To Our Shareholders :

Community First Bank and Trust opened our first branch in 1999, bringing to reality the vision of a bank that could exceed the expectations of its customers and communities. In 2009, thanks to our many customers and dedicated employees, we celebrated our 10th anniversary and other significant highlights, including:

· An overall increase in deposits, with significant growth in Rutherford and Williamson counties.

· Closing more than 320 mortgages, helping first-time homebuyers realize their dreams and refinancing existing mortgages so that homeowners’ payments better meet their needs and budgets.

· Lending more than $52 million to local businesses, helping to fuel local job and economic growth.

These and other accomplishments helped Community First, Inc. end 2009 with total assets of $705 million and in a strong capital position to continue to support local lending activity.

This year will continue to provide challenges for the banking industry in general and Community First is not immune. Increased banking regulations, put in place to protect consumers, may negatively impact banks’ profitability and affect how we can do business. We are in a position to lend, but without increased consumer confidence and economic stability, the demand is not there. While more banks are likely to fail, Community First—as a strong community bank—is in a position to not just survive, but to thrive as more consumers turn to local, familiar institutions that they trust will be there for them now and in years to come.

As consumers have adapted their spending and savings habits to fit the country’s new economic reality, we will continue to look for ways to operate our bank more efficiently while continuing to provide excellent service and convenience—and giving back to the communities we serve. While any adjustments should be transparent to our customers, they will make us stronger and better positioned for the future.

Even with these challenges, I feel very good about where we have been, where we are today and where we will be 10 years from now. Our board of directors, management and employees are a solid team with the commitment, knowledge and drive to position us for the long-term. All of us at Community First appreciate you, our shareholders, and the investment and continued confidence you have placed in us.

Respectfully yours,

Marc R. Lively

President and CEO