                    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, 2001

[ ]  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 1, 2001, there were
3,282,054  shares issued and 2,828,998  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, 2001  (unaudited) and December
          31, 2000

     Consolidated  Statements  of Earnings  for the Three Months Ended March 31,
          2001 and 2000 (unaudited)

     Consolidated Statements of Comprehensive  Income for the Three Months Ended
          March 31, 2001 and 2000 (unaudited)

     Consolidated  Statements of Cash Flows for the Three Months Ended March 31,
          2001 and 2000 (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


                             COMMUNITY FIRST BANKING COMPANY
                               Consolidated Balance Sheets
                                (In thousands of dollars)

                                                                 March 31,    December 31,
                                                                     2001          2000
                                                                 (unaudited)    (audited)
                                         Assets
Cash and due from banks ........................................      8,034       6,885
Interest-bearing deposits in financial institutions ............      1,768         533
Federal funds sold .............................................     14,274         200
                                                                    -------      ------
   Cash and cash equivalents ...................................     24,076       7,618

Securities available for sale ..................................     44,550      58,889
Securities held to maturity ....................................        164         167
Other investments ..............................................      2,315       3,112
Mortgage loans held for sale ...................................         56          57
Loans, net .....................................................    311,514     308,007
Premises and equipment net .....................................      8,084       8,004
Accrued interest receivable ....................................      3,136       3,537
Other real estate and repossessions ............................        633         474
Other assets ...................................................      5,116       4,641
                                                                    -------      ------
   Total assets ................................................    399,644     394,506
                                                                    =======     =======

                          Liabilities and Stockholders' Equity
Deposits:
  Demand .......................................................     15,160      14,508
  Interest-bearing demand ......................................     58,707      52,873
  Savings ......................................................     27,549      26,281
  Time .........................................................    150,831     146,841
  Time, over $100,000 ..........................................     64,862      71,728
                                                                    -------      ------
     Total deposits ............................................    317,109     312,231

Note payable and other borrowings ..............................     46,479      45,245
Federal funds purchased ........................................        136         903
Accrued interest payable and other liabilities .................      5,322       4,431
                                                                    -------      ------
     Total liabilities .........................................    369,046     362,810
                                                                    -------      ------
Stockholders' Equity:
 Common stock, $.01 par, 10,000,000 authorized, 3,282,054 issued         33          33
 Additional paid in capital ....................................     10,846      10,846
 Retained earnings .............................................     29,810      29,074
 Treasury stock at cost (444,596 shares) .......................     (9,215)     (6,666)
 Accumulated other comprehensive (loss) ........................       (876)     (1,591)
                                                                    -------      ------
     Total stockholders' equity ................................     30,598      31,696
                                                                    -------      ------
  Total liabilities and stockholders' equity ...................    399,644     394,506
                                                                    =======     =======
See Notes to Consolidated Financial Statements.

                           COMMUNITY FIRST BANKING COMPANY
                         Consolidated Statement of Earnings
                                     (Unaudited)
                              (In thousands of dollars)
                                                                    Three Months Ended
                                                                         March 31,
                                                                      2001      2000
                                                                      ----      ----
Interest income:
 Interest and fees on loans ......................................    7,612    6,856
 Interest-bearing deposits  and federal funds sold ...............      160       32
 Interest and dividends on investment securities:
   U.S. Govt. agency and mortgage-backed .........................      741    1,044
   State, county and municipals ..................................        1        1
   Other .........................................................       63       81
                                                                     ------   ------
     Total interest income .......................................    8,577    8,014
                                                                     ------   ------
Interest Expense:
 Interest on deposits:
   Demand ........................................................      333      298
   Savings .......................................................      134      150
   Time ..........................................................    3,344    2,665
                                                                     ------   ------
                                                                      3,811    3,113
Interest on note payable and other borrowings ....................      590      917
                                                                     ------   ------
          Total interest expense .................................    4,401    4,030
                                                                     ------   ------
           Net interest income ...................................    4,176    3,984
Provision for loan losses ........................................      212      234
                                                                     ------   ------
          Net interest income after provision for loan losses ....    3,964    3,750
                                                                     ------   ------
Noninterest income:
   Service charges on deposits ...................................      568      506
   Gain (loss) on calls and sales of securities available for sale       16       (7)
   Insurance commissions .........................................      179      212
   Miscellaneous .................................................      311      286
                                                                     ------   ------
          Total noninterest income ...............................    1,074      997
                                                                     ------   ------
Noninterest expenses:
   Salaries and employee benefits ................................    1,709    1,682
   Occupancy and equipment .......................................      312      325
   Deposit insurance premiums ....................................       15       15
   Other operating ...............................................      897      906
                                                                     ------   ------
         Total noninterest expense ...............................    2,933    2,928
                                                                     ------   ------
         Earnings before income taxes ............................    2,105    1,819
Income tax expense ...............................................      733      585
                                                                     ------   ------
               Net earnings before cumulative effect of change in
                accounting principle..............................    1,372    1,234
Cumulative effect of change in accounting principle
     net of tax of $42............................................      (68)     --
                                                                     ------   ------                                                                     ------   ------
               Net earnings ......................................    1,304    1,234
                                                                     ======   ======
Basic earnings per share..........................................     0.45     0.45
Diluted earnings per share........................................     0.44     0.42

See Notes to Consolidated Financial Statements.

                              COMMUNITY FIRST BANKING COMPANY
                      Consolidated Statements of Comprehensive Income
                           (Unaudited - in thousands of dollars)
                                                                                Three Months Ended
                                                                                      March 31,
                                                                                    2001      2000
                                                                                    ----      ----
Net earnings ..................................................................    1,304     1,234
                                                                                   -----     -----
Other  comprehensive  income,  net of  income  taxes:
 Unrealized  gains (losses) on securities available for sale ..................    1,146    (1,130)
  Income tax effect of gains (losses)..........................................      441      (429)
                                                                                   -----     -----
    Unrealized gains (losses) arising during the period, net of tax ...........      705      (701)
                                                                                   -----     -----
  Less: Reclassification adjustment for gains (losses) included in net earnings       16        (7)
   Income tax on reclassification on adjustments ..............................        6        (3)
                                                                                   -----     -----
    Reclassification adjustment for gains (losses)
      included in net earnings, net of tax                                            10        (4)
                                                                                   -----     -----
     Other comprehensive income (loss) ........................................      715      (697)
                                                                                   -----     -----
COMPREHENSIVE INCOME ..........................................................    2,019       537
                                                                                   =====     =====
See Notes to Consolidated Financial Statements.

                                  COMMUNITY FIRST BANKING COMPANY
                               Consolidated Statements of Cash Flows
                               (Unaudited - in thousands of dollars)
                                                                                        Three Months Ended
                                                                                             March 31,
                                                                                          2001       2000
                                                                                          ----       ----
Net earnings .......................................................................     1,304      1,234
Cumulative effect of change in accounting principle.................................        68        --
 Adjustments to reconcile net earnings to net cash provided by operating activities:
  Depreciation, amortization and accretion .........................................       227        204
  Provision for loan losses ........................................................       212        234
  Loss (gain) on calls and sales of securities available for sale ..................       (16)         7
  Change in:
    Mortgage loans held for sale ...................................................         1       (103)
    Accrued interest receivable ....................................................       401        178
    Other assets ...................................................................    (1,014)        (2)
    Accrued interest payable .......................................................      (155)         5
    Other liabilities ..............................................................     1,635        404
                                                                                       -------    -------
       Net cash provided by operating activities ...................................     2,663      2,161
                                                                                       -------    -------
Cash flows from investing activities:
  Proceeds from sales securities available for sale ................................    10,860         18
  Proceeds from calls and maturities of securities held to maturity ................         3          4
  Proceeds from calls and maturities of securities available for sale ..............     7,715      1,155
  Proceeds from sales of other investments .........................................       797        251
  Purchases of securities available for sale .......................................    (3,088)      --
  Net change in loans ..............................................................    (3,878)   (14,779)
  Proceeds from sale of real estate and repossessions ..............................      --          259
  Purchases of premises and equipment ..............................................      (253)       (25)
                                                                                       -------    -------
       Net cash provided by (used in) investing activities .........................    12,156    (13,117)
                                                                                       -------    -------
Cash flows from financing activities:
  Net change in deposits ...........................................................     4,878      9,402
  Payment of note payable and other borrowings .....................................       (66)    (1,841)
  Proceeds of note payable and other borrowings ....................................     1,300      5,000
  Federal funds purchased ..........................................................      (767)    (2,055)
  Treasury stock purchased .........................................................    (2,549)      (657)
  Cash dividend paid and declared ..................................................    (1,157)      (475)
                                                                                       -------    -------
      Net cash provided by financing activities ....................................     1,639      9,374
                                                                                       -------    -------
      Net change in cash and cash equivalents ......................................    16,458     (1,582)
Cash and cash equivalents at beginning of year .....................................     7,618     10,397
                                                                                       -------    -------
Cash and cash equivalents at quarter end ...........................................    24,076      8,815
                                                                                       =======    =======
See Notes to Consolidated Financial Statements.

