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, 2003          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               (IRS Employer Identification No.)
of 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, 2,249,249 Shares Outstanding on April 30, 2003.

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 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

Item 2.      Management's Discussion and Analysis ..........................   8

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,
                                                                                                       2003                  2002
                                                                                                       ----                  ----
                                                                                                          (Dollars in thousands)
Assets
<S>                                                                                                 <C>                   <C>
     Cash and due from banks ...........................................................            $   4,183             $   5,114
     Interest bearing deposits due from banks ..........................................                    9                    32
     Federal funds sold ................................................................               37,515                21,471
     Securities available-for-sale .....................................................               69,052                62,968
     Other investments .................................................................                  750                   555
     Loans held for sale ...............................................................                  149                   211
     Loans .............................................................................              140,564               137,358
         Allowance for loan losses .....................................................               (2,164)               (1,950)
                                                                                                    ---------             ---------
            Loans - net ................................................................              138,400               135,408
     Premises and equipment - net ......................................................                4,356                 4,148
     Accrued interest receivable .......................................................                1,388                 1,351
     Other assets ......................................................................                1,457                 1,597
                                                                                                    ---------             ---------

            Total assets ...............................................................            $ 257,259             $ 232,855
                                                                                                    =========             =========

Liabilities
     Deposits
         Noninterest bearing ...........................................................            $  24,777             $  24,416
         Interest bearing ..............................................................              209,981               187,223
                                                                                                    ---------             ---------
            Total deposits .............................................................              234,758               211,639
     Accrued interest payable ..........................................................                1,286                 1,069
     Other liabilities .................................................................                  345                    62
                                                                                                    ---------             ---------
            Total liabilities ..........................................................              236,389               212,770
                                                                                                    ---------             ---------

Shareholders' equity
     Common stock - no par value; 10,000,000 shares authorized;
         issued and outstanding - 2,249,249 for 2003 and
         2,242,417 for 2002 ............................................................               17,597                17,569
     Retained earnings .................................................................                2,864                 2,137
     Accumulated other comprehensive income ............................................                  409                   379
                                                                                                    ---------             ---------
            Total shareholders' equity .................................................               20,870                20,085
                                                                                                    ---------             ---------

            Total liabilities and shareholders' equity .................................            $ 257,259             $ 232,855
                                                                                                    =========             =========
</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,
                                                                                                              ---------
                                                                                                      2003                    2002
                                                                                                      -----                   ----
                                                                                                          (Dollars in thousands,
                                                                                                           except per share)
Interest income
<S>                                                                                                 <C>                     <C>
     Loans, including fees ........................................................                 $ 2,435                 $ 2,249
     Securities
     Taxable ......................................................................                     588                     725
     Tax-exempt ...................................................................                       2                       2
     Other investments ............................................................                       7                       -
     Federal funds sold ...........................................................                     115                     140
                                                                                                    -------                 -------
         Total interest income ....................................................                   3,147                   3,116
                                                                                                    -------                 -------

Interest expense
     Time deposits $100M and over .................................................                     411                     372
     Other deposits ...............................................................                     810                     868
                                                                                                    -------                 -------
         Total interest expense ...................................................                   1,221                   1,240
                                                                                                    -------                 -------

Net interest income ...............................................................                   1,926                   1,876
Provision for loan losses .........................................................                     250                     310
                                                                                                    -------                 -------
Net interest income after provision ...............................................                   1,676                   1,566
                                                                                                    -------                 -------

Other income
     Service charges on deposit accounts ..........................................                     339                     203
     Credit life insurance commissions ............................................                      10                      10
     Loss on sale of available-for-sale security ..................................                       -                      (2)
     Gain on sale of loans held for sale ..........................................                      65                       -
     Other income .................................................................                      51                      45
                                                                                                    -------                 -------
         Total other income .......................................................                     465                     256
                                                                                                    -------                 -------

Other expenses
     Salaries and employee benefits ...............................................                     561                     466
     Net occupancy expense ........................................................                      49                      52
     Furniture and equipment expense ..............................................                      66                      70
     Other expense ................................................................                     337                     257
                                                                                                    -------                 -------
         Total other expenses .....................................................                   1,013                     845
                                                                                                    -------                 -------

