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 the Quarterly Period Ended Commission File No. 000-29640
September 30, 1998
COMMUNITY FIRST BANCORPORATION
- --------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
SOUTH CAROLINA 58-2322486
- -------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
3685 BLUE RIDGE BOULEVARD
WALHALLA, SOUTH CAROLINA 29691
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(864) 638-2105
- --------------------------------------------------------------------------------
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days:
YES [X] NO [ ]
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:
Common Stock, no par value, 1,778,396 Shares Outstanding on September 30, 1998.
Transitional Small Business Disclosure Format (Check one):
YES [ ] NO [X]
<PAGE>
COMMUNITY FIRST BANCORPORATION
FORM 10-QSB
Index
<TABLE>
<CAPTION>
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
<S> <C>
Consolidated Balance Sheet..................................................................................... 3
Consolidated Statement of Income............................................................................... 4
Consolidated Statement of Comprehensive Income................................................................. 5
Consolidated Statement of Changes in Shareholders' Equity...................................................... 6
Consolidated Statement of Cash Flows........................................................................... 7
Notes to Unaudited Consolidated Financial Statements........................................................... 8
Item 2. Management's Discussion and Analysis........................................................................... 9-11
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K............................................................................... 12
SIGNATURE................................................................................................................ 13
</TABLE>
2
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
COMMUNITY FIRST BANCORPORATION
Consolidated Balance Sheet
<TABLE>
<CAPTION>
(Unaudited)
September 30, December 31,
1998 1997
------------- -------------
(Dollars in thousands)
Assets
<S> <C> <C>
Cash and due from banks ............................................................ $ 2,387 $ 4,834
Federal funds sold ................................................................. 13,870 6,510
Available-for-sale securities ...................................................... 30,011 25,510
Other investments .................................................................. 345 335
Loans .............................................................................. 69,897 65,838
Less allowance for loan losses ..................................................... (1,045) (890)
--------- ---------
Loans - net ........................................................................ 68,852 64,948
Premises and equipment - net ....................................................... 2,782 1,675
Accrued interest receivable ........................................................ 909 793
Other assets ....................................................................... 356 363
--------- ---------
Total assets ....................................................................... $ 119,512 $ 104,968
========= =========
Liabilities
Deposits
Noninterest bearing demand ......................................................... $ 13,404 $ 16,501
Interest bearing transaction accounts .............................................. 17,027 10,106
Savings ............................................................................ 15,232 16,191
Certificates of deposit $100M and over ............................................. 27,071 23,046
Other time deposits ................................................................ 32,511 26,446
--------- ---------
Total deposits ..................................................................... 105,245 92,290
Accrued interest payable ........................................................... 841 772
Other liabilities .................................................................. 136 56
--------- ---------
Total liabilities .................................................................. 106,222 93,118
--------- ---------
Shareholders' equity
Common stock - No par value; 10,000,000 shares authorized;
shares issued and outstanding: 1,778,396 for 1998
and 1,772,280 for 1997 ............................................................. 10,509 10,479
Retained earnings .................................................................. 2,678 1,387
Accumulated other comprehensive income ............................................. 103 (16)
--------- ---------
Total shareholders' equity ......................................................... 13,290 11,850
--------- ---------
Total liabilities and shareholders' equity ......................................... $ 119,512 $ 104,968
========= =========
</TABLE>
See notes to unaudited consolidated financial statements.
3
<PAGE>
COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Income
<TABLE>
<CAPTION>
(Unaudited)
Period Ended September 30,
Three Months Nine Months
------------ -----------
1998 1997 1998 1997
---- ---- ---- ----
(Dollars in thousands, except per share)
Interest income
<S> <C> <C> <C> <C>
Loans, including fees ...................................... $1,567 $1,399 $4,587 $3,941
Securities - taxable
U. S. Treasury ............................................. 70 29 213
U. S. Government agencies .................................. 501 363 1,302 1,085
Federal funds sold ......................................... 194 64 734 458
Other investments .......................................... 6 14
------ ------ ------ ------
Total interest income ...................................... 2,268 1,896 6,666 5,697
------ ------ ------ ------
Interest expense
Time deposits $100M and over ............................... 361 314 1,013 878
Other deposits ............................................. 801 572 2,356 1,898
------ ------ ------ ------
Total interest expense ..................................... 1,162 886 3,369 2,776
------ ------ ------ ------
Net interest income ........................................ 1,106 1,010 3,297 2,921
Provision for loan losses .................................. 65 75 190 221
------ ------ ------ ------
Net interest income after provision ........................ 1,041 935 3,107 2,700
------ ------ ------ ------
Other income
Service charges on deposit accounts ........................ 98 74 271 217
Credit life insurance commissions .......................... 10 10 31 28
Other income ............................................... 44 35 121 142
------ ------ ------ ------
Total other income ......................................... 152 119 423 387
------ ------ ------ ------
Other expenses
Salaries and employee benefits ............................. 265 254 798 728
Net occupancy expense ...................................... 33 26 79 78
Furniture and equipment expense ............................ 43 42 142 118
Other expense .............................................. 178 141 503 464
------ ------ ------ ------
Total other expenses ....................................... 519 463 1,522 1,388
------ ------ ------ ------
Income before income taxes ................................. 674 591 2,008 1,699
Income tax expense ......................................... 242 210 717 602
------ ------ ------ ------
Net income ................................................. $ 432 $ 381 $1,291 $1,097
====== ====== ====== ======
Per share*
Net income ................................................. $ .24 $ .22 $ .73 $ .62
Net income, assuming dilution .............................. .23 .21 .70 .60
</TABLE>
- ----------------
*Per share information has been retroactively adjusted to reflect a 2-for-1
stock split effective July 31, 1998, and a 15% stock dividend effective December
30, 1997.
See notes to unaudited consolidated financial statements.
4
<PAGE>
COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Comprehensive Income
<TABLE>
<CAPTION>
(Unaudited)
Period Ended September 30,
Three Months Nine Months
------------ -----------
1998 1997 1998 1997
---- ---- ---- ----
(Dollars in thousands)
<S> <C> <C> <C> <C>
Net income ..................................................... $432 $381 $1,291 $1,097
---- ---- ------ ------
Other comprehensive income (loss):
Change in unrealized holding gains and
losses on available-for-sale securities ....................... 207 106 186 93
Income tax expense (benefit) on
other comprehensive income .................................... 74 38 67 33
---- ---- ------ ------
Total other comprehensive income ............................... 133 68 119 60
---- ---- ------ ------
Comprehensive income ........................................... $565 $449 $1,410 $1,157
==== ==== ====== ======
</TABLE>
See notes to unaudited consolidated financial statements.
5
<PAGE>
COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Changes in Shareholders' Equity
<TABLE>
<CAPTION>
Common Stock (Unaudited)
------------ Accumulated
Number Other Com-
of Capital Retained prehensive
Shares * Amount Surplus Earnings Income Total
-------- ------ ------- -------- ------ -----
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
Balance, January 1, 1997 .......................... 1,529,108 $ 3,823 $ 4,659 $1,932 $ (79) $10,335
Net income for period ............................. 1,097 1,097
Exercise of stock options ......................... 296 1 1 2
Unrealized net holding gains on available-
for-sale securities, net of taxes ................ 60 60
--------- ------- -------- ------ ------- -------
Balance, September 30, 1997 ....................... 1,529,404 $ 3,824 $ 4,660 $3,029 $ (19) $11,494
========= ======= ======== ====== ======= =======
Balance, January 1, 1998 .......................... 1,772,280 $10,479 $1,387 $ (16) $11,850
Net income for period ............................. 1,291 1,291
Exercise of stock options ......................... 6,116 30 30
Unrealized net holding gains on available-
for-sale securities, net of taxes ................. 119 119
--------- ------- -------- ------ ------- -------
Balance, September 30, 1998 ....................... 1,778,396 $10,509 $ - $2,678 $ 103 $13,290
========= ======= ======== ====== ======= =======
</TABLE>
- ---------------
*Number of shares has been retroactively adjusted to reflect a 2-for-1 stock
split effected on July 31, 1998.
