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, 1999      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,  1,804,414  Shares  Outstanding  on October 31,  1999,  excluding
approximately  180,441 shares issuable pursuant to a 10% stock dividend declared
October 21, 1999.

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 Comprehensive Income ..............     5
            Consolidated Statement of Changes in
                Shareholders' Equity ....................................     6
            Consolidated Statement of Cash Flows ........................     7
            Notes to Unaudited Consolidated Financial Statements ........     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,
                                                                                                      1999                  1998
                                                                                                      ----                  ----
                                                                                                        (Dollars in thousands)
Assets
<S>                                                                                               <C>                     <C>
     Cash and due from banks .......................................................              $   2,102               $   3,320
     Federal funds sold ............................................................                 15,850                  14,150
     Securities available-for-sale .................................................                 54,436                  38,284
     Other investments .............................................................                    382                     345
     Loans .........................................................................                 72,897                  67,893
         Allowance for loan losses .................................................                   (940)                   (955)
                                                                                                  ---------               ---------
            Loans - net ............................................................                 71,957                  66,938
     Premises and equipment - net ..................................................                  3,503                   2,871
     Accrued interest receivable ...................................................                  1,300                     830
     Other assets ..................................................................                  1,033                     389
                                                                                                  ---------               ---------

            Total assets ...........................................................              $ 150,563               $ 127,127
                                                                                                  =========               =========

Liabilities
     Deposits
         Noninterest bearing .......................................................              $  16,119               $  14,798
         Interest bearing ..........................................................                119,257                  97,698
                                                                                                  ---------               ---------
            Total deposits .........................................................                135,376                 112,496
     Accrued interest payable ......................................................                  1,182                     966
     Other liabilities .............................................................                     64                      62
                                                                                                  ---------               ---------
            Total liabilities ......................................................                136,622                 113,524
                                                                                                  ---------               ---------

Shareholders' equity
     Common stock - no par value;
          10,000,000 shares authorized; issued and
          outstanding - 1,804,254 for 1999 and
          1,793,792 for 1998 .......................................................                 10,630                  10,569
     Retained earnings .............................................................                  4,263                   3,051
     Accumulated other comprehensive income ........................................                   (952)                    (17)
                                                                                                  ---------               ---------
            Total shareholders' equity .............................................                 13,941                  13,603
                                                                                                  ---------               ---------

            Total liabilities and shareholders' equity .............................              $ 150,563               $ 127,127
                                                                                                  =========               =========
</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
                                                                                 ------------                      -----------
                                                                            1999            1998              1999             1998
                                                                            ----            ----              ----             ----
                                                                                   (Dollars in thousands, except per share)

Interest income
<S>                                                                        <C>              <C>              <C>              <C>
     Loans, including fees .....................................           $1,596           $1,567           $4,692           $4,587
     Investment securities
     Taxable ...................................................              833              501            2,187            1,331
     Nontaxable ................................................                2                -                2                -
     Other investments .........................................                7                6               20               14
     Federal funds sold ........................................              238              194              798              734
                                                                           ------           ------           ------           ------
         Total interest income .................................            2,676            2,268            7,699            6,666
                                                                           ------           ------           ------           ------

Interest expense
     Time deposits $100,000 and over ...........................              568              361            1,513            1,013
     Other deposits ............................................              904              801            2,750            2,356
                                                                           ------           ------           ------           ------
         Total interest expense ................................            1,472            1,162            4,263            3,369
                                                                           ------           ------           ------           ------

Net interest income ............................................            1,204            1,106            3,436            3,297
Provision for loan losses ......................................               78               65              173              190
                                                                           ------           ------           ------           ------
Net interest income after provision ............................            1,126            1,041            3,263            3,107
                                                                           ------           ------           ------           ------

Other income
     Service charges on deposit accounts .......................              114               98              303              271
     Credit life insurance commissions .........................               10               10               27               31
     Other income ..............................................               48               44              147              121
                                                                           ------           ------           ------           ------
         Total other income ....................................              172              152              477              423
                                                                           ------           ------           ------           ------

Other expenses
     Salaries and employee benefits ............................              328              265              992              798
     Net occupancy expense .....................................               34               33               88               79
     Furniture and equipment expense ...........................               55               43              168              142
     Other expense .............................................              206              178              602              503
                                                                           ------           ------           ------           ------
         Total other expenses ..................................              623              519            1,850            1,522
                                                                           ------           ------           ------           ------

Income before income taxes .....................................              675              674            1,890            2,008
Income tax expense .............................................              249              242              678              717
                                                                           ------           ------           ------           ------
Net income .....................................................           $  426           $  432           $1,212           $1,291
                                                                           ======           ======           ======           ======

Per share*
     Net income ................................................           $ 0.21           $ 0.22           $ 0.61           $ 0.66
     Net income, assuming dilution .............................             0.20             0.21             0.57             0.63
</TABLE>

------------------
* Per share information has been  retroactively  adjusted to reflect a 10% stock
dividend  to be  effective  December  15,  1999 and a  two-for-one  stock  split
effective July 31, 1998.



