Exhibit 99.1

FROM:	FOR:
FRB | Weber Shandwick	Community First Bankshares, Inc.
676 St. Clair	520 Main Avenue
Chicago, IL 60611	Fargo, ND  58124-0001
Contact:  Jeff Wilhoit	Contact:  Mark A. Anderson
312-640-6757	701-298-5600
jwilhoit@webershandwick.com	IPR@CommunityFirst.com

COMMUNITY FIRST BANKSHARES REPORTS FIRST QUARTER EARNINGS

FARGO, N.D., April 17, 2003 — Community First Bankshares, Inc., (Nasdaq: CFBX) today reported results for the first quarter of 2003.

First Quarter 2003 Highlights

•Diluted earnings per share of 50 cents, compared to 47 cents in the first quarter of 2002.

•Net income for the first quarter of $19.4 million, up from $19.3 million in the first quarter of 2002.

•Return on average equity (ROE) of 21.01 percent, compared to 22.03 percent in the first quarter of 2002 and 20.93 percent in the fourth quarter of 2002.

•Return on assets (ROA) of 1.38 percent, compared to 1.38 percent in the first quarter of 2002 and 1.37 percent in the fourth quarter of 2002.

•Net interest margin was 5.15 percent in the first quarter of 2003, compared to 5.36 percent in the first quarter of 2002 and 5.12 percent in the fourth quarter of 2002.

•Nonperforming assets comprised .61 percent of total assets in the first quarter of 2003, compared to .42 percent in the first quarter of 2002 and .50 percent in the fourth quarter of 2002. Non-performing assets to period-end loans and OREO was 1.00 percent in the first quarter of 2003, versus .65 percent in the first quarter of 2002 and .81 percent in the fourth quarter of 2002.

	First Quarter
	2003			2002
Net income (in millions)	$	19.4		$	19.3
Basic earnings per share	.50			.48
Diluted earnings per share	.50			.47
Return on assets	1.38		%	1.38		%
Return on common equity	21.01			22.03
Net interest margin	5.15			5.36

Community First Bankshares, Inc., (Nasdaq: CFBX) today reported net income of $19,401,000 for the quarter ended March 31, 2003, or 50 cents per share diluted. This compares to net income of $19,261,000, or 47 cents per share diluted, for the first quarter of 2002.

Return on average equity was 21.01 percent in the first quarter of 2003, and return on average assets was 1.38 percent. In the first quarter of 2002, return on average equity was 22.03 percent and return on average assets was 1.38 percent.  In the fourth quarter of 2002, return on average equity was 20.93 percent, and return on average assets was 1.37 percent.

“We continued to execute key elements of our strategic plan during the first quarter, and our results clearly reflect the success of these efforts,” commented Mark Anderson, president and chief executive officer.  “Our strong quarterly earnings per share performance was particularly gratifying in light of an uncertain economy and ongoing global concerns.   More encouraging to us was the continued effectiveness of our long-term growth plan, which emphasizes sustained growth rather than short term gains.  The cornerstones of this plan continue to be our client solutions focus, an emphasis on credit quality versus quantity, disciplined pricing, measured market extension, new product development and channel expansion.  The first quarter featured positive results and developments on many of these fronts.

“As part of our client solutions focus, our Community Financial Center and Regional Financial Center model emphasizes serving the diverse needs of both retail and business banking clients.  During the first quarter, premium income from our Small Business Administration initiative increased by 142 percent versus the fourth quarter, significantly exceeding our previous quarterly record.  The number of clients taking advantage of our online business banking offering also increased substantially.  On the retail side, mortgage volume remained strong and we continued to build our debit card base.  Our online teller system is expected to roll out on schedule in the second quarter.  Amid a challenging market for insurance and investment products, our commitment to these tools as part of our financial solutions focus enabled us to increase insurance commissions by 25 percent. While securities sales commissions decreased modestly from the previous quarter, it continues to represent strong growth opportunities.

“Although our nonperforming assets increased during the quarter, reflective of the weak economy, problem loans consisted principally of two credits, rather than a systemic portfolio quality issue.  This underscores the success of our loan centralization and special assets group initiatives, both elements of our focus on credit quality.    We believe our disciplined approach to asset and liability pricing softened the decrease we saw in net interest margin versus last year,

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and allowed us to record a modest increase from the fourth quarter of 2002.  Under our market extension initiative, we entered the Scottsdale, Ariz., market with a new office concentrating on mortgage and investment services.  Also continuing to invest in another of our key growth opportunities, we acquired an insurance agency in Thornton, Colo., early in the second quarter.

