U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2000
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Exchange Act
For the transition period from ______ to ______
Commission File Number: 0-22543
COMMUNITY FIRST BANKING COMPANY
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
GEORGIA 58-2309605
--------------------------------- ---------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
110 Dixie Street
Carrollton, Georgia 30117
(770) 834-1071
-------------------------------------------------------
(Address of Principal Executive Offices and Telephone Number)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No_
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: As of May 10, 2000, there were
3,282,054 shares issued and 2,751,715 shares outstanding of the Registrant's
Common Stock, par value $.01 per share.
CONTENTS
PART I. FINANCIAL INFORMATION
---------------------
Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 2000 (unaudited) and
December 31, 1999
Consolidated Statements of Earnings for the Three Months Ended
March 31, 2000 and 1999 (unaudited)
Consolidated Statements of Comprehensive Income for the Three
Months Ended March 31, 2000 and 1999 (unaudited)
Consolidated Statements of Cash Flows for the Three Months Ended March
31, 2000 and 1999 (unaudited)
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
COMMUNITY FIRST BANKING COMPANY
Consolidated Balance Sheets
(In thousands of dollars)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
Assets (Unaudited)
<S> <C> <C>
Cash and due from banks .......................................... 7,701 9,252
Interest-bearing deposits in financial institutions .............. 354 925
Federal funds sold ............................................... 760 220
-------- --------
Cash & cash equivalents ....................................... 8,815 10,397
Securities available for sale .................................... 62,484 64,665
Securities held to maturity ...................................... 180 184
Other investments ................................................ 2,922 3,173
Mortgage loans held for sale ..................................... 162 59
Loans, net ....................................................... 305,210 290,804
Premises and equipment net ....................................... 7,355 7,516
Accrued interest receivable ...................................... 2,827 3,005
Other real estate and repossessions .............................. 267 528
Other assets ..................................................... 6,146 5,717
-------- --------
Total assets .................................................. 396,368 386,048
======== ========
Liabilities and Stockholders' Equity
Deposits:
Demand ......................................................... 12,506 13,029
Interest-bearing demand ........................................ 57,355 55,424
Savings ........................................................ 29,145 29,552
Time ........................................................... 143,626 144,347
Time, over $100,000 ............................................ 62,157 53,035
-------- --------
Total deposits .............................................. 304,789 295,387
Note payable and other borrowings ................................ 58,504 55,345
Federal funds purchased .......................................... 3,629 5,684
Accrued interest payable and other liabilities ................... 2,842 2,433
-------- --------
Total liabilities ........................................... 369,764 358,849
Stockholders' Equity:
Convertible preferred stock, par value $.01, 96,542 shares issued 1 1
Common stock, $.01 par, 10,000,000 authorized, 3,282,054 issued . 33 33
Additional paid in capital ...................................... 14,663 14,663
Retained earnings ............................................... 26,601 25,842
Treasury stock at cost .......................................... (10,483) (9,826)
Accumulated other comprehensive income and (loss) ............... (4,211) (3,514)
-------- --------
Total stockholders' equity .................................. 26,604 27,199
-------- --------
Total liabilities & stockholders' equity ....................... 396,368 386,048
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
COMMUNITY FIRST BANKING COMPANY
Consolidated Statements of Earnings (Inst.8)
(Unaudited)
(In thousands of dollars)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
<S> <C> <C>
Interest income:
Interest and fees on loans ...................................... 6,856 6,251
Interest-bearing deposits and federal funds sold ............... 32 179
Interest and dividends on investment securities:
U.S. Treasury ................................................. - 45
U.S. Govt. agency and mortgage-backed ......................... 1,044 938
State, county & municipals .................................... 1 29
Other ......................................................... 81 89
------- -------
Total interest income ....................................... 8,014 7,531
------- -------
Interest Expense:
Interest on deposits:
Demand ........................................................ 298 272
Savings ....................................................... 150 165
Time .......................................................... 2,665 2,598
------- -------
3,113 3,035
------- -------
Interest on note payable and other borrowings .................... 917 957
------- -------
Total interest expense ................................. 4,030 3,992
------- -------
Net interest income ................................... 3,984 3,539
------- -------
Provision for loan losses ........................................ 234 172
------- -------
Net interest income after provision for loan losses .... 3,750 3,367
------- -------
Noninterest income:
Service charges on deposits ................................... 506 582
Gain (Loss) on calls and sales of securities available for sale (7) -
Insurance commissions ......................................... 212 195
Miscellaneous ................................................. 286 244
------- -------
