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, 2002          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, 2,121,924 Shares Outstanding on April 30, 2002.

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

Item 2.    Management's Discussion and Analysis ..........................   8-9

PART II -  OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K ..............................    10

SIGNATURE ................................................................    11




                                       2
<Page>


                         PART I - FINANCIAL INFORMATION

Item 1. - Financial Statements

COMMUNITY FIRST BANCORPORATION
Consolidated Balance Sheet
<Table>
<Caption>
                                                                                               (Unaudited)
                                                                                                 March 31,              December 31,
                                                                                                   2002                     2001
                                                                                                   ----                     ----
                                                                                                       (Dollars in thousands)
Assets
<S>                                                                                               <C>                     <C>
     Cash and due from banks .......................................................              $   3,886               $   6,063
     Interest bearing deposits due from banks ......................................                     11                      27
     Federal funds sold ............................................................                 32,419                   9,240
     Securities available-for-sale .................................................                 56,604                  71,339
     Other investments .............................................................                    555                     480
     Loans .........................................................................                123,254                 119,744
         Allowance for loan losses .................................................                 (1,469)                 (1,200)
                                                                                                  ---------               ---------
            Loans - net ............................................................                121,785                 118,544
     Premises and equipment - net ..................................................                  3,332                   3,232
     Accrued interest receivable ...................................................                  1,218                   1,467
     Other assets ..................................................................                  1,582                   1,506
                                                                                                  ---------               ---------

            Total assets ...........................................................              $ 221,392               $ 211,898
                                                                                                  =========               =========

Liabilities
     Deposits
         Noninterest bearing .......................................................              $  25,572               $  25,449
         Interest bearing ..........................................................                177,401                 168,071
                                                                                                  ---------               ---------
            Total deposits .........................................................                202,973                 193,520
     Accrued interest payable ......................................................                    805                   1,307
     Other liabilities .............................................................                    160                      55
                                                                                                  ---------               ---------
            Total liabilities ......................................................                203,938                 194,882
                                                                                                  ---------               ---------

Shareholders' equity
     Common stock - no par value; 10,000,000 shares
         authorized; issued and outstanding - 2,117,170
         for 2002 and 2,117,085 for 2001 ...........................................                 15,734                  15,734
     Retained earnings .............................................................                  1,759                   1,120
     Accumulated other comprehensive income ........................................                    (39)                    162
                                                                                                  ---------               ---------
            Total shareholders' equity .............................................                 17,454                  17,016
                                                                                                  ---------               ---------

            Total liabilities and shareholders' equity .............................              $ 221,392               $ 211,898
                                                                                                  =========               =========
</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,
                                                                                                     2002                     2001
                                                                                                     ----                     ----
                                                                                                         (Dollars in thousands,
                                                                                                           except per share)
Interest income
<S>                                                                                                 <C>                      <C>
     Loans, including fees ........................................................                 $ 2,249                  $ 2,219
     Securities
       Taxable ....................................................................                     725                      955
       Tax-exempt .................................................................                       2                        2
     Other investments ............................................................                       -                        8
     Federal funds sold ...........................................................                     140                      474
                                                                                                    -------                  -------
         Total interest income ....................................................                   3,116                    3,658
                                                                                                    -------                  -------

Interest expense
     Time deposits $100M and over .................................................                     372                      723
     Other deposits ...............................................................                     868                    1,653
                                                                                                    -------                  -------
         Total interest expense ...................................................                   1,240                    2,376
                                                                                                    -------                  -------

Net interest income ...............................................................                   1,876                    1,282
Provision for loan losses .........................................................                     310                       80
                                                                                                    -------                  -------
Net interest income after provision ...............................................                   1,566                    1,202
                                                                                                    -------                  -------

Other income
     Service charges on deposit accounts ..........................................                     203                      180
     Credit life insurance commissions ............................................                      10                        6
     Loss on sale of available-for-sale security ..................................                      (2)                       -
     Other income .................................................................                      45                       48
                                                                                                    -------                  -------
         Total other income .......................................................                     256                      234
                                                                                                    -------                  -------