“The progress we made in the first quarter toward executing our strategic plan has been positive for Community First, but we believe the industry will not be immune to further concerns should the economic outlook not improve.  The balance of 2003 is likely to continue to be a challenging period in the entire financial services sector.”

Net Interest Income

Interest income in the first quarter of 2003 was $82,858,000, compared to $91,740,000 in the first quarter of 2002, a decrease of 9.7 percent, reflecting further declines in interest rates, as well as continued modest decreases in loans outstanding. Interest expense for the first quarter was $17,964,000, down 28.6 percent from the previous year. Average deposits for the quarter decreased 1.9 percent from the first quarter of 2002. Net interest income was $64,894,000 for the first quarter of 2003, down 2.5 percent compared to $66,586,000 for the first quarter of 2002.  Net interest margin was 5.15 percent for the first quarter of 2003, versus 5.36 percent in the first quarter of 2002 and 5.12 percent in the fourth quarter of 2002.

“Despite a challenging rate environment, we were able to maintain margin on a linked quarter basis, and we believe we remain near the top of our peer group,” said Craig Weiss, chief financial officer.  “Pressures on margin remain, but we will be aggressive in managing margin rather than assume a largely reactive stance to rate spreads.  Given the soft economic environment, we could continue to see a shift in earnings asset mix, as cash flow is directed into our investment portfolio.”

Loan Activity

Total loans as of March 31, 2003, were $3.49 billion, down 4.4 percent from one year ago.  “Our strategy in light of the current market environment is to preserve the quality of our portfolio,” said Ron Strand, vice chairman and chief operating officer.   “Even so, we continue to identify and address pockets of growth within our SBA and indirect consumer lending initiatives.  A disciplined approach to credit administration and approval has long been an operating principle of ours. Community First Mortgage, LLC turned in another solid performance, continuing to enhance efficiency, which has resulted in improved financial performance. On April 14, we appointed Paul Olson as president of Community First Mortgage, LLC to continue implementation of this key strategic initiative.”

Loan Losses

Nonperforming assets represented .61 percent of total assets at March 31, 2003, compared to .42 percent in the same quarter last year and .50 percent in the fourth quarter of 2002. The allowance for loan losses was 1.57 percent of total loans and 195 percent of nonperforming loans at the end of the first quarter, compared to 1.52 percent and 263 percent respectively at March 31, 2002, and 1.57 percent and 245 percent in the fourth quarter of 2002. Net charge-offs were $4.7 million or .54 percent (annualized) of average loans for the first quarter of 2003, compared to $2.9 million or .32 percent for the first quarter of 2002 and $3.2 million or .35 percent in the fourth quarter of 2002.

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“As a result of losses taken on two specified credits, our charge-off levels increased from last year,” added Strand.  “As mentioned last quarter, the increase in nonperforming assets we have experienced over the last two quarters are isolated.  We believe the overall condition of our portfolio remains solid. In many cases, we were able to anticipate emerging loan issues, and our special assets group has been proactive in dealing with current and potential areas of concern.  We have also reevaluated limits on loan applications reviewed by our senior credit committee and, as a result, we will have this committee more involved in lending decisions.  As evidence that our centralized consumer credit function is meeting initial expectations, consumer charge-offs have been modestly reduced each of the last two quarters, although we may continue to see spikes in consumer charge-offs until loan centralization is completed.”

Noninterest Income

Noninterest income in the first quarter was a record $20,927,000, compared to $19,000,000 in the first quarter of 2002, for a 10 percent increase.  This represents 24 percent of net revenue, which is on track with the strategic initiative to increase noninterest income as a percentage of net revenue. Insurance commissions were up 24.5 percent in the first quarter of 2003, compared to the same period in 2002.

“Insurance and securities sales are two significant elements of our client solution focus, and both were positives for us when viewed against the difficult markets for these products during the first quarter,”  said Anderson. “Our Scottsdale market extension is expected to enhance our investment services network, in much the same way that our recent Colorado insurance acquisition is expected to enhance our insurance network.”

Noninterest Expense

For the first quarter of 2003, noninterest expense was $53,480,000 compared to $53,109,000 in 2002.  “We continue to streamline internal processes, which resulted in a modest .7 percent increase in noninterest expense in the first quarter of 2003 and a decrease of 1.6 percent on a linked quarter basis,” said Weiss.  “Our ability to control expenses has been one of the drivers that has allowed us to maintain earnings strength through these uncertain economic times.”

