    2006
                                                                                                    -----                    ----
                                                                                                         (Dollars in thousands,
                                                                                                        except per share amounts)

Net income per share, basic
<S>                                                                                                <C>                    <C>
  Numerator - net income .............................................................             $      957             $      911
                                                                                                   ==========             ==========
  Denominator
    Weighted average common shares issued and outstanding ............................              2,969,325              2,938,329
                                                                                                   ==========             ==========
               Net income per share, basic ...........................................             $      .32             $      .31
                                                                                                   ==========             ==========

Net income per share, assuming dilution
  Numerator - net income .............................................................             $      957             $      911
                                                                                                   ==========             ==========
  Denominator
    Weighted average common shares issued and outstanding ............................              2,969,325              2,938,329
    Effect of dilutive stock options .................................................                220,170                186,374
                                                                                                   ----------             ----------
               Total shares ..........................................................              3,189,495              3,124,703
                                                                                                   ==========             ==========
               Net income per share, assuming dilution ...............................             $      .30             $      .29
                                                                                                   ==========             ==========
</TABLE>


Stock-Based Compensation - As of March 31, 2007, the Company had two stock-based
compensation plans.  Effective January 1, 2006, the Company began accounting for
compensation  expenses  related  to  stock  options  granted  to  employees  and
non-officer  directors  under the  recognition  and  measurement  principles  of
Statement of Financial Accounting Standards No. 123 (revised 2004), "Share-Based
Payment"("SFAS 123(R)) using the modified prospective application method.

New Accounting  Pronouncements - The Financial Accounting Standards Board issued
Statement of Financial  Accounting  Standards No. 159 "The Fair Value Option for
Financial Assets and Financial Liabilities," ("SFAS No. 159" or the "Statement")
which is effective for fiscal years beginning after November 15, 2007. Under the
provisions  of SFAS No. 159,  entities  may  choose,  but are not  required,  to
measure many financial instruments and certain other items at their fair values,
with changes in the fair values of those instruments reported in earnings. While


                                       7
<PAGE>

most of the  Statement's  provisions  apply only to entities that elect the fair
value  option,  SFAS No.  159 also  applies to all  entities  with  trading  and
available-for-sale  securities,  such  as  the  Company.  The  Company  has  not
determined what effect,  if any, the Statement will have on its future financial
statements,  other  agreements,  or planned  or  intended  changes  in  business
practices.


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

Forward Looking Statements

         Statements  included in this report which are not  historical in nature
are intended to be, and are hereby  identified as "forward  looking  statements"
for  purposes  of the safe  harbor  provided  by Section  21E of the  Securities
Exchange Act of 1934, as amended.  Forward-looking statements include statements
concerning plans, objectives,  goals,  strategies,  future events or performance
and underlying  assumptions and other statements which are other than statements
of historical facts. Such forward-looking statements may be identified,  without
limitation,  by the use of the  words  "anticipates,"  "believes,"  "estimates,"
"expects," "intends," "plans," "predicts,"  "projects," and similar expressions.
The Company's expectations,  beliefs and projections are expressed in good faith
and are believed by the Company to have a reasonable  basis,  including  without
limitation,  management's  examination  of  historical  operating  trends,  data
contained in the Company's  records and other data available from third parties,
but  there  can be no  assurance  that  management's  beliefs,  expectations  or
projections  will result or be achieved or  accomplished.  The Company  cautions
readers that  forward-looking  statements,  including without limitation,  those
relating to the Company's recent and continuing  expansion,  its future business
prospects,  revenues, working capital, liquidity, capital needs, interest costs,
income,  and adequacy of the  allowance for loan losses,  are not  guarantees of
future  performance and are subject to risks and uncertainties  that could cause
actual results to differ materially from those indicated in the  forward-looking
statements,  due to several important factors herein  identified,  among others,
and  other  risks and  factors  identified  from  time to time in the  Company's
reports  filed  with the  Securities  and  Exchange  Commission.  The  risks and
uncertainties include, but are not limited to

