SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

For Quarterly Period Ended June 30, 2000           Commission File No. 000-29640


                         COMMUNITY FIRST BANCORPORATION
 -------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


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


                            3685 BLUE RIDGE BOULEVARD
                         WALHALLA, SOUTH CAROLINA 29691
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (864) 638-2105
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and 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, no par or
stated value, 1,909,833 Shares Outstanding on July 31, 2000.

Transitional Small Business Format (Check one):  Yes [ ]      No  [X]


<PAGE>


                         COMMUNITY FIRST BANCORPORATION

                                   FORM 10-QSB

                                      Index

                                                                            Page
PART I -      FINANCIAL INFORMATION

Item 1.       Financial Statements

              Consolidated Balance Sheet .................................  3
              Consolidated Statement of Income ...........................  4
              Consolidated Statement of Changes in Shareholders' Equity ..  5
              Consolidated Statement of Cash Flows .......................  6
              Notes to Unaudited Consolidated Financial Statements .......  7-8

Item 2.       Management's Discussion and Analysis .......................  9-12

PART II -     OTHER INFORMATION

Item 4.       Submission of Matters to a Vote of Security Holders ........  13

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

SIGNATURE ................................................................  14




                                       2
<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1. - Financial Statements

COMMUNITY FIRST BANCORPORATION
Consolidated Balance Sheet
<TABLE>
<CAPTION>
                                                                                                  (Unaudited)
                                                                                                    June 30,          December 31,
                                                                                                       2000                  1999
                                                                                                       -----                 ----
                                                                                                         (Dollars in thousands)
Assets
<S>                                                                                                <C>                    <C>
     Cash and due from banks .........................................................             $   2,991              $   4,555
     Federal funds sold ..............................................................                 6,530                 12,410
     Securities available-for-sale ...................................................                55,660                 54,178
     Other investments ...............................................................                   386                    382
     Loans ...........................................................................                86,562                 76,158
         Allowance for loan losses ...................................................                (1,000)                  (943)
                                                                                                   ---------              ---------
            Loans - net ..............................................................                85,562                 75,215
     Premises and equipment - net ....................................................                 4,314                  4,263
     Accrued interest receivable .....................................................                 1,272                  1,192
     Other assets ....................................................................                 1,452                  1,388
                                                                                                   ---------              ---------

            Total assets .............................................................             $ 158,167              $ 153,583
                                                                                                   =========              =========

Liabilities
     Deposits
         Noninterest bearing .........................................................             $  18,260              $  16,908
         Interest bearing ............................................................               125,925                121,710
                                                                                                   ---------              ---------
            Total deposits ...........................................................               144,185                138,618
     Accrued interest payable ........................................................                 1,165                  1,180
     Other liabilities ...............................................................                    26                     49
                                                                                                   ---------              ---------
            Total liabilities ........................................................               145,376                139,847
                                                                                                   ---------              ---------

Shareholders' equity
     Common stock - no par  value; 10,000,000 shares
         authorized;  issued  and outstanding - 1,909,619
         for 2000 and 2,002,699 for 1999 .............................................                12,417                 14,255
     Retained earnings ...............................................................                 1,991                  1,110
     Accumulated other comprehensive income ..........................................                (1,617)                (1,629)
                                                                                                   ---------              ---------
            Total shareholders' equity ...............................................                12,791                 13,736
                                                                                                   ---------              ---------

            Total liabilities and shareholders' equity ...............................             $ 158,167              $ 153,583
                                                                                                   =========              =========
</TABLE>








See accompanying notes to unaudited consolidated financial statements.




                                       3
<PAGE>


COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Income
<TABLE>
<CAPTION>
                                                                                                   (Unaudited)
                                                                                               Period Ended June 30,
                                                                                               ---------------------
                                                                                 Three Months                      Six Months
                                                                                 ------------                      ----------
                                                                             2000            1999             2000             1999
                                                                             ----            ----             ----             ----
                                                                                     (Dollars in thousands, except per share)

Interest income
<S>                                                                        <C>              <C>              <C>              <C>
     Loans, including fees .....................................           $1,834           $1,565           $3,508           $3,096
     Securities
     Taxable ...................................................              895              705            1,782            1,354
     Tax-exempt ................................................                3                -                5                -
     Other investments .........................................                7                6               15               13
     Federal funds sold ........................................              167              289              531              560
                                                                           ------           ------           ------           ------
         Total interest income .................................            2,906            2,565            5,841            5,023
                                                                           ------           ------           ------           ------