                                                                                       Three Months Ended
                                                                                             March 31,
Supplemental disclosure of cash flow information:                                         2001       2000
                                                                                          ----       ----
  Cash paid for:                                                                          (in thousands)
     Interest.......................................................................     4,556      4,025
     Income taxes...................................................................       672        617

See Notes to Consolidated Financial Statements.

COMMUNITY FIRST BANKING COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1.  NATURE OF BUSINESS

GENERAL

Community First Banking Company (the "Company") is the financial holding company
of its wholly  owned  subsidary,  Community  First Bank (the  "Bank"),  a state
commercial bank chartered in the state of Georgia.

NOTE 2.  BASIS OF PRESENTATION

The accompanying  unaudited  consolidated  financial  statements (except for the
statement of financial  condition on December 31, 2000,  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, 2001 are not
necessarily indicative of the results of operations that may be expected for the
year ended December 31, 2001. 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, 2000.

NOTE 3. CHANGE IN ACCOUNTING PRINCIPLE

In 1998, the Financial  Accounting Standards Board issued Statement of Financial
Accounting  Standards ("SFAS") No. 133,  "Accounting for Derivative  Instruments
and Hedging  Activities."  SFAS No. 133  establishes  accounting  and  reporting
standards  for hedging  derivatives  and for  derivative  instruments  including
derivative  instruments embedded in other contracts.  It requires the fair value
recognition of derivatives as assets or liabilities in the financial statements.
The accounting for the changes in the fair value of a derivative  depends on the
intended use of the  derivative  instrument at inception.  Changes in fair value
for instruments used as fair value hedges are recorded in earnings of the period
simultaneous with accounting for the fair value change of the item being hedged.
Changes in fair value for cash flow hedges are recorded in comprehensive  income
rather than earnings.  Changes in fair value for derivative instruments that are
not  intended  as a hedge are  recorded in earnings of the period of the change.
SFAS No. 133 is effective for all fiscal years beginning after June 15, 2000. At
the date of initial  application,  an entity may  transfer  any held to maturity
security into the available for sale or trading  categories without calling into
question the entity's intent to hold other securities to maturity in the future.
The Company  adopted SFAS No. 133 January 1, 2001 recording an unrealized  loss,
net of tax, of $68,000.

NOTE 4.  EARNINGS PER COMMON SHARE

Earnings  per common share  calculations  for the three month period ended March
31, 2001 and 2000 are  presented  based on the net earnings for the three months
divided by the  weighted  average  number of shares  outstanding,  or  2,914,594
shares (three  months ended March 31, 2001) and  2,760,125  shares (three months
ended March 31, 2000).  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 stock options during
the period,  or 2,962,537 and 2,953,209  shares for the three months ended March
31, 2000 and 1999  respectively.  Earnings per share before cumulative effect of
change  in  accounting  principle  is not  presented  since  the  amount of that
cumulative effect had no impact on reported earnings per share.

NOTE 5. DIVIDENDS DECLARED

On March 15, 2001 the Board of Directors of the Company approved a cash dividend
of $.20 per share payable April 2, 2001 for  stockholders of record on March 16,
2001.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2001 AND MARCH 31, 2000

On March 31,  2001 the Company had total  assets of $399.6  million  compared to
$394.5 million at December 31, 2000.  This increase in assets of $5.1 million or
1.3% is  primarily  due to a  increase  in cash  and cash  equivalents  of $16.5
million. This increase in cash and cash equivalents was offset by a reduction in
available for sale securities of $14.3 million  (resulting  primarily from sales
and calls of available for sale securities). Net loans increased $3.5 million in
the three months ended March 31, 2001.

Total deposit liabilities  increased $4.9 million or 1.6% from December 31, 2000
to March 31, 2001. Time deposits over $100,000  decreased $6.9 million primarily
because one brokered  certificate  of deposit  with a principal  balance of $8.7
million matured on March 23, 2001. All other deposit liabilities (excluding time
deposits  over  $100,000)  increased a total of $11.7  million  during the three
months ended March 31, 2001.

Note payable and other borrowings increased $1.2 million during the three months
ended March 31, 2001. This increase resulted from additional  borrowings of $1.3
million by the Company from another  financial  institution.  Proceeds from this
$1.3 million  borrowing were used to help fund the purchase of treasury stock by
the Company. Federal funds purchased by the Bank decreased $767,000 in the three
months ended March 31, 2001.  Accrued interest and other  liabilities  increased
$891,000 primarily from an adjustment to income tax payable and the deferred tax
asset accounts.

Retained  earnings  increased  $736,000  during the three months ended March 31,
2001. This increase  represents earnings of $1.3 million less dividends declared
of $568,000.  Treasury stock increased $2.5 million from the purchase of 107,331
shares  of the  Company's  stock  at an  average  price  of  $23.75  per  share.
Accumulated  other  comprehensive  losses  decreased  $715,000  during the three
months  ended March 31,  2001 as a result of the impact of a declining  interest
rate environment on our securities portfolio.

COMPARISON  OF RESULTS OF  OPERATIONS  FOR THE THREE MONTHS ENDED MARCH 31, 2001
AND 2000

GENERAL.  Net earnings totaled $1.3 million for the three months ended March 31,
2001,  an increase of $70,000 or 5.7% over the $1.2  million  earned in the same
three  months in 2000.  This  increase  is  primarily  the  result of higher net
interest income and higher  noninterest  income and was offset  partially by the
change in  accounting  principle  from  implementing  SFAS 133.  These and other
significant fluctuations are discussed below.

NET INTEREST  INCOME.  Net interest  income for the three months ended March 31,
2001 increased $192,000 or 4.8% compared to the same three month period in 2000.
Total interest income  increased  $563,000 or 7.0%, while total interest expense
increased $371,000 or 9.2%. The increase in interest income was caused by higher
average loan balances and higher interest rates on loans during the three months
ended  March 31,  2001  compared  to the same  three  months  in 2000.  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 2001 and 2000 were as follows:

                                    Average Balances
                                   Three Months Ended
                                       March 31,
                                   2001        2000
                                   ----        ----
                                    (In thousands)
Mortgage loans                     74,869      84,588
Consumer loans                     54,193      55,990
Construction loans                 26,704      35,789
Commercial loans                  158,634     121,195
                                  -------    -------
                                  314,400     297,562
                                  =======    =======

Interest  and fee  income  on loans  increased  $756,000  or 11.0% in the  first
quarter of 2001 compared to the same quarter in 2000,  while the average balance
of loans increased $16.8 million or 5.7%.  Interest income on federal funds sold
and  interest-bearing  deposits  increased  $128,000  for the three months ended
March 31, 2001  compared to the same three  months of 2000 because of the higher
balances in federal  funds sold.  Interest  and  dividend  income on  investment
securities  decreased  $321,000  during the three  months  ended  March 31, 2001
compared to the same three months of 2000.

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, 2001 and
2000 was 4.29% and 4.36% respectively.

