<PAGE>
U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
[X] Quarterly report under Section 13 or 15 (d) of the Securities Exchange Act
of 1934 For the quarterly period ended June 30, 1998
--------------------
[_] Transition report under Section 13 or 15 (d) of the Exchange Act
For the transition period from _________ to _________
Commission file number 0-22451
------------------------------------------------
CBC HOLDING COMPANY
----------------------------------------------------------------------------
(Exact Name of Small Business Issuer as Specified in Its Charter)
GEORGIA 58-2311557
--------------------------------- -----------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
102 West Roanoke Drive, Fitzgerald, GA 31750
-----------------------------------------------
(Address of Principal Executive Offices)
(912) 423-4321
--------------------
(Issuer's Telephone Number, Including Area Code)
Not Applicable
--------------------------
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No _______
------
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer=s classes of
common equity, as of the latest practicable date: Common Stock $1 par value,
--------------------------
664,097 shares outstanding at June 30, 1998
- --------------------------------------------
Transitional Small Business Disclosure Format (check one):
Yes _____ No X
-------
<PAGE>
CBC Holding Company
and Subsidiary
INDEX
<TABLE>
<CAPTION>
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS PAGE
<S> <C>
The following financial statements are provided for CBC Holding Company and the
subsidiary bank, Community Banking Company of Fitzgerald.
Consolidated Balance Sheets (unaudited) - June 30, 1998 and
December 31, 1997. 2
Consolidated Statements of Income (unaudited) - For the Six Months
Ended June 30, 1998 and 1997 and For the Three Months Ended June 30,
1998 and 1997. 3
Consolidated Statements of Cash Flows (unaudited) - For the Six Months
Ended June 30, 1998 and1997. 4
Notes to Consolidated Financial Statements (unaudited) 5
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations 8
PART II: OTHER INFORMATION 11
</TABLE>
The consolidated financial statements furnished have not been examined by
independent certified public accountants, but reflect, in the opinion of
management, all adjustments necessary for a fair presentation of the results of
operations for the periods presented.
The results of operations for the six month period ended June 30, 1998 are not
necessarily indicative of the results to be expected for the full year.
1
<PAGE>
<TABLE>
<CAPTION>
CBC HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1998 AND DECEMBER 31, 1997
(UNAUDITED)
------------------------------------------------------------------------------------------------------
June 30, December 31,
1998 1997
ASSETS ------------- -------------
<S> <C> <C>
Cash and due from banks $ 1,648,199 $ 1,383,896
Federal funds sold 3,160,000 1,800,000
----------- -----------
Total cash and cash equivalents 4,808,199 3,183,896
----------- -----------
Securities available for sale, at fair value 12,387,109 13,494,030
Loans, net of unearned income 33,452,154 30,364,898
Less- allowance for loan losses (414,024) (386,717)
----------- -----------
Loans, net 33,038,130 29,978,181
----------- -----------
Bank premises and equipment, less accumulated depreciation 2,103,088 2,124,870
Accrued interest receivable 628,443 537,221
Intangible assets, net of amortization 2,429,804 2,543,044
Other assets and accrued income 111,410 60,689
----------- -----------
Total Assets $55,506,183 $51,921,931
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing demand $ 6,886,413 $ 5,198,927
Interest-bearing demand 13,281,540 11,396,685
Savings 2,791,164 2,762,434
Time deposits over $100,000 6,524,097 6,558,157
Other time deposits 18,768,686 18,886,365
----------- -----------
Total deposits 48,251,900 44,802,568
Accrued interest payable 163,800 253,134
Other liabilities and accrued expenses 200,290 116,782
Other borrowed funds 109,000 73,000
----------- -----------
Total liabilities 48,724,990 45,245,484
----------- -----------
Shareholders' Equity
Commom stock, $1 par value, authorized 10,000,000 shares, issued
and outstanding 664,097 shares 664,097 664,097
Paid-in capital surplus 5,976,873 5,976,873
Retained earnings (accumulated deficit) 96,154 (2,177)
Accumulated other comprehensive income 44,069 37,654
----------- -----------
Total shareholders' equity 6,781,193 6,676,447
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $55,506,183 $51,921,931
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements
2
<PAGE>
CBC HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997
(UNAUDITED)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $767,070 $630,311 $1,485,686 $1,212,236
Income on federal funds sold 17,875 19,312 52,221 57,184
Interest on securities 212,382 281,137 428,251 568,599
-------- -------- ---------- ----------