See notes to unaudited consolidated financial statements.
6
<PAGE>
COMMUNITY FIRST BANCORPORATION
Consolidated Statement of Cash Flows
<TABLE>
<CAPTION>
(Unaudited)
Nine Months Ended
September 30,
1998 1997
---- ----
(Dollars in thousands)
Operating activities
<S> <C> <C>
Net income ........................................................................... $ 1,291 $ 1,097
Adjustments to reconcile net income to net
cash provided by operating activities
Provision for loan losses ............................................................ 190 221
Depreciation ......................................................................... 111 93
Amortization of net loan fees and costs .............................................. 37 (7)
Securities accretion and premium amortization ........................................ (87) (11)
Gain on sale of other real estate .................................................... (45)
Writedowns of other real estate ...................................................... 25
Increase in interest receivable ...................................................... (116)
Increase (decrease) in interest payable .............................................. 69 (164)
Increase in prepaid expenses and other receivables ................................... (60) (177)
Increase in other accrued expenses ................................................... 80 38
-------- --------
Net cash provided by operating activities ............................................ 1,515 1,070
-------- --------
Investing activities
Purchases of available-for-sale securities ........................................... (42,913) (4,500)
Maturities of available-for-sale securities .......................................... 38,685 5,533
Purchases of other investments ....................................................... (10)
Net increase in loans made to customers .............................................. (4,131) (8,251)
Proceeds from sales of other real estate ............................................. 45
Purchases of premises and equipment .................................................. (1,218) (40)
-------- --------
Net cash used by investing activities ................................................ (9,587) (7,213)
-------- --------
Financing activities
Net increase (decrease) in demand deposits, interest bearing
transaction accounts and savings accounts ............................................ 2,865 (3,997)
Net increase in certificates of deposit and
other time deposits .................................................................. 10,090 1,287
Exercise of stock options ............................................................ 30 2
-------- --------
Net cash provided (used) by financing activities ..................................... 12,985 (2,708)
-------- --------
Increase (decrease) in cash and cash equivalents ..................................... 4,913 (8,851)
Cash and cash equivalents, beginning ................................................. 11,344 15,417
-------- --------
Cash and cash equivalents, ending .................................................... $ 16,257 $ 6,566
======== ========
</TABLE>
See notes to unaudited consolidated financial statements.
7
<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, 1997 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 which are 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 $3,300,000 for the nine months ended September 30, 1998, and was
$2,940,000 for the nine months ended September 30, 1997. Income tax payments of
$767,000 were made during the first nine months of 1998, and income tax payments
of $662,000 were made in the 1997 period. Non-cash investment security valuation
adjustments totaling $186,000 were made in the 1998 period increasing
available-for-sale securities, and a related shareholders' equity account
increased by $119,000 and the associated deferred income taxes changed $67,000.
During the 1997 period, non-cash valuation adjustments increased securities by
$93,000, increased shareholders' equity $60,000 and changed deferred income
taxes by $33,000.
Nonperforming Loans - As of September 30, 1998, there were $129,000 in
nonaccrual loans and no loans 90 days or more past due as to principal or
interest payments still accruing.
Earnings Per Share - The Company adopted the provisions of Statement of
Accounting Standards No. 128, "Earnings per Share" during 1997, as required. All
prior years' figures are restated on a comparable basis. On June 18, 1998, the
Company's Board of Directors declared a two-for-one stock split for all
shareholders of record on July 1, 1998. The stock split was effected on July 31,
1998. Also, on December 30, 1997, a 15% stock dividend was effected. The
presentation of numbers of shares and all per share amounts have been
retroactively adjusted to reflect the stock split and stock dividend.