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, 2001 and March
31, 2000. (dollars in thousands)
                                                                                                    Three Months Ended
                                                                                                      March 31, 2001
                                                                                                   Compared to Same Three
                                      Quarter Ended                  Quarter Ended                    Months of 2000
                                      March 31, 2001                March 31, 2000              Increase (Decrease) Due To
                                      --------------                --------------              --------------------------
                                    Average   Interest Effective   Average  Interest  Effective    Volume   Rate      Total
                                    Balance    Yield     Rate      Balance    Yield     Rate     Variance  Variance  Variance
Loans, Net                          310,158     7,612     9.82%    294,153    6,856      9.32%      373       383      756
Interest-Bearing Deposits & FF Sold  11,894       160     5.38%      2,199       32      5.82%      141       (13)     128
Securities                           52,142       805     6.18%     63,767    1,126      7.06%     (205)     (116)    (321)
---------------------------------------------------------------------------------------------------------------------------
                                    374,194     8,577     9.17%    360,119    8,014      8.90%      309       254      563
---------------------------------------------------------------------------------------------------------------------------
Demand Deposits                      67,290       333     1.98%     67,487      298      1.77%       (1)       36       35
Savings                              26,429       134     2.03%     29,297      150      2.05%      (15)       (1)     (16)
Certificates of Deposit             220,274     3,344     6.07%    197,572    2,665      5.40%      306       373      679
Borrowings                           47,136       590     5.01%     60,701      917      6.04%     (205)     (122)    (327)
---------------------------------------------------------------------------------------------------------------------------
                                    361,129     4,401     4.87%    355,057    4,030      4.54%       86       285      371
---------------------------------------------------------------------------------------------------------------------------
Net interest income & spread                    4,176     4.29%               3,984      4.36%
Change                                                                                              223       (31)     192


PROVISION  FOR LOAN LOSSES.  The  provision for loan losses was $212,000 for the
three  months  ended March 31, 2001  compared to $234,000  for the three  months
ended March 31, 2000. At March 31, 2001,  the loan loss reserve was $3.9 million
or 1.2% of total loans  compared to $3.5 million or 1.1% of total loans at March
31, 2000.  Management deemed the allowance for loan losses adequate at March 31,
2001.

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 $1.4 or 0.3% of total assets at March
31, 2001, and $931,000 or 0.2% of total assets at March 31, 2000.

NONINTEREST INCOME. Total noninterest income increased $77,000, or 7.7%, for the
three months ended March 31, 2001 versus the same three months in 2000.  Service
charges on  deposits  increased  $62,000 or 12.3% for the first  quarter of 2001
verses the same  period in 2000.  The Bank sold and had calls of  available  for
sale  securities  during the first  quarter  of 2001 for a net gain of  $16,000.
During the same period of 2000, the Company sold equity securities for a loss of
$7,000.  Income from  insurance  commissions  decreased  $33,000 or 15.6% in the
three  months  ended March 31, 2001  compared to the same three  months in 2000.
Miscellaneous   income  increased  $25,000  or  8.7%  primarily  from  the  gain
recognized  on loans  sold.  In  March  2001 a group of 1-4  family  fixed  rate
mortgage  loans with a principal  balance  totaling  $3.2 million was sold for a
gain of $47,000.

NONINTEREST  EXPENSES.  Total noninterest  expenses increased $5,000 or 0.2% for
the three  months  ended March 31, 2001 as compared to the same three  months in
2000.  This increase was  primarily  the result of higher  salaries and employee
benefits  (which  increased  $27,000)  resulting  from  annual  wage  increases.
Occupancy and equipment  costs  decreased  $13,000 and other  operating  expense
decreased $9,000.

INCOME  TAXES.  Income tax  expense  for the  quarter  ended  March 31, 2001 was
$733,000 or 34.8% of pretax  income and  $585,000 or 32.2% of pretax  income for
the same three month period in 2000. The difference  between these rates and the
statutory  rate is  primarily  the  result  of  interest  income  on tax  exempt
securities,  the dividend  received  deduction on  government  agency  preferred
stocks,  and the use of state tax credit carry  forwards to reduce the effective
state tax rate.

RECENT ACCOUNTING  PRONOUNCEMENTS.  In 1998, the Financial  Accounting Standards
Board  issued  Statement  of Financial  Accounting  Standards  ("SFAS") No. 133,
"Accounting  for Derivative  Instruments and Hedging  Activities."  SFAS No. 133
establishes  accounting and reporting  standards for hedging derivatives and for
derivative  instruments  including  derivative  instruments  embedded  in  other
contracts.  It requires the fair value  recognition  of derivatives as assets or
liabilities in the financial  statements.  The accounting for the changes in the
fair  value  of a  derivative  depends  on the  intended  use of the  derivative
instrument  at  inception.  Changes in fair value for  instruments  used as fair
value hedges are recorded in earnings of the period simultaneous with accounting
for the fair value  change of the item being  hedged.  Changes in fair value for
cash flow hedges are  recorded in  comprehensive  income  rather than  earnings.
Changes in fair value for  derivative  instruments  that are not  intended  as a
hedge are  recorded in  earnings  of the period of the  change.  SFAS No. 133 is
effective  for all fiscal years  beginning  after June 15, 2000.  At the date of
initial  application,  an entity may transfer any held to maturity security into
the available for sale or trading  categories  without calling into question the
entity's intent to hold other securities to maturity in the future.  The Company
adopted SFAS No. 133 January 1, 2001  recording an unrealized  loss, net of tax,
of $68,000.

LIQUIDITY AND CAPITAL RESOURCES. Operating activities provided net cash proceeds
of $2.7 million for the three months ended March 31, 2001.

Investing  activities  provided  $12.2  million in cash  during  this same three
months  primarily  because  of sales  and  calls of  securities  totaling  $18.6
million.

Financing activities provided $1.6 million of cash during the three months ended
March 31, 2001.  Increases in demand and savings deposits provided $7.8 million.
Time deposits  decreased $2.9 million  because of a maturing $8.7 million dollar
brokered  deposit which matured in March 2001. The Company borrowed $1.3 million
from another  financial  institution to partially  fund the  acquisition of $2.5
million of treasury stock.  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.

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,  2001 the  Bank's  regulatory  capital  was in  excess  of all
applicable  regulatory  requirements.  At  March  31,  2001,  the  Bank's  total
risk-based  capital,  tier 1  risk-based  capital  and  tier 1  leverage  ratios
amounted  to  11.3%,  10.1%  and  7.8%,  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)  Exhibits:

               1.  Agreement  and Plan of Merger by and  among  Community  First
               Banking   Company,   Community  First  Bank,  and  First  Deposit
               Bancshares, Inc. and Douglas Federal Bank dated as of January 18,
               2001 (incorporated by reference to the exhibit of the same number
               in the Company's  Resigration  Statement on Form S-4, Regis.  No.
               333-56830)

          (b)  Reports on Form 8-K during the quarter ended March 31, 2001

               On January 18, 2001 the  Company  and First  Deposit  Bancshares,
               Inc.  filed a current  report on Form 8-K under  Item 5 to report
               entering into an Agreement and Plan of Merger.


                                   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, 2001           /s/ Gary D. Dorminey
                                  ----------------------
                                    Gary D. Dorminey
                                       President
                              (Principal Executive Officer)



Date:       May 11, 2001          /s/ C. Lynn Gable
                                 -------------------
                                  C. Lynn Gable
                              Chief Financial Officer
                           (Principal Financial Officer)

                    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 June 30, 2001

[ ]  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 August 1, 2001,  there
were  3,523,073   shares  issued  and  3,523,073   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 June 30, 2001  (unaudited) and December
          31, 2000

     Consolidated  Statements  of Earnings for the Three Months and Six Months Ended June 30,
          2001 and 2000 (unaudited)

     Consolidated Statements of Comprehensive  Income for the Three Months and Six Months Ended
          June 30, 2001 and 2000 (unaudited)

     Consolidated  Statements of Cash Flows for the Six Months Ended June 30,
          2001 and 2000 (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


                             COMMUNITY FIRST BANKING COMPANY
                               Consolidated Balance Sheets
                                (In thousands of dollars)

                                                                    June 30,   December 31,
                                                                     2001         2000
                                                                  (unaudited)    (audited)
                           Assets
Cash and due from banks ........................................      9,058       6,885
Interest-bearing deposits in financial institutions ............     10,094         533
Federal funds sold .............................................     23,674         200
                                                                    -------     -------
   Cash and cash equivalents ...................................     42,826       7,618

Securities available for sale ..................................     48,569      58,889
Securities held to maturity ....................................        160         167
Other investments ..............................................      3,465       3,112
Mortgage loans held for sale ...................................        246          57
Loans, net .....................................................    417,534     308,007
Premises and equipment net .....................................     12,595       8,004
Accrued interest receivable ....................................      3,808       3,537
Intangible assets ..............................................      3,886         876
Other real estate and repossessions ............................      2,292         474
Other assets ...................................................      4,625       3,765
                                                                    -------     -------
   Total assets ................................................    540,006     394,506
                                                                    =======     =======

             Liabilities and Stockholders' Equity
Deposits:
  Demand .......................................................     19,145      14,508
  Interest-bearing demand ......................................     75,363      52,873
  Savings ......................................................     41,907      26,281
  Time .........................................................    205,541     146,841
  Time, over $100,000 ..........................................     80,820      71,728
                                                                    -------     -------
     Total deposits ............................................    422,776     312,231

Note payable and other borrowings ..............................     65,731      45,245
Federal funds purchased ........................................         14         903
Accrued interest payable and other liabilities .................      7,396       4,431
                                                                    -------     -------
     Total liabilities .........................................    495,917     362,810
                                                                    -------     -------

Stockholders' Equity:
 Common stock, $.01 par, 10,000,000 authorized, 3,523,073 issued         35          33
 Additional paid in capital ....................................     15,348      10,846
 Retained earnings .............................................     29,491      29,074
 Treasury stock at cost ........................................       --        (6,666)
 Accumulated other comprehensive income and (loss) .............       (785)     (1,591)
                                                                    -------     -------
     Total stockholders' equity ................................     44,089      31,696
                                                                    -------     -------
  Total liabilities and stockholders' equity ...................    540,006     394,506
                                                                    =======     =======
See Notes to Consolidated Financial Statements.


                           COMMUNITY FIRST BANKING COMPANY
                         Consolidated Statement of Earnings
                                     (Unaudited)
                              (In thousands of dollars)

                                                                                    Three Months Ended     Six Months Ended
                                                                                    June 30,   June 30,   June 30,   June 30,
                                                                                      2001       2000        2001      2000
                                                                                      ----       ----        ----      ----
Interest income:
 Interest and fees on loans .....................................................     8,264      7,434     15,876     14,291
 Interest-bearing deposits  and federal funds sold ..............................       319         25        479         57
 Interest and dividends on investment securities:
   U.S. Govt. agency and mortgage-backed ........................................       663      1,015      1,404      2,058
   State, county and municipals .................................................         2          2          3          3
   Other ........................................................................        58         84        121        165
                                                                                     ------     ------     ------     ------
     Total interest income ......................................................     9,306      8,560     17,883     16,574
                                                                                     ------     ------     ------     ------
Interest Expense:
 Interest on deposits:
   Demand .......................................................................       417        294        750        592
   Savings ......................................................................       198        148        332        298
   Time .........................................................................     3,688      2,839      7,032      5,504
                                                                                     ------     ------     ------     ------
                                                                                      4,303      3,281      8,114      6,394
Interest on note payable and other borrowings ...................................       850      1,123      1,440      2,040
                                                                                     ------     ------     ------     ------
          Total interest expense ................................................     5,153      4,404      9,554      8,434
                                                                                     ------     ------     ------     ------
           Net interest income ..................................................     4,153      4,156      8,329      8,140
Provision for loan losses .......................................................       836        239      1,048        473
                                                                                     ------     ------     ------     ------
          Net interest income after provision for loan losses ...................     3,317      3,917      7,281      7,667
                                                                                     ------     ------     ------     ------
Noninterest income:
   Service charges on deposits ..................................................       683        537      1,251      1,043
   Gain (Loss) on calls and sales of securities available for sale ..............       (45)       (22)       (29)       (29)
   Insurance commissions ........................................................       123        163        302        375
   Miscellaneous ................................................................       200        266        511        552
                                                                                     ------     ------     ------     ------
          Total noninterest income ..............................................       961        944      2,035      1,941
                                                                                     ------     ------     ------     ------
Noninterest expenses:
   Salaries and employee benefits ...............................................     1,955      1,688      3,664      3,370
   Occupancy and equipment ......................................................       380        311        692        636
   Deposit insurance premiums ...................................................        15         15         30         31
   Amortization of goodwill intangible ..........................................        17       --           17       --
   Other operating ..............................................................     1,153        875      2,050      1,780
                                                                                     ------     ------     ------     ------
         Total noninterest expense ..............................................     3,520      2,889      6,453      5,817
                                                                                     ------     ------     ------     ------
         Earnings before income taxes ...........................................       758      1,972      2,863      3,791
Income tax expense ..............................................................       285        642      1,018      1,227
                                                                                     ------     ------     ------     ------
          Net earnings before cumulative effect of change in accounting principle       473      1,330      1,845      2,564
Cumulative effect of change in accounting principle net of tax of $42,000 .......      --         --          (68)       --
                                                                                     ------     ------     ------     ------
          Net earnings ..........................................................       473      1,330      1,777      2,564
                                                                                     ======     ======     ======     ======
 EPS before change in accounting principle-basic                                       0.15       0.48       0.61       0.93
 EPS before change in accounting principle-diluted                                     0.15       0.45       0.60       0.87
 EPS basic                                                                             0.15       0.48       0.59       0.93
 EPS diluted                                                                           0.15       0.45       0.58       0.87

See Notes to Consolidated Financial Statements.

                              COMMUNITY FIRST BANKING COMPANY
                      Consolidated Statements of Comprehensive Income
                           (Unaudited - in thousands of dollars)
                                                                                Three Months Ended     Six Months Ended
                                                                                       June 30,            June 30,
                                                                                    2001      2000      2001      2000
                                                                                    ----      ----      ----      ----
Net earnings ..................................................................      473     1,330     1,777     2,564
                                                                                   -----     -----     -----     -----
Other  comprehensive  income,  net of  income  taxes:
 Unrealized  gains (losses) on securities available for sale ..................      196       805     1,343      (313)
  Income tax effect of gains (losses) .........................................      (76)     (306)     (519)     (119)
                                                                                   -----     -----     -----     -----
    Unrealized gains (losses) arising during the period, net of tax ...........      120       499       824      (194)
                                                                                   -----     -----     -----     -----
  Less: Reclassification adjustment for gains (losses) included in net earnings      (45)      (22)      (29)      (29)
   Income tax on reclassification adjustments .................................      (17)       (8)      (11)      (11)
                                                                                   -----     -----     -----     -----
    Reclassification adjustment for gains included in net earnings, net of tax       (28)      (14)      (18)      (18)
                                                                                   -----     -----     -----     -----
     Other comprehensive income (loss) ........................................       92       485       806      (212)
                                                                                   -----     -----     -----     -----
COMPREHENSIVE INCOME ..........................................................      565     1,815     2,583     2,352
                                                                                   =====     =====     =====     =====

See Notes to Consolidated Financial Statements.