     o    our growth and our ability to maintain growth;
     o    governmental  monetary and fiscal policies, as well as legislative and
          regulatory changes;
     o    the effect of interest  rate changes on our level and  composition  of
          deposits, loan demand and the value of our collateral and securities;
     o    the effects of competition from other financial institutions operating
          in our market area and  elsewhere,  including  institutions  operating
          locally,  nationally and  internationally,  together with  competitors
          that offer  banking  products  and  services  by mail,  telephone  and
          computer and/or the Internet;
     o    failure of assumptions  underlying the  establishment of our allowance
          for loan losses, including the value of collateral securing loans; and
     o    loss of consumer  confidence and economic  disruptions  resulting from
          terrorist activities.

         The Company  undertakes no obligation to publicly  update or revise any
forward-looking  statements,  whether  as a result  of new  information,  future
events or otherwise.

Changes in Financial Condition

         During  the first  three  months  of 2007,  interest  bearing  deposits
increased  by   $24,143,000,   or  9.0%.   Certificates  of  deposit  issued  in
denominations  of  $100,000  grew by  $15,192,000,  or 22.3%  during  the period
primarily due to activity generated by local government bodies. These funds were
used primarily to repay  short-term  borrowings of $4,500,000 and to fund growth
in federal  funds  sold.  Loan  growth  was funded  primarily  by  increases  in
non-governmental deposits and by allowing reductions to occur in some categories
of securities. The Company believes its higher federal funds sold position gives
it increased flexibility to fund loan requests or make investments in securities
at attractive yields, and to meet normal demands for deposit  withdrawals by its
customers,  while maintaining its exposure to future interest rate changes at an
acceptable level.

Results of Operations

         The Company  recorded  consolidated  net income of $957,000 or $.32 per
share for the first quarter of 2007 compared  with  $911,000,  or .$31 per share
for the first quarter of 2006. Net income per share,  assuming dilution was $.30
for the 2007 period and $.29 for the 2006 period.  Net income per share  amounts
for 2006 have been  retroactively  adjusted  to  reflect  a five  percent  stock
dividend effective December 18, 2006.


                                       8
<PAGE>


<TABLE>
<CAPTION>
                                                                         Summary Income Statement
                                                                         ------------------------
                                                                          (Dollars in thousands)
For the Three Months Ended March 31,                  2007                2006            Dollar Change    Percentage Change
                                                      ----                ----            -------------    -----------------
<S>                                                 <C>                 <C>                 <C>                <C>
Interest income ..........................          $ 5,661             $ 4,647             $ 1,014              21.8%
Interest expense .........................            3,199               2,330                 869              37.3%
                                                    -------             -------             -------
Net interest income ......................            2,462               2,317                 145               6.3%
Provision for loan losses ................                -                  25                 (25)           -100.0%
Noninterest income .......................              486                 539                 (53)             -9.8%
Noninterest expenses .....................            1,534               1,436                  98               6.8%
Income tax expense .......................              457                 484                 (27)             -5.6%
                                                    -------             -------             -------
Net income ...............................          $   957             $   911             $    46               5.0%
                                                    =======             =======             =======
</TABLE>

Net Interest Income

         Net interest income is the principal source of the Company's  earnings.
For the first  quarter of 2007,  net  interest  income  totaled  $2,462,000,  an
increase of  $145,000  or 6.3% over the amount for the same period of 2006.  The
yield  on  interest  earning  assets  increased  to 6.39%  for the 2007  period,
compared  with 5.69% for the 2006 period and the average rates paid for interest
bearing liabilities were 4.34% and 3.42%, respectively. Accordingly, the average
interest  rate spread for the 2007 period was 22 basis points lower than for the
2006 period.