Income before income taxes ........................................................                   1,128                     977
Income tax expense ................................................................                     401                     338
                                                                                                    -------                 -------
Net income ........................................................................                 $   727                 $   639
                                                                                                    =======                 =======

Per share*
     Net income ...................................................................                 $  0.32                 $  0.29
     Net income, assuming dilution ................................................                    0.31                    0.27
</TABLE>

------------------
* Per share  information has been  retroactively  adjusted to reflect a 5% stock
dividend effective November 28, 2002.

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, 2002 ..................................     2,117,085     $  15,734      $   1,120     $     162      $  17,016
                                                                                                                          ---------
Comprehensive income:
    Net income ............................................             -             -            639             -            639
    Unrealized holding gains and losses
      on available-for-sale securities arising
      during the period, net of income taxes of $113 ......             -             -              -          (202)          (202)
    Reclassification adjustment for losses (gains)
      realized in income, net of
      income taxes of $1 ..................................             -             -              -             1              1
                                                                                                                          ---------
    Total other comprehensive income ......................             -                                                      (201)
                                                                                                                          ---------
      Total comprehensive income ..........................                                                                     438
                                                                                                                          ---------
Exercise of employee stock options ........................            85             -              -             -              -
                                                                ---------     ---------      ---------     ---------      ---------
Balance, March 31, 2002 ...................................     2,117,170     $  15,734      $   1,759     $     (39)     $  17,454
                                                                =========     =========      =========     =========      =========


Balance, January 1, 2003 ..................................     2,242,417     $  17,569      $   2,137     $     379      $  20,085
                                                                                                                          ---------
Comprehensive income:
    Net income ............................................             -             -            727             -            727
    Unrealized holding gains and losses
      on available-for-sale securities arising
      during the period, net of income taxes of $17 .......             -             -              -            30             30
                                                                                                                          ---------
    Total other comprehensive income ......................             -                                                        30
                                                                                                                          ---------
      Total comprehensive income ..........................                                                                     757
                                                                                                                          ---------
Exercise of employee stock options ........................         6,832            28              -             -             28
                                                                ---------     ---------      ---------     ---------      ---------
Balance, March 31, 2003 ...................................     2,249,249     $  17,597      $   2,864     $     409      $  20,870
                                                                =========     =========      =========     =========      =========
</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,
                                                                                                                 ---------
                                                                                                          2003                2002
                                                                                                          ----                ----
                                                                                                           (Dollars in thousands)
Operating activities
<S>                                                                                                    <C>                 <C>
     Net income ............................................................................           $    727            $    639
     Adjustments to reconcile net income to net
         cash provided by operating activities
            Provision for loan losses ......................................................                250                 310
            Depreciation ...................................................................                 50                  63
            Amortization of net loan fees and costs ........................................                  1                   3
            Securities accretion and premium amortization ..................................                194                   4
            Loss on sale of available-for-sale security ....................................                  -                   2
            Gain on sale of loans held for sale ............................................                (65)                  -
            (Increase) decrease in interest receivable .....................................                (37)                249
            Increase (decrease) in interest payable ........................................                217                (502)
            Decrease in prepaid expenses ...................................................                123                  37
            Increase in other accrued expenses .............................................                283                 105
            Originations of loans held for sale ............................................             (3,208)                  -
            Proceeds of sales of loans held for sale .......................................              3,335                   -
                                                                                                       --------            --------
                Net cash provided by operating activities ..................................              1,870                 910
                                                                                                       --------            --------

Investing activities
     Purchases of available-for-sale securities ............................................            (29,125)             (9,731)
     Maturities, calls and paydowns of available-for-sale securities .......................             22,894              21,148
     Proceeds of sale of available-for-sale security .......................................                  -               2,998
     Purchases of other investments ........................................................               (195)                (75)
     Net increase in loans made to customers ...............................................             (3,243)             (3,554)
     Purchases of premises and equipment ...................................................               (258)               (163)
                                                                                                       --------            --------
                Net cash (used) provided by investing activities ...........................             (9,927)             10,623
                                                                                                       --------            --------