Capital Structure

In March, Community First sold 2,400,000 shares of 7.60% Cumulative Capital Securities at $25 per share, or $60 million in the aggregate, of CFB Capital IV, a Delaware statutory trust.  The proceeds of that offering were used to redeem all of the 8.20% junior subordinated debentures that the company issued in 1997, thereby triggering the redemption on April 4 of all 2,400,000 of the 8.20% cumulative capital securities issued by CFB Capital II, a Delaware statutory trust, in 1997.

“We took advantage of the current rate environment to reduce capital securities expense by $360,000 per year,” added Anderson.  “This offering utilized $60 million of the securities covered in the SEC shelf registration filed in February 2002.”

During the quarter, the company raised its regular quarterly dividend to 22 cents per common share from 21 cents, marking the fourteenth dividend increase since the company became publicly held in 1991.

The company repurchased 330,500 of its common shares of its stock during the first quarter of 2003.  Since the first quarter of 2000, the company has repurchased a total of 13.0 million

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shares, which represents approximately 25 percent of the shares outstanding, with 759,000 shares remaining under the current repurchase authorization.

Community First Bankshares is hosting a conference call at 12:00 noon, CDT on April 17, at which time management will discuss the results of the first quarter.  Individual investors and the media are welcome to join the call in a listen-only mode by calling 888-241-0096 shortly before the scheduled time of the call.  Callers should ask to be connected to the Community First Bankshares conference call hosted by Mark Anderson.  A transcript of the call will be posted on the company’s Web site.

Community First Bankshares, a $5.7 billion financial services company, provides a complete line of banking, investment, insurance, mortgage and trust products to individuals and businesses. The company’s extensive offering of financial products and services is marketed through full-service offices in 136 communities in 12 states—Arizona, California, Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota, South Dakota, Utah, Wisconsin and Wyoming. The company’s services include an online banking system that offers electronic bill payment and discount brokerage capabilities, telephone banking and an extensive ATM network. Community First Bankshares stock is traded on The Nasdaq Stock Market® under the symbol CFBX. The latest investor and other corporate information is available at its Web site, www.CommunityFirst.com.

This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Factors that could cause actual results to differ from the results discussed in the forward-looking statements include, but are not limited to:  risk of loans and investments, including dependence on local economic conditions; competition for the company’s customers from other providers of financial services; possible adverse effects of changes in interest rates; execution and implementation of the series of strategic initiatives announced during 2001; balance sheet and capital ratio risks related to the share repurchase program; risks related to the company’s acquisition strategy, including risks of adversely changing results of operations and factors affecting the company’s ability to consummate further acquisitions; and other risks detailed in the company’s filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the company.

-FINANCIAL TABLES FOLLOW-

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COMMUNITY FIRST BANKSHARES, INC.

SELECTED FINANCIAL DATA

	Three Months Ended
	March 31
	2003			2002
Current Earnings:
Net interest income	$	64,894		$	66,586
Non interest income	20,927			19,000
Provision for loan losses	3,487			3,315
Net income applicable to common equity	19,401			19,261
Per Common and Common Equivalent Share Data:
Basic earnings per share	$	0.50		$	0.48
Diluted earnings per share	$	0.50		$	0.47
Dividend per common share	$	0.22		$	0.19
Period end book value	$	9.83		$	8.83
Average common shares outstanding:
Basic	38,601,216			39,984,092
Diluted	39,111,903			40,644,637
Key Performance Ratios:
Return on average assets	1.38		%	1.38		%
Return on average common shareholders' equity	21.01		%	22.03		%
Average common shareholders' equity to average assets	6.57		%	6.27		%
Leverage ratio	6.72		%	6.63		%
Net interest margin	5.15		%	5.36		%
Efficiency ratio	61.31		%	60.64		%
Average Balance Sheet Data:
Assets	5,699,819			5,651,787
Loans	3,587,067			3,732,033
Available-for-sale securities	1,582,359			1,374,500
Held-to-maturity securities	80,537			77,086
Deposits	4,569,601			4,655,905
Common shareholders' equity	374,448			354,571
End of Period Data:
Assets	5,743,993			5,657,926
Loans	3,494,772			3,654,691
Available-for-sale securities	1,702,469			1,457,223
Held-to-maturity securities	81,018			77,616
Deposits	4,542,720			4,589,575
Common shareholders' equity	377,834			352,040
Common shares outstanding	38,454,327			39,876,334
Credit Quality for Operations:
Annualized net charge-offs to average loans	0.54		%	0.32		%
Nonperforming assets to total assets	0.61		%	0.42		%
Nonperforming assets to period end loans and OREO	1.00		%	0.65		%
Allowance for loan losses to period end loans	1.57		%	1.52		%
Allowance for loan losses to nonperforming loans	195		%	263		%

Selected Financial Data

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COMMUNITY FIRST BANKSHARES, INC.

