Exhibit 99.1

FROM:	FOR:
Financial Relations Board	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@financialrelationsboard.com	IPR@CommunityFirst.com

COMMUNITY FIRST BANKSHARES REPORTS FOURTH QUARTER AND YEAR-END 2003 EARNINGS

FARGO, N.D., January 15, 2004 — Community First Bankshares, Inc., (Nasdaq: CFBX) today reported results for the fourth quarter of 2003 and full year of 2003.

Fourth Quarter and Year 2003 Highlights

•      Diluted earnings per share of 48 cents, compared to 50 cents in the fourth quarter of 2002. Diluted earnings per share of $1.95 for the year, compared to $1.97 in 2002.

•      Net income for the fourth quarter of $18.2 million, a decrease of 7.6 percent from $19.7 million in the fourth quarter of 2002. Net income for 2003 was $75.0 million compared to $79.2 million in 2002.

•      Return on average equity (ROE) of 20.30 percent, compared to 20.93 percent in the fourth quarter of 2002.  Year 2003 ROE was 20.50 percent compared to 21.76 percent in 2002.

•      Return on assets (ROA) of 1.32 percent, compared to 1.37 percent in the fourth quarter of 2002.  Year 2003 ROA was 1.34 percent compared to 1.40 percent in 2002.

•      Net interest margin was 4.80 percent in the fourth quarter of 2003, compared to 4.89 percent in the fourth quarter of 2002 and 4.80 percent in the third quarter of 2003. Year 2003 net interest margin was 4.84 percent, compared to 5.09 percent in 2002.  Net interest margin for all periods presented reflects the adoption of FIN 46(r), “Consolidation of Variable Interest Entities,” wherein our business trust subsidiary and the trust preferred securities issued by that subsidiary is no longer consolidated for financial statement purposes. The adoption of FIN 46(r) had no effect on net income for the quarter or year.

•      Nonperforming assets comprised .48 percent of total assets at December 31, 2003, compared to .50 percent at the end of 2002. Non-performing assets to period-end loans and OREO was .79 percent at December 31, 2003, versus .81 percent at the end of 2002.

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	Fourth Quarter						Year
	2003			2002			2003			2002
Net income (in millions)	$	18.2		$	19.7		$	75.0		$	79.2
Basic earnings per share	.48			.50			1.97			2.00
Diluted earnings per share	.48			.50			1.95			1.97
Return on assets	1.32		%	1.37		%	1.34		%	1.40		%
Return on common equity	20.30			20.93			20.50			21.76
Net interest margin	4.80			4.89			4.84			5.09

(All periods presented reflect the adoption of FIN 46(r), “Consolidation of Variable Interest Entities,” as of December 31, 2003, wherein our business trust subsidiaries which have issued trust preferred securities are no longer consolidated for financial statement purposes.)

Community First Bankshares, Inc., (Nasdaq: CFBX) today reported net income of $18,193,000 for the quarter ended December 31, 2003, or 48 cents per share diluted. This compares to net income of $19,721,000 or 50 cents per share diluted for the fourth quarter of 2002.

For the year ended December 31, 2003, the company reported net income of $75,021,000, or $1.95 per share diluted. This compares to net income of $79,208,000, or $1.97 per share diluted, for 2002. All periods presented reflect the adoption of FIN 46(r), “Consolidation of Variable Interest Entities,” as of December 31, 2003, wherein our business trust subsidiary and the trust preferred securities issued by this subsidiary is no longer consolidated for financial purposes. Under FIN 46(r), the trust preferred securities of the subsidiary are no longer recorded as minority interest and the subordinated debentures of the parent company are recorded as a liability on the financial statements. The effect is a reduction in noninterest expense and an increase in interest expense on the consolidated financial statements of the company. The adoption of FIN 46(r) had no effect on net income.

Return on average equity was 20.30 percent in the fourth quarter of 2003, and return on average assets was 1.32 percent. In the fourth quarter of 2002, return on average equity was 20.93 percent and return on average assets was 1.37 percent.

“Just as we anticipated one year ago, 2003 proved to be a very challenging year,” commented Mark Anderson, president and chief executive officer.  “A third consecutive year of historically low interest rates and a slow economy combined to break our string of four straight years of record earnings per share performance.  Beginning a new run of positive performance is an obvious priority as we look to 2004, and we are seeing signs both in the economy and within our business that a recovery may be close at hand.  Throughout 2003, we maintained our focus on executing strategic initiatives while remaining committed to our conservative and disciplined lending culture.  We believe this helped us weather the difficult operating environment of the past year and positioned us well for the year ahead.  In the fourth quarter, we saw additional positive signs within our business, including our second best quarter ever in terms of SBA loan premium income, increasing loan volume in select markets, improving trends in overall loan portfolio quality, our second highest quarter for sales of investment products, and a continued acceleration of our market extension initiatives.

“During the quarter, we received regulatory approval for three new bank locations to be located in Lino Lakes, Blaine and Lakeville, Minn. The Lino Lakes location is scheduled to open by late February 2004, with the two other locations to follow during the course of the year.  We are also pleased to announce that we have signed lease agreements for two additional bank locations in Chanhassen and Inver Grove Heights, Minn.  Pending regulatory approval of those locations, these sites will further enhance our growing market position in the Minneapolis/St. Paul suburban market.  Early in 2004, we announced the

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acquisition of an insurance agency in Littleton, Colo., our third agency acquisition in the Denver metropolitan market in the last nine months.  Taken together, these expansion efforts underscore our commitment to pursuing growth in our target markets, and we expect additional opportunities to complement our footprint in the year ahead.