Interest expense
     Time deposits $100M and over ..............................              552              510            1,110              945
     Other deposits ............................................            1,067              920            2,170            1,846
                                                                           ------           ------           ------           ------
         Total interest expense ................................            1,619            1,430            3,280            2,791
                                                                           ------           ------           ------           ------

Net interest income ............................................            1,287            1,135            2,561            2,232
Provision for loan losses ......................................              105               70              182               95
                                                                           ------           ------           ------           ------
Net interest income after provision ............................            1,182            1,065            2,379            2,137
                                                                           ------           ------           ------           ------

Other income
     Service charges on deposit accounts .......................              129              106              237              189
     Credit life insurance commissions .........................               20                7               32               17
     Other income ..............................................               60               55              111               99
                                                                           ------           ------           ------           ------
         Total other income ....................................              209              168              380              305
                                                                           ------           ------           ------           ------

Other expenses
     Salaries and employee benefits ............................              352              354              706              664
     Net occupancy expense .....................................               44               27               87               54
     Furniture and equipment expense ...........................               65               55              127              113
     Other expense .............................................              233              187              459              396
                                                                           ------           ------           ------           ------
         Total other expenses ..................................              694              623            1,379            1,227
                                                                           ------           ------           ------           ------

Income before income taxes .....................................              697              610            1,380            1,215
Income tax expense .............................................              259              214              499              429
                                                                           ------           ------           ------           ------
Net income .....................................................           $  438           $  396           $  881           $  786
                                                                           ======           ======           ======           ======

Per share*
     Net income ................................................           $ 0.23           $ 0.20           $ 0.45           $ 0.40
     Net income, assuming dilution .............................             0.21             0.19             0.42             0.37
</TABLE>

------------------
* Per share information has been  retroactively  adjusted to reflect a 10% stock
dividend effective December 15, 1999.



See accompanying notes to unaudited consolidated financial statements.


                                       4
<PAGE>


COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Changes in Shareholders' Equity

                                                 (Unaudited)
<TABLE>
<CAPTION>
                                                                  Common Stock
                                                                  ------------                            Accumulated
                                                           Number of                       Retained    Other Comprehensive
                                                            Shares         Amount          Earnings          Income          Total
                                                            ------         ------          --------          ------          -----
                                                                                    (Dollars in thousands)

<S>                                                        <C>            <C>             <C>            <C>             <C>
Balance, January 1, 1999 ............................      1,793,792      $   10,569      $    3,051     $      (17)     $   13,603
                                                                                                                         ----------

Comprehensive income:
    Net income ......................................              -               -             786              -             786
    Change in unrealized holding gains
    and losses on available-for-sale
    securities, net of income taxes .................              -               -               -           (945)           (945)
                                                                                                                         ----------
    Total comprehensive income ......................              -               -               -              -            (159)
                                                                                                                         ----------
Exercise of employee stock options ..................          7,106              55               -              -              55
                                                          ----------      ----------      ----------     ----------      ----------
Balance, June 30, 1999 ..............................      1,800,898      $   10,624      $    3,837     $     (962)     $   13,499
                                                          ==========      ==========      ==========     ==========      ==========



Balance, January 1, 2000 ............................      2,002,699      $   14,255      $    1,110     $   (1,629)     $   13,736
                                                                                                                         ----------

Comprehensive income:
    Net income ......................................              -               -             881              -             881
    Change in unrealized holding gains
    and losses on available-for-sale
    securities, net of income taxes .................              -               -               -             12              12
                                                                                                                         ----------
    Total comprehensive income ......................              -               -               -              -             893
                                                                                                                         ----------
Repurchase and cancellation of common stock .........       (110,000)         (1,900)              -              -          (1,900)
Exercise of employee stock options ..................         16,920              62               -              -              62
                                                          ----------      ----------      ----------     ----------      ----------
Balance, June 30, 2000 ..............................      1,909,619      $   12,417      $    1,991     $   (1,617)     $   12,791
                                                          ==========      ==========      ==========     ==========      ==========
</TABLE>



















See accompanying notes to unaudited consolidated financial statements.