         Market  interest rates during the 2007 period were slightly higher than
in the first quarter of 2006. In mid-2006,  the Federal  Reserve Board ended its
prolonged process of raising short-term  interest rates, which began in 2004, by
adopting a more neutral stance toward interest  rates.  In the 2007  three-month
period,  the rates paid by the Company on deposits increased more than the rates
that it receives from its loans and other invested  funds  primarily in response
to  competitive  pressures.  By  increasing  the  percentage of loans to average
earning  assets,  the Company  believes  that it can mitigate the effects of the
decreased  interest rate spread.  The Company will not, however,  lower its loan
underwriting  standards to accomplish this goal. The following table provides an
analysis of the average amounts of the Company's  assets and liabilities and the
effective  yields and rates on the various  categories  of its interest  earning
assets and interest bearing liabilities for the first quarter of 2007 and 2006.



                                       9
<PAGE>

<TABLE>
<CAPTION>
                                                                                Average Balances, Yields and Rates
                                                                                   Three Months Ended March 31,
                                                                                   ----------------------------
                                                                               2007                             2006
                                                                             Interest                         Interest
                                                                  Average     Income/     Yields/   Average    Income/      Yields/
                                                                 Balances    Expense    Rates (1)  Balances    Expense     Rates (1)
                                                                 --------    -------    ---------  --------    -------     ---------
                                                                                        (Dollars in thousands)
Assets
<S>                                                             <C>           <C>          <C>      <C>        <C>           <C>
Interest-bearing deposits due from banks ....................   $      65     $     1      6.24%    $    172   $     2       4.72%
Securities
      Taxable ...............................................      88,406         938      4.30%     101,412       931       3.72%
      Tax exempt (2) ........................................      19,692         187      3.85%      12,242       120       3.98%
                                                                ---------     -------               --------   -------
           Total investment securities ......................     108,098       1,125      4.22%     113,654     1,051       3.75%
Other investments ...........................................         980          15      6.21%         948        11       4.71%
Federal funds sold ..........................................      42,231         542      5.20%      45,260       493       4.42%
Loans (2)(3) ................................................     207,998       3,978      7.76%     170,931     3,090       7.33%
                                                                ---------     -------               --------   -------
           Total interest earning assets ....................     359,372       5,661      6.39%     330,965     4,647       5.69%
Cash and due from banks .....................................       7,684                              6,817
Allowance for loan losses ...................................      (2,228)                            (2,264)
Valuation allowance - AFS securities ........................      (1,216)                            (2,224)
Premises and equipment ......................................       7,907                              7,022
Other assets ................................................       3,788                              3,878
                                                                ---------                           --------
           Total assets .....................................   $ 375,307                           $344,194
                                                                =========                           ========

Liabilities and shareholders' equity
Interest bearing deposits
      Interest bearing transaction accounts .................   $  55,233     $   433      3.18%    $ 35,743   $   141       1.60%
      Savings ...............................................      40,297         353      3.55%      44,214       314       2.88%
      Time deposits $100M and over ..........................      80,238         918      4.64%      76,493       732       3.88%
      Other time deposits ...................................     117,466       1,438      4.96%     112,943     1,079       3.87%
                                                                ---------     -------               --------   -------
           Total interest bearing deposits ..................     293,234       3,142      4.35%     269,393     2,266       3.41%
Short-term borrowings .......................................          50           3     24.33%          78         2      10.40%
Long-term debt ..............................................       5,500          54      3.98%       6,500        62       3.87%
                                                                ---------     -------               --------   -------
           Total interest bearing liabilities ...............     298,784       3,199      4.34%     275,971     2,330       3.42%
Noninterest bearing demand deposits .........................      39,691                             36,406
Other liabilities ...........................................       3,178                              2,503
Shareholders' equity ........................................      33,654                             29,314
                                                                ---------                           --------
Total liabilities and shareholders' equity ..................   $ 375,307                           $344,194
                                                                =========                           ========
Interest rate spread ........................................                              2.05%                             2.27%
Net interest income and net yield on earning assets .........                 $ 2,462      2.78%               $ 2,317       2.84%
Interest free funds supporting earning assets ...............   $  60,588                           $ 54,994
</TABLE>
-------------------------------------
(1)  Yields and rates are annualized
(2)  Yields on tax exempt instruments have not been adjusted to a tax-equivalent
     basis.
(3)  Nonaccruing  loans are  included  in the loan  balance and income from such
     loans is recognized  on a cash basis.  The amounts of such loans and income
     are not material.