FINANCIAL DATA WORKSHEET

(In thousands, except per share amounts)	Q1-03		Q4 02		Q3 02		Q2 02			Q1 02
Earnings Per Share:
Before Extraordinary Items/Cum Effect:
Basic	$	0.50	$	0.50	$	0.52	$	0.50		$	0.48
Diluted	$	0.50	$	0.50	$	0.51	$	0.49		$	0.47
After Extraordinary Items/Cum Effect:
Basic	$	0.50	$	0.50	$	0.52	$	0.50		$	0.48
Diluted	$	0.50	$	0.50	$	0.51	$	0.49		$	0.47
Common Dividend Declared Per Share	$	0.22	$	0.21	$	0.21	$	0.19		$	0.19
EOP Book Value	$	9.83	$	9.78	$	9.72	$	9.35		$	8.83
EOP Shares Outstanding:
Basic	38,454,327		38,678,800		39,320,096		39,585,035			39,876,334
Diluted	38,965,014		39,338,588		39,968,549		40,328,597			40,536,879
Average Shares Outstanding:
Basic	38,601,216		39,080,638		39,424,624		39,772,344			39,984,092
Diluted	39,111,903		39,740,426		40,073,077		40,515,906			40,644,637
HIGH Common Share Price	$	27.23	$	28.13	$	28.15	$	28.45		$	26.37
LOW Common Share Price	$	24.35	$	24.41	$	22.36	$	24.99		$	24.14
INCOME STATEMENT
Interest Income (FTE)	84,724		88,632		91,093		92,808			93,751
Interest Expense	17,964		20,705		21,681		22,388			25,154
Net Interest Income (FTE)	66,760		67,927		69,412		70,420			68,597
Loan Loss Provision	3,487		3,298		3,352		3,297			3,315
Investment Securities Transactions	464		488		56		(188		)	17
Trading Account	0		0		0		0			0
Foreign Exchange	0		0		0		0			0
Trust Revenue	1,278		1,304		1,272		1,403			1,426
Insurance Revenue	4,081		3,457		3,758		3,330			3,277
Security Sales Revenue	2,051		2,109		1,827		3,467			2,123
Service Charges on Deposits	9,380		10,023		10,344		10,097			9,657
Other Non-Recurring Revenues	0		0		0		0			0
Other Non-Interest Revenue	3,673		3,422		3,628		2,522			2,500
Material Non-Recurring Revenue	0		0		0		0			0
Total Non-Interest Revenues	20,927		20,803		20,885		20,631			19,000
Salaries & Benefits	27,914		28,130		28,105		29,269			28,490
Occupancy & Equipment	8,608		8,178		8,671		8,109			7,874
Deposit Insurance Expense	191		189		194		205			212
Foreclosed Property Expense	370		134		183		304			102
Other Expenses	16,397		17,743		17,218		17,814			16,431
Material Non-Recurring Expenses	0		0		0		0			0
Minority Interest	0		0		0		0			0
Total Non-Interest Expense	53,480		54,374		54,371		55,701			53,109
Pre-Tax Income (FTE)	30,720		31,058		32,574		32,053			31,173
Tax Equivalent Adjustment	1,866		1,982		1,984		2,124			2,011
Reported Pre-Tax Income	28,854		29,076		30,590		29,929			29,162
Taxes	9,453		9,355		10,221		10,072			9,901
Income before extraordinary items	19,401		19,721		20,369		19,857			19,261
Cumulative effect of extraordinary item	0		0		0		0			0
Net Income after extraordinary item	19,401		19,721		20,369		19,857			19,261
MEMO:
Net Tax Applicable to Non-Recurring Items	0		0		0		0			0
Tax Applicable to Securities Transactions	186		195		22		(75		)	7
Common Dividends	8,497		8,219		8,294		7,543			7,608
Preferred Dividends -
Non-Convertible	0		0		0		0			0
Convertible	0		0		0		0			0
After Tax Interest on Convertible Debt	0		0		0		0			0
EOP Employees (FTE) - As Reported	2,171		2,200		2,196		2,253			2,258
EOP Domestic Offices	136		136		136		137			137