Other expenses
     Salaries and employee benefits ...............................................                     466                      438
     Net occupancy expense ........................................................                      52                       54
     Furniture and equipment expense ..............................................                      70                       74
     Other expense ................................................................                     257                      250
                                                                                                    -------                  -------
         Total other expenses .....................................................                     845                      816
                                                                                                    -------                  -------

Income before income taxes ........................................................                     977                      620
Income tax expense ................................................................                     338                      214
                                                                                                    -------                  -------
Net income ........................................................................                 $   639                  $   406
                                                                                                    =======                  =======

Per share*
     Net income ...................................................................                 $  0.30                  $  0.19
     Net income, assuming dilution ................................................                    0.29                     0.18
</Table>
------------------
* Per share  information has been  retroactively  adjusted to reflect a 5% stock
dividend effective December 21, 2001.


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

<S>                                                            <C>           <C>            <C>           <C>            <C>
Balance, January 1, 2001 .................................     2,022,623     $   14,383     $      878    $     (367)    $   14,894
                                                                                                                         ----------
Comprehensive income:
    Net income ...........................................             -              -            406             -            406
    Unrealized holding gains and losses
      on available-for-sale securities arising
      during the period, net of income
      taxes of $255 ......................................             -              -              -           455            455
                                                                                                                         ----------
         Total comprehensive income ......................             -              -              -             -            861
                                                                                                                         ----------
Repurchase and cancellation of common stock ..............        (5,000)           (95)             -             -            (95)
Exercise of employee stock options .......................        11,669             41              -             -             41
                                                              ----------     ----------     ----------    ----------     ----------
Balance, March 31, 2001 ..................................     2,029,292     $   14,329     $    1,284    $       88     $   15,701
                                                              ==========     ==========     ==========    ==========     ==========



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
                                                              ==========     ==========     ==========    ==========     ==========
</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,
                                                                                                        2002                 2001
                                                                                                        ----                 ----
                                                                                                           (Dollars in thousands)
Operating Activities
<S>                                                                                                    <C>                 <C>
     Net income ............................................................................           $    639            $    406
     Adjustments to reconcile net income to net
         cash provided by operating activities
            Provision for loan losses ......................................................                310                  80
            Depreciation ...................................................................                 63                  63
            Amortization of net loan fees and costs ........................................                  3                   8
            Securities accretion and premium amortization ..................................                  4                 (16)
            Loss on sale of available-for-sale security ....................................                  2                   -
            Decrease (increase) in interest receivable .....................................                249                (123)
            (Decrease) increase in interest payable ........................................               (502)                378
            Decrease in prepaid expenses ...................................................                 37                  70
            Increase in other accrued expenses .............................................                105                 119
                                                                                                       --------            --------
                Net cash provided by operating activities ..................................                910                 985
                                                                                                       --------            --------

Investing activities
     Purchases of available-for-sale securities ............................................             (9,731)            (20,418)
     Maturities, calls and paydowns of available-for-sale securities .......................             21,148              18,207
     Proceeds of sale of available-for-sale security .......................................              2,998                   -
     Purchases of other investments ........................................................                (75)                (94)
     Net increase in loans made to customers ...............................................             (3,554)             (4,711)
     Purchases of premises and equipment ...................................................               (163)                (14)
                                                                                                       --------            --------
                Net cash provided (used) by investing activities ...........................             10,623              (7,030)
                                                                                                       --------            --------