“Our operating model affords us an additional level of confidence as we seek out new growth in target markets. The previously announced transition of 16 Regional Financial Centers to Community Financial Centers continued on schedule during the fourth quarter, and we expect this migration to be completed early in 2004.  Our Regional Financial Centers offer a broad mix of business and retail services, while Community Financial Centers maintain primarily a retail focus.  This dual operating structure allows us to smoothly and efficiently refine our mix of service offerings to better meet the needs of these markets.

“Client solutions include robust growth of our online personal and business banking channels, with 29 percent and 39 percent penetration rates of our retail and business banking base, respectively. Products such as our check card, which realized a 41 percent increase in net revenue in 2003, will further enhance revenue opportunities. We believe our focus on building long-term client relationships to provide comprehensive financial solutions—rather than the short-term approach of merely selling financial products—will increasingly differentiate Community First from competitors,” said Anderson.

Net Interest Income

Interest income in the fourth quarter of 2003 was $73,236,000, compared to $85,767,000 in the fourth quarter of 2002, a decrease of 14.6 percent, reflecting further declines in interest rates, as well as continued decreases in loans outstanding in 2003. Interest expense for the fourth quarter was $15,107,000, down 35.0 percent from the previous year. Average deposits for the quarter decreased 5.9 percent from the fourth quarter of 2002, while on a linked quarter basis, deposits remained consistent. Net interest income was $58,129,000 for the fourth quarter of 2003, down 7.1 percent compared to $62,538,000 for the fourth quarter of 2002. Net interest margin was 4.80 percent for the fourth quarter of 2003, versus 4.89 percent in the fourth quarter of 2002 and 4.80 percent in the third quarter of 2003.

Interest income for 2003 was $309,242,000, a decline of 12.8 percent compared to 2002 interest income of $354,701,000.  Interest expense for 2003 decreased 29.9 percent to $70,538,000 from $100,655,000 in 2002.  Net interest income was $238,704,000, down 6.0 percent from $254,046,000 in 2002.

Commenting on the change in net interest margin, chief financial officer Craig Weiss said, “The interest rate environment that has compressed our net interest margin throughout 2003 was evident again in the fourth quarter.  Against that backdrop, we are encouraged by the continued stability of our net interest margin. Our balance sheet exhibits signs of stabilizing, and we believe we are well-positioned to participate in an improving economic environment.”

Loan Activity

Total loans as of December 31, 2003, were $3.32 billion, down 7.1 percent from one year ago.

“We are beginning to see increasing loan volume activity in areas where we were challenged in 2003,” said Ron Strand, vice chairman and chief operating officer.  “Commercial real estate activity showed signs of improvement, as did consumer lending.  SBA premium income increased 69 percent compared to the fourth quarter of 2002, and reached a record $4.1 million for the year. We now rank as the nation’s 36^th largest SBA lender based on number of 7(a) loans originated and believe this is an excellent solution for commercial clients served by Community First. However, results from this program are tied to SBA lending caps and funding which are approved by Congress. While mortgage refinancing activity continues to slow, we are seeking ways to leverage our mortgage relationships through additional cross-sell opportunities. Indirect loan activity continued to gain additional momentum, due to our growing dealer network. As in any period of economic recovery, there is still significant uncertainty, and we will proceed cautiously by adhering to our commitment to loan quality.”

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Loan Losses

Nonperforming assets represented .48 percent of total assets at December 31, 2003, compared to .50 percent in the same quarter last year. The allowance for loan losses was 1.57 percent of total loans and 251 percent of nonperforming loans at the end of 2003, compared to 1.57 percent and 245 percent respectively at December 31, 2002. Net charge-offs were $4.0 million or .48 percent (annualized) of average loans for the fourth quarter of 2003, compared to $3.2 million or .35 percent for the fourth quarter of 2002.  For 2003, net charge-offs were .48 percent of average loans compared to .33 percent in 2002.

“The success of our nearly completed Loan Center initiative was evident during the fourth quarter, as centralized scoring on consumer loans continued to improve the quality of this portfolio,” added Strand.  “In addition, overall asset quality improved and the two isolated problem credits we identified in early 2003 are nearing resolution.”

Noninterest Income

Noninterest income in the fourth quarter increased to $23,222,000, compared to $21,762,000 in the fourth quarter of 2002.  Insurance commissions were up 7.0 percent in the fourth quarter of 2003, compared to the same period in 2002, and investment sales commissions increased 25.6 percent over the same period.

“Strong equity markets during the fourth quarter drove solid increases in securities sales, and our growing insurance agency network also contributed to growth in noninterest income,” said Anderson.  “In addition to their importance as revenue drivers, these offerings are crucial to fulfilling our total client solution mandate and strengthening client relationships.”

Noninterest Expense

For the fourth quarter of 2003, noninterest expense was $51,609,000, a decline of 0.6 percent from the same period in 2002. For the year, noninterest expense was $206,859,000 compared to $207,150,000 for 2002.

“Consistent with our internal initiatives, we continued our efforts to tightly control expenses during a challenging revenue environment,” said Weiss.  “We were pleased to accomplish this goal without compromising our resources or our ability to effect capital investments.”

Capital Structure

The company repurchased 424,700 of its common shares of its stock during the fourth quarter of 2003, and 1.7 million shares in 2003.  Since the first quarter of 2000, the company has repurchased a total of 14.3 million shares, with 2.4 million shares remaining under the current repurchase authorization.

The company ended 2003 with a one year annualized total shareholder return of 13.02 percent compared to a return of 28.26 percent for the Dow Jones Industrial Average and a return of 28.67 percent for the S&P 500.  Over the last three years, Community First has an annualized total shareholder return of 18.89 percent versus a return of 1.02 percent for the Dow Industrials and a negative return of 4.04 percent for the S&P 500.  During 2003, the company raised its quarterly dividend twice, from 21 cents to 23 cents per common share.

