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 March 31, 2000          Commission File No. 000-29640


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


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


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


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

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and has
been subject to such filing requirements for the past 90 days.

         Yes  [X]  No[ ]

         State the number of shares  outstanding of each of the issuer's classes
of common equity,  as of the latest  practicable  date:  Common Stock, no par or
stated value, 1,901,446 Shares Outstanding on April 30, 2000.

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


<PAGE>


                         COMMUNITY FIRST BANCORPORATION

                                   FORM 10-QSB

                                      Index

                                                                            Page
PART I -     FINANCIAL INFORMATION

Item 1.      Financial Statements

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

Item 2.      Management's Discussion and Analysis ........................  9-10

PART II -    OTHER INFORMATION

Item 6.      Exhibits and Reports on Form 8-K ............................    11

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




                                       2
<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1. - Financial Statements

COMMUNITY FIRST BANCORPORATION
Consolidated Balance Sheet
<TABLE>
<CAPTION>
                                                                                                    (Unaudited)
                                                                                                     March 31,          December 31,
                                                                                                        2000                1999
                                                                                                        ----                ----
                                                                                                          (Dollars in thousands)
Assets
<S>                                                                                                 <C>                   <C>
     Cash and due from banks ...........................................................            $   2,910             $   4,555
     Federal funds sold ................................................................               18,440                12,410
     Securities available-for-sale .....................................................               55,842                54,178
     Other investments .................................................................                  386                   382
     Loans .............................................................................               81,244                76,158
         Allowance for loan losses .....................................................                 (995)                 (943)
                                                                                                    ---------             ---------
            Loans - net ................................................................               80,249                75,215
     Premises and equipment - net ......................................................                4,263                 4,263
     Accrued interest receivable .......................................................                1,357                 1,192
     Other assets ......................................................................                1,449                 1,388
                                                                                                    ---------             ---------

            Total assets ...............................................................            $ 164,896             $ 153,583
                                                                                                    =========             =========

Liabilities
     Deposits
         Noninterest bearing ...........................................................            $  19,128             $  16,908
         Interest bearing ..............................................................              130,316               121,710
                                                                                                    ---------             ---------
            Total deposits .............................................................              149,444               138,618
     Accrued interest payable ..........................................................                1,073                 1,180
     Other liabilities .................................................................                  222                    49
                                                                                                    ---------             ---------
            Total liabilities ..........................................................              150,739               139,847
                                                                                                    ---------             ---------

Shareholders' equity
     Common stock - no par  value: 10,000,000 shares authorized;
         issued and outstanding - 2,004,210 for 2000 and 2,002,699
         for 1999 ......................................................................               14,262                14,255
     Retained earnings .................................................................                1,553                 1,110
     Accumulated other comprehensive income ............................................               (1,658)               (1,629)
                                                                                                    ---------             ---------
            Total shareholders' equity .................................................               14,157                13,736
                                                                                                    ---------             ---------

            Total liabilities and shareholders' equity .................................            $ 164,896             $ 153,583
                                                                                                    =========             =========
</TABLE>





See accompanying notes to unaudited consolidated financial statements.



                                       3
<PAGE>



COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Income
<TABLE>
<CAPTION>
                                                                                                               (Unaudited)
                                                                                                           Three Months Ended
                                                                                                                March 31,
                                                                                                      2000                   1999
                                                                                                      ----                   ----
                                                                                                       (Dollars in thousands,
                                                                                                          except per share)
Interest Income
<S>                                                                                                  <C>                      <C>
     Loans, including fees .......................................................                   $1,674                   $1,531
     Securities
       Taxable ...................................................................                      887                      649
       Tax-exempt ................................................................                        2                        -
     Other investments ...........................................................                        8                        7
     Federal funds sold ..........................................................                      364                      271
                                                                                                     ------                   ------
         Total interest income ...................................................                    2,935                    2,458
                                                                                                     ------                   ------

Interest expense
     Time deposits $100,000 and over .............................................                      558                      435
     Other deposits ..............................................................                    1,103                      926
                                                                                                     ------                   ------
         Total interest expense ..................................................                    1,661                    1,361
                                                                                                     ------                   ------

Net interest income ..............................................................                    1,274                    1,097
Provision for loan losses ........................................................                       77                       25
                                                                                                     ------                   ------
Net interest income after provision ..............................................                    1,197                    1,072
                                                                                                     ------                   ------

Other income
     Service charges on deposit accounts .........................................                      108                       83
     Credit life insurance commissions ...........................................                       12                       10
     Other income ................................................................                       51                       44
                                                                                                     ------                   ------
         Total other income ......................................................                      171                      137
                                                                                                     ------                   ------

Other expenses
     Salaries and employee benefits ..............................................                      354                      310
     Net occupancy expense .......................................................                       43                       27
     Furniture and equipment expense .............................................                       62                       58
     Other expense ...............................................................                      226                      209
                                                                                                     ------                   ------
         Total other expenses ....................................................                      685                      604
                                                                                                     ------                   ------

Income before income taxes .......................................................                      683                      605
Income tax expense ...............................................................                      240                      215
                                                                                                     ------                   ------
Net income .......................................................................                   $  443                   $  390
                                                                                                     ======                   ======

Per share*
     Net income ..................................................................                   $ 0.22                   $ 0.20
     Net income, assuming dilution ...............................................                     0.21                     0.18
</TABLE>
------------------
* Per share information has been  retroactively  adjusted to reflect a 10% stock
dividend effective December 15, 1999.

See accompanying notes to unaudited consolidated financial statements.

                                       4
<PAGE>

COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Changes in Shareholders' Equity

<TABLE>
<CAPTION>
                                                              (Unaudited)

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

<S>                                                      <C>             <C>             <C>             <C>              <C>
Balance, January 1, 1999 .........................       1,793,792       $  10,569       $   3,051       $     (17)       $  13,603
                                                                                                                          ---------
Comprehensive income:
    Net income ...................................               -               -             390               -              390
    Change in unrealized holding gains
      and losses on available-for-sale
      securities, net of income taxes ............               -               -               -            (275)            (275)
                                                                                                                          ---------
    Total comprehensive income ...................               -               -               -               -              115
                                                                                                                          ---------
Exercise of employee stock options ...............             404               3               -               -                3
                                                         ---------       ---------       ---------       ---------        ---------
Balance, March 31, 1999 ..........................       1,794,196       $  10,572       $   3,441       $    (292)       $  13,721
                                                         =========       =========       =========       =========        =========



Balance, January 1, 2000 .........................       2,002,699       $  14,255       $   1,110       $  (1,629)       $  13,736
                                                                                                                          ---------
Comprehensive income:
    Net income ...................................               -               -             443               -              443
    Change in unrealized holding gains
      and losses on available-for-sale
      securities, net of income taxes ............               -               -               -             (29)             (29)
                                                                                                                          ---------
    Total comprehensive income ...................               -               -               -               -              414
                                                                                                                          ---------
Exercise of employee stock options ...............           1,511               7               -               -                7
                                                         ---------       ---------       ---------       ---------        ---------
Balance, March 31, 2000 ..........................       2,004,210       $  14,262       $   1,553       $  (1,658)       $  14,157
                                                         =========       =========       =========       =========        =========
</TABLE>
























See accompanying notes to unaudited consolidated financial statements.


                                       5
<PAGE>

COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Cash Flows

<TABLE>
<CAPTION>
                                                                                                                (Unaudited)
                                                                                                            Three Months Ended
                                                                                                                 March 31,
                                                                                                         2000                 1999
                                                                                                         ----                 ----
                                                                                                          (Dollars in thousands)
Operating Activities
<S>                                                                                                   <C>                  <C>
     Net income ..........................................................................            $    443             $    390
     Adjustments to reconcile net income to net
         cash provided by operating activities
            Provision for loan losses ....................................................                  77                   25
            Depreciation .................................................................                  54                   42
            Amortization of net loan fees and costs ......................................                  22                   15
            Securities accretion and premium amortization ................................                   -                   (6)
            Increase in interest receivable ..............................................                (165)                (271)
            Decrease in interest payable .................................................                (107)                 (16)
            Decrease in prepaid expenses .................................................                   2                   44
            Increase in other accrued expenses ...........................................                 173                  128
            Disposals of premises and equipment ..........................................                   -                    9
                                                                                                      --------             --------
                Net cash provided by operating activities ................................                 499                  360
                                                                                                      --------             --------

Investing activities
     Purchases of available-for-sale securities ..........................................              (1,974)              (6,000)
     Maturities of available-for-sale securities .........................................                 264                  685
     Purchases of other investments ......................................................                  (4)                 (37)
     Net increase in loans made to customers .............................................              (5,179)              (3,340)
     Purchases of premises and equipment .................................................                 (54)                (132)
                                                                                                      --------             --------
                Net cash used by investing activities ....................................              (6,947)              (8,824)
                                                                                                      --------             --------

Financing activities
     Net increase in demand deposits, interest
         bearing transaction accounts and savings accounts ...............................              16,323                7,916
     Net (decrease) increase in certificates of deposit and other
         time deposits ...................................................................              (5,497)               8,689
     Exercise of employee stock options ..................................................                   7                    3
                                                                                                      --------             --------
                Net cash provided by financing activities ................................              10,833               16,608
                                                                                                      --------             --------
Increase in cash and cash equivalents ....................................................               4,385                8,144
Cash and cash equivalents, beginning .....................................................              16,965               17,470
                                                                                                      --------             --------
Cash and cash equivalents, ending ........................................................            $ 21,350             $ 25,614
                                                                                                      ========             ========
</TABLE>








See accompanying notes to unaudited consolidated financial statements.