         Upon  opening  its newest  Seneca  office in 2006,  the  Company  began
offering a premium  rate of interest  for  certain  relatively  liquid  interest


                                       10
<PAGE>

bearing  accounts.  While there have been some  incremental  decreases  in those
rates recently,  the rates offered for those deposits  continue to be relatively
high  from  an  historical  perspective.  In  addition,  other  local  financial
institutions  have increased their rates for these and other similar products as
well and, as a result,  competition for these deposits among these  institutions
is intense.

         Over the  course  of the  past  few  years,  the  Company  added to its
holdings of tax-exempt state, county and municipal securities significantly and,
until recently,  the yields on those investments  increased as well. As a result
of the growth in the amounts of such  securities  held, the Company's 2007 first
quarter income  includes  $187,000  earned on those  investments,  compared with
$120,000 in the same period of 2006.

         The  Company  continues  to  pursue  strategies  that are  expected  to
increase  its market  share in its local  market  areas in  Anderson  and Oconee
Counties of South  Carolina.  The Company serves Oconee County from four offices
which are located in Seneca,  Walhalla and  Westminster.  The Company serves the
Anderson County market from offices in Anderson and Williamston.  The Company is
planning  to open  an  additional  office  on  Highway  81 in  Anderson  County.
Construction is expected to begin during the second quarter of 2007.

Provision and Allowance for Loan Losses

         The Company  made no  provision  for loan losses  during the 2007 first
quarter,  compared with $25,000 for the comparable  period of 2006. At March 31,
2007, the allowance for loan losses was 1.04% of loans, down slightly from 1.10%
at December  31,  2006.  During the 2007 three  month  period,  net  charge-offs
totaled $45,000, compared with $19,000 in net charge offs during the same period
of 2006.  As of March 31, 2007,  there was $193,000 in  nonaccrual  loans and no
loans 90 days or more  past due and  still  accruing  interest.  As of March 31,
2006,  there was $579,000 in nonaccrual  loans and no loans 90 days or more past
due and still accruing  interest.  The activity in the allowance for loan losses
is summarized in the table below:

<TABLE>
<CAPTION>
                                                                      Three Months Ended      Year Ended        Three Months Ended
                                                                        March 31, 2007      December 31, 2006     March 31, 2006
                                                                        --------------      -----------------     --------------
                                                                                        (Dollars in thousands)
<S>                                                                      <C>                   <C>                   <C>
Allowance at beginning of period .................................       $   2,242             $   2,266             $   2,266
Provision for loan losses ........................................               -                    65                    25
Net charge-offs ..................................................             (45)                  (89)                  (19)
                                                                         ---------             ---------             ---------
Allowance at end of period .......................................       $   2,197             $   2,242             $   2,272
                                                                         =========             =========             =========
Allowance as a percentage of loans outstanding
  at period end ..................................................            1.04%                 1.10%                 1.33%
Loans at end of period ...........................................       $ 212,053             $ 202,966             $ 171,415
                                                                         =========             =========             =========
</TABLE>