“With our 11th consecutive quarter of return on equity above 20 percent, our two dividend increases during the year, and our inclusion as a Mergent Dividend Achiever for the second straight year, we are proud of our record in creating value for our shareholders,” said Anderson.  “We believe our company is poised to see growth in key balance sheet and fee income categories, complementing performance in key business lines. We look forward to sharing additional successes with all of our stakeholders in the year ahead.”

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Community First Bankshares is hosting a conference call at 12:00 noon, CST on January 15, at which time management will discuss the results of the fourth quarter.  Individual investors and the media are welcome to join the call by dialing 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 $5.5 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.

-FINANCIAL TABLES FOLLOW-

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COMMUNITY FIRST BANKSHARES, INC.

SELECTED FINANCIAL DATA

	Three Months Ended December 31,						Year Ended December 31,
(In thousands, except share and per share amounts)	2003			2002			2003			2002
Current Earnings:
Net interest income	$	58,129		$	62,538		$	238,704		$	254,046
Non interest income	23,222			21,762			92,693			85,123
Provision for loan losses	2,225			3,298			12,602			13,262
Net income applicable to common equity	18,193			19,721			75,021			79,208
Per Common and Common Equivalent Share Data:
Basic earnings per share	$	0.48		$	0.50		$	1.97		$	2.00
Diluted earnings per share	$	0.48		$	0.50		$	1.95		$	1.97
Dividend per common share	$	0.23		$	0.21		$	0.90		$	0.80
Period end book value							$	9.68		$	9.78
Average common shares outstanding:
Basic	37,536,006			39,080,638			38,107,796			39,564,912
Diluted	37,951,445			39,740,426			38,553,806			40,243,135
Key Performance Ratios:
Return on average assets	1.32		%	1.37		%	1.34		%	1.40		%
Return on average common shareholders’ equity	20.30		%	20.93		%	20.50		%	21.76		%
Average common shareholders’ equity to average assets	6.49		%	6.53		%	6.56		%	6.45		%
Leverage ratio	6.99		%	6.52		%	6.99		%	6.52		%
Net interest margin	4.80		%	4.89		%	4.84		%	5.09		%
Efficiency ratio	63.66		%	60.92		%	62.24		%	60.12		%
Average Balance Sheet Data:
Assets	5,474,808			5,727,025			5,582,771			5,644,717
Loans	3,334,878			3,711,180			3,446,507			3,689,015
Available-for-sale securities	1,573,533			1,456,132			1,584,564			1,403,276
Deposits	4,407,806			4,682,247			4,467,553			4,614,324
Common shareholders’ equity	355,520			373,850			366,035			364,086
End of Period Data:
Assets							5,465,107			5,830,850
Loans							3,323,572			3,577,893
Available-for-sale securities							1,563,419			1,672,445
Held-to-maturity securities							0			0
Deposits							4,389,210			4,669,746
Common shareholders’ equity							361,800			378,449
Common shares outstanding							37,357,414			38,678,800
Credit Quality for Operations:
Annualized net charge-offs to average loans	0.48		%	0.35		%	0.48		%	0.33		%
Nonperforming assets to total assets							0.48		%	0.50		%
Nonperforming assets to period end loans and OREO							0.79		%	0.81		%
Allowance for loan losses to period end loans							1.57		%	1.57		%
Allowance for loan losses to nonperforming loans							251		%	245		%

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COMMUNITY FIRST BANKSHARES, INC.

FINANCIAL DATA WORKSHEET

(In thousands, except share and per share amounts)	Q4’03		Q3’03		Q2’03		Q1’03		Q4’02
Earnings Per Share:
Before Extraordinary Items/Cum Effect:
Basic	$	0.48	$	0.48	$	0.50	$	0.50	$	0.50
Diluted	$	0.48	$	0.48	$	0.49	$	0.50	$	0.50
After Extraordinary Items/Cum Effect:
Basic	$	0.48	$	0.48	$	0.50	$	0.50	$	0.50
Diluted	$	0.48	$	0.48	$	0.49	$	0.50	$	0.50
Common Dividend Declared Per Share	$	0.23	$	0.23	$	0.22	$	0.22	$	0.21
EOP Book Value	$	9.68	$	9.71	$	9.98	$	9.83	$	9.78
EOP Shares Outstanding:
Basic	37,357,414		37,723,391		38,258,397		38,454,327		38,678,800
Diluted	37,772,853		38,169,941		38,737,731		38,897,640		39,338,588
Average Shares Outstanding:
Basic	37,536,006		37,936,390		38,371,159		38,601,216		39,080,638
Diluted	37,951,445		38,382,940		38,850,493		39,044,529		39,740,426
HIGH Common Share Price	$	29.26	$	29.01	$	28.60	$	27.23	$	28.13
LOW Common Share Price	$	26.20	$	26.04	$	25.87	$	24.35	$	24.41
INCOME STATEMENT
Interest Income (FTE)	74,587		76,225		80,379		83,325		87,185
Interest Expense	15,107		16,228		18,362		20,841		23,229
Net Interest Income (FTE)	59,480		59,997		62,017		62,484		63,956
Loan Loss Provision	2,225		3,403		3,487		3,487		3,298
Investment Securities Transactions	1,631		444		1,795		464		488
Trading Account	0		0		0		0		0
Foreign Exchange	0		0		0		0		0
Trust Revenue	1,351		1,186		1,449		1,278		1,304
Insurance Revenue	3,698		4,080		3,364		4,081		3,457
Security Sales Revenue	2,648		2,048		2,310		2,051		2,109
Service Charges on Deposits	9,799		11,061		9,999		9,380		10,023
Other Non-Recurring Revenues	0		0		0		0		0
Other Non-Interest Revenue	4,095		5,702		4,167		4,612		4,381
Material Non-Recurring Revenue	0		0		0		0		0
Total Non-Interest Revenues	23,222		24,521		23,084		21,866		21,762
Salaries & Benefits	28,061		28,665		28,246		27,914		28,130
Occupancy & Equipment	8,241		8,206		8,435		8,608		8,178
Deposit Insurance Expense	165		179		185		191		189
Foreclosed Property Expense	452		471		213		370		134
Other Expenses	14,690		15,043		14,918		13,606		15,295
Material Non-Recurring Expenses	0		0		0		0		0
Minority Interest	0		0		0		0		0
Total Non-Interest Expense	51,609		52,564		51,997		50,689		51,926
Pre-Tax Income (FTE)	28,868		28,551		29,617		30,174		30,494
Tax Equivalent Adjustment	1,351		1,302		1,301		1,320		1,418
Reported Pre-Tax Income	27,517		27,249		28,316		28,854		29,076
Taxes	9,324		8,908		9,230		9,453		9,355
Income before extraordinary items	18,193		18,341		19,086		19,401		19,721
Cumulative effect of extraordinary item	0		0		0		0		0
Net Income after extraordinary item	18,193		18,341		19,086		19,401		19,721
MEMO:
Net Tax Applicable to Non-Recurring Items	0		0		0		0		0
Tax Applicable to Securities Transactions	652		178		718		186		195
Common Dividends	8,607		8,708		8,438		8,497		8,219
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	2,162		2,155		2,156		2,171		2,200
EOP Domestic Offices	136		136		136		136		136