Total noninterest income ............................... 997 1,021
------- -------
Noninterest expenses:
Salaries and employee benefits ................................ 1,682 1,553
ESOP and MRP expense .......................................... - 370
Occupancy and equipment ....................................... 325 375
Deposit insurance premiums .................................... 15 45
Other operating ............................................... 906 985
------- -------
Total noninterest expense ............................... 2,928 3,328
------- -------
Earnings before income taxes ............................ 1,819 1,060
Income tax expense ............................................... 585 297
------- -------
Net earnings ...................................... 1,234 763
======= =======
EPS basic ....................................................... 0.45 0.30
EPS diluted ..................................................... 0.42 0.28
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
COMMUNITY FIRST BANKING COMPANY
Consolidated Statements of Comprehensive Income
(Unaudited - in thousands of dollars)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
---- ----
<S> <C> <C>
Net earnings ................................................................. 1,234 763
Other comprehensive income, net of income taxes:
Unrealized gains (losses) on securities available for sale ................. (1,130) (404)
Income tax on gains (losses) ............................................... (429) (153)
------ ------
Unrealized gains (losses) arising during the period, net of tax .......... (701) (251)
------ ------
Less: Reclassification adjustment for (losses) included in net earnings .... (7) --
Income tax on reclassification on adjustments ............................. (3) --
------ ------
Reclassification adjustment for gains included in net earnings, net of tax (4) --
------ ------
Other comprehensive income (loss) ....................................... (697) (251)
------ ------
COMPREHENSIVE INCOME ......................................................... 537 512
====== ======
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
COMMUNITY FIRST BANKING COMPANY
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
---- ----
In thousands
<S> <C> <C>
Net earnings ....................................................................... 1,234 763
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation, amortization and accretion ......................................... 204 249
Provision for loan losses ........................................................ 234 172
Deferred income tax expense (benefit) ............................................ 427 --
Loss on calls and sales of securities available for sale ......................... 7 --
Loss (gain) on sale of other real estate ......................................... -- (58)
Loss (gain) on sales of premises and equipment, net .............................. -- (15)
ESOP and MRP compensation expense ................................................ -- 370
Change in:
Mortgage loans held for sale ................................................... (103) (5)
Accrued interest receivable .................................................... 178 2
Other assets ................................................................... (429) (695)
Accrued interest payable ....................................................... 5 12
Other liabilities .............................................................. 404 84
------- -------
Net cash provided by (used in) operating activities ......................... 2,161 879
------- -------
Cash flows from investing activities:
Proceeds from sales and calls of securities available for sale ................... 18 --
Proceeds from maturities of securities held to maturity .......................... 4 20
Proceeds from maturities of securities available for sale ........................ 1,155 4,370
Purchases of other investments ................................................... -- (1,072)
Proceeds from sales of other investments ......................................... 251 --
Purchases of securities available for sale ....................................... -- (2,998)
Net change in loans .............................................................. (14,779) (3,324)
Proceeds from sale of real estate and repossessions .............................. 259 311
Proceeds from sales of premises and equipment .................................... -- 15
Purchases of premises and equipment .............................................. (25) (87)
------- -------
Net cash provided by (used in) investing activities ......................... (13,117) (2,765)
------- -------
Cash flows from financing activities:
Net change in demand and savings deposits ........................................ 1,001 2,392
Net change in time deposits ...................................................... 8,401 4,741
Payment of FHLB advances ......................................................... (65) (10,065)
Proceeds from FHLB advances ..................................................... 5,000 24,000
Payment of federal funds purchased ............................................... (2,055) --
Change in payable for branch sales ............................................... -- (27,461)
Payment of note payable .......................................................... (1,776) (1,000)
Treasury stock purchased ......................................................... (657) (348)
Cash dividend paid ............................................................... (475) (267)
------- -------
Net cash provided by financing activities .................................... 9,374 (8,008)
------- -------
Net change in cash and cash equivalents ...................................... (1,582) (9,894)
------- -------
Cash and cash equivalents at beginning of year ..................................... 10,397 32,736
------- -------
Cash and cash equivalents at quarter end ........................................... 8,815 22,842
======= =======
</TABLE>
See Notes to Consolidated Financial Statements.