Financing activities
     Net increase in demand deposits, interest
         bearing transaction accounts and savings accounts .................................              7,288              14,180
     Net increase in certificates of deposit and other
         time deposits .....................................................................              2,165              10,390
     Exercise of employee stock options ....................................................                  -                  41
     Repurchase and cancellation of common stock ...........................................                  -                 (95)
                                                                                                       --------            --------
                Net cash provided by financing activities ..................................              9,453              24,516
                                                                                                       --------            --------
Increase in cash and cash equivalents ......................................................             20,986              18,471
Cash and cash equivalents, beginning .......................................................             15,330              19,623
                                                                                                       --------            --------
Cash and cash equivalents, ending ..........................................................           $ 36,316            $ 38,094
                                                                                                       ========            ========
</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, 2001 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  $1,742,000  for the three  months  ended March 31,  2002,  and was
$1,998,000  for the three months  ended March 31,  2001.  Income tax payments of
$21,000 were made during the first three months of 2002, and income tax payments
of $15,000 were made in the 2001 period.  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.  During the 2001 period,
non-cash  valuation  adjustments  increased  available-for-sale   securities  by
$710,000, increased shareholders' equity by $455,000 and changed deferred income
taxes by $255,000.

Nonperforming  Loans - 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.

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  December 21, 2001.  Net income per share and net income per
share, assuming dilution, were computed as follows:

<Table>
<Caption>
                                                                                                             (Unaudited)
                                                                                                         Three Months Ended
                                                                                                             March 31,
                                                                                                     2002                 2001
                                                                                                     -----                ----
                                                                                                     (Dollars in thousands,
                                                                                                    except per share amounts)

<S>                                                                                               <C>                     <C>
Net income per share, basic
Numerator - net income .............................................................              $      639              $      406
                                                                                                  ==========              ==========
Denominator
     Weighted average common shares issued and outstanding .........................               2,117,122               2,128,290
                                                                                                  ==========              ==========

               Net income per share, basic .........................................              $      .30              $      .19
                                                                                                  ==========              ==========

Net income per share, assuming dilution
     Numerator - net income ........................................................              $      639              $      406
                                                                                                  ==========              ==========
     Denominator
          Weighted average common shares issued and outstanding ....................               2,117,122               2,128,290
          Effect of dilutive stock options .........................................                 113,015                 131,284
                                                                                                  ----------              ----------
               Total shares ........................................................               2,230,137               2,259,574
                                                                                                  ==========              ==========
               Net income per share, assuming dilution .............................              $      .29              $      .18
                                                                                                  ==========              ==========
</Table>




                                       7
<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  continuing  expansion  into Anderson  County,  South
Carolina, 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  $639,000 or $.30 per share for the first  quarter of 2002.  These
results  are  $233,000,  or $.11 per share,  more than net income of $406,000 or
$.19 per share for the first  quarter of 2001.  Net  income per share,  assuming
dilution  was $.29 for the 2002  period  and $.18 for the  comparable  period of
2001. Net income per share figures for 2001 have been retroactively  adjusted to
reflect a five percent stock dividend effective December 21, 2001.

         Net interest income is the principal source of the Company's  earnings.
For analysis  purposes,  interest  income from  tax-exempt  investments has been
adjusted  to an amount  that would have to be earned on taxable  investments  to
produce the same after-tax yields.  This adjusted amount is referred to as fully
taxable  equivalent  ("FTE") interest income. For the first quarter of 2002, FTE
net interest  income was  $1,886,000,  an increase of $594,000 or 46.0% over the
first quarter of 2001. The significant  increase in 2002 FTE net interest income
is attributable primarily to the positive effects of a 309 basis point reduction
in the average cost of interest  bearing  deposit  liabilities  during the first
quarter  of 2002 as  compared  with  the  same  period  of  2001.  Despite  this
substantial decrease in rates offered to depositors, the Company has experienced
an increase in the amounts of average  deposits.  While some of this increase is
believed to be a result of lower tolerance for  uncertainty  among investors and
depositors,  management  also believes that its  marketing  strategies  and high
levels of customer service also are responsible for the increases achieved.