Financing activities
     Net increase in demand deposits, interest
         bearing transaction accounts and savings accounts .................................             15,054               7,288
     Net increase in certificates of deposit and other
         time deposits .....................................................................              8,065               2,165
     Exercise of employee stock options ....................................................                 28                   -
                                                                                                       --------            --------
                Net cash provided by financing activities ..................................             23,147               9,453
                                                                                                       --------            --------
Increase in cash and cash equivalents ......................................................             15,090              20,986
Cash and cash equivalents, beginning .......................................................             26,617              15,330
                                                                                                       --------            --------
Cash and cash equivalents, ending ..........................................................           $ 41,707            $ 36,316
                                                                                                       ========            ========
</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, 2002 on Form
10-KSB filed with the Securities and Exchange Commission.

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

Statement  of Cash  Flows -  Interest  paid on  deposits  and  other  borrowings
amounted  to  $1,004,000  for the three  months  ended March 31,  2003,  and was
$1,742,000  for the three months  ended March 31,  2002.  Income tax payments of
$30,000 were made during the first three months of 2003, and income tax payments
of  $21,000  were made in the 2002  period.  During  the 2003  period,  non-cash
valuation  adjustments  increased  available-for-sale   securities  by  $47,000,
increased  shareholders'  equity by $30,000 and changed deferred income taxes by
$17,000.   Non-cash   investment   security  valuation   adjustments   decreased
available-for-sale  securities  by $315,000  during the 2002  period,  a related
shareholders'  equity account decreased by $202,000 and the associated  deferred
income taxes changed by $113,000.

Nonperforming  Loans - As of March 31, 2003,  there were  $730,000 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 5%  stock
dividend  effective  November 28, 2002.  Net income per share and net income per
share, assuming dilution, were computed as follows:

<TABLE>
<CAPTION>
                                                                                                              (Unaudited)
                                                                                                          Three Months Ended
                                                                                                               March 31,
                                                                                                               ---------
                                                                                                    2003                     2002
                                                                                                    -----                    ----
                                                                                                       (Dollars in thousands,
                                                                                                        except per share amounts)

Net income per share, basic
<S>                                                                                               <C>                     <C>
   Numerator - net income ..........................................................              $      727              $      639
                                                                                                  ==========              ==========
   Denominator
      Weighted average common shares issued and outstanding ........................               2,247,086               2,222,978
                                                                                                  ==========              ==========

               Net income per share, basic .........................................              $      .32              $      .29
                                                                                                  ==========              ==========

Net income per share, assuming dilution
   Numerator - net income ..........................................................              $      727              $      639
                                                                                                  ==========              ==========
   Denominator
      Weighted average common shares issued and outstanding ........................               2,247,086               2,222,978
Effect of dilutive stock options ...................................................                 113,191                 118,666
                                                                                                  ----------              ----------
               Total shares ........................................................               2,360,277               2,341,644
                                                                                                  ==========              ==========
               Net income per share, assuming dilution .............................              $      .31              $      .27
                                                                                                  ==========              ==========
</TABLE>

Stock-Based Compensation - As of March 31, 2003, 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," to stock-based employee compensation.  Per share


                                       7
<PAGE>

amounts  have  been  adjusted  to  reflect  the  effect  of a 5% stock  dividend
effective November 28, 2002.

