U. S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

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

For Quarterly Period Ended March 31, 2005         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 (2)
has been subject to such filing requirements for the past 90 days.

         Yes [X]  No [ ]

         State the number of shares  outstanding of each of the issuer's classes
of common equity,  as of the latest  practicable  date:  Common Stock, no par or
stated value, 2,648,305 Shares Outstanding on April 30, 2005.

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

Item 2.     Management's Discussion and Analysis or Plan of Operation ......   8
Item 3.     Controls and Procedures ........................................  11

PART II -   OTHER INFORMATION

Item 6.     Exhibits .......................................................  11

SIGNATURE ..................................................................  12




                                       2
<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1. - Financial Statements

COMMUNITY FIRST BANCORPORATION
Consolidated Balance Sheets

<TABLE>
<CAPTION>
                                                                                                      (Unaudited)
                                                                                                         March 31,      December 31,
                                                                                                           2005             2004
                                                                                                           -----            ----
                                                                                                           (Dollars in thousands)
Assets
<S>                                                                                                     <C>               <C>
     Cash and due from banks ...................................................................        $   6,025         $   5,652
     Interest bearing deposits due from banks ..................................................               60                36
     Federal funds sold ........................................................................           22,992            34,214
                                                                                                        ---------         ---------
         Cash and cash equivalents .............................................................           29,077            39,902
     Securities available-for-sale .............................................................          102,230            92,084
     Securities held-to-maturity (fair value $9,027 for 2005 and $9,560 for 2004) ..............            8,999             9,369
     Other investments .........................................................................            1,061             1,011
     Loans .....................................................................................          160,461           157,775
         Allowance for loan losses .............................................................           (2,346)           (2,240)
                                                                                                        ---------         ---------
            Loans - net ........................................................................          158,115           155,535
     Premises and equipment - net ..............................................................            4,414             4,413
     Accrued interest receivable ...............................................................            1,421             1,331
     Other assets ..............................................................................            2,039             1,703
                                                                                                        ---------         ---------

            Total assets .......................................................................        $ 307,356         $ 305,348
                                                                                                        =========         =========

Liabilities
     Deposits
         Noninterest bearing ...................................................................        $  35,015         $  34,903
         Interest bearing ......................................................................          235,662           233,245
                                                                                                        ---------         ---------
            Total deposits .....................................................................          270,677           268,148
     Accrued interest payable ..................................................................            1,436             1,222
     Short-term borrowings .....................................................................            2,000             2,500
     Long-term debt ............................................................................            6,500             7,500
     Other liabilities .........................................................................              598                41
                                                                                                        ---------         ---------
            Total liabilities ..................................................................          281,211           279,411
                                                                                                        ---------         ---------

Shareholders' equity
     Common stock - no par  value; 10,000,000 shares authorized; issued and
         outstanding - 2,648,305 for 2005 and 2,648,230 for 2004 ...............................           24,216            24,216
     Retained earnings .........................................................................            3,129             2,220
     Accumulated other comprehensive income (loss) .............................................           (1,200)             (499)
                                                                                                        ---------         ---------
            Total shareholders' equity .........................................................           26,145            25,937
                                                                                                        ---------         ---------

            Total liabilities and shareholders' equity .........................................        $ 307,356         $ 305,348
                                                                                                        =========         =========
</TABLE>


See accompanying notes to unaudited consolidated financial statements.



                                       3
<PAGE>


COMMUNITY FIRST BANCORPORATION
Consolidated Statements of Income
<TABLE>
<CAPTION>
                                                                                                                 (Unaudited)
                                                                                                             Three Months Ended
                                                                                                                  March 31,
                                                                                                           2005               2004
                                                                                                           -----              ----
                                                                                                           (Dollars in thousands,
                                                                                                               except per share)
Interest income
<S>                                                                                                      <C>                  <C>
     Loans, including fees ...............................................................               $2,726               $2,495
     Securities
       Taxable ...........................................................................                  943                  714
       Tax-exempt ........................................................................                   20                   18
     Other investments ...................................................................                    9                    7
     Federal funds sold ..................................................................                  153                   82
                                                                                                         ------               ------
         Total interest income ...........................................................                3,851                3,316
                                                                                                         ------               ------