                                       11
<PAGE>

Non-Performing and Potential Problem Loans

<TABLE>
<CAPTION>
                                                           90 Days or
                                                          More Past Due      Total        Percentage                     Percentage
                                          Nonaccrual       and Still      Nonperforming    of Total     Potential         of Total
                                            Loans           Accruing         Loans           Loans     Problem Loans       Loans
                                            -----           --------         -----           -----     -------------       -----
                                                                           (Dollars in thousands)
<S>                                         <C>               <C>          <C>                <C>          <C>              <C>
January 1, 2006 ......................      $ 900             $  5         $ 905              0.53%        $ 2,148          1.27%
Net change ...........................       (321)              (5)         (326)                              615
                                            -----             ----         -----                           -------
March 31, 2006 .......................        579                -           579              0.34%          2,763          1.61%
Net change ...........................        (82)               -           (82)                            1,047
                                            -----             ----         -----                           -------
June 30, 2006 ........................        497                -           497              0.27%          3,810          2.05%
Net change ...........................        (16)               -           (16)                             (151)
                                            -----             ----         -----                           -------
September 30, 2006 ...................        481                -           481              0.25%          3,659          1.89%
Net change ...........................       (431)               -          (431)                             (483)
                                            -----             ----         -----                           -------
December 31, 2006 ....................         50                -            50              0.02%          3,176          1.56%
Net change ...........................        143                -           143                              (151)
                                            -----             ----         -----                           -------
March 31, 2007 .......................      $ 193             $  -         $ 193              0.09%        $ 3,025          1.43%
                                            =====             ====         =====                           =======

</TABLE>

         Potential problem loans include loans, other than non-performing loans,
that management has identified as having possible credit problems  sufficient to
cast  doubt upon the  abilities  of the  borrowers  to comply  with the  current
repayment terms. However, the amount of potential problem loans does not reflect
management's  expectations  of losses,  if any,  that may be realized from those
loans.  As of March  31,  2007,  approximately  84.7% of the  dollar  amount  of
potential  problem  loans  was  secured  by real  estate,  7.4% was  secured  by
vehicles, and approximately 3.7% represented unsecured loans.

Noninterest Income

         Noninterest  income  totaled  $486,000  for the first  quarter of 2007,
compared with $539,000 for the 2006 quarter. Service charges on deposit accounts
in the 2007 period were  $334,000  representing  a decrease of $30,000  from the
prior year period. Fewer fees were assessed in the 2007 period as customer usage
of an overdraft  protection product declined.  Mortgage brokerage income for the
first quarter of 2007 was  approximately  $9,000 less than in the 2006 period. A
gain of $31,000 from the sale of  foreclosed  assets was  recognized in the 2006
period, but there was no comparable activity in the 2007 period.

Noninterest Expenses

         Noninterest  expenses totaled  $1,534,000 for the first quarter of 2007
compared with $1,436,000 for the first quarter of 2006, representing an increase
of $98,000 or 6.8%.  Salaries and  employee  benefits  increased by $82,000,  or
11.2%,  to  $811,000.  This  increase  resulted  primarily  from  normal  salary
increases,  which are  granted  from time to time,  an increase in the number of
employees  associated with the Company's growth,  and an increase in anticipated
employee  incentive  bonuses.  For the  first  quarter  of 2006,  this  category
included  $20,000 of  share-based  compensation  expenses that resulted from the
adoption of SFAS 123(R).

         Occupancy and furniture and equipment expenses for the first quarter of
2007  increased by $17,000  compared with the 2006 period,  primarily due to the
opening of the Company's new Seneca  banking and  administrative  offices in the
second quarter of 2006.

         Although  income before  income taxes was slightly  higher than for the
same period of 2006,  income tax expense for the first quarter of 2007 was lower
because of the 2007 increase in interest income from tax-exempt securities.

Liquidity

         Liquidity is the ability to meet current and future obligations through
the  liquidation or maturity of existing assets or the acquisition of additional
liabilities.  The  Company  manages  both  assets  and  liabilities  to  achieve
appropriate  levels  of  liquidity.  Cash  and  short-term  investments  are the
Company's  primary  sources of asset  liquidity.  These funds  provide a cushion
against  short-term  fluctuations  in cash flow from both  deposits  and  loans.
Securities  available-for-sale  is the Company's  principal  source of secondary


                                       12
<PAGE>

asset  liquidity.  However,  the  availability  of this source is  influenced by
market conditions.  Individual and commercial deposits are the Company's primary
source of funds for credit activities.  The Company also has significant amounts
of  credit  availability  under  its FHLB  lines of  credit  and  federal  funds
purchased facilities.