<TABLE>
<CAPTION>
                                                                                                               (Unaudited)
                                                                                                           Three Months Ended
                                                                                                               March 31,
                                                                                                               ---------
                                                                                                       2003                   2002
                                                                                                       ----                   ----
                                                                                                        (Dollars in thousands,
                                                                                                        except per share amounts)

<S>                                                                                                  <C>                     <C>
Net income, as reported ............................................................                 $   727                 $   639
Deduct:  Total stock-based employee
      compensation expense determined under
      fair value based method for all awards,
      net of any related tax effects ...............................................                      67                      69
                                                                                                     -------                 -------
Pro forma net income ...............................................................                 $   660                 $   570
                                                                                                     =======                 =======

Net income per share, basic
      As reported ..................................................................                 $  0.32                 $  0.29
      Pro forma ....................................................................                    0.29                    0.26
Net income per share, assuming dilution
      As reported ..................................................................                 $  0.31                 $  0.27
      Pro forma ....................................................................                    0.28                    0.24
</TABLE>


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.  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,"   "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,  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  $727,000 or $.32 per share for the first  quarter of 2003.  These
results are $88,000, or $.03 per share, more than net income of $639,000 or $.29
per share for the first quarter of 2002. Net income per share, assuming dilution
was $.31 for the 2003  period and $.27 for the  comparable  period of 2002.  Net
income per share figures for 2002 have been retroactively  adjusted to reflect a
five percent stock dividend effective November 28, 2002.

         Net interest income is the principal source of the Company's  earnings.
For the first quarter of 2003, net interest income was  $1,926,000,  an increase
of $50,000  or 2.7% over the first  quarter of 2002.  The  increase  in 2003 net
interest income is  attributable  to larger average amounts of interest  earning
assets and lower interest rates  associated with the Company's  funding sources.
Average  interest  earning assets totaled  $247,618,000  during the 2003 period,
compared with  $218,672,000  during the same period of 2002.  This represents an
increase  of  $28,946,000,  or 13.2%.  Average  loans for the 2003  period  were

                                       8
<PAGE>

$138,235,000,  an increase of  $16,507,000  or 13.6% over the 2002 average.  The
average  annualized  yield on earning assets during the 2003 period was 5.15%, a
decrease  of 63 basis  points  from  the  comparable  2002  yield.  The  average
annualized  rates paid for interest  bearing  deposits  during the 2003 and 2002
three-month periods were 2.34% and 2.71%, respectively. Average interest bearing
liabilities  totaled  $211,563,000  for the 2003 period and  $185,279,000 in the
2002 period, representing an increase of $26,284,000 or 14.2%.

         Market  interest  rates  during the 2003 period were  approximately  50
basis points lower than in the first quarter of 2002. No significant  changes in
interest rates have occurred  recently,  and it is not expected that significant
changes will occur in the immediate future.

         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 service areas in Anderson and Oconee Counties of South
Carolina.  Oconee  County is served  from two  offices  located in the cities of
Seneca and Walhalla.  The Anderson  County,  South Carolina market  represents a
relatively new  undertaking by the Company.  The Company serves  Anderson County
from two offices. Offices were opened in the City of Anderson on January 4, 1999
and in the town of  Williamston  during the third  quarter of 2000.  The Company
intends  to  open  its  fifth  office  during  the  second  quarter  of  2003 in
Westminster, South Carolina. A site has been acquired, regulatory approvals have
been  obtained,  and efforts are  underway  to utilize the  Company's  temporary
facility at this location.

Provision and Allowance for Loan Losses

         The  provision  for loan losses was $250,000 for the first three months
of 2003,  compared with $310,000 for the comparable period of 2002. At March 31,
2003,  the allowance for loan losses was 1.54% of loans,  compared with 1.42% of
loans at December 31, 2002. During the 2003 three month period,  net charge-offs
totaled $36,000, compared with $41,000 in net charge offs during the same period
of 2002. As of March 31, 2003,  there were  $730,000 in nonaccrual  loans and no
loans 90 days or more  past due and  still  accruing  interest.  As of March 31,
2002,  there were  $556,000 in  nonaccrual  loans and $4,000 in loans 90 days or
more past due and still  accruing  interest.  The amount of nonaccrual  loans at
March 31, 2003 is $174,000  more than the amount at March 31, 2002 and  $136,000
less than the $866,000 of nonaccrual loans as of December 31, 2002.

         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, 2003.