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(In thousands, except share and per share amounts)	Q4’03	Q3’03		Q2’03	Q1’03	Q4’02
AVERAGE BALANCE SHEET
Taxable Securities	1,514,720	1,478,419		1,581,063	1,513,850	1,388,777
Tax-Exempt Securities	58,813	60,198		63,286	68,509	67,355
Domestic Loans	3,334,878	3,410,868		3,456,376	3,587,067	3,711,180
Foreign Loans	0	0		0	0	0
Other Earning Assets	6,193	8,840		8,393	5,009	20,349
Total Earning Assets	4,914,604	4,958,325		5,109,118	5,174,435	5,187,661
Total Assets	5,474,808	5,507,101		5,648,459	5,704,068	5,727,025
Savings/NOW Accounts	1,755,044	1,704,618		1,694,022	1,681,019	1,650,157
Money Market Deposits	206,816	203,488		214,451	224,291	228,395
Other Consumer Time	943,619	991,678		1,057,005	1,106,530	1,140,718
CD’s $100,000 & Over	469,723	516,315		548,323	612,227	682,002
Foreign Deposits	0	0		0	0	0
Short-Term Borrowings	416,584	424,670		490,351	435,239	345,136
Long-Term Borrowings	232,825	242,931		246,049	263,019	259,876
Total Interest-Bearing Liabilities	4,024,611	4,083,700		4,250,201	4,322,325	4,306,284
Demand Deposits	1,032,604	1,007,563		959,450	945,534	980,975
Total Deposits	4,407,806	4,423,662		4,473,251	4,569,601	4,682,247
Trust Owned Preferred Security	0	0		0	0	0
Non-Convertible Preferred Equity	0	0		0	0	0
Convertible Preferred Equity	0	0		0	0	0
Common Equity	355,520	360,187		374,259	374,448	373,850
Total Preferred Equity	0	0		0	0	0
PARENT COMPANY DATA
EOP Investment in Subsidiaries	525,067	529,477		594,946	583,710	560,319
EOP Goodwill	0	0		0	0	0
ASSET QUALITY
EOP Nonaccrual Loans	20,630	25,932		25,543	27,897	22,728
EOP Restructured Loans	188	197		205	212	220
EOP OREO	5,461	6,236		6,489	7,082	5,990
Total Non-performing Assets	26,279	32,365		32,237	35,191	28,938
Loans > 90 days still accruing	3,220	4,451		2,603	3,364	4,258
EOP In-Substance foreclosure	0	0		0	0	0
NON-PERFORMING LOANS
Construction & Land Development	0	0		0	0	0
Commercial Mortgages	8,237	6,892		6,551	6,426	6,983
Commercial	7,471	12,917		12,534	15,645	11,345
Residential Mortgages	2,504	3,848		4,755	3,929	3,236
LDC	0	0		0	0	0
Other	2,606	2,472		1,908	2,109	1,384
Total	20,818	26,129		25,748	28,109	22,948
NET CHARGE-OFFS (current quarter)
Commercial Real Estate	90	(38	)	17	250	(40	)
Commercial	1,023	1,029		1,456	1,888	1,238
Residential Mortgages	523	748		274	208	136
Consumer	1,713	1,317		1,162	1,497	1,793
LDC	0	0		0	0	0
Agriculture	644	535		1,286	905	121
All Other	0	0		0	0	0
Total	3,993	3,591		4,195	4,748	3,248
Gross Charge-offs	5,233	5,102		5,711	6,564	4,685
Gross Recoveries	1,240	1,511		1,516	1,816	1,437