Interest expense
     Time deposits $100M and over ........................................................                  450                  374
     Other deposits ......................................................................                  927                  875
     Short-term borrowings ...............................................................                   19                    -
     Long-term debt ......................................................................                   63                    -
                                                                                                         ------               ------
         Total interest expense ..........................................................                1,459                1,249
                                                                                                         ------               ------

Net interest income ......................................................................                2,392                2,067
Provision for loan losses ................................................................                  140                   80
                                                                                                         ------               ------
Net interest income after provision ......................................................                2,252                1,987
                                                                                                         ------               ------

Other income
     Service charges on deposit accounts .................................................                  351                  368
     Credit life insurance commissions ...................................................                   11                    6
     Net gains on sales of available-for-sale securities .................................                    -                    5
     Other income ........................................................................                  125                   93
                                                                                                         ------               ------
         Total other income ..............................................................                  487                  472
                                                                                                         ------               ------

Other expenses
     Salaries and employee benefits ......................................................                  711                  680
     Net occupancy expense ...............................................................                   64                   71
     Furniture and equipment expense .....................................................                   88                   64
     Other expense .......................................................................                  460                  362
                                                                                                         ------               ------
         Total other expenses ............................................................                1,323                1,177
                                                                                                         ------               ------

Income before income taxes ...............................................................                1,416                1,282
Income tax expense .......................................................................                  507                  450
                                                                                                         ------               ------
Net income ...............................................................................               $  909               $  832
                                                                                                         ======               ======

Per share*
     Net income ..........................................................................               $ 0.34               $ 0.32
     Net income, assuming dilution .......................................................                 0.32                 0.30
</TABLE>

------------------
* Per share information has been  retroactively  adjusted to reflect a 10% stock
dividend effective November 30, 2004.

See accompanying notes to unaudited consolidated financial statements.


                                       4
<PAGE>


COMMUNITY FIRST BANCORPORATION
Consolidated Statements of Changes in Shareholders' Equity

<TABLE>
<CAPTION>
                                                                     (Unaudited)

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

<S>                                                             <C>           <C>            <C>           <C>            <C>
Balance, January 1, 2004 ..................................     2,362,057     $  19,620      $   3,117     $    (200)     $  22,537
                                                                                                                          ---------
Comprehensive income:
    Net income ............................................             -             -            832             -            832
                                                                                                                          ---------
    Unrealized holding gains and losses
      on available-for-sale securities arising
      during the period, net of income taxes of $253 ......             -             -              -           452            452
    Reclassification adjustment for losses (gains)
      realized in income, net of
      income taxes of $2 ..................................             -             -              -            (3)            (3)
                                                                                                                          ---------
        Total other comprehensive income ..................             -                                                       449
                                                                                                                          ---------
          Total comprehensive income ......................                                                                   1,281
                                                                                                                          ---------
Exercise of employee stock options ........................        32,040           121              -             -            121
                                                                ---------     ---------      ---------     ---------      ---------
Balance, March 31, 2004 ...................................     2,394,097     $  19,741      $   3,949     $     249      $  23,939
                                                                =========     =========      =========     =========      =========



Balance, January 1, 2005 ..................................     2,648,230     $  24,216      $   2,220     $    (499)     $  25,937
                                                                                                                          ---------
Comprehensive income:
    Net income ............................................             -             -            909             -            909
                                                                                                                          ---------
    Unrealized holding gains and losses
      on available-for-sale securities arising
      during the period, net of income taxes of $393 ......             -             -              -          (701)          (701)
                                                                                                                          ---------
        Total other comprehensive income ..................             -             -              -             -           (701)
                                                                                                                          ---------
          Total comprehensive income ......................                                                                     208
                                                                                                                          ---------
Exercise of employee stock options ........................            75             -              -             -              -
                                                                ---------     ---------      ---------     ---------      ---------
Balance, March 31, 2005 ...................................     2,648,305     $  24,216      $   3,129     $  (1,200)     $  26,145
                                                                =========     =========      =========     =========      =========
</TABLE>












See accompanying notes to unaudited consolidated financial statements.