         The rate  earned on average  interest  earning  assets  during the 2002
period  was only 179 basis  points  lower than the rate  earned  during the 2001
first quarter. The Company's average interest earning assets for the 2002 period
were  $218,672,000,  an increase of  $22,860,000  or 11.7% over the 2001 period.
Approximately  96.7% of this increase was  attributable  to growth in the higher
yielding loan  portfolio.  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 2002 was 3.08%,  an increase of 130 basis
points from the 1.78%  noted for the same  period of 2001.  Net yield on earning
assets (FTE net interest income divided by average  interest earning assets) was
3.50% for the first  quarter of 2002,  an increase  of 85 basis  points from the
2.65% for the first three months of 2001.

         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.

Provision and Allowance for Loan Losses

         The  provision  for loan losses was $310,000 for the first three months
of 2002,  compared with $80,000 for the comparable  period of 2001. At March 31,
2002,  the allowance for loan losses was 1.19% of loans,  compared with 1.00% of
loans at December 31, 2001. During the 2002 three month period,  net charge-offs
totaled $41,000, compared with $63,000 in net charge offs during the same period
of 2001.  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.  As of
March 31, 2001,  there were $436,000 in nonaccrual loans and no loans 90 days or
more past due and still  accruing  interest.  The amount of nonaccrual  loans at
March 31,  2002 is  $120,000  more than the amount at March 31, 2001 and $53,000
less than the amount of nonaccrual loans as of December 31, 2001.

         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, 2002.




                                       8
<Page>

Noninterest Income

         Noninterest  income  totaled  $256,000  for the first  quarter of 2002,
compared with $234,000 for the 2001 quarter.  The higher  noninterest  income in
2002  was  attributable  primarily  to  increased  service  charges  on  deposit
accounts.  Such service  charges  increased to $203,000 for the 2002 period from
$180,000  for the 2001  period.  A $2,000  loss  was  realized  on the sale of a
security in the 2002 period.


Noninterest Expenses

         Noninterest  expenses  totaled  $845,000 for the first quarter of 2002,
compared  with $816,000 for 2001,  representing  an increase of $31,000 or 3.8%.
Salaries and employee  benefits  increased by $28,000,  or 6.4%, to $466,000 for
the 2002 period.  This increase resulted primarily from normal salary increases,
which are granted  from time to time,  and  increases in the number of employees
(49 in 2002 compared  with 47 in 2001)  associated  with the  Company's  growth.
Occupancy  and furniture  and  equipment  expenses for 2002  decreased by $6,000
compared with 2001 primarily as a result of lower equipment  maintenance  costs.
Other  expenses for the 2002 period were $7,000  greater than in 2001  primarily
due to higher software expenses related to an upgrading of the subsidiary bank's
core data processing applications.


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, 2002,  the ratio of loans to total  deposits was 60.7%,
compared  with 61.9% as of  December  31,  2001 and 54.1% as of March 31,  2001.
Deposits as of March 31, 2002 were  $202,973,000,  an increase of  $9,453,000 or
4.9% over the amount as of December 31, 2001,  and  $14,020,000  or 7.4% greater
than the  level of  March  31,  2001.  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 $438,000  since  December 31,
2001 as the result of net income of $639,000 for the first three months of 2002,
less a $201,000  change in  unrealized  gains and  losses on  available-for-sale
securities, net of deferred tax effects.

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

         The March 31,  2002 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 .................   13.4%      14.5%      7.7%
Community First Bank ...........................   12.8%      14.0%      7.4%
Minimum "well-capitalized" requirement .........    6.0%      10.0%      5.0%
Minimum requirement ............................    4.0%       8.0%      3.0%





                                       9
<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
         ---------------                       ------------
             None                                 None

(b)      Reports on Form 8-K.   None.




                                       10
<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, 2002                           /s/ Frederick D. Shepherd, Jr.
-----------------                      -----------------------------------------
   Date                                Frederick D. Shepherd, Jr., President and
                                       Chief Executive Officer (also principal
                                       accounting officer)




                                       11