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(In thousands, except share and per share amounts)	Q4’03		Q3’03		Q2’03		Q1’03		Q4’02
LOAN PORTFOLIO
Construction & Land Development	321,323		333,577		368,914		410,681		439,536
Commercial Mortgages	1,010,358		1,004,765		976,928		944,544		888,620
Commercial	582,861		611,791		656,350		687,263		723,530
Real Estate Loans	0		0		0		0		0
Residential Mortgages	389,644		399,425		423,605		445,305		502,276
Home Equity Loans	162,441		164,069		167,199		173,768		177,814
Credit Cards Outstanding	8,645		8,862		8,765		8,915		8,962
Other Consumer	669,812		653,085		632,004		625,666		616,467
LDC	0		0		0		0		0
Foreign	0		0		0		0		0
Agriculture	178,488		182,578		192,137		198,630		220,688
Total Loans & Leases	3,323,572		3,358,152		3,425,902		3,494,772		3,577,893
EOP DATA
Loan Loss Reserve	52,231		53,999		54,187		54,895		56,156
Assets	5,465,107		5,487,215		5,589,871		5,749,512		5,830,850
Total Deposits	4,389,210		4,370,093		4,461,248		4,542,720		4,669,746
Trust Owned Preferred Security	0		0		0		0		0
Total Preferred Equity	0		0		0		0		0
Common Equity	361,800		366,109		381,960		377,834		378,449
Convertible Debt	0		0		0		0		0
Total Long-Term Debt	227,441		229,708		241,970		309,083		256,672
Deposit Intangibles	22,823		23,466		24,109		24,752		25,395
Goodwill	63,448		63,448		63,448		62,903		62,903
Other Intangibles	7,579		7,000		7,131		7,092		7,182
Total Intangibles	93,850		93,914		94,688		94,747		95,480
RISK-ADJUSTED CAPITAL
EOP Risk-Adjusted Total Assets	3,884,282		3,958,923		3,960,031		4,057,705		4,202,131
Tier I Capital	379,146		378,997		386,988		383,180		377,351
Tier I Ratio	9.76	%	9.57	%	9.77	%	9.44	%	8.98	%
Tier II Capital	64,494		70,145		73,451		140,930		86,364
Total Capital	443,640		449,142		460,439		524,110		463,715
Total Capital Ratio	11.42	%	11.35	%	11.63	%	12.92	%	11.04	%
Leverage Ratio	6.99	%	6.96	%	6.98	%	6.72	%	6.52	%
Equity to Assets Ratio	6.62	%	6.67	%	6.83	%	6.57	%	6.49	%
Tangible Equity to Assets Ratio	4.90	%	4.96	%	5.14	%	4.92	%	4.85	%
EFFICIENCY RATIO
Net Interest Income	59,480		59,997		62,017		62,484		63,956
Non-Interest Income	23,222		24,521		23,084		21,866		21,762
Less:  Non-Recurring Income	0		0		0		0		0
Less:  Other Non-Recurring Items	(1,631	)	(444	)	(1,795	)	(464	)	(488	)
Total Revenue	81,071		84,074		83,306		83,886		85,230
Non-Interest Expense	51,609		52,564		51,997		50,689		51,926
Less:  Non-Recurring Non-Int Expenses	0		0		0		0		0
Less:  Other Non-Recurring Expenses	0		0		0		0		0
Total Expense	51,609		52,564		51,997		50,689		51,926
Efficiency Ratio - Reported	63.66	%	62.52	%	62.42	%	60.43	%	60.92	%
PERFORMANCE RATIOS
Return on Average Assets	1.32	%	1.32	%	1.36	%	1.38	%	1.37	%
Return on Average Equity	20.30	%	20.20	%	20.45	%	21.01	%	20.93	%
Net Interest Margin	4.80	%	4.80	%	4.87	%	4.90	%	4.89	%

4

(In thousands, except per share amounts)	FY 03		FY 02		FY 01
PER SHARE DATA
Earnings Per Share:
Before Extraordinary Items/Cum Effect:
Basic	$	1.97	$	2.00	$	1.59
Diluted	$	1.95	$	1.97	$	1.57
After Extraordinary Items/Cum Effect:
Basic	$	1.97	$	2.00	$	1.59
Diluted	$	1.95	$	1.97	$	1.57
Common Dividend Declared Per Share	$	0.90	$	0.80	$	0.68
EOP Book Value	$	9.68	$	9.78	$	8.86
EOP Shares Outstanding:
Basic	37,357,414		38,678,800		40,246,039
Diluted	37,772,853		39,338,588		40,933,445
Average Shares Outstanding:
Basic	38,107,796		39,564,912		40,905,545
Diluted	38,553,806		40,243,135		41,471,404
HIGH Common Share Price	$	29.26	$	28.45	$	26.97
LOW Common Share Price	$	24.35	$	22.36	$	14.94
INCOME STATEMENT
Interest Income (FTE)	$	314,516	$	360,481	$	436,470
Interest Expense	70,538		100,655		172,811
Net Interest Income (FTE)	243,978		259,826		263,659
Loan Loss Provision	12,602		13,262		17,520
Investment Securities Transactions	4,334		373		804
Trading Account	0		0		0
Foreign Exchange	0		0		0
Trust Revenue	5,264		5,405		5,661
Insurance Revenue	15,223		13,822		12,535
Security Sales Revenue	9,057		9,526		6,644
Service Charges on Deposits	40,239		40,121		41,850
Other Non-Recurring Revenues	0		0		0
Other Non-Interest Revenue	18,576		15,876		15,942
Material Non-Recurring Revenue	0		0		0
Total Non-Interest Revenues	92,693		85,123		83,436
Salaries & Benefits	112,886		113,994		115,743
Occupancy & Equipment	33,490		32,832		31,593
Deposit Insurance Expense	720		800		915
Foreclosed Property Expense	1,506		723		682
Other Expenses	58,257		58,801		67,992
Material Non-Recurring Expenses	0		0		8,118
Minority Interest	0		0		0
Total Non-Interest Expense	206,859		207,150		225,043
Pre-Tax Income (FTE)	117,210		124,537		104,532
Tax Equivalent Adjustment	5,274		5,780		5,997
Reported Pre-Tax Income	111,936		118,757		98,535
Taxes	36,915		39,549		33,476
Income before extraordinary items	75,021		79,208		65,059
Cumulative effect of extraordinary item	0		0		0
Net Income after extraordinary item	75,021		79,208		65,059
MEMO:
Net Tax Applicable to Non-Recurring Items	0		0		(2,558		)
Tax Applicable to Securities Transactions	1,734		149		322
Common Dividends	34,250		31,664		27,793
Preferred Dividends -
Non-Convertible	0		0		0
Convertible	0		0		0
After Tax Interest on Convertible Debt	0		0		0
EOP Employees (FTE) - As Reported	2,162		2,200		2,331
EOP Domestic Offices	136		136		138

