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 September 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, 1,910,836 Shares Outstanding on October 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 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)
                                                                                                September 30,           December 31,
                                                                                                     2000                   1999
                                                                                                     -----                  ----
                                                                                                        (Dollars in thousands)
Assets
<S>                                                                                               <C>                     <C>
     Cash and due from banks .......................................................              $   3,081               $   4,555
     Federal funds sold ............................................................                  3,820                  12,410
     Securities available-for-sale .................................................                 55,764                  54,178
     Other investments .............................................................                    386                     382
     Loans .........................................................................                 90,735                  76,158
         Allowance for loan losses .................................................                 (1,016)                   (943)
                                                                                                  ---------               ---------
            Loans - net ............................................................                 89,719                  75,215
     Premises and equipment - net ..................................................                  4,400                   4,263
     Accrued interest receivable ...................................................                  1,478                   1,192
     Other assets ..................................................................                  1,497                   1,388
                                                                                                  ---------               ---------

            Total assets ...........................................................              $ 160,145               $ 153,583
                                                                                                  =========               =========

Liabilities
     Deposits
         Noninterest bearing .......................................................              $  19,687               $  16,908
         Interest bearing ..........................................................                125,591                 121,710
                                                                                                  ---------               ---------
            Total deposits .........................................................                145,278                 138,618
     Accrued interest payable ......................................................                  1,376                   1,180
     Other liabilities .............................................................                     41                      49
                                                                                                  ---------               ---------
            Total liabilities ......................................................                146,695                 139,847
                                                                                                  ---------               ---------

Shareholders' equity
     Common stock - no par value; 10,000,000 shares
         authorized; issued and outstanding - 1,909,898
         for 2000 and 2,002,699 for 1999 ...........................................                 12,419                  14,255
     Retained earnings .............................................................                  2,404                   1,110
     Accumulated other comprehensive income ........................................                 (1,373)                 (1,629)
                                                                                                  ---------               ---------
            Total shareholders' equity .............................................                 13,450                  13,736
                                                                                                  ---------               ---------

            Total liabilities and shareholders' equity .............................              $ 160,145               $ 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 September 30,
                                                                                         --------------------------
                                                                                Three Months                      Nine Months
                                                                                ------------                      -----------
                                                                            2000            1999             2000              1999
                                                                            ----            ----             ----              ----
                                                                                  (Dollars in thousands, except per share)
Interest income
<S>                                                                        <C>              <C>              <C>              <C>
     Loans, including fees .....................................           $2,010           $1,596           $5,518           $4,692
     Securities
       Taxable .................................................              889              833            2,671            2,187
       Tax-exempt ..............................................                2                2                7                2
     Other investments .........................................                8                7               23               20
     Federal funds sold ........................................               59              238              590              798
                                                                           ------           ------           ------           ------
         Total interest income .................................            2,968            2,676            8,809            7,699
                                                                           ------           ------           ------           ------

Interest expense
     Time deposits $100M and over ..............................              610              568            1,720            1,513
     Other deposits ............................................            1,105              904            3,275            2,750
                                                                           ------           ------           ------           ------
         Total interest expense ................................            1,715            1,472            4,995            4,263
                                                                           ------           ------           ------           ------

Net interest income ............................................            1,253            1,204            3,814            3,436
Provision for loan losses ......................................               70               78              252              173
                                                                           ------           ------           ------           ------
Net interest income after provision ............................            1,183            1,126            3,562            3,263
                                                                           ------           ------           ------           ------

Other income
     Service charges on deposit accounts .......................              159              114              396              303
     Credit life insurance commissions .........................               16               10               48               27
     Other income ..............................................               61               48              172              147
                                                                           ------           ------           ------           ------
         Total other income ....................................              236              172              616              477
                                                                           ------           ------           ------           ------

Other expenses
     Salaries and employee benefits ............................              434              328            1,140              992
     Net occupancy expense .....................................               46               34              133               88
     Furniture and equipment expense ...........................               67               55              194              168
     Other expense .............................................              241              206              700              602
                                                                           ------           ------           ------           ------
         Total other expenses ..................................              788              623            2,167            1,850
                                                                           ------           ------           ------           ------

Income before income taxes .....................................              631              675            2,011            1,890
Income tax expense .............................................              218              249              717              678
                                                                           ------           ------           ------           ------
Net income .....................................................           $  413           $  426           $1,294           $1,212
                                                                           ======           ======           ======           ======

Per share*
     Net income ................................................           $ 0.22           $ 0.21           $ 0.67           $ 0.61
     Net income, assuming dilution .............................             0.20             0.20             0.62             0.57
</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