Financial Data by Quarter

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AVERAGE BALANCE SHEET
Taxable Securities	1,594,387	1,468,391		1,373,760		1,400,952	1,365,087
Tax-Exempt Securities	68,509	67,355		80,261		83,610	86,499
Domestic Loans	3,587,067	3,711,180		3,648,884		3,664,634	3,732,033
Foreign Loans	0	0		0		0	0
Other Earning Assets	5,009	20,349		18,862		4,478	5,778
Total Earning Assets	5,254,972	5,267,275		5,121,767		5,153,674	5,189,397
Total Assets	5,699,819	5,723,351		5,574,523		5,614,046	5,651,787
Savings/NOW Accounts	1,681,019	1,650,157		1,610,153		1,647,297	1,643,261
Money Market Deposits	224,291	228,395		196,126		206,119	207,439
Other Consumer Time	1,106,530	1,140,718		1,151,194		1,128,425	1,187,352
CD's $100,000 & Over	612,227	682,002		659,651		643,615	682,733
Foreign Deposits	0	0		0		0	0
Short-Term Borrowings	435,239	345,136		322,489		370,387	318,654
Long-Term Borrowings	130,064	136,165		136,816		132,336	134,609
Total Interest-Bearing Liabilities	4,189,370	4,182,573		4,076,429		4,128,179	4,174,048
Demand Deposits	945,534	980,975		945,637		931,204	935,120
Total Deposits	4,569,601	4,682,247		4,562,761		4,556,660	4,655,905
Trust Owned Preferred Security	128,667	120,000		120,000		139,780	123,333
Non-Convertible Preferred Equity	0	0		0		0	0
Convertible Preferred Equity	0	0		0		0	0
Common Equity	374,448	373,850		370,258		357,773	354,571
Total Preferred Equity	0	0		0		0	0
PARENT COMPANY DATA
EOP Investment in Subsidiaries	583,710	560,319		558,779		552,079	540,586
EOP Goodwill	0	0		0		0	0
ASSET QUALITY
EOP Nonaccrual Loans	27,897	22,728		24,527		21,843	20,831
EOP Restructured Loans	212	220		228		237	243
EOP OREO	7,082	5,990		1,159		1,943	2,735
Total Non-performing Assets	35,191	28,938		25,914		24,023	23,809
Loans > 90 days still accruing	3,364	4,258		3,409		4,067	5,668
EOP In-Substance foreclosure	0	0		0		0	0
NON-PERFORMING LOANS
Construction & Land Development	0	0		0		0	0
Commercial Mortgages	6,232	6,782		7,309		7,086	8,069
Commercial	15,645	11,345		11,396		9,685	8,330
Residential Mortgages	3,911	3,217		3,971		3,351	3,672
LDC	0	0		0		0	0
Other	2,109	1,384		1,851		1,721	760
Total	27,897	22,728		24,527		21,843	20,831
NET CHARGE-OFFS (current quarter)
Commercial Real Estate	250	(40	)	(64	)	43	(151	)
Commercial	1,888	1,238		935		1,744	1,382
Residential Mortgages	208	136		123		583	336
Consumer	1,497	1,793		1,838		720	1,356
LDC	0	0		0		0	0
Agriculture	905	121		(34	)	56	(18	)
All Other	0	0		0		0	0
Total	4,748	3,248		2,798		3,146	2,905
Gross Charge-offs	6,564	4,685		4,681		4,858	5,825
Gross Recoveries	1,816	1,437		1,883		1,712	2,920