                                  COMMUNITY FIRST BANKING COMPANY
                               Consolidated Statements of Cash Flows
                               (Unaudited - in thousands of dollars)

                                                                         Six Months Ended
                                                                             June 30,
                                                                           2001       2000
                                                                           ----       ----
Net earnings ........................................................     1,777      2,564
Cumulative effect of change in accounting principle .................        68       --
  Depreciation, amortization and accretion ..........................       419        413
  Provision for loan losses .........................................     1,048        473
  Loss (gain) on calls and sales of securities available for sale ...        29         29
  Loss (gain) on sale of other real estate ..........................      --          (50)
  Loss (gain) on sales of premises and equipment, net ...............        84       --
  Gain on sale of loans .............................................       (58)      --
  Change in:
    Mortgage loans held for sale ....................................      (189)         1
    Accrued interest receivable .....................................       558         65
    Other assets ....................................................       241       (114)
    Accrued interest payable ........................................      (307)       121
    Other liabilities ...............................................       792        524
                                                                        -------    -------
       Net cash provided by operating activities ....................     4,462      4,026
                                                                        -------    -------

Cash flows from investing activities:
  Proceeds from sales securities available for sale .................    14,110         70
  Proceeds from maturities of securities held to maturity ...........         7          7
  Proceeds from calls and maturities of securities available for sale     9,267      2,375
  Sales of other investments ........................................       797       --
  Proceeds from sales of other investments ..........................      --           61
  Purchases of securities available for sale ........................    (2,565)      --
  Proceeds from sales of loans ......................................    16,893       --
  Net change in loans ...............................................     4,527    (19,911)
  Proceeds from sale of real estate and repossessions ...............      --          130
  Purchases of premises and equipment ...............................      (393)       (80)
  Payment in connection with merger net of cash acquired ............   (11,188)      --
                                                                        -------    -------
       Net cash provided by (used in) investing activities ..........    31,455    (17,348)
                                                                        -------    -------

Cash flows from financing activities:
  Net change in deposits ............................................     5,535     (3,332)
  Net change in time deposits .......................................     1,426     11,304
  Payment of note payable and other borrowings ......................      --       (5,738)
  Proceeds of note payable and other borrowings .....................     1,988     10,225
  Repay federal funds purchased .....................................      (889)     1,407
  Payment of note payable ...........................................    (4,130)      --
  Treasury stock purchased ..........................................    (3,483)      (657)
  Cash dividend paid ................................................    (1,156)      (950)
                                                                        -------    -------
      Net cash provided by (used in) financing activities ...........      (709)    12,259
                                                                        -------    -------
      Net change in cash and cash equivalents .......................    35,208     (1,063)

Cash and cash equivalents at beginning of year ......................     7,618     10,397
                                                                        -------    -------
Cash and cash equivalents at quarter end ............................    42,826      9,334
                                                                        =======    =======
See Notes to Consolidated Financial Statements.

                                                                          Six Months Ended
                                                                               June 30,
Supplemental disclosure of cash flow information:                          2001       2000
                                                                           ----       ----
  Cash paid for:                                                           (in thousands)
     Interest..........................................................   9,332      8,313
     Income taxes......................................................   1,682      1,077
  Assets acquired and liabilities assumed in merger transactions:
     Fair value of assets acquired in Merger........................... 157,978
     Cash paid in connection with Merger............................... (15,212)
                                                                        -------
     Liabilities assumed in merger..................................... 142,766
                                                                        =======
See Notes to Consolidated Financial Statements.

COMMUNITY FIRST BANKING COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1.  NATURE OF BUSINESS

GENERAL

Community First Banking Company (the "Company") is the financial holding company
of its  wholly  owned  subsidary,  Community  First Bank (the  "Bank"),  a state
commercial bank chartered in the state of Georgia.

BUSINESS COMBINATIONS

On May 23,  2001,  the Company  consummated  its  acquisition  of First  Deposit
Bancshares,  Inc. ("First  Deposit") through the merger of First Deposit and its
bank subsidiary,  Douglas Federal Bank, FSB, with and into the Bank. The banking
offices of Douglas  Federal Bank became  branches of Community  First Bank as of
the effective date of the merger.  Pursuant to shareholder  elections  under the
terms of the  Agreement  and Plan of Merger dated as of January 18, 2001,  total
consideration  paid to former FDBI  shareholders  totaled 723,675 shares of CFBC
stock and  $14,836,076.89  in cash. The merger was accounted for as a "purchase"
which means that, for accounting and financial  reporting  purposes,  the assets
and  liabilities  of First Deposit as of the  effective  time of the merger were
recorded at their  respective  fair  values and added to those of the Bank.  The
Company's  financial  statements for the period ended June 30, 2001 reflect such
values and prior financial statements are not restated  retroactively to reflect
First Deposit's historical financial position or results of operations.

MERGER AGREEMENT WITH BB&T CORPORATION

On  July  10,  2001,  the  Company   entered  into  an  Agreement  and  Plan  of
Reorganization with BB&T Corporation  ("BB&T"),  a regional bank holding company
with approximately $64.2 billion in assets.  Under the agreement,  each share of
common stock of the Company  outstanding at the effective time will be converted
into the right to receive 0.98 of a share of common stock of BB&T,  plus cash in
lieu of any fractional share of BB&T common stock. The merger,  which is subject
to the  approval  of the  Company's  shareholders  and  banking  regulators,  is
expected to be  completed  in the fourth  quarter of 2001.  The  transaction  is
expected to be accounted for as a purchase.

NOTE 2.  BASIS OF PRESENTATION

The accompanying  unaudited  consolidated  financial  statements (except for the
statement of financial  condition on December 31, 2000,  which is audited)  have
been prepared in accordance with instructions to Form 10-Q. 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.  Certain
amounts in the prior  year's  financial  statements  have been  reclassified  to
conform with the 2001 presentation. These reclassifications had no effect on net
income. 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 and six months ended June 30, 2001 are
not necessarily indicative of the results of operations that may be expected for
the year ended  December  31,  2001.  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, 2000.

NOTE 3. CHANGE IN ACCOUNTING PRINCIPLE

In 1998, the Financial  Accounting Standards Board issued Statement of Financial
Accounting  Standards ("SFAS") No. 133,  "Accounting for Derivative  Instruments
and Hedging  Activities."  SFAS No. 133  establishes  accounting  and  reporting
standards  for hedging  derivatives  and for  derivative  instruments  including
derivative  instruments embedded in other contracts.  It requires the fair value
recognition of derivatives as assets or liabilities in the financial statements.
The accounting for the changes in the fair value of a derivative  depends on the
intended use of the  derivative  instrument at inception.  Changes in fair value
for instruments used as fair value hedges are recorded in earnings of the period
simultaneous with accounting for the fair value change of the item being hedged.
Changes in fair value for cash flow hedges are recorded in comprehensive  income
rather than earnings.  Changes in fair value for derivative instruments that are
not  intended  as a hedge are  recorded in earnings of the period of the change.
SFAS No. 133 is effective for all fiscal years beginning after June 15, 2000. At
the date of initial  application,  an entity may  transfer  any held to maturity
security into the available for sale or trading  categories without calling into
question the entity's intent to hold other securities to maturity in the future.
The Company  adopted SFAS No. 133 January 1, 2001 recording an unrealized  loss,
net of tax, of $68,000.

NOTE 4.  EARNINGS PER COMMON SHARE

Earnings per common share calculations for the three and six month periods ended
June 30, 2001 and 2000 are presented based on the net earnings for the three and
six months  divided by the weighted  average  number of shares  outstanding,  or
3,118,743 and 3,017,232 shares (three months and six months ended June 30, 2001)
and 2,751,715  and 2,755,920  shares (three and six months ended June 30, 2000).
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  stock  options  during the period,  or
3,208,085 and 2,944,799 shares for the three months ended June 30, 2001 and 2000
respectively, and 3,086,934 and 2,949,004 for the six months ended June 30, 2001
and 2000.

NOTE 5. DIVIDENDS DECLARED

On March 15, 2001 the Board of Directors of the Company approved a cash dividend
of $.20 per share payable April 2, 2001 for  stockholders of record on March 16,
2001.  On June 21, 2001 the Board of  Directors  of the Company  approved a cash
dividend of $.225 per share payable July 2, 2001 for  stockholders  of record on
June 22, 2001.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 2001 AND DECEMBER 31, 2000

On June 30,  2001 the  Company had total  assets of $540.0  million  compared to
$394.5  million at December 31, 2000.  This increase in assets of $145.5 million
or 36.9% is due to the First  Deposit  merger  discussed  under  note one above.
First  Deposit had total assets of $158.0  million on the merger date of May 23,
2001.

Cash and cash equivalents  increased $35.2 million, of this amount, $4.0 million
came from the First Deposit merger.

Securities  decreased  $10.3  million.  Sales of  securities  available for sale
totaled $14.1 million,  and calls and maturities totaled $9.3 million in the six
months ended June 30, 2001.  Securities available for sale acquired in the First
Deposit merger totaled $9.2 million,  and other  purchases  totaled $2.6 million
during the six months ended June 30, 2001. Other investments  increased $353,000
from the  acquisition  of $1.2 million in Federal Home Loan Bank (FHLB) stock in
the First Deposit  merger and a redemption of $797,000 of FHLB stock by the FHLB
in March 2001.