                                       6
<PAGE>

COMMUNITY FIRST BANCORPORATION

Notes to Unaudited Consolidated Financial Statements

Accounting  Policies - A summary of significant  accounting policies is included
in the  Company's  Annual  Report for the year ended  December  31, 1999 on Form
10-KSB filed with the Securities and Exchange Commission.

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

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

                                                             (Unaudited)
                                                         Three Months Ended
                                                              March 31,
                                                       2000                1999
                                                       ----                ----
                                                       (Dollars in thousands)

Net income ...............................................     $ 443      $ 390
                                                               -----      -----
Other comprehensive income (loss)
     Change in unrealized holding gains and
         losses on available-for-sale ....................       (46)      (430)
         securities
     Income tax expense (benefit) on other
         comprehensive income (loss) .....................       (17)      (155)
                                                               -----      -----
            Total other comprehensive income (loss) ......       (29)      (275)
                                                               -----      -----
Comprehensive income .....................................     $ 414      $ 115
                                                               =====      =====

Statement  of Cash  Flows -  Interest  paid on  deposits  and  other  borrowings
amounted  to  $1,768,000  for the three  months  ended March 31,  2000,  and was
$1,377,000  for the three months  ended March 31,  1999.  Income tax payments of
$21,000 were made during the first three months of 2000, and income tax payments
of $20,000 were made in the 1999 period.  Non-cash investment security valuation
adjustments decreased  available-for-sale  securities by $46,000 during the 2000
period,  a related  shareholders'  equity  account  decreased by $29,000 and the
associated  deferred  income taxes  changed by $17,000.  During the 1999 period,
non-cash  valuation  adjustments  decreased  available-for-sale   securities  by
$430,000, decreased shareholders' equity by $275,000 and changed deferred income
taxes by $155,000.  A non-cash  transfer of $46,000 was made from loans to other
real estate owned during the first quarter of 2000.

Nonperforming  Loans - As of March 31, 2000,  there were  $276,000 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  December 15, 1999.  Net income per share and net income per
share, assuming dilution, were computed as follows:








                                       7
<PAGE>


<TABLE>
<CAPTION>
                                                                                                               (Unaudited)
                                                                                                           Three Months Ended
                                                                                                                March 31,
                                                                                                      2000                  1999
                                                                                                      ----                  ----
                                                                                                         (Dollars in thousands,
                                                                                                        except per share amounts)

Net income per share, basic
<S>                                                                                               <C>                     <C>
Numerator - net income .............................................................              $      443              $      390
                                                                                                  ==========              ==========
Denominator
    Weighted average common shares issued and outstanding ..........................               2,003,347               1,973,255
                                                                                                  ==========              ==========

               Net income per share, basic .........................................              $      .22              $      .20
                                                                                                  ==========              ==========

Net income per share, assuming dilution
  Numerator - net income ...........................................................              $      443              $      390
                                                                                                  ==========              ==========
  Denominator
    Weighted average common shares issued and outstanding ..........................               2,003,347               1,973,255
    Effect of dilutive stock options ...............................................                 146,438                 163,745
                                                                                                  ----------              ----------
               Total shares ........................................................               2,149,785               2,137,000
                                                                                                  ==========              ==========
               Net income per share, assuming dilution .............................              $      .21              $      .18
                                                                                                  ==========              ==========
</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 offices,  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  $443,000 or $.22 per share for the first  quarter of 2000.  These
results are $53,000, or $.02 per share, more than net income of $390,000 or $.20
per share for the first quarter of 1999. Net income per share, assuming dilution
was $.21 for the 2000  period and $.18 for the  comparable  period of 1999.  Net
income per share figures for 1999 have been retroactively  adjusted to reflect a
ten percent stock dividend effective December 15, 1999.

         Net interest income is the principal source of the Company's  earnings.
For the first quarter of 2000, net interest income was  $1,274,000,  an increase
of  $177,000  or 16.1%  over the first  quarter  of 1999.  The  increase  in net
interest  income is  attributable  primarily to the  positive  effects of higher
volumes of interest  earning assets in 2000,  offset  somewhat by the effects of
increased amounts of interest bearing liabilities and higher rates paid for such
liabilities in the 2000 period.  Average interest earning assets during the 2000
period  were  $162,516,000,  an  increase  of  $25,372,000  or  18.5%  over  the
comparable period of 1999. Average interest bearing  liabilities during the 2000
period were $136,493,000,  representing an increase of $22,097,000 or 19.3% over
the  amount  for the same  period of 1999.  The  average  interest  rate  spread
(average yield on interest earning assets less the average rate paid on interest
bearing  liabilities)  for the first quarter of 2000 was 2.37%,  a decrease of 5
basis  points  from the 2.42%  noted for the same  period of 1999.  Net yield on
earning assets (net interest income divided by average  interest earning assets)
was 3.15% for the first  quarter of 2000,  a decrease of 9 basis points from the
3.24% for the first three months of 1999.