                                       5
<PAGE>


COMMUNITY FIRST BANCORPORATION
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
                                                                                                                (Unaudited)
                                                                                                             Three Months Ended
                                                                                                                  March 31,
                                                                                                           2005               2004
                                                                                                           -----              ----
                                                                                                            (Dollars in thousands)
Operating activities
<S>                                                                                                    <C>                 <C>
     Net income ............................................................................           $    909            $    832
     Adjustments to reconcile net income to net
         cash provided by operating activities
            Provision for loan losses ......................................................                140                  80
            Depreciation ...................................................................                 74                  56
            Amortization of net loan fees and costs ........................................                (19)                (14)
            Securities accretion and premium amortization ..................................                  8                 231
            Gains on sales of available-for-sale securities ................................                  -                  (5)
            Increase in interest receivable ................................................                (90)               (140)
            Increase in interest payable ...................................................                214                 124
            Decrease in prepaid expenses and other assets ..................................                 57                 190
            Increase in other accrued expenses .............................................                557                 257
                                                                                                       --------            --------
                Net cash provided by operating activities ..................................              1,850               1,611
                                                                                                       --------            --------

Investing activities
     Purchases of available-for-sale securities ............................................            (33,678)            (35,201)
     Maturities, calls and paydowns of securities available-for-sale .......................             22,428              10,698
     Maturities, calls and paydowns of securities held-to-maturity .........................                372                   -
     Proceeds of sales of securities available-for-sale ....................................                  -               3,826
     Purchases of other investments ........................................................                (50)               (147)
     Net increase in loans made to customers ...............................................             (2,701)             (3,681)
     Purchases of premises and equipment ...................................................                (75)                (38)
     Proceeds of sale of real estate held for sale .........................................                  -                 212
                                                                                                       --------            --------
                Net cash used by investing activities ......................................            (13,704)            (24,331)
                                                                                                       --------            --------

Financing activities
     Net increase in demand deposits, interest
         bearing transaction accounts and savings accounts .................................              5,548               7,320
     Net (decrease) increase in certificates of deposit and other
         time deposits .....................................................................             (3,019)              2,001
     Decrease in short-term borrowings .....................................................               (500)                  -
     Repayments of Long-term debt ..........................................................             (1,000)                  -
     Exercise of employee stock options ....................................................                  -                 121
                                                                                                       --------            --------
                Net cash provided by financing activities ..................................              1,029               9,442
                                                                                                       --------            --------
Decrease in cash and cash equivalents ......................................................            (10,825)            (13,278)
Cash and cash equivalents, beginning .......................................................             39,902              39,505
                                                                                                       --------            --------
Cash and cash equivalents, ending ..........................................................           $ 29,077            $ 26,227
                                                                                                       ========            ========

Supplemental Disclosure of Cash Flow Information
     Cash paid during the period for:
         Interest ..........................................................................           $  1,245            $  1,125
         Income taxes ......................................................................                  3                  44
     Noncash investing and financing activities:
         Other comprehensive income (loss) .................................................               (701)                449
</TABLE>

See accompanying notes to unaudited consolidated financial statements.



                                       6
<PAGE>

COMMUNITY FIRST BANCORPORATION

Notes to Unaudited Consolidated Financial Statements

Accounting  Policies - A summary of significant  accounting policies is included
in Community First Bancorporation's (the "Company") Annual Report on Form 10-KSB
for the year ended  December  31, 2004 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.

Nonperforming  Loans - As of March 31, 2005, there were $1,177,000 in nonaccrual
loans and no loans 90 days or more past due and still accruing interest.

Earnings Per Share - Basic earnings per common share is computed by dividing net
income  applicable  to common  shares by the weighted  average  number of common
shares  outstanding.   Diluted  earnings  per  share  is  computed  by  dividing
applicable  net  income  by  the  weighted   average  number  of  common  shares
outstanding and any dilutive potential common shares and dilutive stock options.
It is assumed that all dilutive  stock options are exercised at the beginning of
each period and that the proceeds are used to purchase  shares of the  Company's
common  stock at the  average  market  price  during the  period.  All per share
information  has been  retroactively  adjusted  to give  effect  to a 10%  stock
dividend  effective  November 30, 2004.  Net income per share and net income per
share, assuming dilution, were computed as follows:

                                                               (Unaudited)
                                                           Three Months Ended
                                                                March 31,
                                                          2005            2004
                                                          -----           ----
                                                         (Dollars in thousands,
                                                       except per share amounts)

Net income per share, basic
  Numerator - net income .............................   $      909   $      832
                                                         ==========   ==========
  Denominator
    Weighted average common shares
      issued and outstanding .........................    2,648,242    2,625,373
                                                         ==========   ==========

        Net income per share, basic ..................   $      .34   $      .32
                                                         ==========   ==========

Net income per share, assuming dilution
  Numerator - net income .............................   $      909   $      832
                                                         ==========   ==========
  Denominator
    Weighted average common shares
      issued and outstanding .........................    2,648,242    2,625,373
    Effect of dilutive stock options .................      156,433      127,657
                                                         ----------   ----------
      Total shares ...................................    2,804,675    2,753,031
                                                         ==========   ==========
      Net income per share, assuming dilution ........   $      .32   $      .30
                                                         ==========   ==========


Stock-Based Compensation - As of March 31, 2005, the Company has two stock-based
compensation  plans that are accounted for under the recognition and measurement
principles of Accounting  Standards Board Opinion No. 25,  "Accounting for Stock
Issued to Employees," and related  interpretations.  No stock-based compensation
is  reflected  in net  income,  as all  options  granted  under  those plans had
exercise prices equal to the market value of the underlying  common stock on the
date of grant. The following table  illustrates the effect on net income and net
income  per  share  if the  Company  had  applied  the  fair  value  recognition
provisions of Statement of Financial  Accounting  Standards No. 123, "Accounting
for Stock-Based Compensation," as amended, to stock-based employee compensation.
Per share  amounts  have been  adjusted  to  reflect  the  effect of a 10% stock
dividend effective November 30, 2004.



                                       7
<PAGE>

                                                             (Unaudited)
                                                           Three Months Ended
                                                               March 31,
                                                             2005         2004
                                                             ----         ----
                                                        (Dollars in thousands,
                                                       except per share amounts)

Net income, as reported ..............................      $   909      $   832
Deduct:  Total stock-based employee
      compensation expense determined under
      fair value based method for all awards,
      net of any related tax effects .................           45           50
                                                            -------      -------
Pro forma net income .................................      $   864      $   782
                                                            =======      =======

Net income per share, basic
      As reported ....................................      $  0.34      $  0.32
      Pro forma ......................................         0.33         0.30
Net income per share, assuming dilution
      As reported ....................................      $  0.32      $  0.30
      Pro forma ......................................         0.31         0.28


Item 2. - Management's Discussion and Analysis or Plan of Operation

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.  Forward-looking
statements include statements concerning plans,  objectives,  goals, strategies,
future events or performance  and underlying  assumptions  and other  statements
which are other  than  statements  of  historical  facts.  Such  forward-looking
statements  may be  identified,  without  limitation,  by the  use of the  words
"anticipates,"   "believes,"   "estimates,"   "expects,"   "intends,"   "plans,"
"predicts,"  "projects," and similar  expressions.  The Company's  expectations,
beliefs and  projections  are  expressed  in good faith and are  believed by the
Company to have a reasonable basis,  including without limitation,  management's
examination  of historical  operating  trends,  data  contained in the Company's
records  and  other  data  available  from  third  parties,  but there can be no
assurance that management's beliefs,  expectations or projections will result or
be achieved or accomplished.  The Company cautions readers that  forward-looking
statements, including without limitation, those relating to the Company's recent
and continuing  expansion,  its future  business  prospects,  revenues,  working
capital,  liquidity,  capital needs, interest costs, income, and adequacy of the
allowance  for loan losses,  are subject to risks and  uncertainties  that could
cause  actual  results  to  differ   materially  from  those  indicated  in  the
forward-looking  statements, due to several important factors herein identified,
among others,  and other risks and factors  identified  from time to time in the
Company's reports filed with the Securities and Exchange Commission.


Results of Operations

         Community First  Bancorporation (the "Company")  recorded  consolidated
net income of  $909,000 or $.34 per share for the first  quarter of 2005.  These
results are $77,000, or $.02 per share, more than net income of $832,000 or $.32
per share for the first quarter of 2004. Net income per share, assuming dilution
was $.32 for the 2005  period and $.30 for the  comparable  period of 2004.  Net
income per share amounts for 2004 have been retroactively  adjusted to reflect a
ten percent stock dividend effective November 30, 2004.