5

(In thousands, except per share amounts)	FY 03	FY 02		FY 01
AVERAGE BALANCE SHEET
Taxable Securities	1,521,896	1,323,895		1,391,387
Tax-Exempt Securities	62,668	79,381		95,657
Domestic Loans	3,446,507	3,689,015		3,785,553
Foreign Loans	0	0		0
Other Earning Assets	7,117	12,424		11,923
Total Earning Assets	5,038,188	5,104,715		5,284,520
Total Assets	5,582,771	5,644,717		5,863,069
Savings/NOW Accounts	1,708,868	1,637,660		1,625,041
Money Market Deposits	212,190	209,540		219,516
Other Consumer Time	1,033,513	1,151,715		1,332,396
CD’s $100,000 & Over	526,398	667,056		721,152
Foreign Deposits	0	0		0
Short-Term Borrowings	441,823	339,193		361,563
Long-Term Borrowings	246,324	264,663		256,745
Total Interest-Bearing Liabilities	4,169,116	4,269,827		4,516,413
Demand Deposits	986,584	948,353		921,855
Total Deposits	4,467,553	4,614,324		4,819,960
Trust Owned Preferred Security	0	0		0
Non-Convertible Preferred Equity	0	0		0
Convertible Preferred Equity	0	0		0
Common Equity	366,035	364,086		348,676
Total Preferred Equity	0	0		0
PARENT COMPANY DATA
EOP Investment in Subsidiaries	525,067	560,319		521,938
EOP Goodwill	0	0		0
ASSET QUALITY
EOP Nonaccrual Loans	20,630	22,728		20,818
EOP Restructured Loans	188	220		252
EOP OREO	5,461	5,990		2,869
Total Non-performing Assets	26,279	28,938		23,939
Loans > 90 days still accruing	3,220	4,258		6,270
EOP In-Substance foreclosure	0	0		0
NON-PERFORMING LOANS
Construction & Land Development	0	0		0
Commercial Mortgages	8,237	6,983		10,655
Commercial	7,471	11,345		6,675
Residential Mortgages	2,504	3,236		2,838
LDC	0	0		0
Other	2,606	1,384		902
Total	20,818	22,948		21,070
NET CHARGE-OFFS (current quarter)
Commercial Real Estate	319	(212	)	2,400
Commercial	5,396	5,299		4,535
Residential Mortgages	1,753	1,178		1,158
Consumer	5,689	5,707		6,595
LDC	0	0		0
Agriculture	3,370	125		9
All Other	0	0		0
Total	16,527	12,097		14,697
Gross Charge-offs	22,610	20,049		19,869
Gross Recoveries	6,083	7,952		5,172

6

(In thousands, except per share amounts)	FY 03		FY 02		FY 01
LOAN PORTFOLIO
Construction & Land Development	321,323		439,536		519,031
Commercial Mortgages	1,010,358		888,620		749,103
Commercial	582,861		723,530		824,318
Real Estate Loans	0		0		0
Residential Mortgages	389,644		502,276		603,881
Home Equity Loans	162,441		177,814		162,134
Credit Cards Outstanding	8,645		8,962		9,013
Other Consumer	669,812		616,467		618,021
LDC	0		0		0
Foreign	0		0		0
Agriculture	178,488		220,688		251,191
Total Loans & Leases	3,323,572		3,577,893		3,736,692
EOP DATA
Loan Loss Reserve	52,231		56,156		54,991
Assets	5,465,107		5,830,850		5,775,778
Total Deposits	4,389,210		4,669,746		4,750,813
Total Preferred Equity	0		0		0
Common Equity	361,800		378,449		356,705
Convertible Debt	0		0		0
Total Long-Term Debt	227,441		256,672		261,506
Deposit Intangibles	22,823		25,395		27,968
Goodwill	63,448		62,903		62,903
Other Intangibles	7,579		7,182		6,586
Total Intangibles	93,850		95,480		97,457
RISK-ADJUSTED CAPITAL
EOP Risk-Adjusted Total Assets	3,884,282		4,202,131		4,304,531
Tier I Capital	379,146		377,351		373,020
Tier I Ratio	9.76	%	8.98	%	8.67	%
Tier II Capital	64,494		86,364		105,202
Total Capital	443,640		463,715		478,222
Total Capital Ratio	11.42	%	11.04	%	11.11	%
Leverage Ratio	6.99	%	6.52	%	6.51	%
Equity to Assets Ratio	6.62	%	6.49	%	6.18	%
Tangible Equity to Assets Ratio	4.90	%	4.85	%	4.49	%
EFFICIENCY RATIO
Net Interest Income	243,978		259,826		263,659
Non-Interest Income	92,693		85,123		83,436
Less:  Non-Recurring Income	0		0		0
Less:  Other Non-Recurring Items	(4,334	)	(373	)	(804	)
Total Revenue	332,337		344,576		346,291
Non-interest Expense	206,859		207,150		225,043
Less:  Non-Recurring Non-Int Expenses	0		0		(8,118	)
Less:  Other Non-Recurring Expenses	0		0		0
Total Expense	206,859		207,150		216,925
Efficiency Ratio - Reported	62.24	%	60.12	%	62.64	%
PERFORMANCE RATIOS
Return on Average Assets	1.34	%	1.40	%	1.11	%
Return on Average Equity	20.50	%	21.76	%	18.66	%
Net Interest Margin	4.84	%	5.09	%	4.99	%