         As of March 31, 2007,  the ratio of loans to total  deposits was 63.9%,
compared with 65.9% as of December 31, 2006. Total deposits as of March 31, 2007
were  $332,029,000,  an  increase of  $24,072,000  or 7.8% over the amount as of
December 31, 2006.  Management believes that the Company's liquidity sources are
adequate to meet its operating needs.

Capital Resources

         The Company's  capital base increased by $1,236,000  since December 31,
2006 as the result of net income of $957,000 for the first three months of 2007,
plus a $203,000  change in  unrealized  gains and  losses on  available-for-sale
securities, net of deferred income tax effects, and $76,000 from the exercise of
employee stock options.

         The  Company  and its banking  subsidiary  (the  "Bank") are subject to
regulatory  risk-based capital adequacy standards.  Under these standards,  bank
holding  companies and banks are required to maintain  certain minimum ratios of
capital to risk-weighted  assets and average total assets.  Under the provisions
of the Federal Deposit Insurance  Corporation  Improvement Act of 1991 (FDICIA),
federal bank regulatory authorities are required to implement prescribed "prompt
corrective actions" upon the deterioration of the capital position of a bank. If
the  capital  position  of an affected  institution  were to fall below  certain
levels, increasingly stringent regulatory corrective actions are mandated.

         The March 31,  2007 risk based  capital  ratios for the Company and the
Bank are presented in the following table,  compared with the "well capitalized"
(Bank only) and minimum ratios under the regulatory definitions and guidelines:

                                                           Total
                                              Tier 1      Capital      Leverage
                                              ------      -------      --------
Community First Bancorporation ............   15.0%        16.0%         9.3%
Community First Bank ......................   14.5%        15.4%         9.0%
Minimum "well-capitalized" requirement ....    6.0%        10.0%         6.0%
Minimum requirement .......................    4.0%         8.0%         5.0%


Off-Balance-Sheet Arrangements

In the normal course of business,  the Bank is a party to financial  instruments
with  off-balance-sheet  risk including commitments to extend credit and standby
letters of credit.  Such  instruments  have elements of credit risk in excess of
the amount  recognized in the balance sheet.  The exposure to credit loss in the
event of  nonperformance  by the other parties to the financial  instruments for
commitments to extend credit and standby letters of credit is represented by the
contractual  notional amount of those  instruments.  Generally,  the same credit
policies  used for  on-balance-sheet  instruments,  such as  loans,  are used in
extending loan commitments and standby letters of credit.


                                       13
<PAGE>

Following are the off-balance-sheet financial instruments whose contract amounts
represent credit risk:

                                  March 31, 2007
                                  --------------
                                   (Dollars in
                                   thousands)
Loan commitments ...............    $ 36,487
Standby letters of credit ......      1,114


Loan commitments involve agreements to lend to a customer as long as there is no
violation of any condition  established in the contract.  Commitments  generally
have  fixed  expiration  dates or other  termination  clauses  and some  involve
payment of a fee. Many of the  commitments  are expected to expire without being
fully  drawn;  therefore,   the  total  amount  of  loan  commitments  does  not
necessarily represent future cash requirements. Each customer's creditworthiness
is evaluated on a case-by-case basis. The amount of collateral obtained, if any,
upon  extension  of credit is based on  management's  credit  evaluation  of the
borrower. Collateral held varies but may include commercial and residential real
properties, accounts receivable, inventory and equipment.

Standby  letters  of  credit  are  conditional   commitments  to  guarantee  the
performance of a customer to a third party.  The credit risk involved in issuing
standby  letters  of  credit  is the  same  as  that  involved  in  making  loan
commitments to customers. Many letters of credit will expire without being drawn
upon  and do not  necessarily  represent  future  cash  requirements.  The  Bank
receives fees for loan commitments and standby letters of credit.  The amount of
such fees was not material for the three months ended March 31, 2007.