<TABLE>
<CAPTION>
                                                                  (Unaudited)
                                                                  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 ......................................              -               -           1,212              -           1,212
    Change in unrealized holding gains
      and losses on available-for-sale
      securities, net of income taxes ...............              -               -               -           (935)           (935)
                                                                                                                         ----------
          Total comprehensive income ................              -               -               -              -             277
                                                                                                                         ----------
Exercise of employee stock options ..................         10,462              77               -              -              77
Costs associated with new stock option plan .........              -             (16)              -              -             (16)
                                                          ----------      ----------      ----------     ----------      ----------
Balance, September 30, 1999 .........................      1,804,254      $   10,630      $    4,263     $     (952)     $   13,941
                                                          ==========      ==========      ==========     ==========      ==========



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

Comprehensive income:
    Net income ......................................              -               -           1,294              -           1,294
      Change in unrealized holding gains
      and losses on available-for-sale
      securities, net of income taxes ...............              -               -               -            256             256
                                                                                                                         ----------
        Total comprehensive income ..................              -               -               -              -           1,550
                                                                                                                         ----------
Repurchase and cancellation of common stock .........       (110,000)         (1,900)              -              -          (1,900)
Exercise of employee stock options ..................         17,199              64               -              -              64
                                                          ----------      ----------      ----------     ----------      ----------
Balance, September 30, 2000 .........................      1,909,898      $   12,419      $    2,404     $   (1,373)     $   13,450
                                                          ==========      ==========      ==========     ==========      ==========
</TABLE>













See accompanying notes to unaudited consolidated financial statements.


                                       5
<PAGE>

COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Cash Flows

<TABLE>
<CAPTION>
                                                                                                                 (Unaudited)
                                                                                                              Nine Months Ended
                                                                                                                  September
                                                                                                          2000                 1999
                                                                                                          ----                 ----
                                                                                                           (Dollars in thousands)
Operating Activities
<S>                                                                                                    <C>                 <C>
     Net income ............................................................................           $  1,294            $  1,212
     Adjustments to reconcile net income to net
         cash provided by operating activities
            Provision for loan losses ......................................................                252                 173
            Depreciation ...................................................................                170                 123
            Amortization of net loan fees and costs ........................................                 56                  46
            Securities accretion and premium amortization ..................................                 (5)                (16)
            Increase in interest receivable ................................................               (286)               (470)
            Increase in interest payable ...................................................                196                 216
            (Increase) decrease in prepaid expenses and other assets .......................                (93)                 22
            (Decrease) increase in other accrued expenses ..................................                 (8)                  2
            Disposals of premises and equipment ............................................                  -                   9
            Gain on sale of other real estate ..............................................                  -                 (10)
                                                                                                       --------            --------
                Net cash provided by operating activities ..................................              1,576               1,307
                                                                                                       --------            --------

Investing activities
     Purchases of available-for-sale securities ............................................             (1,973)            (25,191)
     Maturities of available-for-sale securities ...........................................                792               7,596
     Purchases of other investments ........................................................                 (4)                (37)
     Net increase in loans made to customers ...............................................            (14,972)             (5,380)
     Purchases of premises and equipment ...................................................               (307)               (764)
     Proceeds from sale of other real estate ...............................................                  -                  10
                                                                                                       --------            --------
                Net cash used by investing activities ......................................            (16,464)            (23,766)
                                                                                                       --------            --------

Financing activities
     Net increase (decrease) in demand deposits, interest
         bearing transaction accounts and savings accounts .................................              5,108              (1,220)
     Net increase in certificates of deposit and other
         time deposits .....................................................................              1,552              24,100
     Exercise of employee stock options ....................................................                 64                  61
     Repurchase and cancellation of common stock ...........................................             (1,900)                  -
                                                                                                       --------            --------
                Net cash provided by financing activities ..................................              4,824              22,941
                                                                                                       --------            --------
(Decrease) increase in cash and cash equivalents ...........................................            (10,064)                482
Cash and cash equivalents, beginning .......................................................             16,965              17,470
                                                                                                       --------            --------
Cash and cash equivalents, ending ..........................................................           $  6,901            $ 17,952
                                                                                                       ========            ========
</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 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 September 30,
                                                                                            --------------------------
                                                                                  Three Months                    Nine Months
                                                                                  ------------                    -----------
                                                                              2000            1999            2000            1999
                                                                              -----           -----           -----           ----
                                                                                              (Dollars in thousands)