<TABLE>
<CAPTION>
Three Months Ended
Supplemental disclosure of cash flow information: March 31,
2000 1999
In thousands
<S> <C> <C>
Cash paid for:
Interest....................................................................... 4,025 3,980
Income taxes................................................................... 617 --
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
COMMUNITY FIRST BANKING COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. NATURE OF BUSINESS
GENERAL
Community First Banking Company (the "Company") was incorporated in the State of
Georgia on March 12, 1997, for the purpose of becoming a holding company to own
100% of the outstanding capital stock of Carrollton Federal Bank, FSB (the
"Savings Bank"). The Savings Bank was organized on August 1, 1994 as a federal
savings bank subsidiary of CF Mutual Holdings (the "Mutual Holding Company"), a
federally chartered mutual holding company. Prior to that date, the predecessor
of the Savings Bank had operated as a mutual savings bank since 1929.
On June 27, 1997, a plan of conversion and reorganization whereby the Company
became the unitary holding company for the Savings Bank and the dissolution of
the Mutual Holding Company was completed.
On December 29, 1997, the Savings Bank converted from a federal savings bank
regulated by the Office of Thrift Supervision to a Georgia chartered state
commercial bank regulated by the Georgia Department of Banking and Finance and
concurrently changed the name of the institution to Community First Bank (the
"Bank").
NOTE 2. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements (except for the
statement of financial condition on December 31, 1999, which is audited) have
been prepared in accordance with instructions to Form 10Q. Accordingly, they do
not include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (none of which were other than normal recurring
accruals) necessary for a fair presentation of the financial position and
results of operations for the periods presented have been included. The
accompanying consolidated financial statements include the accounts of the
Company and the Bank. All significant intercompany items have been eliminated.
The results of operations for the three months ended March 31, 2000 are not
necessarily indicative of the results of operations that may be expected for the
year ended December 31, 2000. The accompanying consolidated financial statements
and related notes of Community First Banking Company and subsidiary should be
read in conjunction with the audited consolidated financial statements and
related notes included in the Company's Annual Report on Form 10-K for the year
ended December 31, 1999.
NOTE 3. EARNINGS PER COMMON SHARE
Earnings per common share calculations for the three month periods ended March
31, 2000 and 1999 are presented based on the net earnings for the three months
divided by the weighted average number of shares outstanding, or 2,760,125
shares (three months ended March 31, 2000) and 2,561,707 shares (three months
ended March 31, 1999). Diluted earnings per common share takes into account the
effect of dilution from the assumed exercise of all outstanding stock options
and awards. Diluted earnings per common share is calculated by dividing net
earnings by the average number of common shares outstanding adjusted for the
incremental shares resulting from the exercise of dilutive convertible preferred
stock options during the period, or 2,953,209 and 2,757,297 shares for the three
months ended March 31, 2000 and 1999 respectively.
NOTE 4. DIVIDENDS DECLARED
On March 16, 2000 the Board of Directors of the Company approved a cash dividend
of $.1725 per share payable April 1, 2000 for stockholders of record on March
17, 2000.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2000 AND MARCH 31, 1999
On March 31, 2000 the Company had total assets of $396.4 million compared to
$386.0 million at December 31, 1999. This increase in assets of $10.3 million or
2.7% is primarily due to a increase in net loans of $14.4 million or 5.0%. This
increase in loans was partially offset by a $2.2 million or 3.4% decrease in
available for sale securities (resulting primarily from maturities and normal
amortization), and a decrease in cash and cash equivalents of $1.6 million or
15.2%.