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 based on 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. Net income per share and net income per share, assuming
dilution, were computed as follows:
<TABLE>
<CAPTION>
(Unaudited)
Period Ended September 30,
Three Months Nine Months
------------ -----------
1998 1997 1998 1997
---- ---- ---- ----
(Dollars in thousands, except per share)
Net income per share (basic)
<S> <C> <C> <C> <C>
Numerator - net income ................................. $ 432 $ 381 $ 1,291 $ 1,097
========== ========== ========== ==========
Denominator
Weighted average common shares
issued and outstanding ................................. 1,778,396 1,758,474 1,776,914 1,758,474
========== ========== ========== ==========
Net income per share (basic) ........................... $ .24 $ .22 $ .73 $ .62
========== ========== ========== ==========
Net income per share, assuming dilution
Numerator - net income ................................. $ 432 $ 381 $ 1,291 $ 1,097
========== ========== ========== ==========
Denominator
Weighted average common shares
issued and outstanding ................................. 1,778,396 1,758,474 1,776,914 1,758,474
Effect of dilutive stock options ....................... 87,874 70,569 79,516 66,091
---------- ---------- ---------- ----------
Total .................................................. 1,866,270 1,829,043 1,856,430 1,824,565
========== ========== ========== ==========
Net income per share, assuming dilution ................ $ .23 $ .21 $ .70 $ .60
========== ========== ========== ==========
</TABLE>
8
<PAGE>
Item 2. - Management's Discussion and Analysis
Forward Looking Statements
Statements included in Management's Discussion and Analysis which are
not historical in nature are intended to be, and are hereby identified as
"forward looking statements" for purposes of the safe harbor provided by Section
21E of the Securities Exchange Act of 1934, as amended. The Company cautions
readers that forward looking statements, including without limitation, those
relating to the Company's planned new office, its response to the Year 2000
problem, 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 net income of
$432,000 or $.24 per share for the third quarter of 1998, bringing net income to
$1,291,000 or $.73 per share for the nine months ended September 30, 1998. These
results compare favorably with net income of $381,000 or $.22 per share for the
third quarter of 1997 and $1,097,000 or $.62 per share for the nine months ended
September 30, 1997. Net income per share, assuming dilution, for the 1998 three
and nine months periods ended September 30, 1998 was $.23 and $.70,
respectively. For the comparable 1997 periods, net income per share, assuming
dilution, was $.21 and $.60, respectively. The net income per share figures for
1998 and 1997 have been retroactively adjusted to reflect a two-for-one stock
split effective July 31, 1998, and a 15% stock dividend effective December 30,
1997.
Net Interest Income
Net interest income is the principal source of the Company's earnings.
For the third quarter of 1998, net interest income was $1,106,000. This is an
increase of $96,000 or 9.5% over the comparable 1997 quarter. Net interest
income for the first nine months of 1998 was $3,297,000, representing an
increase of $376,000 or 12.9% over the first nine months of 1997. Both interest
income and interest expense increased for the first nine months of 1998,
compared with the same period one year ago, primarily as a result of increased
volumes of interest earning assets and interest bearing liabilities. Average
interest earning assets for the first nine months of 1998 were $115,286,000, an
increase of $16,591,000 or 16.8% over the prior year level. Average interest
bearing liabilities increased to $88,073,000 for the first nine months of 1998,
representing an increase of $12,001,000 or 15.8% over the comparable period of
the previous year. The average interest rate spread (average yield on interest
earning assets less the average rate paid on interest bearing liabilities) for
the first nine months of 1998 was 2.62%, a decrease of 21 basis points from the
prior year's 2.83%. Furthermore, the net yield on earning assets (net interest
income divided by average interest earning assets) for the 1998 period decreased
by 13 basis points compared with the prior year to 3.82%.
The increases in both interest earning assets and interest bearing
liabilities resulted from the Company's continuing marketing strategies to
increase its market share in its current local service area within Oconee
County, South Carolina. Management expects to continue to utilize such
strategies during the remainder of 1998. In addition, see the discussion under
"Noninterest Expenses" below regarding the Company's plans to expand into
Anderson County, South Carolina.