7

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)	Q4-03		Q3-03		Q2-03		Q1-03		Q4 02
Interest income:
Loans	$	57,048	$	59,774	$	61,410	$	63,210	$	66,852
Investment securities	16,179		15,135		17,651		18,783		18,837
Interest-bearing deposits	9		12		16		12		10
Fed funds sold & resale agreements	0		2		1		0		68
Total interest income	73,236		74,923		79,078		82,005		85,767
Interest expense:
Deposits	10,130		11,060		12,662		14,707		17,300
Short-term & other borrowings	1,035		1,067		1,480		1,358		1,383
Long-term debt	3,942		4,101		4,220		4,776		4,546
Total interest expense	15,107		16,228		18,362		20,841		23,229
Net interest income	58,129		58,695		60,716		61,164		62,538
Provision for loan losses	2,225		3,403		3,487		3,487		3,298
Net interest income after provision for loan losses	55,904		55,292		57,229		57,677		59,240
Noninterest income:
Service charges on deposit accounts	9,799		11,061		9,999		9,380		10,023
Insurance commissions	3,698		4,080		3,364		4,081		3,457
Fees from fiduciary activities	1,351		1,186		1,449		1,278		1,304
Security sales commissions	2,648		2,048		2,310		2,051		2,109
Net gains on sales of available-for-sale securities	1,631		444		1,795		464		488
Other	4,095		5,702		4,167		4,612		4,381
Total noninterest income	23,222		24,521		23,084		21,866		21,762
Noninterest expense:
Salaries & employee benefits	28,061		28,665		28,246		27,914		28,130
Net occupancy	8,241		8,206		8,435		8,608		8,178
FDIC insurance	165		179		185		191		189
Legal and accounting	759		646		879		407		705
Other professional service	1,345		1,052		1,217		889		1,490
Advertising	787		1,141		1,023		930		913
Telephone	1,218		1,408		1,628		1,526		1,277
Data processing	1,828		1,630		1,860		1,718		1,788
Other real estate and repossessed personal property	452		471		213		370		134
Amortization of intangibles	859		844		840		831		831
Other	7,894		8,322		7,471		7,305		8,291
Total noninterest expense	51,609		52,564		51,997		50,689		51,926
Income before income taxes	27,517		27,249		28,316		28,854		29,076
Provision for income taxes	9,324		8,908		9,230		9,453		9,355
Net income applicable to common equity	$	18,193	$	18,341	$	19,086	$	19,401	$	19,721
Earnings per common and common equivalent share:
Basic net income	$	0.48	$	0.48	$	0.50	$	0.50	$	0.50
Diluted net income	$	0.48	$	0.48	$	0.49	$	0.50	$	0.50
Average common shares outstanding:
Basic	37,536,006		37,936,390		38,371,159		38,601,216		39,080,638
Diluted	37,951,445		38,382,940		38,850,493		39,044,529		39,740,426

8

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)	12/31/03			9/30/03			6/30/03			3/31/03			12/31/02
ASSETS
Cash & due from banks	$	234,076		$	228,452		$	223,522		$	201,185		$	242,887
Fed funds sold and securities purchased under agreement to resell	0			0			6,750			0			0
Interest-bearing deposits	3,319			4,501			5,390			8,238			4,613
Available-for-sale securities	1,563,419			1,549,792			1,588,644			1,702,469			1,672,445
Held-to-maturity securities	0			0			0			0			0
Loans	3,323,572			3,358,152			3,425,902			3,494,772			3,577,893
Less:  Allowance for loan losses	(52,231		)	(53,999		)	(54,187		)	(54,895		)	(56,156		)
Net loans	3,271,341			3,304,153			3,371,715			3,439,877			3,521,737
Bank premises & equipment - net	131,008			132,533			132,581			132,736			132,122
Accrued interest receivable	28,696			33,718			31,481			33,844			34,863
Goodwill	63,448			63,448			63,448			62,903			62,903
Other intangible assets	30,402			30,466			31,240			31,844			32,577
Other assets	139,398			140,152			135,100			136,416			126,703
Total assets	5,465,107			5,487,215			5,589,871			5,749,512			5,830,850
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing	447,648			$	441,139		$	461,652		$	369,282		$	470,900
Interest-bearing:
Savings & NOW accounts	2,552,056			2,474,429			2,444,297			2,503,208			2,424,943
Time deposits over $100,000	501,440			510,445			551,390			605,849			670,187
Other time deposits	888,066			944,080			1,003,909			1,064,381			1,103,716
Total deposits	4,389,210			4,370,093			4,461,248			4,542,720			4,669,746
Fed funds purchased and securities sold under agreement to repurchase	416,689			442,794			376,244			437,287			377,230
Short-term borrowings	25,577			30,477			83,329			30,602			76,260
Long-term debt	222,211			224,211			236,211			303,067			251,211
Capital lease obligations	5,230			5,497			5,759			6,016			5,461
Accrued interest payable	13,081			14,759			18,417			21,308			20,274
Other liabilities	31,309			33,275			26,703			30,678			52,219
Total liabilities	5,103,307			5,121,106			5,207,911			5,371,678			5,452,401
Shareholders’ equity:
Common stock	510			510			510			510			510
Capital surplus	194,911			193,516			194,365			194,144			193,887
Retained earnings	432,574			423,043			413,690			403,759			393,550
SFAS 115 Equity Adjustment	7,053			11,426			20,284			19,389			23,826
Cost of common stock in treasury	(273,248		)	(262,386		)	(246,889		)	(239,968		)	(233,324		)
Total shareholders’ equity	361,800			366,109			381,960			377,834			378,449
Total liabilities and shareholders’ equity	$	5,465,107		$	5,487,215		$	5,589,871		$	5,749,512		$	5,830,850
Period-end common shares outstanding	37,357,414			37,723,391			38,258,397			38,454,327			38,678,800
Book value per common share	$	9.68		$	9.71		$	9.98		$	9.83		$	9.78