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LOAN PORTFOLIO
Construction & Land Development	410,681		439,536		454,418		480,195		498,199
Commercial Mortgages	944,544		888,620		846,138		794,840		766,545
Commercial	687,263		723,530		756,049		787,487		809,503
Real Estate Loans	0		0		0		0		0
Residential Mortgages	445,305		502,276		550,431		556,512		580,090
Home Equity Loans	173,768		177,814		179,873		173,084		163,803
Credit Cards Outstanding	8,915		8,962		8,992		9,007		8,782
Other Consumer	625,666		616,467		618,025		609,559		599,010
LDC	0		0		0		0		0
Foreign	0		0		0		0		0
Agriculture	198,630		220,688		233,207		242,065		228,759
Total Loans & Leases	3,494,772		3,577,893		3,647,133		3,652,749		3,654,691
EOP DATA
Loan Loss Reserve	54,895		56,156		56,106		55,552		55,401
Assets	5,743,993		5,827,170		5,619,702		5,603,955		5,657,926
Total Deposits	4,542,720		4,669,746		4,640,752		4,527,470		4,589,575
Trust Owned Preferred Security	180,000		120,000		120,000		120,000		180,000
Total Preferred Equity	0		0		0		0		0
Common Equity	377,834		378,449		382,376		370,185		352,040
Convertible Debt	0		0		0		0		0
Total Long-Term Debt	123,516		132,961		137,136		133,535		133,281
Deposit Intangibles	24,752		25,395		26,038		26,682		27,325
Goodwill	62,903		62,903		62,903		62,903		62,903
Other Intangibles	7,092		7,182		7,345		6,944		6,920
Total Intangibles	94,747		95,480		96,286		96,529		97,148
RISK-ADJUSTED CAPITAL
EOP Risk-Adjusted Total Assets	4,057,705		4,202,131		4,134,364		4,122,780		4,173,433
Tier I Capital	383,180		377,351		383,086		377,748		372,355
Tier I Ratio	9.44	%	8.98	%	9.27	%	9.16	%	8.92	%
Tier II Capital	140,930		86,364		88,891		90,015		163,832
Total Capital	524,110		463,715		471,977		467,763		536,187
Total Capital Ratio	12.92	%	11.04	%	11.42	%	11.35	%	12.85	%
Leverage Ratio	6.72	%	6.52	%	6.87	%	6.79	%	6.63	%
Equity to Assets Ratio	6.58	%	6.49	%	6.80	%	6.61	%	6.22	%
Tangible Equity to Assets Ratio	4.93	%	4.86	%	5.09	%	4.88	%	4.51	%
EFFICIENCY RATIO
Net Interest Income	66,760		67,927		69,412		70,420		68,597
Non-Interest Income	20,927		20,803		20,885		20,631		19,000
Less:  Non-Recurring Income	0		0		0		0		0
Less:  Other Non-Recurring Items	(464	)	(488	)	(56	)	188		(17	)
Total Revenue	87,223		88,242		90,241		91,239		87,580
Non-Interest Expense	53,480		54,374		54,371		55,701		53,109
Less:  Non-Recurring Non-Int Expenses	0		0		0		0		0
Less:  Other Non-Recurring Expenses	0		0		0		0		0
Total Expense	53,480		54,374		54,371		55,701		53,109
Efficiency Ratio - Reported	61.31	%	61.62	%	60.25	%	61.05	%	60.64	%
PERFORMANCE RATIOS
Return on Average Assets	1.38	%	1.37	%	1.45	%	1.42	%	1.38	%
Return on Average Equity	21.01	%	20.93	%	21.83	%	22.26	%	22.03	%
Net Interest Margin	5.15	%	5.12	%	5.38	%	5.48	%	5.36	%

8

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)	Q1-03		Q4 02		Q3 02		Q2 02			Q1 02
Interest income:
Loans	$	63,210	$	66,852	$	69,514	$	69,721		$	70,759
Investment securities	19,636		19,720		19,517		20,942			20,957
Interest-bearing deposits	12		10		13		9			9
Fed funds sold & resale agreements	0		68		65		12			15
Total interest income	82,858		86,650		89,109		90,684			91,740
Interest expense:
Deposits	14,707		17,300		18,114		18,590			21,568
Short-term & other borrowings	1,358		1,383		1,550		1,812			1,595
Long-term debt	1,899		2,022		2,017		1,986			1,991
Total interest expense	17,964		20,705		21,681		22,388			25,154
Net interest income	64,894		65,945		67,428		68,296			66,586
Provision for loan losses	3,487		3,298		3,352		3,297			3,315
Net interest income after provision for loan losses	61,407		62,647		64,076		64,999			63,271
Noninterest income:
Service charges on deposit accounts	9,380		10,023		10,344		10,097			9,657
Insurance commissions	4,081		3,457		3,758		3,330			3,277
Fees from fiduciary activities	1,278		1,304		1,272		1,403			1,426
Security sales commissions	2,051		2,109		1,827		3,467			2,123
Net gains on sales of available-for-sale securities	464		488		56		(188		)	17
Other	3,673		3,422		3,628		2,522			2,500
Total noninterest income	20,927		20,803		20,885		20,631			19,000
Noninterest expense:
Salaries & employee benefits	27,914		28,130		28,105		29,269			28,490
Net occupancy	8,608		8,178		8,671		8,109			7,874
FDIC insurance	191		189		194		205			212
Legal and accounting	407		705		781		915			737
Other professional service	889		1,490		943		1,030			877
Advertising	930		913		1,077		1,028			965
Telephone	1,526		1,277		1,340		1,430			1,528
Restructuring charge	0		0		0		0			0
Data processing	1,718		1,788		1,853		1,764			1,805
Other real estate and repossessed personal property	370		134		183		304			102
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts	2,791		2,448		2,450		2,892			2,615
Amortization of intangibles	831		831		833		836			818
Other	7,305		8,291		7,941		7,919			7,086
Total noninterest expense	53,480		54,374		54,371		55,701			53,109
Income before income taxes	28,854		29,076		30,590		29,929			29,162
Provision for income taxes	9,453		9,355		10,221		10,072			9,901
Net income applicable to common equity	$	19,401	$	19,721	$	20,369	$	19,857		$	19,261
Earnings per common and
common equivalent share:
Basic net income	$	0.50	$	0.50	$	0.52	$	0.50		$	0.48
Diluted net income	$	0.50	$	0.50	$	0.51	$	0.49		$	0.47
Average common shares outstanding:
Basic	38,601,216		39,080,638		39,424,624		39,772,344			39,984,092
Diluted	39,111,903		39,740,426		40,073,077		40,515,906			40,644,637