Noninterest Income

         Noninterest  income  totaled  $465,000  for the first  quarter of 2003,
compared with $256,000 for the 2002 quarter.  The higher  noninterest  income in
2003 was  attributable  primarily to a $136,000  increase in service  charges on
deposit  accounts  and  $65,000 in gains  realized  on sales of  mortgage  loans
originated for sale. The Company implemented a pre-arranged overdraft protection
product and began a program to originate  mortgage loans for sale during 2002. A
$2,000 loss was realized on the sale of a security in the 2002 period.

Noninterest Expenses

         Noninterest  expenses totaled $1,013,000 for the first quarter of 2003,
compared with $845,000 for 2002,  representing an increase of $168,000 or 19.9%.
Salaries and employee benefits increased by $95,000, or 20.4%, to $561,000. This
increase resulted primarily from normal salary increases, which are granted from
time to time,  and  increases  in the number of  employees  associated  with the
Company's  growth.  Employees have been hired, and are currently in training for
the new Westminster  office that is expected to become operational in the second
quarter of 2003.  Also,  the mortgage  lending  activities  have resulted in the
hiring of additional  personnel.  Occupancy and furniture and equipment expenses
for 2003  decreased by $7,000  compared with 2002 primarily as a result of lower
equipment  maintenance  costs.  Other  expenses for the 2003 period were $80,000
greater  than in 2002  due to  increased  expenses  for  professional  services,
advertising,  postage,  stationery and supplies,  directors  fees, and strategic
planning.  Many of these  increased  expenses are  attributable to the Company's
continuing  success in  attracting  and  retaining  customers.  The  increase in
professional  services  expenses is attributable to increased  requirements with
respect to corporate governance issues and independence standards imposed on the
external auditing firm by recent federal legislation.

                                       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, 2003,  the ratio of loans to total  deposits was 59.9%,
compared  with 64.9% as of  December  31,  2002 and 60.7% as of March 31,  2002.
Deposits as of March 31, 2003 were  $234,758,000,  an increase of $23,119,000 or
10.9% over the amount as of December 31, 2002, and  $31,785,000 or 15.7% greater
than the  level of  March  31,  2002.  The  growth  in  deposit  liabilities  is
attributable to the Company's marketing strategies.

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

Capital Resources

         The Company's  capital base  increased by $785,000  since  December 31,
2002 as the result of net income of $727,000 for the first three months of 2003,
plus a $30,000  change in  unrealized  gains  and  losses on  available-for-sale
securities,  net of deferred tax effects and an increase of $28,000 attributable
to the exercise of employee stock options.

         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,  2003 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 .................   13.7%      14.9%      8.0%
Community First Bank ...........................   13.1%      14.4%      7.7%
Minimum "well-capitalized" requirement .........    6.0%      10.0%      5.0%
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.

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

                                                 March 31, 2003
                                                 --------------
                                                  (Dollars in
                                                   thousands)
Loan commitments ............................     $ 13,073
Standby letters of credit ...................          265


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


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<PAGE>

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, 2003.

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

(a)  Based  on  their  evaluation  of  the  issuer's   disclosure  controls  and
     procedures   (as   defined  in  17  C.F.R.   Sections   240.13a-14(c)   and
     240.15d-14(c))  as of a date  within  90 days  prior to the  filing of this
     quarterly report,  the issuer's chief executive officer and chief financial
     officer  concluded that the  effectiveness  of such controls and procedures
     was adequate.

(b)  There were no significant  changes in the issuer's  internal controls or in
     other factors that could significantly  affect these controls subsequent to
     the date of their evaluation,  including any corrective actions with regard
     to significant deficiencies and material weaknesses.


                           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
         ---------------                                 -----------
                  None                                   None

(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 8, 2003                            /s/ Frederick D. Shepherd, Jr.
-----------------                      -----------------------------------------
         Date                          Frederick D. Shepherd, Jr., President and
                                       Chief Executive Officer (also principal
                                       accounting officer)





















                                       12
<PAGE>



                                  Exhibit Index


Exhibits

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

    None                                           None

























                                       13
<PAGE>




I, Frederick D. Shepherd, Jr., certify that:

1.   I have reviewed  this  quarterly  report on Form 10-QSB of Community  First
     Bancorporation;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date:  May 8, 2003
       ------------



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
















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