                                       5
<PAGE>


COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Cash Flows

<TABLE>
<CAPTION>
                                                                                                                (Unaudited)
                                                                                                             Six Months Ended
                                                                                                                  June 30,
                                                                                                           2000                1999
                                                                                                           ----                ----
                                                                                                           (Dollars in thousands)
Operating Activities
<S>                                                                                                    <C>                 <C>
     Net income ............................................................................           $    881            $    786
     Adjustments to reconcile net income to net
         cash provided by operating activities
            Provision for loan losses ......................................................                182                  95
            Depreciation ...................................................................                109                  82
            Amortization of net loan fees and costs ........................................                 43                  32
            Securities accretion and premium amortization ..................................                 (3)                (15)
            Increase in interest receivable ................................................                (80)               (272)
            (Decrease) increase in interest payable ........................................                (15)                124
            (Increase) decrease in prepaid expenses and other assets .......................                (24)                 24
            Decrease in other accrued expenses .............................................                (23)                 (1)
            Disposals of premises and equipment ............................................                  -                   9
            Gain on sale of other real estate ..............................................                  -                 (10)
                                                                                                       --------            --------
                Net cash provided by operating activities ..................................              1,070                 854
                                                                                                       --------            --------

Investing activities
     Purchases of available-for-sale securities ............................................             (1,974)            (21,022)
     Maturities of available-for-sale securities ...........................................                513               6,684
     Purchases of other investments ........................................................                 (4)                (37)
     Net increase in loans made to customers ...............................................            (10,618)             (3,529)
     Purchases of premises and equipment ...................................................               (160)               (340)
     Proceeds from sale of other real estate ...............................................                  -                  10
                                                                                                       --------            --------
                Net cash used by investing activities ......................................            (12,243)            (18,234)
                                                                                                       --------            --------

Financing activities
     Net increase in demand deposits, interest
         bearing transaction accounts and savings accounts .................................              9,421               1,643
     Net (decrease) increase in certificates of deposit and other
         time deposits .....................................................................             (3,854)             19,813
     Exercise of employee stock options ....................................................                 62                  55
     Repurchase and cancellation of common stock ...........................................             (1,900)                  -
                                                                                                       --------            --------
                Net cash provided by financing activities ..................................              3,729              21,511
                                                                                                       --------            --------
(Decrease) increase in cash and cash equivalents ...........................................             (7,444)              4,131
Cash and cash equivalents, beginning .......................................................             16,965              17,470
                                                                                                       --------            --------
Cash and cash equivalents, ending ..........................................................           $  9,521            $ 21,601
                                                                                                       ========            ========
</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 the  Company's  Annual  Report for the year ended  December  31, 1999 on Form
10-KSB filed with the Securities and Exchange Commission.

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.

Comprehensive  Income - The components of other comprehensive income or loss and
related tax effects are as follows:

<TABLE>
<CAPTION>
                                                                                                     (Unaudited)
                                                                                               Period Ended June 30,
                                                                                               ---------------------
                                                                                  Three Months                      Six Months
                                                                                  ------------                      ----------
                                                                              2000            1999              2000            1999
                                                                              ----            ----              ----            ----
                                                                                               (Dollars in thousands)

<S>                                                                           <C>            <C>             <C>            <C>
Net income ...........................................................        $   438        $   396         $   881        $   786
                                                                              -------        -------         -------        -------
Other comprehensive income (loss):
     Change in unrealized holding gains and
         losses on available-for-sale securities .....................             64         (1,099)             18         (1,529)
     Income tax expense (benefit) on other
         comprehensive income (loss) .................................             23           (429)              6           (584)
                                                                              -------        -------         -------        -------
            Total other comprehensive income (loss) ..................             41           (670)             12           (945)
                                                                              -------        -------         -------        -------
Comprehensive income (loss) ..........................................        $   479        $  (274)        $   893        $  (159)
                                                                              =======        =======         =======        =======
</TABLE>

Statement  of Cash  Flows -  Interest  paid on  deposits  and  other  borrowings
amounted  to  $3,295,000  for  the six  months  ended  June  30,  2000,  and was
$2,667,000  for the six months  ended June 30,  1999.  Income  tax  payments  of
$521,000 were made during the first six months of 2000,  and income tax payments
of $369,000 were made in the 1999 period. Non-cash investment security valuation
adjustments increased  available-for-sale  securities by $18,000 during the 2000
period,  a related  shareholders'  equity  account  increased by $12,000 and the
associated  deferred  income  taxes  changed by $6,000.  During the 1999 period,
non-cash  valuation  adjustments  decreased  available-for-sale   securities  by
$1,529,000,  decreased  shareholders'  equity by $945,000  and changed  deferred
income taxes by $584,000.  A non-cash transfer of $46,000 was made from loans to
other real estate owned during the first six months of 2000.