Linked Qtr Inc Stmt

9

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)	3/31/03			12/31/02			9/30/02			6/30/02			3/31/02
ASSETS
Cash & due from banks	$	201,185		$	242,887		$	222,439		$	220,914		$	200,554
Fed funds sold and securities purchased under agreement to resell	0			0			32,000			1,750			0
Interest-bearing deposits	8,238			4,613			2,812			1,850			1,267
Available-for-sale securities	1,702,469			1,672,445			1,382,789			1,391,944			1,457,223
Held-to-maturity securities	81,018			80,165			79,282			78,403			77,616
Loans	3,494,772			3,577,893			3,647,133			3,652,749			3,654,691
Less:  Allowance for loan losses	(54,895		)	(56,156		)	(56,106		)	(55,552		)	(55,401		)
Net loans	3,439,877			3,521,737			3,591,027			3,597,197			3,599,290
Bank premises & equipment - net	132,736			132,122			128,256			126,811			126,336
Accrued interest receivable	33,844			34,863			39,943			35,804			38,223
Intangibles	94,747			95,480			96,286			96,529			97,148
Other assets	49,879			42,858			44,868			52,753			60,269
Total assets	$	5,743,993		$	5,827,170		$	5,619,702		$	5,603,955		$	5,657,926
LIABILITIES & SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing	$	369,282		$	470,900		$	427,702		$	399,769		$	382,085
Interest-bearing:
Savings & NOW accounts	2,503,208			2,424,943			2,376,193			2,353,191			2,389,051
Time deposits over $100,000	605,849			670,187			700,005			668,421			677,806
Other time deposits	1,064,381			1,103,716			1,136,852			1,106,089			1,140,633
Total deposits	4,542,720			4,669,746			4,640,752			4,527,470			4,589,575
Fed funds purchased and securities sold under agreement to repurchase	437,287			377,230			253,844			353,288			304,206
Short-term borrowings	30,602			76,260			33,949			52,932			45,996
Long-term debt	117,500			127,500			136,500			132,847			132,478
Capital lease obligations	6,016			5,461			636			688			803
Accrued interest payable	19,669			18,987			19,406			20,014			25,023
Other liabilities	32,365			53,537			32,239			26,531			27,805
Total liabilities	5,186,159			5,328,721			5,117,326			5,113,770			5,125,886
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts	180,000			120,000			120,000			120,000			180,000
Shareholders' equity:
Common stock	510			510			510			510			510
Capital surplus	194,144			193,887			192,687			192,550			193,403
Retained earnings	403,759			393,550			382,083			370,938			358,659
SFAS 115 Equity Adjustment	19,389			23,826			22,847			14,477			(87		)
Cost of common stock in treasury	(239,968		)	(233,324		)	(215,751		)	(208,290		)	(200,445		)
Total shareholders' equity	377,834			378,449			382,376			370,185			352,040
Total liabilities and shareholders' equity	$	5,743,993		$	5,827,170		$	5,619,702		$	5,603,955		$	5,657,926
Period-end common shares outstanding	38,454,327			38,678,800			39,320,096			39,585,035			39,876,334
Book value per common share	$	9.83		$	9.78		$	9.72		$	9.35		$	8.83

Linked Qtr Balance Sheet

10

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended
	March 31,				%
(In thousands, except per share amounts)	2003		2002		Change
Interest income:
Loans	$	63,210	$	70,759	-11	%
Investment securities	19,636		20,957		-6	%
Interest-bearing deposits	12		9		33	%
Federal funds sold and resale agreements	0		15		-100	%
Total interest income	82,858		91,740		-10	%
Interest expense:
Deposits	14,707		21,568		-32	%
Short-term and other borrowings	1,358		1,595		-15	%
Long-term debt	1,899		1,991		-5	%
Total interest expense	17,964		25,154		-29	%
Net interest income	64,894		66,586		-3	%
Provision for loan losses	3,487		3,315		5	%
Net interest income after provision for loan losses	61,407		63,271		-3	%
Noninterest income:
Service charges on deposit accounts	9,380		9,657		-3	%
Insurance commissions	4,081		3,277		25	%
Fees from fiduciary activities	1,278		1,426		-10	%
Security sales commissions	2,051		2,123		-3	%
Net gains on sales of securities	464		17		2629	%
Other	3,673		2,500		47	%
Total noninterest income	20,927		19,000		10	%
Noninterest expense:
Salaries and employee benefits	27,914		28,490		-2	%
Net occupancy	8,608		7,874		9	%
FDIC insurance	191		212		-10	%
Legal and accounting	407		737		-45	%
Other professional service	889		877		1	%
Advertising	930		965		-4	%
Telephone	1,526		1,528		0	%
Restructuring charge	0		0		0	%
Data processing	1,718		1,805		-5	%
Other real estate and repossessed personal property	370		102		263	%
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts	2,791		2,615		7	%
Amortization of intangibles	831		818		2	%
Other	7,305		7,086		3	%
Total noninterest expense	53,480		53,109		1	%
Income before income taxes	28,854		29,162		-1	%
Provision for income taxes	9,453		9,901		-5	%
Net income applicable to common equity	$	19,401	$	19,261	1	%
Earnings per common and common equivalent share:
Basic net income	$	0.50	$	0.48	4	%
Diluted net income	$	0.50	$	0.47	6	%
Average common and common equivalent shares outstanding:
Basic	38,601,216		39,984,092		-3	%
Diluted	39,111,903		40,644,637		-4	%

Comparative Income Statements

11

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,			%
(In thousands, except per share amounts)	2003			2002			Change
Assets:
Cash and due from banks	$	201,185		$	242,887		-17	%
Federal funds sold and securities purchased under agreements to resell	0			0			0	%
Interest-bearing deposits	8,238			4,613			79	%
Available-for-sale securities	1,702,469			1,672,445			2	%
Held-to-maturity securities	81,018			80,165			1	%
Loans	3,494,772			3,577,893			-2	%
Less:  Allowance for loan losses	(54,895		)	(56,156		)	-2	%
Net loans	3,439,877			3,521,737			-2	%
Bank premises and equipment, net	132,736			132,122			0	%
Accrued interest receivable	33,844			34,863			-3	%
Goodwill	62,903			62,903			0	%
Other intangible assets	31,844			32,577			-2	%
Other assets	49,879			42,858			16	%
Total assets	5,743,993			5,827,170			-1	%
Liabilities and shareholders' equity
Deposits:
Noninterest-bearing	369,282			470,900			-22	%
Interest-bearing:
Savings and NOW accounts	2,503,208			2,424,943			3	%
Time accounts over $100,000	605,849			670,187			-10	%
Other time accounts	1,064,381			1,103,716			-4	%
Total deposits	4,542,720			4,669,746			-3	%
Federal funds purchased and securities sold under agreements to repurchase	437,287			377,230			16	%
Other short-term borrowings	30,602			76,260			-60	%
Long-term debt	117,500			127,500			-8	%
Accrued interest payable	19,669			18,987			4	%
Other liabilities	38,381			58,998			-35	%
Total liabilities	5,186,159			5,328,721			-3	%
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts	180,000			120,000			50	%
Shareholders' equity:
Common stock, par value $.01 per share:
Authorized Shares - 80,000,000
Issued Shares - 51,021,896	510			510			0	%
Capital surplus	194,144			193,887			0	%
Retained earnings	403,759			393,550			3	%
Unrealized gain on available-for-sale securities, net of tax	19,389			23,826			-19	%
Less cost of common stock in treasury -
March 31, 2003 - 12,567,569 shares
December 31, 2002 - 12,343,096 shares	(239,968		)	(233,324		)	3	%
Total shareholders' equity	377,834			378,449			0	%
Total liabilities and shareholders' equity	$	5,743,993		$	5,827,170		-1	%
Period-end common shares outstanding	38,454,327			38,678,800			-1	%
Book value per common share	$	9.83		$	9.78		1	%

Comparative Balance Sheet

12