Net loans  increased  $109.5  million in the six months ended June 30, 2001. Net
loans  received from the First Deposit  merger were $130.8  million.  A total of
$16.9 million of loans were sold in the six months ended June 30, 2001.

Premises and equipment  increased  $4.6 million in the six months ended June 30,
2001, as a result of the First Deposit merger. Two branches were acquired in the
First Deposit merger. One branch located at 8444 Campbellton Road, Douglasville,
Georgia  includes the main office of Douglas  Federal Bank,  another  commercial
building now leased to a mortgage  lending  company,  and a house converted into
offices.  These  three  buildings  are located on 1.8 acres of land with a total
appraised  fair  value of $1.6  million  for the land and three  buildings.  The
second branch is located at 1855 Thornton Road, Lithia Springs,  Georgia with an
appraised fair value of $900,000. Also acquired in the First Deposit merger were
four parcels of vacant land held by Douglas  Federal  Bank for future  branches.
These  four  parcels  of land  have an  appraised  fair  value of $2.0  million.
Furniture  fixtures  and  equipment  acquired  in the First  Deposit  merger was
recorded at $151,000.

Accrued  interest  receivable  increased  $271,000 at June 30, 2001  compared to
December 31, 2000 as a result of the higher outstanding loan balances because of
the First Deposit merger.

Intangible  assets  increased $3.0 million in the six months ended June 30, 2001
as a result of the First Deposit merger.  Total goodwill recorded from the First
Deposit merger was $3.1 million.

Real estate and  repossessions  increased  $1.8  million in the six months ended
June 30, 2001 as a result of the First Deposit merger. Douglas Federal Bank held
a fully  owned  subsidary  (Pinehurst  Corporation)  which was  involved in real
estate development and sales. At the merger the assets of Pinehurst  Corporation
were merged into the Bank at an appraised fair value of $1.8 million.

Other assets increased  $860,000 in the six months ended June 30, 2001 primarily
because of a $1.0 million  receivable  due from First  Deposit's  Employee Stock
Ownership  Plan (ESOP) for shares that had not been  allocated to  participant's
accounts on the merger date.  This increase was  partially  offset by a $211,000
decrease in value of an interest rate cap owned by the bank.

Total deposit  liabilities  increased  $110.5  million from December 31, 2000 to
June 30, 2001. The First Deposit merger transferred in $103.6 million of deposit
liabilities.  Demand deposits increased $27.1 million,  the First Deposit merger
transferred in $33.9 million.  Savings  deposits  increased  $15.6 million.  The
First  Deposit  merger  transferred  in $3.3 million of savings  deposits.  Time
deposits  less than and equal to $100,000  increased  $58.7  million,  the First
Deposit  merger  transferred  in $49.9  million.  Time  deposits  over  $100,000
increased $9.1 million,  the First Deposit  merger  transferred in $15.7 million
and a brokered  deposit of the Bank matured on March 23, 2001 reducing  deposits
greater than $100,000 by $8.7 million.

Note payable and other borrowings  increased $20.5 million during the six months
ended June 30, 2001.  The First Deposit  merger  transferred in $22.6 million of
notes  payable  from FHLB  Atlanta,  and the Bank paid off $4.1  million of this
amount in June 2001.  The Company  borrowed $2.0 million from another  financial
institution.  These  proceeds  were used to help fund the  purchase  of treasury
stock by the Company.

Federal funds  purchased by the Bank decreased  $889,000 in the six months ended
June 30, 2001.

Accrued interest and other liabilities  increased $3.0 million in the six months
ended June 30, 2001.  Accrued interest  increased $221,000 because of the higher
deposit  balances and notes payable caused by the First Deposit  merger.  A $1.3
million  liability  was recorded  relating to  employment  contract  liabilities
created  by the  First  Deposit  merger.  Escrow  liability  balances  increased
$664,000  because  of the higher  loan  balances,  created by the First  Deposit
merger,  and normal  increases  during the year before  property taxes are paid.
Dividends  payable  increased  $204,000 because of the higher dividend per share
declared in the  quarter  ended June 30,  2001  compared  to the  quarter  ended
December 31, 2000 ($.225 vs $.20), and the increased shares outstanding  because
of the First Deposit merger (723,675 shares were issued).

Total stockholder's  equity increased $12.4 million in the six months ended June
30, 2001. Common stock increased $2,410 from the issue of 241,019 shares (in the
First  Deposit  merger) at $.01 par value and  issued at a market  value (at the
First Deposit merger date) of $20.25 per share with the  difference  between par
and market value  increasing  paid in capital by $4.9  million.  Treasury  stock
decreased $6.7 million. Purchases of treasury stock in the six months ended June
30,  2001  totaled  $3.5  million,  and 482,656  shares of  treasury  stock were
reissued with an acquired cost of $10.1 million in the First Deposit merger. The
difference  between the market  value  ($20.25)  and the average  acquired  cost
($21.03)  of the  treasury  shares  reissued  was  charged  to paid  in  capital
($376,000).  Retained earnings  increased $417,000 from earnings of $1.8 million
less dividends of $1.4 million.  Accumulated other  comprehensive loss decreased
$806,000 as a result of the impact of a declining  interest rate  environment on
our securities portfolio.

This quarterly report, may contain forward-looking  statements under the Private
Securities  Litigation Reform Act of 1995 that involve risks and  uncertainties.
Although   the   Company   believes   that  the   assumptions   underlying   the
forward-looking  statements  contained in the discussion are reasonable,  any of
the  assumptions  could be inaccurate,  and therefore,  no assurance can be made
that any of the  forward-looking  statements included in this discussion will be
accurate.  Factors  that  could  cause  actual  results to differ  from  results
discussed  in  forward-looking  statements  include,  but  are not  limited  to:
economic  conditions  (both  generally  and in the  markets  where  the  Company
operates); competition from other providers of financial services offered by the
Company;  government  regulation  and  legislation;  changes in interest  rates;
material  unforeseen  changes in the  financial  stability  and liquidity of the
Company's credit  customers;  and other risks detailed in the Company's  filings
with the  Securities  and  Exchange  Commission,  all of which are  difficult to
predict  and  which  may be beyond  the  control  of the  Company.  The  Company
undertakes no obligation to revise forward-looking  statements to reflect events
or changes  after the date of this  discussion  or to reflect the  occurrence of
unanticipated events.


COMPARISON  OF RESULTS OF  OPERATIONS  FOR THE THREE MONTHS ENDED JUNE 30, 2001
AND 2000

GENERAL. Net earnings totaled $473,000 for the three months ended June 30, 2001,
a decrease of $857,000 over the $1.3 million  earned in the same three months in
2000.  This  decrease is  primarily  the result of higher loan loss  provisions,
higher  salaries and employee  benefits and higher other  non-interest  expenses
resulting from the merger of First Deposit into the Company on May 23, 2001.

NET INTEREST  INCOME.  Net  interest  income for the three months ended June 30,
2001  decreased  $4,000 or 0.1% compared to the same three month period in 2000.
Total interest income  increased  $746,000 or 8.7%, while total interest expense
increased  $750,000 or 17.0%.  The  increase  in  interest  income was caused by
higher  average loan balances and higher  interest-bearing  deposits and federal
funds sold  during the three  months  ended June 30,  2001  compared to the same
three months in 2000.  The higher average loan balances were caused by the First
Deposit merger.

The average  balance of loans by type for the three  months  ended June 30, 2001
and 2000 were as follows:

                                    Average Balances
                                   Three Months Ended
                                        June 30,
                                   2001        2000
                                   ----        ----
                                    (In thousands)
Mortgage loans                     98,116      81,787
Consumer loans                     55,579      56,187
Construction loans                 33,956      36,284
Commercial loans                  175,633     137,798
                                  -------    -------
                                  363,284     312,056
                                  =======    =======

Interest  and fee  income on loans  increased  $830,000  or 11.2% in the  second
quarter of 2001 compared to the same quarter in 2000,  while the average balance
of loans increased $51.2 million or 16.4%. Interest income on federal funds sold
and interest-bearing deposits increased $294,000 for the three months ended June
30,  2001  compared  to the same  three  months of 2000  because  of the  higher
balances in federal  funds sold.  Interest  and  dividend  income on  investment
securities  decreased  $378,000  during the three  months  ended  June 30,  2001
compared  to the same  three  months  of 2000.  because  of  lower  balances  in
investment securities and lower yields.