Nonperforming  Loans - As of June 30, 2000,  there were  $298,000 in  nonaccrual
loans and no loans 90 days or more past due and still accruing.

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 per share
information  has been  retroactively  adjusted  to give  effect  to a 10%  stock
dividend  effective  December 15, 1999.  Net income per share and net income per
share, assuming dilution, were computed as follows:


                                       7
<PAGE>


<TABLE>
<CAPTION>
                                                                                               (Unaudited)
                                                                                          Period Ended June 30,
                                                                                          ---------------------
                                                                              Three Months                       Six Months
                                                                              ------------                       ----------
                                                                        2000             1999             2000               1999
                                                                        ----             ----             ----               ----
                                                                             (Dollars in thousands, except per share amounts)

<S>                                                                 <C>               <C>               <C>               <C>
Net income per share, basic
Numerator - net income .....................................        $      438        $      396        $      881        $      786
                                                                    ==========        ==========        ==========        ==========
Denominator
Weighted average common shares
issued and outstanding .....................................         1,928,671         1,977,821         1,966,009         1,975,551
                                                                    ==========        ==========        ==========        ==========

               Net income per share, basic .................        $      .23        $      .20        $      .45        $      .40
                                                                    ==========        ==========        ==========        ==========

Net income per share, assuming dilution
Numerator - net income .....................................        $      438        $      396        $      881        $      786
                                                                    ==========        ==========        ==========        ==========
Denominator
Weighted average common shares
issued and outstanding .....................................         1,928,671         1,977,821         1,966,009         1,975,551
Effect of dilutive stock options ...........................           120,667           165,669           110,714           162,198
                                                                    ----------        ----------        ----------        ----------
               Total shares ................................         2,049,338         2,143,490         2,076,723         2,137,749
                                                                    ==========        ==========        ==========        ==========

               Net income per share,
               assuming dilution ...........................        $      .21        $      .19        $      .42        $      .37
                                                                    ==========        ==========        ==========        ==========
</TABLE>




                                       8
<PAGE>

Item 2. - Management's Discussion and Analysis

         This discussion is intended to assist in understanding the consolidated
financial condition and results of operations of Community First  Bancorporation
and its wholly-owned subsidiary, Community First Bank. The information should be
reviewed in  conjunction  with the  consolidated  financial  statements  and the
related notes contained elsewhere in this report.

Forward Looking Statements

         Statements  included in Management's  Discussion and Analysis 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.  The Company  cautions
readers that forward looking  statements,  including without  limitation,  those
relating to the Company's new offices, its future business prospects,  revenues,
working  capital,  liquidity,  capital needs,  interest costs,  and income,  are
subject to certain 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.

Results of Operations

         Community First  Bancorporation (the "Company")  recorded  consolidated
net income of $438,000, or $.23 per share, for the second quarter, and $881,000,
or $.45 per share,  for the first six months of 2000.  During 1999,  the Company
recorded  net income of $396,000 or $.20 per share for the second  quarter,  and
$786,000,  or $.40 per share,  for the first six  months.  Net income per share,
assuming  dilution,  for the three and six month periods ended June 30, 2000 was
$.21 and $.42  respectively.  For the  comparable  1999 periods,  net income per
share, assuming dilution, was $.19 and $.37, respectively.  Net income per share
figures  for 1999  have  been  retroactively  adjusted  to  reflect  a 10% stock
dividend effective December 15, 1999.

Net Interest Income

         Net interest income is the amount of interest income earned on interest
earning assets (loans,  securities,  interest  bearing  deposits in other banks,
federal funds sold and other investments), less the interest expense incurred on
interest bearing  liabilities  (interest bearing deposits and other borrowings),
and is the principal  source of the Company's  earnings.  Net interest income is
affected by the level of  interest  rates,  volume and mix of  interest  earning
assets  and  interest  bearing  liabilities  and the  relative  funding of these
assets.