<S>                                                                         <C>             <C>             <C>             <C>
Net income ........................................................         $   413         $   426         $ 1,294         $ 1,212
                                                                            -------         -------         -------         -------
Other comprehensive income (loss):
     Change in unrealized holding gains and
         losses on available-for-sale securities ..................             382              70             400          (1,459)
     Income tax expense (benefit) on other
         comprehensive income (loss) ..............................             138              60             144            (524)
                                                                            -------         -------         -------         -------
            Total other comprehensive income (loss) ...............             244              10             256            (935)
                                                                            -------         -------         -------         -------
Comprehensive income (loss) .......................................         $   657         $   436         $ 1,550         $   277
                                                                            =======         =======         =======         =======
</TABLE>


Statement  of Cash  Flows -  Interest  paid on  deposits  and  other  borrowings
amounted to $4,799,000  for the nine months ended  September  30, 2000,  and was
$4,047,000 for the nine months ended September 30, 1999.  Income tax payments of
$786,000 were made during the first nine months of 2000, and income tax payments
of $616,000 were made in the 1999 period. Non-cash investment security valuation
adjustments increased available-for-sale  securities by $400,000 during the 2000
period,  a related  shareholders'  equity account  increased by $256,000 and the
associated  deferred  income taxes changed by $144,000.  During the 1999 period,
non-cash  valuation  adjustments  decreased  available-for-sale   securities  by
$1,459,000,  decreased  shareholders'  equity by $935,000  and changed  deferred
income taxes by $524,000. Non-cash transfers of $160,000 were made from loans to
other real estate during the first nine months of 2000.

Nonperforming Loans - As of September 30, 2000, there were $75,000 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.  Per  share
information  for 1999 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 September 30,
                                                                                      --------------------------
                                                                             Three Months                      Nine Months
                                                                             ------------                      -----------
                                                                        2000            1999              2000              1999
                                                                        ----            ----              ----              ----
                                                                           (Dollars in thousands, except per share amounts)
Net income per share, basic
<S>                                                                 <C>               <C>               <C>               <C>
  Numerator - net income ...................................        $      413        $      426        $    1,294        $    1,212
                                                                    ==========        ==========        ==========        ==========
  Denominator
    Weighted average common shares
      issued and outstanding ...............................         1,909,809         1,982,593         1,947,139         1,977,924
                                                                    ==========        ==========        ==========        ==========

               Net income per share, basic .................        $      .22        $      .21        $      .67        $      .61
                                                                    ==========        ==========        ==========        ==========

Net income per share, assuming dilution
  Numerator - net income ...................................        $      413        $      426        $    1,294        $    1,212
                                                                    ==========        ==========        ==========        ==========
  Denominator
    Weighted average common shares
      issued and outstanding ...............................         1,909,809         1,982,593         1,947,139         1,977,924
    Effect of dilutive stock options .......................           128,399           157,777           121,004           161,001
                                                                    ----------        ----------        ----------        ----------
               Total shares ................................         2,038,208         2,140,370         2,068,143         2,138,925
                                                                    ==========        ==========        ==========        ==========

               Net income per share,
                 assuming dilution .........................        $      .20        $      .20        $      .62        $      .57
                                                                    ==========        ==========        ==========        ==========
</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
(the  "Company')  and its  wholly-owned  subsidiary,  Community  First Bank. The
information  should be reviewed in conjunction  with the unaudited  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  recorded  consolidated  net income of
$413,000, or $.22 per share, for the third quarter, and $1,294,000,  or $.67 per
share, for the first nine months of 2000.  During 1999, the Company recorded net
income of $426,000 or $.21 per share for the third quarter,  and $1,212,000,  or
$.61 per share,  for the first  nine  months.  Net  income  per share,  assuming
dilution, for the three and nine month periods ended September 30, 2000 was $.20
and $.62, respectively.  For the comparable 1999 periods,  net income per share,
assuming dilution, was $.20 and $.57, 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 $7,000 in income from tax-exempt sources during the
first nine months  ($11,000  FTE) and $2,000 of income  ($3,000  FTE) from those
sources in the same period of 1999.

         For the third quarter of 2000, FTE net interest  income was $1,253,000,
an increase of $49,000 or 4.1% over the  comparable  1999 period.  For the first
nine months of 2000,  FTE net  interest  income was  $3,818,000,  an increase of
$381,000 or 11.1% over the first nine 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  nine-month  period were  $155,311,000,  an increase of $13,991,000 or 9.9%
over the comparable period of 1999. Average  investment  securities for the 2000
nine-month period were $58,118,000, an increase of $10,420,000 or 21.8% over the
average  amount  for the same  period of 1999.  Average  loans for the 2000 nine
month period totaled  $83,645,000,  an increase of $12,564,000 or 17.7% over the
same period of 1999. The average yield on interest  earning assets  increased by