9

COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended						For the Twelve Months Ended
	December 31,				%		December 31,				%
(In thousands, except per share amounts)	2003		2002		Change		2003		2002		Change
Interest income:
Loans	$	57,048	$	66,852	-15	%	$	241,442	$	276,846	-13	%
Investment securities	16,179		18,837		-14	%	67,748		77,654		-13	%
Interest-bearing deposits	9		10		-10	%	49		41		20	%
Federal funds sold and resale agreements	0		68		-100	%	3		160		-98	%
Total interest income	73,236		85,767		-15	%	309,242		354,701		-13	%
Interest expense:
Deposits	10,130		17,300		-41	%	48,559		75,572		-36	%
Short-term and other borrowings	1,035		1,383		-25	%	4,940		6,340		-22	%
Long-term debt	3,942		4,546		-13	%	17,039		18,743		-9	%
Total interest expense	15,107		23,229		-35	%	70,538		100,655		-30	%
Net interest income	58,129		62,538		-7	%	238,704		254,046		-6	%
Provision for loan losses	2,225		3,298		-33	%	12,602		13,262		-5	%
Net interest income after provision for loan losses	55,904		59,240		-6	%	226,102		240,784		-6	%
Noninterest income:
Service charges on deposit accounts	9,799		10,023		-2	%	40,239		40,121		0	%
Insurance commissions	3,698		3,457		7	%	15,223		13,822		10	%
Fees from fiduciary activities	1,351		1,304		4	%	5,264		5,405		-3	%
Security sales commissions	2,648		2,109		26	%	9,057		9,526		-5	%
Net gains on sales of securities	1,631		488		234	%	4,334		373		1062	%
Other	4,095		4,381		-7	%	18,576		15,876		17	%
Total noninterest income	23,222		21,762		7	%	92,693		85,123		9	%
Noninterest expense:
Salaries and employee benefits	28,061		28,130		0	%	112,886		113,994		-1	%
Net occupancy	8,241		8,178		1	%	33,490		32,832		2	%
FDIC insurance	165		189		-13	%	720		800		-10	%
Legal and accounting	759		705		8	%	2,691		3,138		-14	%
Other professional service	1,345		1,490		-10	%	4,503		4,340		4	%
Advertising	787		913		-14	%	3,881		3,983		-3	%
Telephone	1,218		1,277		-5	%	5,780		5,575		4	%
Data processing	1,828		1,788		2	%	7,036		7,210		-2	%
Other real estate and repossessed personal property	452		134		237	%	1,506		723		108	%
Amortization of intangibles	859		831		3	%	3,374		3,318		2	%
Other	7,894		8,291		-5	%	30,992		31,237		-1	%
Total noninterest expense	51,609		51,926		-1	%	206,859		207,150		0	%
Income before income taxes	27,517		29,076		-5	%	111,936		118,757		-6	%
Provision for income taxes	9,324		9,355		0	%	36,915		39,549		-7	%
Net income applicable to common equity	$	18,193	$	19,721	-8	%	$	75,021	$	79,208	-5	%
Earnings per common and common equivalent share:
Basic net income	$	0.48	$	0.50	-4	%	$	1.97	$	2.00	-2	%
Diluted net income	$	0.48	$	0.50	-4	%	$	1.95	$	1.97	-2	%
Average common and common equivalent shares outstanding:
Basic	37,536,006		39,080,638		-4	%	38,107,796		39,564,912		-4	%
Diluted	37,951,445		39,740,426		-4	%	38,553,806		40,243,135		-4	%

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COMMUNITY FIRST BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)	December 31, 2003			December 31, 2002			% Change
Assets:
Cash and due from banks	$	234,076		$	242,887		-4	%
Federal funds sold and securities purchased under agreements to resell	0			0			0	%
Interest-bearing deposits	3,319			4,613			-28	%
Available-for-sale securities	1,563,419			1,672,445			-7	%
Held-to-maturity securities	0			0			0	%
Loans	3,323,572			3,577,893			-7	%
Less:  Allowance for loan losses	(52,231		)	(56,156		)	-7	%
Net loans	3,271,341			3,521,737			-7	%
Bank premises and equipment, net	131,008			132,122			-1	%
Accrued interest receivable	28,696			34,863			-18	%
Goodwill	63,448			62,903			1	%
Other intangible assets	30,402			32,577			-7	%
Other assets	139,398			126,703			10	%
Total assets	5,465,107			5,830,850			-6	%
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing	447,648			470,900			-5	%
Interest-bearing:
Savings and NOW accounts	2,552,056			2,424,943			5	%
Time accounts over $100,000	501,440			670,187			-25	%
Other time accounts	888,066			1,103,716			-20	%
Total deposits	4,389,210			4,669,746			-6	%
Federal funds purchased and securities sold under agreements to repurchase	416,689			377,230			10	%
Other short-term borrowings	25,577			76,260			-66	%
Long-term debt	222,211			251,211			-12	%
Accrued interest payable	13,081			20,274			-35	%
Other liabilities	36,539			57,680			-37	%
Total liabilities	5,103,307			5,452,401			-6	%
Shareholders’ equity:
Common stock, par value $.01 per share:
Authorized Shares - 80,000,000
Issued Shares - 51,021,896	510			510			0	%
Capital surplus	194,911			193,887			1	%
Retained earnings	432,574			393,550			10	%
Unrealized gain on available-for-sale securities, net of tax	7,053			23,826			-70	%
Less cost of common stock in treasury - December 31, 2003 - 13,664,482 shares December 31, 2002 - 12,343,096 shares	(273,248		)	(233,324		)	17	%
Total shareholders’ equity	361,800			378,449			-4	%
Total liabilities and shareholders’ equity	$	5,465,107		$	5,830,850		-6	%
Period-end common shares outstanding	37,357,414			38,678,800			-3	%
Book value per common share	$	9.68		$	9.78		-1	%

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