         For analysis purposes,  interest income from tax-exempt  investments is
adjusted  to an amount  that would have to be earned on taxable  investments  to
produce the same after-tax yields,  assuming a 34% Federal income tax rate. This
adjusted  amount is referred to as fully  taxable  equivalent  ("FTE")  interest
income. The Company had only $5,000 in income from tax-exempt sources during the
first six months of 2000  ($8,000  FTE) and no income from those  sources in the
same period of 1999.

         For the second quarter of 2000, FTE net interest income was $1,290,000,
an increase of $155,000 or 13.7% over the comparable 1999 period.  For the first
six months of 2000,  FTE net  interest  income was  $2,564,000,  an  increase of
$332,000 or 14.9% over the first six months of 1999.  The  increases  in FTE net
interest  income  for the 2000  periods  resulted  primarily  from the  positive
effects of higher  amounts of  interest  earning  assets  enhanced by the higher
rates of interest  earned on those  assets.  These  positive  developments  were
offset somewhat by the negative effects of increased amounts of interest bearing
liabilities and higher rates paid.  Average  interest  earning assets during the
2000  six-month  period were  $157,736,000,  an increase of $18,435,000 or 13.2%
over the comparable period of 1999. Average  investment  securities for the 2000
six-month period were $58,176,000,  an increase of $14,042,000 or 31.8% over the
average amount for the same period of 1999. Average loans for the 2000 six month
period  totaled  $81,082,000,  an increase of $10,578,000 or 15.0% over the same
period of 1999.  The average yield on interest  earning  assets  increased by 20


                                       9
<PAGE>

basis points to 7.45% for the 2000 period.  Average interest bearing liabilities
during the 2000 six-month period were $131,810,000,  representing an increase of
$15,740,000  or 13.6% over the amount for the same period of 1999.  Average time
deposits of $100,000 and over  increased to  $38,028,000  for the 2000 six-month
period  from  $34,076,000  in the same prior  year  period.  Average  other time
deposits  increased  significantly,  also,  to  $45,132,000  in the 2000 period,
compared with  $39,502,000 in the 1999 period.  The average interest rate spread
(average yield on interest earning assets less the average rate paid on interest
bearing  liabilities) for the first six months of 2000 was 2.45%, an increase of
3 basis  points  from  2.42% for the same  period of 1999.  Net yield on earning
assets (net interest  income  divided by average  interest  earning  assets) was
3.27% for the first six months of 2000, an increase of 5 basis points from 3.22%
for the first six months of 1999.

         Increases in interest earning assets and interest  bearing  liabilities
resulted  from the  Company's  continuing  marketing  strategies to increase its
market share in its local service areas in Anderson and Oconee Counties of South
Carolina. The Anderson County, South Carolina market represents a relatively new
undertaking by the Company.  A branch office was opened in a temporary  facility
in the City of Anderson on January 4, 1999. The Company  completed  construction
and occupied its permanent facility there during the fourth quarter of 1999.

         During the first  eighteen  months of its  operation,  the new Anderson
County operation primarily focused its efforts on the acquisition of new deposit
accounts. The Company initially invested funds from these new deposits primarily
in investment  securities instead of loans because of management's  criteria for
credit quality and liquidity considerations.  Therefore, as expected in this new
market  area,  growth in  deposits  was much more  rapid  than was growth in the
higher-yielding loan categories.  However, because the Company now has a base of
experience in the Anderson  County market,  management has begun to increase its
utilization  of deposits  derived  from the Anderson  market for making  quality
loans.

         Interest  rates have  increased at a moderate  pace since the middle of
the second quarter of 1999 due to concerns that inflationary  pressures may be a
threat to the country's economic stability. Late in the 1999 second quarter, the
Federal  Reserve  Bank's  Open  Market  Committee  initiated  a  series  of rate
increases  as a means to curtail  this  threat.  The  efforts of the Open Market
Committee to effect sustainable economic growth are ongoing and have resulted in
further increases in interest rates during the year 2000, as well. The potential
effects of the expected  increases are not  anticipated to cause any significant
positive or adverse results for the Company.