See accompanying notes to unaudited consolidated financial statements.




                                       4
<PAGE>

COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Comprehensive Income
<TABLE>
<CAPTION>
                                                                                                   (Unaudited)
                                                                                            Period Ended September 30,
                                                                                            --------------------------
                                                                                   Three Months                    Nine Months
                                                                                   ------------                    -----------
                                                                                1999          1998            1999            1998
                                                                                ----          ----            ----            ----
                                                                                               (Dollars in thousands)

<S>                                                                             <C>           <C>           <C>               <C>
Net income ...........................................................          $426          $432          $ 1,212           $1,291
                                                                                ----          ----          -------           ------
Other comprehensive income (loss):
     Change in unrealized holding gains and
         losses on available-for-sale securities .....................            70           207           (1,459)             186
     Income tax expense (benefit) on other
         comprehensive income (loss) .................................            60            74             (524)              67
                                                                                ----          ----          -------           ------
            Total other comprehensive income (loss) ..................            10           133             (935)             119
                                                                                ----          ----          -------           ------
Comprehensive income (loss) ..........................................          $436          $565          $   277           $1,410
                                                                                ====          ====          =======           ======
</TABLE>





































See accompanying notes to unaudited consolidated financial statements.


                                       5
<PAGE>

COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Changes in Shareholder's Equity
<TABLE>
<CAPTION>
                                                                          (Unaudited)

                                                                          Common Stock                     Accumulated
                                                                          ------------                        Other
                                                                  Number of                      Retained  Comprehensive
                                                                   Shares*        Amount         Earnings     Income         Total
                                                                   -------        ------         --------     ------         -----
                                                                                        (Dollars in thousands)

<S>                                                               <C>              <C>           <C>          <C>          <C>
Balance, January 1, 1998 .................................        1,772,280        $10,479       $1,387       $ (16)       $ 11,850
Exercise of employee stock options .......................            6,116             30            -           -              30
Change in unrealized holding gains
    and losses on available-for-sale
    securities, net of income taxes ......................                -              -            -         119             119
Net income ...............................................                -              -        1,291           -           1,291
                                                                 ----------        -------       ------       -----        --------
Balance, September 30, 1998 ..............................        1,778,396        $10,509       $2,678       $ 103        $ 13,290
                                                                 ==========        =======       ======       =====        ========



Balance, January 1, 1999 .................................        1,793,792        $10,569       $3,051       $ (17)       $ 13,603
Exercise of employee stock options .......................           10,462             77            -           -              77
Costs associated with new stock option plan ..............                             (16)           -           -             (16)
Change in unrealized holding gains
    and losses on available-for-sale
    securities, net of income taxes ......................                -              -            -        (935)           (935)
Net income ...............................................                -              -        1,212           -           1,212
                                                                 ----------        -------       ------       -----        --------
Balance, September 30, 1999 ..............................        1,804,254        $10,630       $4,263       $(952)       $ 13,941
                                                                 ==========        =======       ======       =====        ========
</TABLE>


* Adjusted for a two-for-one stock split effective July 31, 1998.

































See accompanying notes to unaudited consolidated financial statements.


                                       6
<PAGE>

COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Cash Flows

<TABLE>
<CAPTION>
                                                                                                                  (Unaudited)
                                                                                                               Nine Months Ended
                                                                                                                 September 30,
                                                                                                            1999              1998
                                                                                                            ----              ----
                                                                                                           (Dollars in thousands)
Operating Activities
<S>                                                                                                     <C>                <C>
     Net income ..............................................................................          $  1,212           $  1,291
     Adjustments to reconcile net income to net
         cash provided by operating activities
            Provision for loan losses ........................................................               173                190
            Depreciation .....................................................................               123                111
            Amortization of net loan fees and costs ..........................................                46                 37
            Securities accretion and premium amortization ....................................               (16)               (87)
            Increase in interest receivable ..................................................              (470)              (116)
            Increase in interest payable .....................................................               216                 69
            Decrease (increase) in prepaid expenses and other receviables ....................                22                (60)
            Increase in other accrued expenses ...............................................                 2                 80
            Disposals of premises and equipment ..............................................                 9                  -
            Gain on sale of other real estate ................................................               (10)                 -
                                                                                                        --------           --------
                Net cash provided by operating activities ....................................             1,307              1,515
                                                                                                        --------           --------