Net Interest Income

         Net interest income is the principal source of the Company's  earnings.
For the first quarter of 2005, net interest income was  $2,392,000,  an increase
of $325,000 or 15.7% over the first  quarter of 2004.  The  increase in 2005 net
interest  income is  attributable  primarily to larger  average  amounts of, and
higher interest rates associated with, interest earning assets. Average interest
earning  assets  totaled  $305,647,000  during the 2005  period,  compared  with
$281,699,000 during the same period of 2004. This represents an increase of


                                       8
<PAGE>


$23,948,000,  or 8.5%. Average loans for the 2005 period were  $158,810,000,  an
increase  of  $9,721,000  or 6.5%  over the  comparable  2004  average.  Average
securities  for the 2005 period,  including  both those  available-for-sale  and
held-to-maturity,  were  $119,314,000,  an increase of $25,328,000 or 26.9% over
the 2004 period.  The average annualized yield on earning assets during the 2005
period was 5.11%, an increase of 34 basis points over the comparable 2004 yield.
The average  annualized rates paid for interest bearing deposits during the 2005
and 2004  three-month  periods  were  2.29%  and  2.11%,  respectively.  Average
interest  bearing  liabilities  totaled  $253,181,000  for the 2005  period  and
$240,399,000  in the 2004 period,  representing  an increase of  $12,782,000  or
5.3%.  In the 2005 period  only,  the Company had average  short- and  long-term
borrowings of $9,517,000 for which it paid an average rate of 3.45%.

         Market  interest rates during the 2005 period were slightly higher than
in the first quarter of 2004. The Federal Reserve Board began slowly  increasing
certain key interest rates late in 2004, and has continued to do so.

         The  increases  in  interest   earning  assets  and  interest   bearing
liabilities  resulted from the Company's  continuing  strategies to increase its
market share in its local market areas in Anderson and Oconee  Counties of South
Carolina.  Oconee  County is served  from  three  offices  which are  located in
Seneca,  Walhalla and Westminster.  The Company currently is using its temporary
facility  at the  Westminster  location.  There  presently  are no  firm  plans,
timetables or budgets for constructing a permanent facility for this office. The
Anderson County market is served from offices in Anderson and Williamston.

Provision and Allowance for Loan Losses,  Non-Performing  and Potential  Problem
Loans

         The  provision  for loan losses was $140,000 for the first three months
of 2005,  compared with $80,000 for the comparable  period of 2004. At March 31,
2005,  the allowance for loan losses was 1.46% of loans,  up slightly from 1.42%
at December  31,  2004.  During the 2005 three  month  period,  net  charge-offs
totaled $34,000, compared with $20,000 in net charge offs during the same period
of 2004. As of March 31, 2005,  there were $1,177,000 in nonaccrual loans and no
loans 90 days or more  past due and  still  accruing  interest.  As of March 31,
2004,  there were $998,000 in nonaccrual loans and no loans 90 days or more past
due and still  accruing  interest.  The amount of nonaccrual  loans at March 31,
2005 is $179,000  more than the amount at March 31, 2004 and $288,000  less than
the $1,465,000 of nonaccrual loans as of December 31, 2004.

         As of March 31, 2005,  the  Company's  potential  problem loans totaled
$2,536,000,  an increase of $1,133,000 over the amount of such loans at December
31, 2004.  Potential  problem loans  include  loans,  other than  non-performing
loans,  that  management  has  identified  as having  possible  credit  problems
sufficient  to cast doubt upon the abilities of the borrowers to comply with the
current  repayment terms. The increase in potential problem loans since December
31, 2004 is  attributable  primarily to the  downgrading  of a  commercial  real
estate loan with a balance of approximately $500,000, the downgrading of another
real  estate-secured  loan with a balance  of  approximately  $150,000,  and the
downgrading  of several other smaller loan  relationships  generally  secured by
real estate or automobiles. Management continues to monitor these loans closely.
Management  believes  that the increase in potential  problem loans in the first
quarter of 2005 is not indicative of a trend in local economic  conditions,  but
reflects circumstances unique to each individual borrower.