Provision and Allowance for Loan Losses

         The provision  for loan losses  charged to expense was $105,000 for the
second quarter of 2000 compared with $70,000 for the second quarter of 1999, and
totaled  $182,000 for the first six months of 2000 compared with $95,000 for the
comparable  period of 1999. At June 30, 2000,  the allowance for loan losses was
1.16% of loans,  compared  with 1.24% of loans at December 31, 1999.  During the
2000 six-month period, net charge-offs  totaled $125,000,  compared with $86,000
charged  off during the same  period of 1999.  As of June 30,  2000,  there were
$298,000  in  nonaccrual  loans  and no loans  over 90 days  past due and  still
accruing  interest.  The amount of nonaccrual  loans at June 30, 2000 is $12,000
greater  than the amount at June 30,  1999 and  $89,000  more than the amount of
nonaccrual  loans as of December 31, 1999. The majority of the nonaccrual  loans
are secured by real estate and vehicles.  When the estimated realizable value of
collateral associated with nonperforming loans is believed to be insufficient to
satisfy the debt,  management  generally  charges-off  the excess  amount of the
debt.

         Management  believes  that the allowance for loan losses is adequate to
absorb all estimated  future risk of loss  inherent in the loan  portfolio as of
June 30, 2000.

Noninterest Income

         Noninterest  income  totaled  $209,000 for the second  quarter of 2000,
compared with $168,000 for the 1999 quarter. Noninterest income was $380,000 for
the first six months of 2000 and $305,000  for the same 1999 period.  The higher
noninterest income in 2000 was attributable  primarily to increased fees derived


                                       10
<PAGE>

from charges assessed against deposit accounts and fees for card-based services,
including  credit  card  fees and fees for ATM  usage.  During  the 1999  second
quarter,  a $10,000 gain was recognized  from the sale of other real estate with
no comparable item in 2000. There were no realized securities gains or losses in
the 2000 or 1999 periods.

Noninterest Expenses

         Noninterest  expenses  totaled $694,000 for the second quarter of 2000,
compared with $623,000 for the 1999 period,  representing an increase of $71,000
or 11.4%.  Noninterest expenses were $1,379,000 for the first six months of 2000
compared  with  $1,227,000  for the first half of 1999.  Salaries  and  employee
benefits for the 2000 quarter  totaled  $352,000,  a decrease of $2,000 from the
1999 three month period. For the first six months of 2000, salaries and employee
benefits totaled  $706,000  representing an increase of $42,000 or 6.3% over the
same period of 1999.  This increase  resulted  largely from normal  increases in
salaries and wages granted from time to time.  During the 2000 six-month period,
no amounts were accrued toward year-end incentive bonuses, compared with $10,000
accrued in 1999.

         Occupancy and furniture and equipment  expenses for the second  quarter
of 2000 totaled  $109,000,  an increase of $27,000,  or 32.9%  compared with the
same period of 1999. Such expenses  increased  $47,000 or 28.1% during the first
half of 2000.  These  increases  resulted  primarily  from higher  depreciation,
utilities and  equipment  maintenance  associated  with the occupancy of the new
permanent  branch office  facility in Anderson since the fourth quarter of 1999.
Other expenses for the 2000 three-month period totaled $233,000 and were $46,000
more than in 1999. For the 2000 six-month  period,  other expenses  increased by
$63,000,  or  15.9%,  over the 1999  amount to  $459,000.  These  expenses  also
increased primarily due to expenses associated with the opening of the permanent
Anderson branch.  Higher account volumes have increased processing costs such as
fees  charged  by  correspondent   institutions  for  providing  check  clearing
services,  credit card and ATM  interchange.  Also,  costs for  telephone,  data
communication  and operating  supplies have increased  from the expanded  office
network.

         Management  anticipates  opening a second new de novo branch  office in
Anderson  County in the Town of  Williamston  during the third  quarter of 2000.
This will result in higher amounts of noninterest expenses and cause earnings to
be somewhat less than they would be otherwise during the remainder of 2000.

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  are the Company's  principal source of secondary
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.

         As of June 30,  2000,  the ratio of loans to total  deposits was 60.0%,
compared  with 54.9% as of December 31, 1999 and 53.2% as of June 30, 1999.  The
increase in the  loan-to-deposit  ratio for 2000 is generally  the result of the
volume of loans growing faster than deposits in the Oconee County market area.