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 June 30, 2001 and
2000 was 3.65% and 4.40% respectively.

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 June 30, 2001 and June 30,
2000. (dollars in thousands)

                                         Three months ended              Three months ended
                                           June 30, 2001                    June 30, 2000           Increase (Decrease) Due To
                                      --------------------------    ---------------------------     --------------------------
                                      Average  Interest  Effective   Average  Interest  Effective   Volume    Rate      Total
                                      Balance    Yield     Rate      Balance    Yield     Rate     Variance  Variance  Variance
                                      -------  --------   ------     -------   ------    ------      -----    ----      -----
Loans, Net                            358,729    8,264     9.21%     308,308    7,434     9.64%      1,216    (386)       830
Interest-Bearing Deposits and FF Sold  28,646      319     4.45%       1,780       25     5.62%        377     (83)       294
Securities                             50,460      723     5.73%      62,097    1,101     7.09%       (206)   (172)      (378)
------------------------------------------------------------------  ----------------------------  ---------------------------
                                      437,835    9,306     8.50%     372,185    8,560     9.20%      1,387    (641)       746
------------------------------------------------------------------  ----------------------------  ---------------------------
Demand Deposits                        87,294      418     1.92%      67,227      294     1.75%         88      36        124
Savings                                33,724      199     2.36%      28,920      148     2.05%         25      26         51
Certificates of Deposit               248,180    3,688     5.94%     204,998    2,839     5.54%        598     251        849
Borrowings                             56,165      849     6.05%      66,006    1,123     6.81%       (167)   (107)      (274)
------------------------------------------------------------------  ----------------------------  ---------------------------
                                      425,363    5,154     4.85%     367,151    4,404     4.80%        543     207        750
------------------------------------------------------------------  ----------------------------  ---------------------------
Net interest income and spread                   4,152     3.65%                4,156     4.40%
Change                                                                                                 844    (848)       (4)


PROVISION  FOR LOAN LOSSES.  The  provision for loan losses was $836,000 for the
three months ended June 30, 2001 compared to $239,000 for the three months ended
June 30, 2000. This increase was deemed  appropriate by management to adequately
reserve for increases in commercial loans, weakening economic conditions, and to
adequately reserve for loans acquired in the First Deposit merger. At the merger
date First  Deposit  had $1.2  million in total loan loss  reserves  or 0.92% of
total loans.  At June 30,  2001,  the loan loss reserve for the Company was $5.7
million or 1.35% of total loans compared to $3.6 million or 1.16% of total loans
at June 30, 2000.  Management  deemed the allowance for loan losses  adequate at
June 30, 2001.

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 $5.7 million or 1.1% of total assets at
June 30, 2001, and $943,000 or 0.2% of total assets at June 30, 2000. One reason
for this increase is one loan for $2.4 million was placed on non-accrual  status
on June 22, 2001,  but has since been paid off by the customer on July 20, 2001.
Had this loan not been  included,  non-performing  assets  would  have been $3.3
million or 0.62% of total assets.

NONINTEREST INCOME. Total noninterest income increased $17,000, or 1.8%, for the
three months  ended June 30, 2001 versus the same three months in 2000.  Service
charges on deposits  increased  $146,000 or 27.2% for the second quarter of 2001
verses the same period in 2000.  The Company sold equity  securities  during the
second  quarter of 2001 for a net loss of  $45,000.  During  the same  period of
2000,  the Company  sold equity  securities  for a loss of $22,000.  Income from
insurance  commissions decreased $40,000 or 24.5% in the three months ended June
30,  2001  compared  to the same  three  months  in 2000.  Miscellaneous  income
decreased  $66,000 or 24.8% primarily because in the three months ended June 30,
2000 the Bank had $54,000 of gains on sales of real estate.

NONINTEREST EXPENSES. Total noninterest expenses increased $631,000 or 21.8% for
the three  months  ended June 30, 2001 as  compared to the same three  months in
2000.  This increase was  primarily  the result of higher  salaries and employee
benefits (which increased  $267,000)  resulting from annual wage increases and a
higher number of employees because of the First Deposit merger. At June 30, 2001
the Bank and subsidaries had 170 full time equivalent  employees compared to 141
at June 30, 2000. Other operating expense increased  $277,000 or 31.7% primarily
because of the First  Deposit  merger,  and a write off of $85,000  relating  to
assets  formerly used in the Walmart  branch in Hiram,  Georgia which was closed
when a newly constructed branch in Hiram was opened in April of 2001.

INCOME  TAXES.  Income tax  expense  for the  quarter  ended  June 30,  2001 was
$285,000 or 37.6% of pretax  income and  $642,000 or 32.6% of pretax  income for
the same three month period in 2000. 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. Prior to January 1, 2001 the Bank had state tax credit carry forwards to
offset the state  income tax.  The Bank is  expected to have a state  income tax
expense  in 2001,  which  contributed  to the higher  income tax rates  reported
above.

COMPARISON OF RESULTS OF  OPERATIONS  FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND
1999

GENERAL.  Net  earnings  totaled  $1.8 million for the six months ended June 30,
2001,  compared  to $2.6 for the same six  months  of  2000.  This  decrease  is
primarily the result of higher provision for loan losses and higher non-interest
expenses.

NET INTEREST  INCOME.  Total interest income increased $1.3 million or 7.9%, and
total interest expense  increased $1.1 million or 13.3% for the six months ended
June 30, 2001  compared to the same six months in 2000.  The following is a rate
volume  analysis  for the six months  ended June 30,  2001 and 2000  showing the
average balances, yields and variances caused by volume and yields.

                                         Six months ended                 Six months ended
                                          June 30, 2001                     June 30, 2000          Increase (Decrease) Due To
                                     ---------------------------    --------------------------    ---------------------------
                                     Average  Interest  Effective   Average  Interest  Effective   Volume    Rate      Total
                                     Balance    Yield     Rate      Balance    Yield     Rate     Variance  Variance  Variance
                                     -------  --------   ------     -------   ------    ------      -----    ----      -----
Loans, Net                            334,639   15,876    9.49%      301,146    14,291    9.49%      1,589     (4)      1,585
Interest-Bearing Deposits and FF Sold 20,270      479    4.73%        2,012        57    5.67%        517    (95)        422
Securities                            51,301    1,528    5.96%       62,932     2,226    7.07%       (411)  (287)       (698)
-----------------------------------------------------------------  ----------------------------  ----------------------------
                                     406,210   17,883    8.80%      366,090    16,574    9.05%      1,816   (507)      1,309
-----------------------------------------------------------------  ----------------------------  ----------------------------
Demand Deposits                       77,292      750    1.94%       67,357       592    1.76%         87     71         158
Savings                               30,076      332    2.21%       29,109       298    2.05%         10     24          34
Certificates of Deposit              234,208    7,032    6.00%      201,285     5,504    5.47%        900    628       1,528
Borrowings                            51,651    1,440    5.58%       63,353     2,040    6.44%       (377)  (223)       (600)
-----------------------------------------------------------------------------------------------  ----------------------------
                                     393,227    9,554    4.86%      361,104     8,434    4.67%        750    370       1,120
-----------------------------------------------------------------------------------------------  ----------------------------
Net interest income and spread                  8,329    3.94%                  8,140    4.38%
Change                                                                                                                   189

PROVISION  FOR LOAN LOSSES.  The  provision for loan losses was $1.0 million for
the six months ended June 30, 2001 compared to $473,000 for the six months ended
June 30,  2000.  This  increase has been deemed  appropriate  by  management  to
reflect the higher risk  associated  with the change in loan  portfolio mix to a
higher  percentage  of  commercial  loans,  an  increase  in loan  volume of the
consumer  finance  subsidiary of the Bank,  and the  acquisition of loans in the
First Deposit merger.