Investing activities
     Purchases of available-for-sale securities ..............................................           (25,191)           (42,913)
     Maturities of available-for-sale securities .............................................             7,596             38,685
     Purchases of other investments ..........................................................               (37)               (10)
     Net increase in loans made to customers .................................................            (5,380)            (4,131)
     Purchases of premises and equipment .....................................................              (764)            (1,218)
     Proceeds from sale of other real estate .................................................                10                  -
                                                                                                        --------           --------
                Net cash used by investing activities ........................................           (23,766)            (9,587)
                                                                                                        --------           --------

Financing activities
     Net (decrease) increase in demand deposits, interest
         bearing transaction accounts and savings accounts ...................................            (1,220)             2,865
     Net increase in certificates of deposit and other
         time deposits .......................................................................            24,100             10,090
     Exercise of employee stock options, net of costs ........................................                61                 30
                                                                                                        --------           --------
                Net cash provided by financing activities ....................................            22,941             12,985
                                                                                                        --------           --------
Increase in cash and cash equivalents ........................................................               482              4,913
Cash and cash equivalents, beginning .........................................................            17,470             11,344
                                                                                                        --------           --------
Cash and cash equivalents, ending ............................................................          $ 17,952           $ 16,257
                                                                                                        ========           ========
</TABLE>










See accompanying notes to unaudited consolidated financial statements.



                                       7
<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, 1998 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.

Statement  of Cash  Flows -  Interest  paid on  deposits  and  other  borrowings
amounted to $4,047,000  for the nine months ended  September  30, 1999,  and was
$3,300,000 for the nine months ended September 30, 1998.  Income tax payments of
$616,000 were made during the first nine months of 1999, and income tax payments
of $767,000 were made in the 1998 period. Non-cash investment security valuation
adjustments  decreased  available-for-sale  securities by $1,459,000  during the
1999 period, a related  shareholders'  equity account  decreased by $935,000 and
the  associated  deferred  income  taxes  changed by  $524,000.  During the 1998
period, non-cash valuation adjustments increased  available-for-sale  securities
by $186,000,  increased  shareholders'  equity by $119,000 and changed  deferred
income taxes by $67,000.

Nonperforming  Loans  - As  of  September  30,  1999,  there  were  $124,000  in
nonaccrual   loans   and   $26,000   in   loans   90  days  or  more   past  due
and still accruing.

Earnings  Per Share - On October 21,  1999,  the  Company's  Board of  Directors
declared a 10% stock  dividend  issuable  December 15, 1999 to  stockholders  of
record on November 1, 1999. Also, a two-for-one stock split was effected on July
31,  1998.  All per share  amounts have been  retroactively  adjusted to reflect
these events.

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 stock  dividends  and stock  splits.  Net income per
share and net income per share, assuming dilution, were computed as follows:
<TABLE>
<CAPTION>
                                                                                            (Unaudited)
                                                                                      Period Ended September 30,
                                                                          Three Months                          Nine Months
                                                                          ------------                          -----------
                                                                      1999               1998               1999               1998
                                                                      ----               ----               ----               ----
                                                                           (Dollars in thousands, except per share amounts)
Net income per share, basic
<S>                                                                 <C>               <C>               <C>               <C>
Numerator - net income .....................................        $      426        $      432        $    1,212        $    1,291
                                                                    ==========        ==========        ==========        ==========
Denominator
Weighted average common shares
issued and outstanding .....................................         1,982,593         1,956,236         1,977,924         1,954,605
                                                                    ==========        ==========        ==========        ==========
               Net income per share, basic .................        $      .21        $      .22        $      .61        $      .66
                                                                    ==========        ==========        ==========        ==========
Net income per share, assuming dilution
Numerator - net income .....................................        $      426        $      432        $    1,212        $    1,291
                                                                    ==========        ==========        ==========        ==========
Denominator
Weighted average common shares
issued and outstanding .....................................         1,982,593         1,956,236         1,977,924         1,954,605
Effect of dilutive stock options ...........................           157,777            96,661           161,001            87,468
                                                                    ----------        ----------        ----------        ----------
               Total shares ................................         2,140,370         2,052,897         2,138,925         2,042,073
                                                                    ==========        ==========        ==========        ==========
               Net income per share,
               assuming dilution ...........................        $      .20        $      .21        $      .57        $      .63
                                                                    ==========        ==========        ==========        ==========
</TABLE>