          Deposits as of June 30, 2000 had  increased by $5,567,000 or 4.0% over
the amount at December 31, 1999 and were  $10,233,000 or 7.6% greater than their
levels of June 30,  1999.  The new  operations  in Anderson  County  contributed
significantly to the increase in deposits.

         Management  believes that the Company's  liquidity sources are adequate
to meet its operating needs.



                                       11
<PAGE>

Capital Resources

         The Company's shareholders' equity decreased by $945,000 since December
31,  1999 as the  result of net income of  $881,000  for the first six months of
2000,  $62,000 added from the exercise of employee stock  options,  plus $12,000
from  changes  in  unrealized  holding  gains and  losses on  available-for-sale
securities,  net of deferred tax effects, less $1,900,000 expended to repurchase
and cancel 110,000 shares of the Company's outstanding common stock.

         Early in 2000,  management became aware of one shareholder's  intention
to offer for sale at one time all of his 110,000 shares of the Company's  common
stock.  Trading of the Company's common stock generally involves  relatively few
shares traded among private  individuals  and there are no known market  makers.
The Board of Directors considered that the sudden sale of such a large number of
shares  might  adversely  affect the value of its stock and  disrupt the limited
local trading  activities.  Therefore,  the Board  determined that it was in the
best interest of all its  shareholders to make an offer to repurchase and cancel
the 110,000  shares of available  common stock.  The repurchase was completed in
the second quarter of 2000 and was funded by cash dividends the Company received
from its  subsidiary  bank.  The  repurchase  was not part of any planned  stock
repurchase  program,  and any such future  transactions  will be  evaluated on a
case-by-case basis.

         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  was to fall below  certain
levels, increasingly stringent regulatory corrective actions are mandated.

         The June 30,  2000 risk based  capital  ratios for the  Company and the
Bank are presented in the following table,  compared with the "well capitalized"
and minimum ratios under the regulatory definitions and guidelines:

                                                             Total
                                                   Tier 1   Capital   Leverage
                                                   ------   -------   --------
Community First Bancorporation .................    15.2%     16.2%      8.6%
Community First Bank ...........................    14.2%     15.2%      8.0%
Minimum "well-capitalized" requirement .........     6.0%     10.0%      5.0%
Minimum requirement ............................     4.0%      8.0%      3.0%






                                       12
<PAGE>




                           PART II - OTHER INFORMATION

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

         On  Tuesday,  April 18,  2000,  the  shareholders  of  Community  First
Bancorporation held their regular annual meeting. At the meeting, one matter was
submitted to a vote with results as follows:

1.       Election of four directors to hold office for three-year terms:

<TABLE>
<CAPTION>
                                                                             SHARES VOTED
                                                     ---------------------------------------------------------
                                                                                                     AUTHORITY
         DIRECTORS                                       FOR                   AGAINST               WITHHELD
                                                         ---                   ---------             --------

<S>                                                  <C>                       <C>                       <C>
         Larry S. Bowman, MD                         1,296,065                   0                        0
         William M. Brown                            1,296,065                   0                        0
         John R. Hamrick                             1,295,762                 303                        0
         Frederick D. Shepherd, Jr.                  1,296,065                   0                        0
</TABLE>


         The following directors continue to serve until the expiration of their
terms at the  annual  meetings  to be held in the years  indicated  and were not
voted  on at the 2000  annual  meeting:  Blake L.  Griffith  - 2001,  Robert  H.
Edwards, Sr. - 2001, Gary V. Thrift - 2001, R. Theo Harris, Sr. - 2002, James E.
McCoy - 2002, James E. Turner - 2002, and Charles L. Winchester - 2002.

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

(a)      Exhibits

         Exhibit No.
         from Item 601 of
         Regulation S-B                                Description
         ---------------                               ---------------

27                                                     Financial Data Schedule

(b)      Reports on Form 8-K.               None.




                                       13
<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

August 10, 2000           /s/ Frederick D. Shepherd, Jr.
-----------------         ------------------------------------------------------
         Date             Frederick D. Shepherd, Jr., President and Chief
                           Executive Officer (also principal accounting officer)



                                       14
<PAGE>



                                  Exhibit Index


Exhibits

Exhibit No.
from Item 601 of
Regulation S-B                                   Description
---------------                               -----------------

     27                                      Financial Data Schedule




                                       15