Provision and Allowance for Loan Losses
The provision for loan losses charged to expense was $65,000 for the
third quarter of 1998 compared with $75,000 for the third quarter of 1997, and
was $190,000 for the first nine months of 1998 compared with $221,000 for the
first nine months of 1997. At September 30, 1998 the allowance for loan losses
stood at 1.50% of loans compared with 1.35% at the end of 1997. At the end of
the first nine months of 1998, nonaccrual loans totaled $129,000, and there were
no loans that were 90 days or more past due and still accruing interest income.
The majority of the nonaccrual loans were secured by real estate.
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
September 30, 1998. However, changes in national or local economic conditions,
as well as changes in the economic circumstances of specific borrowers, could
cause actual losses to differ markedly from the current estimate.
9
<PAGE>
Noninterest Income
Noninterest income totaled $152,000 for the third quarter of 1998
compared with $119,000 for the comparable 1997 quarter. Noninterest income was
$423,000 for the first nine months of 1998 compared with $387,000 for the 1997
period. Increases in other income for the three and nine months ended in 1998
resulted primarily from higher service charges on deposit accounts. Higher
levels of chargeable account activity caused the increase because there were no
significant changes in 1998 in the rate schedule for such service charges.
Noninterest Expenses
Noninterest expenses totaled $519,000 for the third quarter of 1998,
compared with $463,000 for 1997. Noninterest expenses were $1,522,000 for the
first nine months of 1998 compared with $1,388,000 for the first nine months of
1997. Salaries and employee benefits were $265,000 for the third quarter of 1998
and $254,000 for the third quarter of 1997. Part of the increase in salaries is
due to the hiring of additional operational and administrative personnel
necessary to meet the demands of the Company's currently expanding customer base
and to accommodate the planned future expansion into Anderson County. During the
third quarter of 1998, the Company hired a new Vice President for Marketing and
Training. Net occupancy expense and furniture and equipment expenses increased
$25,000 during the first nine months of 1998 as a result of the depreciation,
maintenance and training expenses associated with the installation of a new
computer system and software completed late in the third quarter of 1997.
Furniture and equipment expenses are expected to continue to increase throughout
1998 as compared with 1997.
In the third quarter of 1998, the Company's banking subsidiary filed
applications with regulatory authorities to place a branch office in the city of
Anderson, South Carolina, which is located in an adjacent county. The Company's
entry into this new market area on a de novo basis will increase operating
expenses in most categories, and is expected to initially have a negative effect
on net income. This trend is expected to continue until the new office acquires
a sufficiently large customer base and attains the volumes of deposits and
interest earning assets that would enable it to contribute to the Company's
profitability. Management currently estimates that capital expenditures needed
to open the new office will total approximately $1,330,000, which is net of the
anticipated sale of approximately $600,000 in surplus land acquired with the
initial purchase of the branch office site. Subject to regulatory approval of
all the applications, management expects to open for business a temporary office
late in the fourth quarter of 1998. Construction of the permanent new office is
expected to be completed late in the third quarter of 1999. As of September 30,
1998, $1,137,000 had been expended toward the project and no sales of surplus
land had yet occurred. The success of the project may be affected adversely if
the Company is unable to attract a substantial number of new customers, or if
facilities or personnel costs are higher than projected.
Liquidity
Liquidity is the ability to meet current and future obligations
through 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 September 30, 1998, the ratio of loans to total deposits was
66.4%. Management believes that the Company's liquidity sources are adequate to
meet its operating needs.
Capital Resources
The capital base for the Company increased by $1,440,000 since
December 31, 1997 as the result of the $1,291,000 of net income for the first
nine months of 1998, plus $119,000 for the change in unrealized holding gains
and losses on available-for-sale securities, plus the addition of $30,000 from
the exercise of employees' stock options.