Noninterest Income

         Noninterest  income  totaled  $487,000  for the first  quarter of 2005,
compared with $472,000 for the 2004 quarter. Service charges on deposit accounts
in the 2005  period  were  approximately  $17,000  less than in the  prior  year
period. Mortgage brokerage income in 2005 was approximately $12,000 more than in
the 2004 period.  Net gains of $5,000 were  realized and  recognized on sales of
available-for-sale  securities  in the 2004  period.  There were no sales of any
securities in the 2005 period.

Noninterest Expenses

         Noninterest  expenses totaled $1,323,000 for the first quarter of 2005,
compared  with  $1,177,000  for 2004,  representing  an  increase of $146,000 or
12.4%.  Salaries  and  employee  benefits  increased  by  $31,000,  or 4.6%,  to
$711,000.  This increase resulted primarily from normal salary increases,  which
are granted from time to time,  increases in the number of employees  associated
with the  Company's  growth  and  higher  costs of  providing  health  insurance
benefits.  Occupancy and furniture and equipment  expenses for 2005 increased by
$17,000  compared  with 2004  primarily as a result of higher  depreciation  and
maintenance  expenses  associated with the Company's growth.  Other expenses for
the 2005 period were $98,000 greater than in 2004 due to increased  expenses for
professional  services  associated  with the  beginning of work on the Company's
internal  control  review  mandated by the  Sarbanes-Oxley  Act of 2002,  higher
amortization expenses of core software, costs incurred in 2005 for the Company's
biennial strategic planning process, and higher costs for corporate license fees
and stock transfer services.  Cost savings were experienced in 2005 for expenses
related to FDIC insurance and other real estate owned.


                                       9
<PAGE>

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 March 31, 2005,  the ratio of loans to total  deposits was 59.3%,
compared  with 58.8% as of  December  31,  2004 and 56.9% as of March 31,  2004.
Deposits as of March 31, 2005 were  $270,677,000,  an increase of  $2,529,000 or
0.9% over the amount as of December 31,  2004,  and  $4,805,000  or 1.8% greater
than the level of March 31, 2004.

         During the second  quarter of 2004,  the  banking  subsidiary  borrowed
approximately  $10,000,000  in both  short-term  and long-term  amounts from the
Federal Home Loan Bank of Atlanta  ("FHLB").  During the first  quarter of 2005,
the banking  subsidiary  repaid  $500,000 of the  short-term  amount and prepaid
$1,000,000 of the long-term  amount.  The Company  continues to have significant
amounts of additional credit availability under its FHLB lines of credit.

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

Capital Resources

         The Company's  capital base  increased by $208,000  since  December 31,
2004 as the result of net income of $909,000 for the first three months of 2005,
less a $701,000  change in  unrealized  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 are mandated.

         The March 31,  2005 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 .................     15.5%      16.8%      8.7%
Community First Bank ...........................     14.9%      16.2%      8.3%
Minimum "well-capitalized" requirement .........      6.0%      10.0%      6.0%
Minimum requirement ............................      4.0%       8.0%      4.0%


Off Balance Sheet Arrangements

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


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<PAGE>

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

                                                     March 31, 2005
                                                       (Dollars in
                                                       thousands)
                                                       ----------
Loan commitments .................................      $ 20,235
Standby letters of credit ........................           889


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

Standby  letters  of  credit  are  conditional   commitments  to  guarantee  the
performance of a customer to a third party.  The credit risk involved in issuing
standby  letters  of  credit  is the  same  as  that  involved  in  making  loan
commitments to customers. Many letters of credit will expire without being drawn
upon  and do not  necessarily  represent  future  cash  requirements.  The  Bank
receives fees for loan commitments and standby letters of credit.  The amount of
such fees was not material for the three months ended March 31, 2005.

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


Item 3. - Controls and Procedures

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

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


                           PART II - OTHER INFORMATION

Item 6. - Exhibits

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

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





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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

May 13, 2005                         /s/ Frederick D. Shepherd, Jr.
                                     -------------------------------------------
         Date                        Frederick D. Shepherd, Jr., Chief Executive
                                     Officer and Chief Financial Officer



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<PAGE>

                                  Exhibit Index


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

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






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