OTHER INCOME.  Total noninterest income increased $94,000,  or 4.8%, for the six
months ended June 30, 2001 versus the same six months in 2000.  Service  charges
on deposits  increased  $208,000 or 19.9% primarily because of the First Deposit
merger.  Insurance commissions decreased $73,000 or 19.5%.  Miscellaneous income
decreased $41,000 or 7.4% because the Bank had $54,000 of gains on sales of real
estate in the six months ended June 30, 2000.

NONINTEREST EXPENSES.  Total noninterest expense increased $636,000 or 10.9% for
the six months  ended June 30,  2001 as compared to the same six months in 2000.
Salaries and  employee  benefits  and other  operating  expenses are the primary
reasons for the increase in non-interest  expense which were caused primarily by
the First Deposit merger,  normal annual salary increases and the closing of the
Hiram Walmart branch. These items were discussed in the comparison of results of
operations for the three months ended June 30, 2001 above.

INCOME TAXES. Income tax expense for the six months ended June 30, 2001 was $1.0
million  or 35.6% of income  before  tax,  and $1.2  million  or 32.4% of income
before tax for the same six month period in 2000. The  difference  between these
rates and the  statutory  rate is the  result of  interest  income on tax exempt
securities  and  the  dividend  received   deduction  on  some  preferred  stock
dividends.  The fact that the Bank had  state tax  credit  carry  forwards  also
contributes  to a lower  income  tax rate as a  percent  of  pretax  income.  As
discussed in the results of operations  for the three months ended June 30, 2001
and 2000 these state tax credit carry  forwards will all be used in the tax year
ending December 31, 2001.

RECENT ACCOUNTING  PRONOUNCEMENTS.  In 1998, the Financial  Accounting Standards
Board  issued  Statement  of Financial  Accounting  Standards  ("SFAS") No. 133,
"Accounting  for Derivative  Instruments and Hedging  Activities."  SFAS No. 133
establishes  accounting and reporting  standards for hedging derivatives and for
derivative  instruments  including  derivative  instruments  embedded  in  other
contracts.  It requires the fair value  recognition  of derivatives as assets or
liabilities in the financial  statements.  The accounting for the changes in the
fair  value  of a  derivative  depends  on the  intended  use of the  derivative
instrument  at  inception.  Changes in fair value for  instruments  used as fair
value hedges are recorded in earnings of the period simultaneous with accounting
for the fair value  change of the item being  hedged.  Changes in fair value for
cash flow hedges are  recorded in  comprehensive  income  rather than  earnings.
Changes in fair value for  derivative  instruments  that are not  intended  as a
hedge are  recorded in  earnings  of the period of the  change.  SFAS No. 133 is
effective  for all fiscal years  beginning  after June 15, 2000.  At the date of
initial  application,  an entity may transfer any held to maturity security into
the available for sale or trading  categories  without calling into question the
entity's intent to hold other securities to maturity in the future.  The Company
adopted SFAS No. 133 January 1, 2001  recording an unrealized  loss, net of tax,
of $68,000.

LIQUIDITY AND CAPITAL RESOURCES. Operating activities provided net cash proceeds
of $4.5 million for the six months ended June 30, 2001.

Investing  activities provided $31.5 million of cash during the six months ended
June 30, 2001.  Securities and other investments sales, calls and maturities net
of purchases  provided $21.6 million.  Loan sales and maturities  provided $21.4
million. The First Deposit merger used $11.2 million of net cash funds.

Financing  activities used $709,000 of cash during the six months ended June 30,
2001.  Deposit  liabilities   increased  $7.0  million  net  of  $103.6  million
acquired in the First  Deposit  merger.  Notes payable  decreased  $4.1
million as the result of payments on FHLB  advances.  The Company  borrowed $2.0
million from another financial  institution to partially fund the acquisition of
$3.5 million of treasury stock. Cash dividends paid were $1.2 million in the six
months ended June 30, 2001. 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.

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  accommodations  from other
lending institutions.

As of  June  30,  2001  the  Bank's  regulatory  capital  was in  excess  of all
applicable  regulatory  requirements.   At  June  30,  2001,  the  Bank's  total
risk-based  capital,  tier 1  risk-based  capital  and  tier 1  leverage  ratios
amounted  to  11.6%,  10.3%  and  9.2%,  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

               In connection with the Annual Meeting of Shareholders held on May
               17, 2001, the following results were certified:

               2,443,874 votes representing  86.1% of the 2,837,458  outstanding
               were received.

               1.   PROPOSAL TO APPROVE, RATIFY, CONFIRM AND ADOPT THE AGREEMENT
                    AND PLAN OF MERGER  DATED AS OF  JANUARY  18,  2001,  BY AND
                    AMONG FIRST DEPOSIT  BANCSHARES,  INC. DOUGLAS FEDERAL BANK,
                    FSB,  COMMUNITY FIRST BANKING  COMPANY,  AND COMMUNITY FIRST
                    BANK.

                         For:      1,953,562 (68.8%)
                         Against:      3,142
                         Abstain:     10,097
                         Non-vote:   477,073

               2.   PROPOSAL  TO  ELECT  THE  DIRECTOR  NOMINEES  NAMED  IN  THE
                    COMPANY'S 2001 PROXY STATEMENT.

                    Gary M. Bullock     For:      2,441,729
                                        Withheld:     2,145

                    Jerry L. Clayton    For:      2,441,879
                                        Withheld      1,995

                    Dean B. Tally       For:      2,438,249
                                        Withheld:     5,625

               3.   PROPOSAL TO RATIFY THE  APPOINTMENT  OF PORTER  KEADLE MOORE
                    LLP AS THE COMPANY'S INDEPENDENT ACCOUNTANTS.

                         For:      2,437,522
                         Against:        410
                         Abstain:      5,942

      ITEM 5.  OTHER INFORMATION

          On July 10, 2001,  the Company  entered into an Agreement  and Plan of
          Reorganization with BB&T Corporation ("BB&T"), a regional bank holding
          company  with  approximately  $64.2  billion  in  assets.   Under  the
          agreement,  each share of common stock of the Company  outstanding  at
          the effective time will be converted into the right to receive 0.98 of
          a share of common stock of BB&T,  plus cash in lieu of any  fractional
          share of BB&T  common  stock.  The  merger,  which is  subject  to the
          approval of the  Company's  shareholders  and banking  regulators,  is
          expected  to  be  completed  in  the  fourth   quarter  of  2001.  The
          transaction is expected to be accounted for as a purchase.


      ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits:

               1.  Agreement  and Plan of Merger by and  among  Community  First
               Banking   Company,   Community  First  Bank,  and  First  Deposit
               Bancshares, Inc. and Douglas Federal Bank dated as of January 18,
               2001 (incorporated by reference to the exhibit of the same number
               in the Company's  Registration Statement on Form S-4, Regis. No.
               333-56830)

          (b)  Reports on Form 8-K during the quarter ended June 30, 2001

               On January 18, 2001 the  Company  and First  Deposit  Bancshares,
               Inc.  filed a current  report on Form 8-K under  Item 5 to report
               entering into an Agreement and Plan of Merger.

               On June 7, 2001 the  Company  filed a current  report on Form 8-K
               under Item 2. to report the  consummation  of its  acquisition of
               First Deposit  Bancshares,  Inc.  ("First  Deposit")  through the
               merger of First Deposit and its bank subsidiary,  Douglas Federal
               Bank,  FSB,  with and into  Community  First Bank, a wholly owned
               subsidiary  of Community  First.  The banking  offices of Douglas
               Federal Bank became  branches of  Community  First Bank as of the
               merger date on May 23, 2001.



                                   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:       August 14, 2001        /s/ Gary D. Dorminey
                                  ----------------------
                                    Gary D. Dorminey
                                       President
                              (Principal Executive Officer)



Date:       August 14, 2001       /s/ C. Lynn Gable
                                 -------------------
                                  C. Lynn Gable
                              Chief Financial Officer
                           (Principal Financial Officer)

Filing Compare · COMMUNITY FIRST BANKING CO