                                       9
<PAGE>

30 basis  points to 7.58%  for the 2000  nine  month  period.  Average  interest
bearing  liabilities  during  the  2000  nine-month  period  were  $129,280,000,
representing  an increase of  $12,014,000  or 10.2% over the amount for the same
period  of 1999.  Average  time  deposits  of  $100,000  and over  increased  to
$37,804,000  for the 2000 nine-month  period from  $36,623,000 in the same prior
year period.  Average other time deposits  increased to  $45,644,000 in the 2000
period,  compared with $41,122,000 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 nine  months of 2000 and 1999 was
2.42%.  Net yield on earning  assets  (net  interest  income  divided by average
interest  earning  assets)  was  3.28%  for the first  nine  months of 2000,  an
increase of 3 basis points from 3.25% for the first nine 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.  Construction  and  occupancy of the
permanent facility there was accomplished during the fourth quarter of 1999. The
Company further  expanded its presence in Anderson County during 2000 by opening
an office in the Town of Williamston.

         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 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 $70,000 for the
third quarter of 2000  compared with $78,000 for the third quarter of 1999,  and
totaled  $252,000 for the first nine months of 2000  compared  with $173,000 for
the  comparable  period of 1999. At September  30, 2000,  the allowance for loan
losses was 1.12% of loans,  compared  with 1.24% of loans at December  31, 1999.
During the 2000 nine-month  period, net charge-offs  totaled $179,000,  compared
with  $188,000  charged off during the same period of 1999.  As of September 30,
2000,  there were $75,000 in nonaccrual loans and no loans over 90 days past due
and still  accruing  interest.  The amount of nonaccrual  loans at September 30,
2000 is $49,000  less than the amount at September  30, 1999 and  $134,000  less
than the amount of nonaccrual loans as of December 31, 1999. The majority of the
nonaccrual loans are secured by real estate. 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
September 30, 2000.



                                       10
<PAGE>

Noninterest Income

         Noninterest  income  totaled  $236,000  for the third  quarter of 2000,
compared with $172,000 for the 1999 quarter. Noninterest income was $616,000 for
the first nine months of 2000 and $477,000 for the same 1999 period.  The higher
noninterest income in 2000 was attributable  primarily to increased fees derived
from charges assessed against deposit accounts and fees for card-based services,
including  credit  card fees and fees for ATM usage.  During the 1999 nine month
period, 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  $788,000 for the third quarter of 2000,
compared with $623,000 for the 1999 period, representing an increase of $165,000
or 26.5%. Noninterest expenses were $2,167,000 for the first nine months of 2000
compared  with  $1,850,000  for the same period of 1999.  Salaries  and employee
benefits for the 2000 quarter totaled $434,000, an increase of $106,000 over the
1999  three  month  period.  For the first  nine  months of 2000,  salaries  and
employee  benefits  totaled  $1,140,000  representing an increase of $148,000 or
14.9% over the same  period of 1999.  This  increase  resulted  largely  from an
increase in number of employees associated with the Company's branch expansions,
normal  increases  in salaries and wages  granted from time to time,  and higher
costs of  employment  taxes and  employee  insurance  benefits.  During the 2000
nine-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 third quarter of
2000 totaled $113,000,  an increase of $24,000,  or 27.0% compared with the same
period of 1999. Such expenses  increased  $71,000 or 27.7% during the first nine
months 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
and the branch in Williamston  since its opening in 2000. Other expenses for the
2000 three-month period totaled $241,000 and were $35,000 more than in 1999. For
the 2000 nine-month period,  other expenses increased by $98,000, or 16.3%, over
the 1999 amount to $700,000.  These  expenses  also  increased  primarily due to
expenses  associated  with the opening of the permanent  Anderson branch and the
Williamston 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 that higher amounts of noninterest expenses will
continue 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  September  30,  2000,  the ratio of loans to total  deposits was
62.5%, compared with 54.9% as of December 31, 1999 and 53.8% as of September 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 September  30, 2000 had increased by $6,660,000 or 4.8%
over the amount at December  31, 1999 and were  $9,902,000  or 7.3% greater than
their  levels of September  30,  1999.  The new  operations  in Anderson  County
contributed significantly to the increase in deposits.



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<PAGE>

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

Capital Resources

         The Company's  equity capital  decreased by $286,000 since December 31,
1999 as the result of net  income of  $1,294,000  for the first  nine  months of
2000,  $64,000 added from the exercise of employee stock options,  plus $256,000
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 September  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 .............      15.0%       16.0%        9.3%
Community First Bank .......................      14.0%       15.0%        8.7%
Minimum "well-capitalized" requirement .....       6.0%       10.0%        5.0%
Minimum requirement ........................       4.0%        8.0%        3.0%




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<PAGE>



                           PART II - OTHER INFORMATION

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.





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<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

November 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