Total deposit liabilities increased $9.4 million or 3.2% from December 31, 1999
to March 31, 2000. Time desposits over $100,000 increased $9.1 million primarily
from a brokered certificate of deposit of $8.7 million accepted in March 2000.
Time deposits less than $100,000 decreased $721,000 or -.5%. Interest bearing
demand deposits increased $1.9 million or 3.5%, and demand deposits decreased
$523,000 or -4.0%. Savings deposits decreased $407,000 or -1.4% for the three
months ended March 31, 2000.
Note payable and other borrowings increased $3.2 million or 5.7% during the
three months ended March 31, 2000. This increase resulted from additional
borrowings of $5.0 million by the Bank from the Federal Home Loan Bank (FHLB).
This borrowing was offset by a reduction in notes payable by the Company of $1.8
million. Federal funds purchased by the Bank decreased $2.1 million during the
three months ended March 31, 2000.
Retained earnings increased $759,000 during the three months ended March 31,
2000. This increase represents earnings of $1.2 million less dividends declared
of $475,000. Treasury stock increased $657,000 from the purchase of 37,733
shares of the Company's stock at an average price of $17.42 per share.
Accumulated other comprehensive losses increased $697,000 during the three
months ended March 31, 2000 as a result of a rising interest rate environment
and the decrease in stock prices of equity securities.
COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2000
AND 1999
GENERAL. Net earnings totaled $1.2 million for the three months ended March 31,
2000, an increase of $471,000 or 61.7% over the $763,000 earned in the same
three months in 1999. This increase is primarily the result of higher net
interest income and lower noninterest expense. These and other significant
fluctuations are discussed below.
NET INTEREST INCOME. Net interest income for the three months ended March 31,
2000 increased $445,000 or 12.6% compared to the same three-month period in
1999. Total interest income increased $483,000 or 6.4%, while total interest
expense increased $38,000 or 1.0%. The increase in interest income was caused
primarily by higher average loan balances during the three months ended March
31, 2000 compared to the same three months in 1999. The loan portfolio mix
continues to move away from residential mortgage loans and into higher yielding
commercial loans. The average balance of loans by type for the first quarters of
2000 and 1999 were as follows:
Average Balances
Three Months Ended
March 31,
2000 1999
---- ----
(In thousands)
Mortgage loans 83,322 113,822
Consumer loans 53,687 54,548
Construction loans 36,852 3,239
Commercial loans 134,997 103,049
------- -------
308,858 274,658
======= =======
Interest and fee income on loans increased $605,000 or 9.7% in the first quarter
of 2000 compared to the same quarter in 1999, while the average balance of loans
increased $34.2 million or 12.5%. Interest income on federal funds sold and
interest-bearing deposits decreased $147,000 or 82.1% for the three months ended
March 31, 2000 compared to the same three months of 1999. This decrease in
income on federal funds and deposits resulted from use of funds not needed for
liquidity being used to fund loan demand. Interest and dividend income on
investment securities increased $25,000 or 2.3% during the three months ended
March 31, 2000 compared to the same three months of 1999.
The net interest rate spread measures the difference between the average yield
on earning assets and the average rate paid on interest bearing sources of
funds. The net interest rate spread for the quarters ended March 31, 2000 and
1999 was 4.37% and 3.94% respectively.