         The  increases  in  interest   earning  assets  and  interest   bearing
liabilities  resulted  from the  Company's  continuing  marketing  strategies to
increase  its market  share in its local  service  areas in Anderson  and Oconee
Counties  of  South  Carolina.   The  Anderson  County,  South  Carolina  market
represents a relatively new  undertaking by the Company.  A branch office opened
in a  temporary  facility  in the City of  Anderson  on January 4, 1999 with the
permanent office opening November 30, 1999. The Company has secured a site for a
second branch office in Anderson County in the Town of  Williamston.  Management
expects to begin operating in Williamston late in the second quarter of 2000.

Provision and Allowance for Loan Losses

         The provision for loan losses was $77,000 for the first three months of
2000,  compared  with $25,000 for the  comparable  period of 1999.  At March 31,
2000,  the allowance for loan losses was 1.22% of loans,  compared with 1.24% of
loans at December 31, 1999. During the 2000 three month period,  net charge-offs
totaled $25,000, compared with $14,000 in net charge offs during the same period
of 1999. As of March 31, 1999,  there were  $276,000 in nonaccrual  loans and no
loans 90 days or more  past due and  still  accruing  interest.  The  amount  of
nonaccrual  loans at March 31, 2000 is $66,000 less than the amount at March 31,
1999 and $67,000  more than the amount of  nonaccrual  loans as of December  31,
1999.

         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
March 31, 2000.

Noninterest Income

         Noninterest  income  totaled  $171,000  for the first  quarter of 2000,
compared with $137,000 for the 1999 quarter.  The higher  noninterest  income in

                                       9
<PAGE>

2000  was  attributable  primarily  to  increased  service  charges  on  deposit
accounts.  There were no realized  securities gains or losses in either the 2000
or 1999 periods.

Noninterest Expenses

         Noninterest  expenses  totaled  $685,000 for the first quarter of 2000,
compared with $604,000 for 1999,  representing  an increase of $81,000 or 13.4%.
Salaries and employee benefits  increased by $44,000,  or 14.2%, to $354,000 for
the 2000 period. This increase resulted from normal salary increases,  which are
granted from time to time and  increases in the number of employees  (40 in 2000
compared with 38 in 1999)  associated with the Company's  growth.  Occupancy and
furniture and  equipment  expenses for 2000  increased by $20,000  compared with
1999 primarily as a result of higher  depreciation,  equipment  maintenance  and
repair costs resulting from the Anderson  County  expansion and occupancy of the
permanent facility. Other expenses for the 2000 period were $17,000 greater than
in 1999  primarily due to higher  expenses for  correspondent  bank services and
card-based services transaction costs.

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, 2000,  the ratio of loans to total  deposits was 54.4%,
compared  with 54.9% as of  December  31,  1999 and 55.2% as of March 31,  1999.
Deposits as of March 31, 2000 were  $10,826,000 or 7.8% greater than at December
31, 1999 and  $20,343,000  or 15.8% greater than their levels of March 31, 1999.
The growth in deposit  liabilities is attributable  to the Company's  aggressive
marketing strategies, particularly in the relatively new Anderson County market.

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

Capital Resources

         The Company's  capital base  increased by $421,000  since  December 31,
1999 as the result of net income of $443,000 for the first three months of 2000,
$7,000 added from the exercise of employee stock options,  less a $29,000 change
in  unrealized  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,  2000 risk based  capital  ratios for the Company and the
Bank are presented in the following table,  compared with the "well capitalized"
and minimum ratios under the regulatory definitions and guidelines:

                                                               Total
                                                   Tier 1     Capital   Leverage
                                                   ------     -------   --------
Community First Bancorporation .................    17.6%      18.7%        9.2%
Community First Bank ...........................    17.1%      18.2%        9.0%
Minimum "well-capitalized" requirement .........     6.0%      10.0%        5.0%
Minimum requirement ............................     4.0%       8.0%        3.0%





                                       10
<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.























                                       11
<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 10, 2000               /s/ Frederick D. Shepherd, Jr.
-----------------          ----------------------------------------------
  Date                    Frederick D. Shepherd, Jr., President and Chief
                          Executive Officer (also principal accounting officer)


<PAGE>


                                  Exhibit Index


Exhibits

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

     27                             Financial Data Schedule