                                       8
<PAGE>

Item 2. - Management's Discussion and Analysis

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 office,  its response to the Year 2000  problem,
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  $426,000,  or $.21 per share,  for the third  quarter of 1999 and
$1,212,000,  or $.61 per share, for the first nine months of 1999.  During 1998,
the  Company  recorded  net income of  $432,000  or $.22 per share for the third
quarter,  and  $1,291,000,  or $.66 per share,  for the first nine  months.  Net
income per share, assuming dilution,  for the three and nine month periods ended
September  30, 1999 was $.20 and $.57,  respectively.  For the  comparable  1998
periods,  net  income  per  share,   assuming  dilution,   was  $.21  and  $.63,
respectively.  Net income per share figures have been retroactively  adjusted to
reflect a 10% stock dividend  declared  October 21, 1999,  payable  December 15,
1999, and a two-for-one stock split effective July 31, 1998.

         Comprehensive  income or loss incorporates into one measure all changes
in the  Company's  equity  resulting  from  recognized  transactions  and  other
economic  events of the period  other  than  transactions  with  owners in their
capacities as owners. The major components of the Company's comprehensive income
include net income  (amounts  stated above) and  unrealized  gains and losses on
available-for-sale investment securities. Changes in unrealized gains and losses
on investment  securities primarily are a function of three variables:  the size
of the investment portfolio, fluctuations in the levels of market interest rates
and the remaining  maturity  structure of the securities  held. As the levels of
market interest rates change, the market values of investment securities move in
an inverse  direction.  If interest  rates rise, the market values of securities
would be expected to decline.  Conversely, if interest rates fall, market values
of  securities  would be expected to increase.  Generally,  the market values of
securities  with  longer  remaining  maturities  rise or fall more,  in absolute
dollar terms, than do securities with shorter remaining terms.

         During the first nine months of 1999, the Company  invested  heavily in
available-for-sale  securities,  market interest rates increased and the average
remaining maturity of the investment portfolio increased.  The Company purchased
longer term  instruments  during the period in response to  significant  deposit
growth. As a result,  the market values of the Company's  investment  securities
declined  significantly thus far in 1999 and comprehensive  income was decreased
by $935,000 during the 1999 nine-month period. More recently,  however, interest
rates have been more stable to somewhat lower and the Company slowed its pace of
acquiring  available-for-sale  securities ,  Consequently,  the Company recorded
other  comprehensive  income of $10,000 for the three months ended September 30,
1999.

         For the nine and  three  month  periods  of 1998,  other  comprehensive
income  totaled  $119,000 and $133,000,  respectively,  primarily as a result of
decreasing  interest rates and a significant  volume of refinancing  activity by
the issuers of securities that the Company held in its investment portfolio.


                                       9
<PAGE>

Net Interest Income

         Net interest income is the amount of interest income earned on interest
earning assets (loans,  securities,  federal funds sold and other  investments),
less the interest  expense incurred on interest  bearing  liabilities  (interest
bearing deposits),  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  yield,  assuming a 34% Federal income tax rate. This
adjusted  amount is referred to as fully  taxable  equivalent  ("FTE")  interest
income.

         For the  first  nine  months  of  1999,  FTE net  interest  income  was
$3,437,000, an increase of $140,000 or 4.3% over the results for the same period
of 1998. This increase  resulted  primarily from a large increase in the average
amount of investment securities held during the 1999 period, a small increase in
the average rate earned on those  investments,  a slight increase in the average
amount of loans outstanding,  and a significant  reduction in the interest rates
the Company pays for interest bearing transaction accounts and savings accounts.
These positive factors were offset to a large degree, however, by the effects of
interest incurred on significantly increased amounts of time deposit liabilities
obtained in the 1999 period.