<PAGE>
The following table presents average balances, associated rates earned and paid
for all interest earning assets and interest bearing liabilities, and variances
caused by volume and rates for the three months ended March 31, 2000 and March
31, 1999. (dollars in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31, 2000
Compared to Same Three
Quarter Ended Quarter Ended Months of 1999
March 31, 2000 March 31, 1999 Increase (Decrease) Due To
-------------- -------------- --------------------------
Average Interest Effective Average Interest Effective Volume Rate Total
Balance Yield Rate Balance Yield Rate Variance Variance Variance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Loans, Net 294,153 6,856 9.35% 271,689 6,251 9.33% 516 89 605
Interest-Bearing Deposits & FF Sold 2,199 32 5.84% 14,213 179 5.11% (151) 4 (147)
Securities 63,767 1,126 7.08% 74,600 1,101 5.99% (159) 184 25
- --------------------------------------------------------------- ------------------------------- --------------------------
360,119 8,014 8.93% 360,502 7,531 8.47% 206 277 483
- --------------------------------------------------------------- ------------------------------- --------------------------
Demand Deposits 67,487 298 1.77% 65,308 272 1.69% 9 17 26
Savings 29,297 150 2.05% 32,117 165 2.08% (14) (1) (15)
Certificates of Deposit 197,572 2,665 5.41% 189,591 2,598 5.56% 109 (42) 67
Borrowings 60,701 917 6.06% 69,831 957 5.56% (125) 85 (40)
- --------------------------------------------------------------- ------------------------------- --------------------------
355,057 4,030 4.55% 356,847 3,992 4.54% (21) 59 38
- --------------------------------------------------------------- ------------------------------- --------------------------
Net Interest Income & Spread 3,984 4.37% 3,539 3.94%
Change 227 218 445
</TABLE>
PROVISION FOR LOAN LOSSES. The provision for loan losses was $234,000 for the
three months ended March 31, 2000 compared to $172,000 for the three months
ended March 31, 1999. At March 31, 2000, the loan loss reserve was $3.5 million
or 1.1% of total loans compared to $3.0 million or 1.1% of total loans at March
31, 1999. Management deemed the allowance for loan losses adequate at March 31,
2000.
NONPERFORMING ASSETS AND PAST DUE LOANS. Nonperforming assets, comprised of
non-accrual loans (generally loans on which payments are more than 90 days past
due) and other real estate owned totaled $931,000 or 0.2% of total assets at
March 31, 2000, and $6.2 million or 1.6% of total assets at March 31, 1999.
OTHER INCOME. Total noninterest income decreased $24,000, or 2.4%, for the three
months ended March 31, 2000 versus the same three months in 1999. Service
charges on deposits decreased $76,000 or 13.1% for the first quarter of 2000
verses the same period in 1999. The Company sold equity securities during the
first quarter of 2000 for a loss of $7,000. Income from insurance commissions
increased $17,000 or 8.7% primarily because of the insurance subsidary of the
Bank. Miscellaneous income increased $42,000 or 17.2% primarily because of
higher return item charges.
NONINTEREST EXPENSES. Total noninterest expenses decreased $400,000 or 12.0% for
the three months ended March 31, 2000 as compared to the same three months in
1999. This decrease was primarily the result of all the expenses associated with
the ESOP and MRP being recognized prior to December 31, 1999. During the first
quarter of 1999 ESOP and MRP expense totaled $370,000. Salaries and employee
benefits increased $129,000 for the three months ended March 31, 2000 compared
to the same three months of 1999 because of an annual wage increase and
additional health insurance accruals to cover higher costs experienced in recent
months. Occupancy and equipment expense decreased $50,000. Deposit insurance
premiums decreased $30,000 and other operating expense decreased $79,000 for the
three months ended March 31, 2000 compared to the same three months of 1999.
INCOME TAXES. Income tax expense for the quarter ended March 31, 2000 was
$585,000 or 32.2% of pretax income and $297,000 or 28.0% of pretax income for
the same three month period in 1999. The difference between these rates and the
statutory rate is primarily the result of interest income on tax exempt
securities and the dividend received deduction on government agency preferred
stocks.
