FOR IMMEDIATE RELEASE                                    FOR FURTHER INFORMATION
                                                         CONTACT:
                                                         William M. Tandy,
                                                         President & CEO
                                                         (270) 326-3500

                          COMMUNITY FIRST BANCORP, INC.
                               ANNOUNCES EARNINGS
                               FOR FOURTH QUARTER
                              AND FISCAL YEAR 2006

         Madisonville,  KY -- February 20, 2007 - Community First Bancorp,  Inc.
(OTCBB:  CFBC) the holding  company  for  Community  First  Bank,  Madisonville,
Kentucky today  announced  that it had incurred a loss of $369,000  ($(1.12) per
diluted  share) for the fourth  quarter of 2006  compared  to a loss of $107,000
($(.39) per diluted  share) for the fourth  quarter of 2005.  For the full year,
the Company incurred a loss of $675,000  ($(2.06) per diluted share) compared to
a loss of $439,000 ($(1.58) per diluted share) for 2005.

         "The increased loss in 2006 is  attributable to a $194,000 write off of
unreconciled  balances in our Federal Home Loan Bank  correspondent  account and
$38,000 in various other suspense  accounts,"  William Tandy,  President and CEO
commented.  "These unreconciled  balances accumulated over a number of years and
after an exhaustive analysis of these accounts, we determined to take a one-time
write-down  of the  accounts.  We have  implemented  procedures to ensure timely
reconciliations  of these  accounts going forward and believe that this issue is
now behind us."

         Net interest income for the fourth quarter totaled $404,000 compared to
$428,000 for the fourth quarter of 2005. For the full year, net interest  income
decreased  to $1.66  million  from $1.73  million in 2005.  The  decrease in net
interest income was attributed to the increase in interest bearing deposits over
the increase in interest earning assets. Net interest margin for fiscal 2006 was
2.29% compared to 2.69% in the prior year. The fourth quarter provision for loan
losses was $45,000  compared to $9,000 for the fourth  quarter of 2005.  For the
full year, the provision was $63,000 compared to $79,000 in 2005.

         Non-interest income for the fourth quarter totaled $115,000 compared to
$107,000 for the fourth quarter of 2005. For the full year,  non-interest income
reached $496,000 compared to $393,000 for 2005.

         Non-interest  expenses  (excluding the $232,000  reconcilement  charge)
were  $617,000  and $2.54  million for the quarter and year ended  December  31,
2006,  compared  to  $633,000  and $2.48  million in the  comparable  prior year
periods.

         The Company's  total assets  reached $79.0 million at December 31, 2006
compared  to $71.7  million at December  31,  2005.  The  increase in assets was
driven by the loan portfolio which grew $8.3 million, or 12.7%, to $73.2 million
at December 31, 2006. Deposits grow by $10.2 million, or 18.7%, to $64.7 million
at December 31, 2006.

         Statements  contained in this release that are not historical facts are
forward-looking  statements  as the term is  defined in the  Private  Securities
Litigation  Reform Act of 1995. Such  forward-looking  statements are subject to
risks and  uncertainties  which could cause actual results to differ  materially
from those currently anticipated due to a number of factors,  which include, but
are not limited to, factors discussed in documents filed by the Company with the
Securities  and  Exchange  Commission  from time to time.  The Company  does not
undertake  and  specifically   disclaims  any  obligation  to  update  any  such
forward-looking statements.