         Average investment securities held during the first nine months of 1999
were  $47,698,000,  representing an increase of $18,497,000,  or 63.3%, over the
average  amount  held  during the same 1998  period.  The  average  rate  earned
increased to 6.14% for the 1999 period, compared with 6.09% for the 1998 period.
The average rate incurred on interest  bearing  transaction  accounts during the
1999 nine month  period was 3.08%,  compared  with 4.63% for the same  period of
1998.  The rate  incurred for savings  deposits  decreased in the 1999 period to
3.55%, compared with 3.89% for the 1998 nine month period. Average time deposits
were $77,745,000 for the nine months ended September 30, 1999,  compared with an
average  amount of such  deposits  totaling  $53,294,000  for the same period of
1998.

         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  new
undertaking by the Company, which opened a branch office in a temporary facility
in the City of Anderson on January 4, 1999.

         During the first six months of 1999, the majority of business  obtained
from the new  Anderson  County  operation  has been the  acquisition  of deposit
liabilities.  The Company has invested  these  deposits  primarily in investment
securities until it can make loans using prudent underwriting practices.  Growth
in deposits has been much more rapid than has growth in the higher-yielding loan
categories. Management expects to continue to utilize such strategies during the
remainder of 1999. The Company filed  applications  with regulatory  agencies in
October,  1999 seeking approval to construct and open a new branch office in the
Town of Williamston in Anderson County, South Carolina.

Provision and Allowance for Loan Losses

         The  provision  for loan losses  charged to expense was $78,000 for the
third quarter of 1999  compared with $65,000 for the third quarter of 1998.  The
provision  totaled  $173,000  for the first nine  months of 1999  compared  with
$190,000 for the comparable period of 1998. At September 30, 1999, the allowance
for loan losses was 1.29% of loans, compared with 1.41% of loans at December 31,
1998.  During the 1999  nine-month  period,  net charge-offs  totaled  $188,000,
compared  with  $35,000  charged  off  during  the same  period  of 1998.  As of
September 30, 1999, there were $124,000 in nonaccrual loans and $26,000 in loans
which  were over 90 days past due and still  accruing  interest.  The  amount of
nonaccrual  loans at September  30, 1999 is $5,000 less than the amount noted at
September 30, 1998 and $242,000  less than the amount of nonaccrual  loans noted
as of December 31, 1998.  The  majority of the  nonaccrual  loans are secured by
real  estate  or  other  collateral.  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.

                                       10
<PAGE>

         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, 1999.

Noninterest Income

         Noninterest  income  totaled  $172,000  for the third  quarter of 1999,
compared with $152,000 for the 1998 quarter. Noninterest income was $477,000 for
the first nine months of 1999 and $423,000 for the same 1998 period.  The higher
noninterest income in 1999 was attributable  primarily to increased fees derived
from charges assessed against deposit  accounts,  fees for card-based  services,
including  credit card fees and fees for ATM usage,  and a $10,000 gain from the
sale of other real estate. No securities gains or losses were realized in either
the 1999 or 1998 periods.

Noninterest Expenses

         Noninterest  expenses  totaled  $623,000 for the third quarter of 1999,
compared with $519,000 for the 1998 period, representing an increase of $104,000
or 20.0%. Noninterest expenses were $1,850,000 for the first nine months of 1999
compared  with  $1,522,000  for the same period of 1998.  Salaries  and employee
benefits for the 1999 quarter totaled $328,000,  an increase of $63,000 or 23.8%
more than in the 1998 three  month  period.  For the first nine  months of 1999,
salaries and employee  benefits  totaled  $992,000  representing  an increase of
$194,000 or 24.3% over the same period of 1998. This increase  resulted  largely
from wages,  salaries and employee benefits costs associated with the opening of
the new branch  office in Anderson,  South  Carolina.  However,  during the 1999
nine-month  period,  only $10,000 was accrued toward year-end incentive bonuses,
compared with a $90,000 accrual in the same 1998 period. Occupancy and furniture
and  equipment  expenses  for the third  quarter  of 1999  totaled  $89,000,  an
increase of $13,000,  or 17.1% compared with the same period of 1998,  primarily
resulting  from higher  depreciation,  equipment  maintenance  and repair costs.
Other expenses for the 1999 three-month period totaled $206,000 and were $28,000
more than in 1998. For the 1999 nine-month  period,  other expenses increased by
$99,000,  or  19.7%,  over the 1998  amount to  $602,000.  These  expenses  also
increased  primarily  due to  expenses  incurred  to open  and  operate  the new
Anderson  branch.  In  addition,  the Company  recorded  the effects that higher
account volumes have on processing costs including credit card and ATM card fees
paid and costs  associated with obtaining  internal  operating  supplies.  Other
increased expenses included higher fees paid to the Company's Board of Directors
(increase of $17,000 over the 1998  nine-month  expense amount) and expenses for
the Company's  Board of Directors  and personnel to attend a strategic  planning
meeting (increase of $11,000 over the 1998 nine-month amount).

