UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

for the quarterly period ended September 30, 2002

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

for the transition period from to

Commission File Number 0-19368

Community First Bankshares, Inc.

(Exact name of registrant as specified in its charter)

Delaware		46-0391436
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

520 Main Avenue, Fargo, North Dakota 58124
(Address of principal executive offices)

(701) 298-5600
(Registrant’s telephone number, including area code)


(Former name, former address and former fiscal year if changed since last report)

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. ý Yes o No

At November 8, 2002, 39,158,936 shares of common stock were outstanding.

COMMUNITY FIRST BANKSHARES, INC.

FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2002

INDEX

PART I - FINANCIAL INFORMATION:

Item 1.		Condensed Consolidated Financial Statements and Notes

Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.		Quantitative and Qualitative Disclosure About Market Risk

Item 4.		Controls and Procedures

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 BANKSHARES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per share data) (Unaudited)	September 30, 2002			December 31, 2001
ASSETS
Cash and due from banks	$	222,439		$	248,260
Federal funds sold and securities purchased under agreements to resell	32,000			—
Interest-bearing deposits	2,812			341
Available-for-sale securities	1,382,789			1,437,066
Held-to-maturity securities (fair value: 9/30/02 - $79,282, 12/31/01 - $76,765)	79,282			76,765
Loans	3,647,133			3,736,692
Less: Allowance for loan losses	(56,106		)	(54,991		)
Net loans	3,591,027			3,681,701
Bank premises and equipment, net	128,256			125,947
Accrued interest receivable	39,943			39,491
Goodwill	62,903			62,903
Other intangible assets	33,383			34,554
Other assets	44,868			65,298
Total assets	$	5,619,702		$	5,772,326
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing	$	427,702		$	487,864
Interest-bearing:
Savings and NOW accounts	2,376,193			2,367,255
Time accounts over $100,000	700,005			692,315
Other time accounts	1,136,852			1,203,379
Total deposits	4,640,752			4,750,813
Federal funds purchased and securities sold under agreements to repurchase	253,844			318,859
Other short-term borrowings	33,949			23,780
Long-term debt	136,500			136,841
Accrued interest payable	19,406			29,966
Other liabilities	32,875			35,362
Total liabilities	5,117,326			5,295,621
Company-obligated mandatorily redeemable preferred securities of CFB Capital	120,000			120,000
Shareholders’ equity:
Common stock, par value $.01 per share: Authorized Shares — 80,000,000 Issued Shares — 51,021,896	510			510
Capital surplus	192,687			193,103
Retained earnings	382,083			348,101
Unrealized gain on available-for-sale securities, net of tax	22,847			3,847
Less cost of common stock in treasury - September 30, 2002 — 11,701,800 shares December 31, 2001 — 10,775,857 shares	(215,751		)	(188,856		)
Total shareholders’ equity	382,376			356,705
Total liabilities and shareholders’ equity	$	5,619,702		$	5,772,326

See accompanying notes.

COMMUNITY FIRST BANKSHARES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(Dollars in thousands, except per share data) (Unaudited)		2002		2001		2002		2001
Interest income:
Loans		$	69,514	$	84,542	$	209,994	$	258,592
Investment securities		19,517		22,761		61,416		75,568
Interest-bearing deposits		13		39		31		178
Federal funds sold and resale agreements		65		29		92		83
Total interest income		89,109		107,371		271,533		334,421
Interest expense: