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 SECOND QUARTER EARNINGS

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FARGO, N.D., July 17, 2003 — Community First Bankshares, Inc., (Nasdaq: CFBX) today reported results for the second quarter and year-to-date period of 2003.

Second Quarter and Year-to-Date 2003 Highlights

•Diluted earnings per share of 49 cents, unchanged from 49 cents in the second quarter of 2002. Diluted earnings per share of 99 cents for the year-to-date period of 2003, up from 96 cents in the same period a year ago.

•Net income for the second quarter of $19.1 million, compared to $19.9 million in the second quarter of 2002.

•Return on average equity (ROE) of 20.45 percent, compared to 22.26 percent in the second quarter of 2002 and 21.01 percent in the first quarter of 2003.

•Return on assets (ROA) of 1.36 percent, compared to 1.42 percent in the second quarter of 2002 and 1.38 percent in the first quarter of 2003.

•Net interest margin was 5.11 percent in the second quarter of 2003, compared to 5.48 percent in the second quarter of 2002 and 5.15 percent in the first quarter of 2003.

•Nonperforming assets comprised .58 percent of total assets in the second quarter of 2003, compared to .43 percent in the second quarter of 2002 and .61 percent in the first quarter of 2003. Non-performing assets to period-end loans and OREO was .94 percent in the second quarter of 2003, versus .66 percent in the second quarter of 2002 and 1.00 percent in the first quarter of 2003.

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	Second Quarter						Year-to-Date
	2003			2002			2003			2002
Net income (in millions)	$	19.1		$	19.9		$	38.5		$	39.1
Basic earnings per share	.50			.50			1.00			.98
Diluted earnings per share	.49			.49			.99			.96
Return on assets	1.36		%	1.42		%	1.37		%	1.40		%
Return on common equity	20.45			22.26			20.73			22.16
Net interest margin	5.11			5.48			5.13			5.42

Community First Bankshares, Inc., (Nasdaq: CFBX) today reported net income of $19,086,000 for the quarter ended June 30, 2003, or 49 cents per share diluted. This compares to net income of $19,857,000, or 49 cents per share diluted, for the second quarter of 2002.

For the year-to-date period ended June 30, 2003, the company reported net income of $38,487,000, or 99 cents per share diluted. This compares to net income of $39,118,000, or 96 cents per share diluted, in the comparable period of 2002.

Return on average equity was 20.45 percent in the second quarter of 2003, and return on average assets was 1.36 percent.  In the second quarter of 2002, return on average equity was 22.26 percent and return on average assets was 1.42 percent.  In the first quarter of 2003, return on average equity was 21.01 percent, and return on average assets was 1.38 percent.

“In the second quarter, we dealt with many of the same challenges that have faced the financial services industry over the last several quarters, namely a flat yield curve and modest commercial loan demand brought about by a continued lackluster economy,” commented Mark Anderson, president and chief executive officer.  “We believe that once interest rates stabilize and the economy improves, we will be well positioned for future growth opportunities.  In the interim, we continue to focus on internal initiatives to further strengthen our company. We continue to roll out our online teller initiative, which is expected to further enhance sales efficiency and customer service.  We completed three insurance agency acquisitions within our footprint, and have taken steps to accelerate our market extension strategy over the second half of 2003. We have hired a vice president to coordinate the market extension process, whose responsibilities include market and site selection. In addition, we remain committed to executing other elements of our strategic plan, including a consistent client solutions focus, asset quality emphasis, pricing discipline and non-interest income growth. We filed a new shelf registration with the Securities and Exchange Commission during the quarter that we believe will meet our financing needs for the foreseeable future.

“Our commitment to strategic initiatives yielded several positives during the quarter that further validate the strength of our operating model.  In the asset quality area, we took decisive steps to deal with isolated credit issues, and we believe our overall portfolio quality remains solid. Mortgage activity, as well as customer satisfaction scores within our mortgage business, were also strong during the quarter, due in part to recent changes in our mortgage operations and processing functions. Net interest margin, which was further  challenged amid continued interest rate declines during the quarter, exhibited stability—a further testament to our disciplined pricing

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approach.  While we reiterate our first quarter forecast for a challenging 2003, we are encouraged by the long term strength and growth prospects for Community First.”

Net Interest Income

Interest income in the second quarter of 2003 was $79,949,000, compared to $90,684,000 in the second quarter of 2002, a decrease of 11.84 percent, reflecting further declines in interest rates, as well as continued modest decreases in loans outstanding.  Interest expense for the second quarter was $15,888,000, down 29.03 percent from the previous year.  Average deposits for the quarter decreased 1.83 percent from the second quarter of 2002.  Net interest income was $64,061,000 for the second quarter of 2003, down 6.20 percent compared to $68,296,000 for the second quarter of 2002.  Net interest margin was 5.11 percent for the second quarter of 2003, versus 5.48 percent in the second quarter of 2002 and 5.15 percent in the first quarter of 2003.

“While down on a year-over-year basis, net interest margin remained near first quarter 2003 levels, reflecting our ability to manage pricing within a very compressed margin environment,” said Craig Weiss, chief financial officer.  “We will continue to position our balance sheet and utilize pricing discipline to maintain margin to the extent possible in an unprecedented low rate environment.”

Loan Activity

Total loans as of June 30, 2003, were $3.4 billion, down 6.21 percent from one year ago.  “Due to our conservative lending culture, we have been able to maintain our disciplined approach and minimize loan losses,” said Ron Strand, vice chairman and chief operating officer.  “Softness in the current economy also results in fewer loan opportunities for us overall.  However, mortgage activity, SBA lending and our indirect consumer lending activity remain bright spots for us.”

Loan Losses

Nonperforming assets represented .58 percent of total assets at June 30, 2003, compared to .43 percent in the same quarter last year and .61 percent in the first quarter of 2003.  The allowance for loan losses was 1.58 percent of total loans and 210 percent of nonperforming loans at the end of the second quarter, compared to 1.52 percent and 252 percent respectively at June 30, 2002, and 1.57 percent and 195 percent in the first quarter of 2003.  Net charge-offs were $4.2 million or .49 percent (annualized) of average loans for the second quarter of 2003, compared to $3.1 million or .34 percent for the second quarter of 2002 and $4.7 million or .54 percent in the first quarter of 2003.

“Improvements in key loan quality metrics compared to the first quarter underscore our belief that problem credits within our loan portfolio remain isolated in nature rather than symptomatic of any greater credit issues,” added Strand.  “Our geographic footprint spans four diverse regions of the United States, which we believe results in less industry concentration within our customer base. We continue to streamline and centralize many lending activities and to implement additional safeguards across our system which we believe will improve credit quality.”

Noninterest Income

Noninterest income in the second quarter increased 7.3 percent to a record $22,138,000, compared to $20,631,000 in the second quarter of 2002.  “This represents 25.7 percent of net

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revenue, which is on track with the strategic initiative to increase noninterest income as a percentage of net revenue,” stated Weiss.

“We are optimistic about our fee income growth prospects in the second half of 2003. The second quarter represented the third highest quarter ever for commissions on the sale of investment products for the company. Commissions on the sale of investment products were up 12.6 percent on a linked quarter basis,” said Anderson.

Noninterest Expense

For the second quarter of 2003, noninterest expense was $54,396,000 compared to $55,701,000 in 2002.  “Ongoing internal efficiency improvements drove a reduction in noninterest expense of 2.3 percent in the second quarter,” said Weiss.  “Looking toward the balance of 2003, we expect to maintain control over expenses even as we pursue our market extension strategy.”

Capital Structure

On June 16, Community First filed a registration statement with the Securities and Exchange Commission for the offer and sale of up to $120 million of debt securities, common stock, preferred stock and other securities. The company expects to use the proceeds from the shelf registration to redeem or repurchase outstanding securities, repay debt, acquisitions or for general working capital.

“We have utilized a shelf registration in the past to maximize our flexibility and to reduce funding costs,” added Anderson.  “It also illustrates our ongoing effort toward maintaining a strong capital structure within a wide range of economic environments.”

Community First repurchased 357,000 of its common shares during the second quarter of 2003.  On April 24, the company announced that its Board of Directors authorized a repurchase program of up to 3 million shares of the company’s common stock. This is the fourth repurchase program authorized by the Board since April 2000. Each of the first two programs authorized the repurchase of up to 5 million shares, while the third repurchase program authorized the repurchase of up to 3 million shares. Since the first quarter of 2000, the company has repurchased a total of 13.4 million shares, which represents approximately 27 percent of the shares outstanding. The company continues to believe this represents a prudent use of shareholder capital and an investment in the company’s future.  The company has approximately 3.4 million shares remaining under existing share repurchase authorizations.

During the quarter, the company was again recognized by Forbes magazine for inclusion in the Forbes 500 list.  It achieved a ranking of 456 and it marked the fifth straight year that the company has been included.  Also in the quarter, US Banker ranked Community First thirteenth on its list of Top 100 Publicly Traded Bank and S&L Companies, based on return on average equity.  In its June 2003 issue, ABA Banking Journal ranked Community First eighteenth on its list of Banking’s Top Performers, based on return on average equity among publicly held bank holding companies, banks and thrifts with assets over $1 billion.  Community First achieved further recognition when it was named a Dividend Achiever by Mergent Inc., for the second straight year. Mergent, a New York based provider of global business and financial information on publicly traded companies, has been highlighting companies with outstanding dividend records since 1979.

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Community First Bankshares is hosting a conference call at 12:00 noon, CDT on July 17, at which time management will discuss the results of the second 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 $5.6 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 a series of previously announced strategic initiatives; balance sheet and capital ratio risks related to the share repurchase program; risks related to the company’s acquisition and market extension strategy, including risks of adversely changing results of operations and factors affecting the company’s ability to consummate further acquisitions or extend its markets; 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.

On June 16, 2003, the company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission for the offer and sale of up to $120 million of various securities in the future.  This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities.  Any offer of securities will be by prospectus, including a prospectus supplement that will describe the terms of any such offering at the time of issuance.

-FINANCIAL TABLES FOLLOW-

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COMMUNITY FIRST BANKSHARES, INC.

SELECTED FINANCIAL DATA

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands, except share and per share amounts	2003			2002			2003			2002
Current Earnings:
Net interest income	$	64,061		$	68,296		$	128,955		$		134,882
Non interest income	22,138			20,631			43,065			39,631
Provision for loan losses	3,487			3,297			6,974			6,612
Net income applicable to common equity	19,086			19,857			38,487			39,118
Per Common and Common Equivalent Share Data:
Basic earnings per share	$	0.50		$	0.50		$	1.00		$		0.98
Diluted earnings per share	$	0.49		$	0.49		$	0.99		$		0.96
Dividend per common share	$	0.22		$	0.19		$	0.44		$		0.38
Period end book value							$	9.98		$	9.35
Average common shares outstanding:
Basic	38,371,159			39,772,344			38,485,552			39,877,633
Diluted	38,928,709			40,515,906			39,019,638			40,579,858
Key Performance Ratios:
Return on average assets	1.36		%	1.42		%	1.37		%	1.40			%
Return on average common shareholders’ equity	20.45		%	22.26		%	20.73		%	22.16			%
Average common shareholders’ equity to average assets	6.63		%	6.37		%	6.60		%	6.32			%
Leverage ratio	6.98		%	6.79		%	6.98		%	6.79			%
Net interest margin	5.11		%	5.48		%	5.13		%	5.42			%
Efficiency ratio	62.95		%	61.05		%	62.13		%	60.39			%
Average Balance Sheet Data:
Assets	5,644,752			5,614,046			5,672,134			5,632,813
Loans	3,456,376			3,664,634			3,521,361			3,698,147
Available-for-sale securities	1,644,349			1,406,631			1,613,526			1,390,655
Held-to-maturity securities	81,315			77,931			80,928			77,511
Deposits	4,473,251			4,556,660			4,522,111			4,606,008
Common shareholders’ equity	374,259			357,773			374,353			355,987
End of Period Data:
Assets							5,586,126			5,603,955
Loans							3,425,902			3,652,749
Available-for-sale securities							1,588,644			1,391,944
Held-to-maturity securities							81,744			78,403
Deposits							4,461,248			4,527,470
Common shareholders’ equity							381,960			370,185
Common shares outstanding							38,258,397			39,585,035
Credit Quality for Operations:
Annualized net charge-offs to average loans	0.49		%	0.34		%	0.51		%	0.33			%
Nonperforming assets to total assets							0.58		%	0.43			%
Nonperforming assets to period end loans and OREO							0.94		%	0.66			%
Allowance for loan losses to period end loans							1.58		%	1.52			%
Allowance for loan losses to nonperforming loans							210		%	252			%

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COMMUNITY FIRST BANKSHARES, INC.
FINANCIAL DATA WORKSHEET
(In thousands, except per share amounts)	Q2-03		Q1-03		Q4 02		Q3 02		Q2 02
Earnings Per Share:
Before Extraordinary Items/Cum Effect:
Basic	$	0.50	$	0.50	$	0.50	$	0.52	$	0.50
Diluted	$	0.49	$	0.50	$	0.50	$	0.51	$	0.49
After Extraordinary Items/Cum Effect:
Basic	$	0.50	$	0.50	$	0.50	$	0.52	$	0.50
Diluted	$	0.49	$	0.50	$	0.50	$	0.51	$	0.49
Common Dividend Declared Per Share	$	0.22	$	0.22	$	0.21	$	0.21	$	0.19
EOP Book Value	$	9.98	$	9.83	$	9.78	$	9.72	$	9.35
EOP Shares Outstanding:
Basic	38,258,397		38,454,327		38,678,800		39,320,096		39,585,035
Diluted	38,789,252		38,965,014		39,338,588		39,968,549		40,328,597
Average Shares Outstanding:
Basic	38,371,159		38,601,216		39,080,638		39,424,624		39,772,344
Diluted	38,928,709		39,111,903		39,740,426		40,073,077		40,515,906
HIGH Common Share Price	$	28.60	$	27.23	$	28.13	$	28.15	$	28.45
LOW Common Share Price	$	25.87	$	24.35	$	24.41	$	22.36	$	24.99
INCOME STATEMENT
Interest Income (FTE)	81,957		84,724		88,632		91,093		92,808
Interest Expense	15,888		17,964		20,705		21,681		22,388
Net Interest Income (FTE)	66,069		66,760		67,927		69,412		70,420
Loan Loss Provision	3,487		3,487		3,298		3,352		3,297
Investment Securities Transactions	1,795		464		488		56		(188		)
Trading Account	0		0		0		0		0
Foreign Exchange	0		0		0		0		0
Trust Revenue	1,449		1,278		1,304		1,272		1,403
Insurance Revenue	3,364		4,081		3,457		3,758		3,330
Security Sales Revenue	2,310		2,051		2,109		1,827		3,467
Service Charges on Deposits	9,999		9,380		10,023		10,344		10,097
Other Non-Recurring Revenues	0		0		0		0		0
Other Non-Interest Revenue	3,221		3,673		3,422		3,628		2,522
Material Non-Recurring Revenue	0		0		0		0		0
Total Non-Interest Revenues	22,138		20,927		20,803		20,885		20,631
Salaries & Benefits	28,246		27,914		28,130		28,105		29,269
Occupancy & Equipment	8,435		8,608		8,178		8,671		8,109
Deposit Insurance Expense	185		191		189		194		205
Foreclosed Property Expense	213		370		134		183		304
Other Expenses	17,317		16,397		17,743		17,218		17,814
Material Non-Recurring Expenses	0		0		0		0		0
Minority Interest	0		0		0		0		0
Total Non-Interest Expense	54,396		53,480		54,374		54,371		55,701
Pre-Tax Income (FTE)	30,324		30,720		31,058		32,574		32,053
Tax Equivalent Adjustment	2,008		1,866		1,982		1,984		2,124
Reported Pre-Tax Income	28,316		28,854		29,076		30,590		29,929
Taxes	9,230		9,453		9,355		10,221		10,072
Income before extraordinary items	19,086		19,401		19,721		20,369		19,857
Cumulative effect of extraordinary item	0		0		0		0		0
Net Income after extraordinary item	19,086		19,401		19,721		20,369		19,857
MEMO:
Net Tax Applicable to Non-Recurring Items	0		0		0		0		0
Tax Applicable to Securities Transactions	718		186		195		22		(75		)
Common Dividends	8,438		8,497		8,219		8,294		7,543
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	2,156		2,171		2,200		2,196		2,253
EOP Domestic Offices	136		136		136		136		137

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COMMUNITY FIRST BANKSHARES, INC.
FINANCIAL DATA WORKSHEET
(In thousands, except per share amounts)	Q2-03	Q1-03	Q4 02		Q3 02		Q2 02
AVERAGE BALANCE SHEET
Taxable Securities	1,662,378	1,594,387	1,468,391		1,373,760		1,400,952
Tax-Exempt Securities	63,286	68,509	67,355		80,261		83,610
Domestic Loans	3,456,376	3,587,067	3,711,180		3,648,884		3,664,634
Foreign Loans	0	0	0		0		0
Other Earning Assets	8,393	5,009	20,349		18,862		4,478
Total Earning Assets	5,190,433	5,254,972	5,267,275		5,121,767		5,153,674
Total Assets	5,644,752	5,699,819	5,723,351		5,574,523		5,614,046
Savings/NOW Accounts	1,694,022	1,681,019	1,650,157		1,610,153		1,647,297
Money Market Deposits	214,451	224,291	228,395		196,126		206,119
Other Consumer Time	1,057,005	1,106,530	1,140,718		1,151,194		1,128,425
CD’s $100,000 & Over	548,323	612,227	682,002		659,651		643,615
Foreign Deposits	0	0	0		0		0
Short-Term Borrowings	490,351	435,239	345,136		322,489		370,387
Long-Term Borrowings	121,699	130,064	136,165		136,816		132,336
Total Interest-Bearing Liabilities	4,125,851	4,189,370	4,182,573		4,076,429		4,128,179
Demand Deposits	959,450	945,534	980,975		945,637		931,204
Total Deposits	4,473,251	4,569,601	4,682,247		4,562,761		4,556,660
Trust Owned Preferred Security	120,638	128,667	120,000		120,000		139,780
Non-Convertible Preferred Equity	0	0	0		0		0
Convertible Preferred Equity	0	0	0		0		0
Common Equity	374,259	374,448	373,850		370,258		357,773
Total Preferred Equity	0	0	0		0		0
PARENT COMPANY DATA
EOP Investment in Subsidiaries	594,946	583,710	560,319		558,779		552,079
EOP Goodwill	0	0	0		0		0
ASSET QUALITY
EOP Nonaccrual Loans	25,543	27,897	22,728		24,527		21,843
EOP Restructured Loans	205	212	220		228		237
EOP OREO	6,489	7,082	5,990		1,159		1,943
Total Non-performing Assets	32,237	35,191	28,938		25,914		24,023
Loans > 90 days still accruing	2,603	3,364	4,258		3,409		4,067
EOP In-Substance foreclosure	0	0	0		0		0
NON-PERFORMING LOANS
Construction & Land Development	0	0	0		0		0
Commercial Mortgages	6,363	6,232	6,782		7,309		7,086
Commercial	12,534	15,645	11,345		11,396		9,685
Residential Mortgages	4,738	3,911	3,217		3,971		3,351
LDC	0	0	0		0		0
Other	1,908	2,109	1,384		1,851		1,721
Total	25,543	27,897	22,728		24,527		21,843
NET CHARGE-OFFS (current quarter)
Commercial Real Estate	17	250	(40	)	(64	)	43
Commercial	1,456	1,888	1,238		935		1,744
Residential Mortgages	274	208	136		123		583
Consumer	1,162	1,497	1,793		1,838		720
LDC	0	0	0		0		0
Agriculture	1,286	905	121		(34	)	56
All Other	0	0	0		0		0
Total	4,195	4,748	3,248		2,798		3,146
Gross Charge-offs	5,711	6,564	4,685		4,681		4,858
Gross Recoveries	1,516	1,816	1,437		1,883		1,712

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COMMUNITY FIRST BANKSHARES, INC.
FINANCIAL DATA WORKSHEET
(In thousands, except per share amounts)	Q2-03		Q1-03		Q4 02		Q3 02		Q2 02
LOAN PORTFOLIO
Construction & Land Development	368,914		410,681		439,536		454,418		480,195
Commercial Mortgages	976,928		944,544		888,620		846,138		794,840
Commercial	656,350		687,263		723,530		756,049		787,487
Real Estate Loans	0		0		0		0		0
Residential Mortgages	423,605		445,305		502,276		550,431		556,512
Home Equity Loans	167,199		173,768		177,814		179,873		173,084
Credit Cards Outstanding	8,765		8,915		8,962		8,992		9,007
Other Consumer	632,004		625,666		616,467		618,025		609,559
LDC	0		0		0		0		0
Foreign	0		0		0		0		0
Agriculture	192,137		198,630		220,688		233,207		242,065
Total Loans & Leases	3,425,902		3,494,772		3,577,893		3,647,133		3,652,749
EOP DATA
Loan Loss Reserve	54,187		54,895		56,156		56,106		55,552
Assets	5,586,126		5,743,993		5,827,170		5,619,702		5,603,955
Total Deposits	4,461,248		4,542,720		4,669,746		4,640,752		4,527,470
Trust Owned Preferred Security	120,000		180,000		120,000		120,000		120,000
Total Preferred Equity	0		0		0		0		0
Common Equity	381,960		377,834		378,449		382,376		370,185
Convertible Debt	0		0		0		0		0
Total Long-Term Debt	118,259		123,516		132,961		137,136		133,535
Deposit Intangibles	24,109		24,752		25,395		26,038		26,682
Goodwill	63,448		62,903		62,903		62,903		62,903
Other Intangibles	7,131		7,092		7,182		7,345		6,944
Total Intangibles	94,688		94,747		95,480		96,286		96,529
RISK-ADJUSTED CAPITAL
EOP Risk-Adjusted Total Assets	3,960,031		4,057,705		4,202,131		4,134,364		4,122,780
Tier I Capital	386,988		383,180		377,351		383,086		377,748
Tier I Ratio	9.77	%	9.44	%	8.98	%	9.27	%	9.16	%
Tier II Capital	73,451		140,930		86,364		88,891		90,015
Total Capital	460,439		524,110		463,715		471,977		467,763
Total Capital Ratio	11.63	%	12.92	%	11.04	%	11.42	%	11.35	%
Leverage Ratio	6.98	%	6.72	%	6.52	%	6.87	%	6.79	%
Equity to Assets Ratio	6.84	%	6.58	%	6.49	%	6.80	%	6.61	%
Tangible Equity to Assets Ratio	5.16	%	4.93	%	4.86	%	5.09	%	4.88	%
EFFICIENCY RATIO
Net Interest Income	66,069		66,760		67,927		69,412		70,420
Non-Interest Income	22,138		20,927		20,803		20,885		20,631
Less: Non-Recurring Income	0		0		0		0		0
Less: Other Non-Recurring Items	(1,795	)	(464	)	(488	)	(56	)	188
Total Revenue	86,412		87,223		88,242		90,241		91,239
Non-Interest Expense	54,396		53,480		54,374		54,371		55,701
Less: Non-Recurring Non-Int Expenses	0		0		0		0		0
Less: Other Non-Recurring Expenses	0		0		0		0		0
Total Expense	54,396		53,480		54,374		54,371		55,701
Efficiency Ratio — Reported	62.95	%	61.31	%	61.62	%	60.25	%	61.05	%
PERFORMANCE RATIOS
Return on Average Assets	1.36	%	1.38	%	1.37	%	1.45	%	1.42	%
Return on Average Equity	20.45	%	21.01	%	20.93	%	21.83	%	22.26	%
Net Interest Margin	5.11	%	5.15	%	5.12	%	5.38	%	5.48	%

9

COMMUNITY FIRST BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)	Q2-03		Q1-03		Q4 02		Q3 02		Q2 02
Interest income:
Loans	$	61,410	$	63,210	$	66,852	$	69,514	$	69,721
Investment securities	18,522		19,636		19,720		19,517		20,942
Interest-bearing deposits	16		12		10		13		9
Fed funds sold & resale agreements	1		0		68		65		12
Total interest income	79,949		82,858		86,650		89,109		90,684
Interest expense:
Deposits	12,662		14,707		17,300		18,114		18,590
Short-term & other borrowings	1,480		1,358		1,383		1,550		1,812
Long-term debt	1,746		1,899		2,022		2,017		1,986
Total interest expense	15,888		17,964		20,705		21,681		22,388
Net interest income	64,061		64,894		65,945		67,428		68,296
Provision for loan losses	3,487		3,487		3,298		3,352		3,297
Net interest income after provision for loan losses	60,574		61,407		62,647		64,076		64,999
Noninterest income:
Service charges on deposit accounts	9,999		9,380		10,023		10,344		10,097
Insurance commissions	3,364		4,081		3,457		3,758		3,330
Fees from fiduciary activities	1,449		1,278		1,304		1,272		1,403
Security sales commissions	2,310		2,051		2,109		1,827		3,467
Net gains on sales of available-for-sale securities	1,795		464		488		56		(188		)
Other	3,221		3,673		3,422		3,628		2,522
Total noninterest income	22,138		20,927		20,803		20,885		20,631
Noninterest expense:
Salaries & employee benefits	28,246		27,914		28,130		28,105		29,269
Net occupancy	8,435		8,608		8,178		8,671		8,109
FDIC insurance	185		191		189		194		205
Legal and accounting	879		407		705		781		915
Other professional service	1,217		889		1,490		943		1,030
Advertising	1,023		930		913		1,077		1,028
Telephone	1,628		1,526		1,277		1,340		1,430
Data processing	1,860		1,718		1,788		1,853		1,764
Other real estate and repossessed personal property	213		370		134		183		304
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts	2,399		2,791		2,448		2,450		2,892
Amortization of intangibles	840		831		831		833		836
Other	7,471		7,305		8,291		7,941		7,919
Total noninterest expense	54,396		53,480		54,374		54,371		55,701
Income before income taxes	28,316		28,854		29,076		30,590		29,929
Provision for income taxes	9,230		9,453		9,355		10,221		10,072
Net income applicable to common equity	$	19,086	$	19,401	$	19,721	$	20,369	$	19,857
Earnings per common and common equivalent share:
Basic net income	$	0.50	$	0.50	$	0.50	$	0.52	$	0.50
Diluted net income	$	0.49	$	0.50	$	0.50	$	0.51	$	0.49
Average common shares outstanding:
Basic	38,371,159		38,601,216		39,080,638		39,424,624		39,772,344
Diluted	38,928,709		39,111,903		39,740,426		40,073,077		40,515,906

10

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)	6/30/03			3/31/03				12/31/02				9/30/02				6/30/02
ASSETS
Cash & due from banks	$	223,522		$	201,185			$		242,887		$	222,439			$	220,914
Fed funds sold and securities purchased under agreement to resell	6,750			0				0				32,000				1,750
Interest-bearing deposits	5,390			8,238				4,613				2,812				1,850
Available-for-sale securities	1,588,644			1,702,469				1,672,445				1,382,789				1,391,944
Held-to-maturity securities	81,744			81,018				80,165				79,282				78,403
Loans	3,425,902			3,494,772				3,577,893				3,647,133				3,652,749
Less: Allowance for loan losses	(54,187		)	(54,895			)	(56,156			)	(56,106			)	(55,552			)
Net loans	3,371,715			3,439,877				3,521,737				3,591,027				3,597,197
Bank premises & equipment — net	132,581			132,736				132,122				128,256				126,811
Accrued interest receivable	31,481			33,844				34,863				39,943				35,804
Goodwill	63,448			62,903				62,903				62,903				62,903
Other intangible assets	31,240			31,844				32,577				33,383				33,626
Other assets	49,611			49,879				42,858				44,868				52,753
Total assets	$	5,586,126		$		5,743,993		$	5,827,170			$		5,619,702		$		5,603,955
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing	$	461,652		$		369,282		$	470,900			$		427,702		$		399,769
Interest-bearing:
Savings & NOW accounts	2,444,297			2,503,208				2,424,943				2,376,193				2,353,191
Time deposits over $100,000	551,390			605,849				670,187				700,005				668,421
Other time deposits	1,003,909			1,064,381				1,103,716				1,136,852				1,106,089
Total deposits	4,461,248			4,542,720				4,669,746				4,640,752				4,527,470
Fed funds purchased and securities sold under agreement to repurchase	376,244			437,287				377,230				253,844				353,288
Short-term borrowings	83,329			30,602				76,260				33,949				52,932
Long-term debt	112,500			117,500				127,500				136,500				132,847
Capital lease obligations	5,759			6,016				5,461				636				688
Accrued interest payable	16,755			19,669				18,987				19,406				20,014
Other liabilities	28,331			32,365				53,537				32,239				26,531
Total liabilities	5,084,166			5,186,159				5,328,721				5,117,326				5,113,770
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts	120,000			180,000				120,000				120,000				120,000
Shareholders’ equity:
Common stock	510			510				510				510				510
Capital surplus	194,365			194,144				193,887				192,687				192,550
Retained earnings	413,690			403,759				393,550				382,083				370,938
SFAS 115 Equity Adjustment	20,284			19,389				23,826				22,847				14,477
Cost of common stock in treasury	(246,889		)	(239,968			)	(233,324			)	(215,751			)	(208,290			)
Total shareholders’ equity	381,960			377,834				378,449				382,376				370,185
Total liabilities and shareholders’ equity	$	5,586,126		$		5,743,993		$	5,827,170			$		5,619,702		$		5,603,955
Period-end common shares outstanding	38,258,397			38,454,327				38,678,800				39,320,096				39,585,035
Book value per common share	$	9.98		$		9.83		$	9.78			$		9.72		$		9.35

11

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended June 30,						%		For the Six Months Ended June 30,						%
(In thousands, except per share amounts)	2003		2002				Change		2003		2002				Change
Interest income:
Loans	$	61,410	$	69,721			-12	%	$	124,620	$		140,480		-11	%
Investment securities	18,522		20,942				-12	%	38,158		41,899				-9	%
Interest-bearing deposits	16		9				78	%	28		18				56	%
Federal funds sold and resale agreements	1		12				-92	%	1		27				-96	%
Total interest income	79,949		90,684				-12	%	162,807		182,424				-11	%
Interest expense:
Deposits	12,662		18,590				-32	%	27,369		40,158				-32	%
Short-term and other borrowings	1,480		1,812				-18	%	2,838		3,407				-17	%
Long-term debt	1,746		1,986				-12	%	3,645		3,977				-8	%
Total interest expense	15,888		22,388				-29	%	33,852		47,542				-29	%
Net interest income	64,061		68,296				-6	%	128,955		134,882				-4	%
Provision for loan losses	3,487		3,297				6	%	6,974		6,612				5	%
Net interest income after provision for loan losses	60,574		64,999				-7	%	121,981		128,270				-5	%
Noninterest income:
Service charges on deposit accounts	9,999		10,097				-1	%	19,379		19,754				-2	%
Insurance commissions	3,364		3,330				1	%	7,445		6,607				13	%
Fees from fiduciary activities	1,449		1,403				3	%	2,727		2,829				-4	%
Security sales commissions	2,310		3,467				-33	%	4,361		5,590				-22	%
Net gains on sales of securities	1,795		(188			)	1055	%	2,259		(171			)	1421	%
Other	3,221		2,522				28	%	6,894		5,022				37	%
Total noninterest income	22,138		20,631				7	%	43,065		39,631				9	%
Noninterest expense:
Salaries and employee benefits	28,246		29,269				-3	%	56,160		57,759				-3	%
Net occupancy	8,435		8,109				4	%	17,043		15,983				7	%
FDIC insurance	185		205				-10	%	376		417				-10	%
Legal and accounting	879		915				-4	%	1,286		1,652				-22	%
Other professional service	1,217		1,030				18	%	2,106		1,907				10	%
Advertising	1,023		1,028				0	%	1,953		1,993				-2	%
Telephone	1,628		1,430				14	%	3,154		2,958				7	%
Data processing	1,860		1,764				5	%	3,578		3,569				0	%
Other real estate and repossessed personal property	213		304				-30	%	583		406				44	%
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts	2,399		2,892				-17	%	5,190		5,507				-6	%
Amortization of intangibles	840		836				0	%	1,671		1,654				1	%
Other	7,471		7,919				-6	%	14,776		15,005				-2	%
Total noninterest expense	54,396		55,701				-2	%	107,876		108,810				-1	%
Income before income taxes	28,316		29,929				-5	%	57,170		59,091				-3	%
Provision for income taxes	9,230		10,072				-8	%	18,683		19,973				-6	%
Net income applicable to common equity	$	19,086	$		19,857		-4	%	$	38,487	$	39,118			-2	%
Earnings per common and common equivalent share:
Basic net income	$	0.50	$		0.50		0	%	$	1.00	$	0.98			2	%
Diluted net income	$	0.49	$		0.49		0	%	$	0.99	$	0.96			3	%
Average common and common equivalent shares outstanding:
Basic	38,371,159		39,772,344				-4	%	38,485,552		39,877,633				-3	%
Diluted	38,928,709		40,515,906				-4	%	39,019,638		40,579,858				-4	%

12

COMMUNITY FIRST BANKSHARES, INC.
CONSOLIDATED BALANCE SHEETS
	June 30,			December 31,			%
(In thousands, except per share amounts)	2003			2002			Change
Assets:
Cash and due from banks	$	223,522		$	242,887		-8	%
Federal funds sold and securities purchased under agreements to resell	6,750			0			nm
Interest-bearing deposits	5,390			4,613			17	%
Available-for-sale securities	1,588,644			1,672,445			-5	%
Held-to-maturity securities	81,744			80,165			2	%
Loans	3,425,902			3,577,893			-4	%
Less: Allowance for loan losses	(54,187		)	(56,156		)	-4	%
Net loans	3,371,715			3,521,737			-4	%
Bank premises and equipment, net	132,581			132,122			0	%
Accrued interest receivable	31,481			34,863			-10	%
Goodwill	63,448			62,903			1	%
Other intangible assets	31,240			32,577			-4	%
Other assets	49,611			42,858			16	%
Total assets	5,586,126			5,827,170			-4	%
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing	461,652			470,900			-2	%
Interest-bearing:
Savings and NOW accounts	2,444,297			2,424,943			1	%
Time accounts over $100,000	551,390			670,187			-18	%
Other time accounts	1,003,909			1,103,716			-9	%
Total deposits	4,461,248			4,669,746			-4	%
Federal funds purchased and securities sold under agreements to repurchase	376,244			377,230			0	%
Other short-term borrowings	83,329			76,260			9	%
Long-term debt	112,500			127,500			-12	%
Accrued interest payable	16,755			18,987			-12	%
Other liabilities	34,090			58,998			-42	%
Total liabilities	5,084,166			5,328,721			-5	%
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts	120,000			120,000			0	%
Shareholders’ equity:
Common stock, par value $.01 per share:
Authorized Shares — 80,000,000
Issued Shares — 51,021,896	510			510			0	%
Capital surplus	194,365			193,887			0	%
Retained earnings	413,690			393,550			5	%
Unrealized gain on available-for-sale securities, net of tax	20,284			23,826			-15	%
Less cost of common stock in treasury — June 30, 2003 — 12,763,499 shares December 31, 2002 — 12,343,096 shares	(246,889		)	(233,324		)	6	%
Total shareholders’ equity	381,960			378,449			1	%
Total liabilities and shareholders’ equity	$	5,586,126		$	5,827,170		-4	%
Period-end common shares outstanding	38,258,397			38,678,800			-1	%
Book value per common share	$	9.98		$	9.78		2	%

13