         Management  anticipates  that the  opening of the new  Anderson  Branch
office will continue to result in higher amounts of noninterest  expenses during
1999, and thus depress earnings performance as compared with 1998.  Furthermore,
if approved by regulatory authorities, the new branch expansion into the Town of
Williamston in Anderson County,  South Carolina during the year 2000 is expected
initially to have a negative effect on earnings.

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,  1999,  the ratio of loans to total  deposits was
53.8%, compared with 60.4% as of December 31, 1998 and 66.4% as of September 30,
1998.  Deposits as of September 30, 1999 had increased by  $22,880,000  or 20.3%
over the amount at December 31, 1998 and  $30,131,000 or 28.6% over their levels
of September 30, 1998.  Approximately  one-half of the amount of the increase in
deposits  during the 1999 period was  attributable  to the new Anderson  branch,
which had deposits of $14,000,000 as of September 30, 1999, of which $12,500,000
was in certificates  of deposit.  The decline in the  loan-to-deposit  ratio for
1999 is  generally  the result of the volume of  deposits  growing  faster  than
loans, as expected, in the new office.

                                       11
<PAGE>

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

Capital Resources

         The Company's  capital base  increased by $338,000  since  December 31,
1998 as the result of net  income of  $1,212,000  for the first  nine  months of
1999,  $61,000  added from the  exercise of  employee  stock  options,  less the
$935,000  change in unrealized  holding  gains and losses on  available-for-sale
securities, net of deferred tax effects.

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

         The September  30, 1999 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 ............    18.6%        19.7%         9.8%
Community First Bank ......................    18.1%        19.3%         9.6%
Minimum "well-capitalized" requirement ....     6.0%        10.0%         5.0%
Minimum requirement .......................     4.0%         8.0%         3.0%

Year 2000 Readiness Disclosure

         The Company was on schedule and had  substantially  completed  its Year
2000 Preparedness  Plan as of September 30, 1999. The plan had five phases:  (1)
Awareness,   (2)   Assessment,   (3)  Renovation,   (4)   Validation,   and  (5)
Implementation. These phases included the identification of critical systems and
equipment  potentially  vulnerable to the Year 2000 problem.  This also included
identification  of significant loan customers whose businesses could possibly be
adversely  affected  by the  problem  and  communicating  with them about  their
progress  in  addressing  the  Year  2000  changeover.   The  renovation  phase,
consisting of upgrading or replacing  systems and equipment,  had been completed
in large  part  before  the end of the third  quarter  of 1998.  The  validation
portion of the plan called for the actual testing of systems and equipment as of
certain critical dates. This testing was completed  successfully,  as scheduled,
by June 30, 1999. Finally,  the implementation  phase, which requires addressing
any remaining problems encountered in the validation phase, along with continued
review and  assessment  of the  Company's  systems and  equipment,  is presently
underway and will continue until the Year 2000 has arrived.

         Through  September 30, 1999,  the  Company's  costs to address the Year
2000 Problem,  excluding the cost of Company  employees' time that may have been
diverted from other activities, have been immaterial. Likewise excluded from the
Company's  estimate of costs to address  the Year 2000  Problem are the costs of
replacing  or  upgrading   hardware  or  software  items  which  were  otherwise
substantially technologically obsolete.

         The most  reasonably  likely worst case  scenarios  for the Company are
that customers and some service providers may experience Year 2000 problems that
make it difficult for them to meet their  obligations to the Company in a timely
fashion.  Management  of the Company does not believe that such  problems  would
result in more than a temporary inconvenience.

         Management is of the opinion that the  Company's  systems and equipment
are ready for the Year 2000 and  anticipates  no material  adverse effect on the
Company's business.  Management is not aware of any material  expenditures to be
required in connection with its preparedness plan.

         Nevertheless,  the  Company  could be  adversely  affected  by problems
encountered by its vendors,  customers and providers of services in dealing with
their Year 2000 readiness,  by difficulty in identifying all possible effects of
the Year 2000 problem and  interrelationships  between various mission  critical
systems,  and by the  unavailability  of skilled  personnel to address Year 2000
problems that may arise.

                                       12
<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.

































                                       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

November 5, 1999           /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