10
<PAGE>
The Company and its banking subsidiary (the "Bank") are each 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 September 30, 1998 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:
<TABLE>
<CAPTION>
Minimum
The Company The Bank Requirements
----------- -------- ------------
<S> <C> <C> <C>
Tier 1 (core capital) ............................................. 18.8% 18.4% 4.0%
Total capital (tier 1 plus tier 2
or supplementary capital) ......................................... 20.0% 19.7% 8.0%
Leverage .......................................................... 10.9% 10.7% 3.0%
</TABLE>
Year 2000 Readiness
The Company is presently on schedule in implementing its Y2K
Preparedness Plan. The plan has five phases: (1) Awareness, (2) Assessment, (3)
Renovation, (4) Validation, and (5) Implementation. The awareness and assessment
phases have been substantially completed as of September 30, 1998, which
included the identification of critical systems and equipment potentially
vulnerable to the year 2000 problem. This also included identification of
significant loan customers whose businesses could possibly be adversely affected
by the problem and communicating with them about their progress in addressing
the Year 2000 changeover. The renovation phase, consisting of upgrading or
replacing systems and equipment, had also been largely completed by the end of
the third quarter except for necessary upgrades to an outdoor time and
temperature sign and one vault door timer which are expected to be upgraded by
the end of 1998. The validation portion of the plan calls for the actual testing
of systems and equipment as of 13 critical dates with such testing to be
completed by June 30, 1999. This testing is presently on schedule with no major
problems encountered. Finally, the implementation phase, which requires
addressing any problems encountered in the validation phase, along with
continued review and assessment of the Company's systems and equipment, is
presently underway and will continue until the year 2000 has arrived.
Management is of the opinion that the Company's systems and equipment
will be ready for the Year 2000 in a timely manner without any material adverse
effect on the Company's business. Management is not aware of any material
expenditures to be required to complete its preparedness plan.
11
<PAGE>
PART II - OTHER INFORMATION
Item 6. - Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit No.
from Item 601 of
Regulation S-B Description
- ------------------------- -----------------------
27 Financial Data Schedule
(b) Reports on Form 8-K
None.
12
<PAGE>
SIGNATURE
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
COMMUNITY FIRST BANCORPORATION
By: /s/Frederick D. Shepherd, Jr Date: November 10, 1998
---------------------------------------- -----------------
Frederick D. Shepherd, Jr., President
and Chief Executive Officer (also
principal accounting officer)
13
<PAGE>
EXHIBIT INDEX
Exhibit No.
from Item 601 of
Regulation S-B Description
- ------------------ ------------------------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains financial information extracted from the Consolidated
Balance Sheet at September 30, 1998 (unaudited), and the Consolidated Statement
of Income for the nine months ended September 30, 1998 (unaudited), and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 2,387
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 13,870
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 30,011
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 69,897
<ALLOWANCE> 1,045
<TOTAL-ASSETS> 119,512
<DEPOSITS> 105,245
<SHORT-TERM> 0
<LIABILITIES-OTHER> 977
<LONG-TERM> 0
0
0
<COMMON> 10,509
<OTHER-SE> 2,781
<TOTAL-LIABILITIES-AND-EQUITY> 119,512
<INTEREST-LOAN> 4,587
<INTEREST-INVEST> 1,331
<INTEREST-OTHER> 748
<INTEREST-TOTAL> 6,666
<INTEREST-DEPOSIT> 3,369
<INTEREST-EXPENSE> 3,369
<INTEREST-INCOME-NET> 3,297
<LOAN-LOSSES> 190
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,522
<INCOME-PRETAX> 2,008
<INCOME-PRE-EXTRAORDINARY> 1,291
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,291
<EPS-PRIMARY> .73
<EPS-DILUTED> .70
<YIELD-ACTUAL> 3.82
<LOANS-NON> 129
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 656
<ALLOWANCE-OPEN> 890
<CHARGE-OFFS> 56
<RECOVERIES> 21
<ALLOWANCE-CLOSE> 1,045
<ALLOWANCE-DOMESTIC> 1,045
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