LIQUIDITY AND CAPITAL RESOURCES. Operating activities provided net cash proceeds
of $2.2 million for the three months ended March 31, 2000. Investing activities
used $13.1 million in cash during this same three months primarily because of
the $14.8 million increase in net loans. Financing activities provided $9.4
million of cash during the three months ended March 31, 2000. Increases in
demand and savings deposits provided $1.0 million, increases in time deposits
provided $8.4 million, primarily because of the brokered deposit mentioned
previously, and borrowing from FHLB provided $5.0 million. Cash provided by
financing activities was offset in part by repayment of $2.1 million of federal
funds purchased by the Bank and repayment by the Company of $1.8 million of a
note payable. See the Consolidated Statements of Cash Flow for a complete
analysis of sources and uses of cash.
The asset portion of the balance sheet provides liquidity primarily through loan
principal repayments, maturities of investment securities and, to a lesser
extent, sales of securities. Installment loan payments are becoming an
increasingly important source of liquidity for the Company as this portfolio
continues to grow. Other short-term investments such as federal funds sold and
maturing interest-bearing deposits with other banks are additional sources of
liquidity funding.
The liability portion of the balance sheet provides liquidity through various
customers' interest-bearing and noninterest-bearing deposit accounts. These
sources of liquidity are short-term in nature and are used as necessary to fund
asset growth and meet short-term liquidity needs. Liquidity is also provided by
advances from the FHLB of Atlanta and federal funds accomodations from other
lending institutions.
As of March 31, 2000 the Bank's regulatory capital was in excess of all
applicable regulatory requirements. At March 31, 2000, the Bank's total
risk-based capital, tier 1 risk-based capital and tier 1 leverage ratios
amounted to 10.2%, 9.0% and 7.4%, respectively, compared to regulatory
requirements of 8.0%, 4.0% and 4.0%, respectively.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibit is filed herewith:
Exhibit 27 Financial Data Schedule
(b) No reports on Form 8-K were filed during the quarter ended
March 31, 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COMMUNITY FIRST BANKING COMPANY
Date: May 11, 2000 /s/ Gary D. Dorminey
----------------------
Gary D. Dorminey
President
(Principal Executive Officer)
Date: May 11, 2000 /s/ C. Lynn Gable
-------------------
C. Lynn Gable
Chief Financial Officer
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
(This schedule contains financial information extracted from the
consolidated financial statements of Community First Banking Comapny as of
or for the three months ended March 31, 2000 and is qualified in its
entirety by reference to such financial statements (dollars in thousands
except per share data).
</LEGEND>
<CIK> 0001035903
<NAME> Community First Banking Company
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 7,701
<INT-BEARING-DEPOSITS> 354
<FED-FUNDS-SOLD> 760
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 62,484
<INVESTMENTS-CARRYING> 180
<INVESTMENTS-MARKET> 180
<LOANS> 308,858
<ALLOWANCE> 3,486
<TOTAL-ASSETS> 396,368
<DEPOSITS> 304,789
<SHORT-TERM> 49,229
<LIABILITIES-OTHER> 2,842
<LONG-TERM> 12,904
0
1
<COMMON> 33
<OTHER-SE> 26,570
<TOTAL-LIABILITIES-AND-EQUITY> 396,368
<INTEREST-LOAN> 6,856
<INTEREST-INVEST> 1,126
<INTEREST-OTHER> 32
<INTEREST-TOTAL> 8,014
<INTEREST-DEPOSIT> 3,113
<INTEREST-EXPENSE> 4,030
<INTEREST-INCOME-NET> 3,984
<LOAN-LOSSES> 234
<SECURITIES-GAINS> (7)
<EXPENSE-OTHER> 2,928
<INCOME-PRETAX> 1,819
<INCOME-PRE-EXTRAORDINARY> 1,819
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,234
<EPS-BASIC> .45
<EPS-DILUTED> .42
<YIELD-ACTUAL> 0
<LOANS-NON> 629
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 181
<ALLOWANCE-OPEN> 3,379
<CHARGE-OFFS> 191
<RECOVERIES> 64
<ALLOWANCE-CLOSE> 3,486
<ALLOWANCE-DOMESTIC> 3,486
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