As described under "Liquidity,"  management believes that its various sources of
liquidity  provide  the  resources  necessary  for the  Bank to  fund  the  loan
commitments and to perform under standby letters of credit,  if the need arises.
Neither  the  Company  nor the  Bank is  involved  in  other  off-balance  sheet
contractual  relationships or transactions  that could result in liquidity needs
or other commitments or significantly impact earnings.

Item 3.  - Quantitative and Qualitative Disclosures About Market Risk

The Company's  exposure to market risk is primarily  related to the risk of loss
from adverse  changes in market prices and rates.  This risk arises  principally
from interest rate risk inherent in the Company's lending, deposit gathering and
borrowing activities. Management actively monitors and manages its interest rate
risk exposure.  Although the Company manages other risks, such as credit quality
and  liquidity  risk in the  normal  course of  business,  management  considers
interest  rate risk to be its most  significant  market risk and this risk could
potentially  have  the  largest  material  effect  on  the  Company's  financial
condition  and  results  of  operations.  Other  types of market  risk,  such as
commodity  price risk and foreign  currency  exchange  risk, do not arise in the
normal course of the Company's community banking operations.

The Company uses a simulation model to assist in achieving  consistent growth in
net interest income while managing interest rate risk. As of March 31, 2007, the
model indicates that net interest  income would increase  $74,000 and net income
would  increase  $45,000 in the next twelve months if interest rates rose by 100
basis points.  Conversely,  net interest income would decrease  $148,000 and net
income  would  decrease  $91,000 in the next  twelve  months if  interest  rates
declined by 100 basis  points.  In the current  interest  rate  environment,  it
appears  unlikely that there will be any large changes in interest  rates in the
immediate future. The prospective effects of hypothetical  interest rate changes
are based on a number of  assumptions,  including the relative  levels of market
interest rates and prepayment  assumptions  affecting  loans,  and should not be
relied on as indicative of actual future results.  The prospective  effects also
do not  contemplate  potential  actions that the Company,  its customers and the
issuers of its investment  securities  could undertake in response to changes in
interest rates.

As of March 31, 2007,  there was no  significant  change from the interest  rate
sensitivity  analysis for the various changes in interest rates calculated as of
December 31, 2006.  The foregoing  disclosures  related to the Company's  market
risk should be read in conjunction with Management's  Discussion and Analysis of
Financial Condition and Results of Operations included in the 2006 Annual Report
on Form 10-K filed with the Securities and Exchange Commission.


                                       14
<PAGE>

Item 4T. - Controls and Procedures

Based  on  the  evaluation  required  by  17  C.F.R.  Section  240.13a-15(b)  or
240.15d-15(b) of the issuer's  disclosure controls and procedures (as defined in
17  C.F.R.  Sections  240.13a-15(e)  and  240.15d-15(e)),   the  issuer's  chief
executive  officer and chief  financial  officer  concluded  such  controls  and
procedures, as of the end of the period covered by this report, were effective.

There  has been no change  in the  Company's  internal  control  over  financial
reporting during the most recent fiscal quarter that has materially affected, or
is reasonably likely to materially  affect,  the Company's internal control over
financial reporting.


                           PART II - OTHER INFORMATION

Item 6. - Exhibits

Exhibits  31. Rule 13a-14(a)/15d-14(a) Certifications

          32. Certifications Pursuant to 18 U.S.C. Section 1350




                                       15
<PAGE>


SIGNATURE

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


                                    COMMUNITY FIRST BANCORPORATION

May 11, 2007                    /s/ Frederick D. Shepherd, Jr.
-----------------                   --------------------------------------------
  Date                               Frederick D. Shepherd, Jr., Chief Executive
                                     Officer and Chief Financial Officer



                                       16
<PAGE>


                                  EXHIBIT INDEX


              31. Rule 13a-14(a)/15d-14(a) Certifications

              32. Certifications Pursuant to 18 U.S.C. Section 1350







                                       17