Total interest income 997,327 930,760 1,966,158 1,838,019
-------- -------- ---------- ----------
INTEREST EXPENSE:
Interest on NOW and money market deposits 72,421 71,970 144,766 145,349
Interest on savings deposits 21,369 18,559 42,518 36,694
Interest on time deposits greater than $100,000 98,474 96,576 191,714 192,533
Interest on other time deposits 260,167 304,205 521,480 612,200
Other interest expense 3,953 1,891 7,081 3,618
-------- -------- ---------- ----------
Total interest expense 456,384 493,201 907,559 990,394
-------- -------- ---------- ----------
Net interest income before loan losses 540,943 437,559 1,058,599 847,625
Less - provision for loan losses 15,000 10,500 30,000 21,000
-------- -------- ---------- ----------
Net interest income after provision for loan losses 525,943 427,059 1,028,599 826,625
-------- -------- ---------- ----------
OTHER OPERATING INCOME:
Service charges on deposit accounts 62,935 56,954 131,631 117,362
Other service charges, commissions and fees 8,128 13,104 19,499 23,426
Gain on sales of investment securities 14,473 - 16,687 -
Other income 2,015 2,114 3,997 4,257
-------- -------- ---------- ----------
Total other operating income 87,551 72,172 171,814 145,045
-------- -------- ---------- ----------
OTHER OPERATING EXPENSE:
Salaries 161,383 170,438 333,538 341,873
Employee benefits 38,788 41,625 82,415 87,391
Net occupancy expenses 41,655 47,413 82,661 86,723
Equipment rental and depreciation of equipment 39,016 30,338 77,397 60,646
Amortization 56,620 55,142 113,240 110,282
Other expenses 200,894 147,713 370,216 266,453
-------- -------- ---------- ----------
Total other operating expenses 538,356 492,669 1,059,467 953,368
-------- -------- ---------- ----------
INCOME BEFORE INCOME TAXES 75,138 6,562 140,946 18,302
Income tax provision 16,735 2,226 42,612 6,223
-------- -------- ---------- ----------
NET INCOME $ 58,403 $ 4,336 $ 98,334 $ 12,079
======== ======== ========== ==========
INCOME PER SHARE* $0.09 $0.01 $0.15 $0.02
======== ======== ========== ==========
</TABLE>
* Net Income (Loss) / weighted average outstanding shares of 664,097.
See accompanying notes to consolidated financial statements
3
<PAGE>
CBC HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
(UNAUDITED)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1998 1997
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 98,334 $ 12,079
Adjustments to reconcile net income to net cash provided by
operating activities:
Provision for loan losses 30,000 21,000
Depreciation 67,794 59,455
Amortization of intangible assets 113,240 110,282
Gain on sale of securities (16,687) -
Loss on sale of property and equipment 141 -
Changes in accrued income and other assets (149,913) (50,747)
Changes in accrued expenses and other liabilities (1,160) (88,996)
----------- -----------
Net cash provided by operating activities 141,749 63,073
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net change in loans made to customers (3,089,951) (4,579,540)
Purchase of securities available for sale (2,405,000) (1,504,192)
Proceeds from sales and maturities of available for sale securities 3,538,329 1,998,717
Proceeds from sale of property and equipment 1,271 -
Purchases of property and equipment (47,425) (47,010)
----------- -----------
Net cash used in investing activities (2,002,776) (4,132,025)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand and savings account 3,601,070 78,706
Net change in other time deposits (151,740) (1,575,177)
Proceeds from short-term borrowings 36,000 35,000
Proceeds from federal funds purchased - 460,000
----------- -----------
Net cash provided by (used in) financing activities 3,485,330 (1,001,471)
----------- -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,624,303 (5,070,423)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,183,896 7,005,359
----------- -----------
CASH AND CASH EQUIVALENTS, END OF YEAR $ 4,808,199 $ 1,934,936
=========== ===========
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest $ 996,893 $ 1,104,999
=========== ===========
Cash paid for income taxes $ - $ -
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements
4
<PAGE>
CBC Holding Company and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)
________________________________________________________________________________
(1) BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information, and with the instructions to Form 10-QSB and Item 310 (b) of
Regulation S-B of the Securities and Exchange Commission. Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the
opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the six month period ended June 30, 1998, are not
necessarily indicative of the results that may be expected for the year ended
December 31, 1998. For further information refer to the consolidated
financial statements and footnotes thereto included in the Company's Annual
Report on Form 10-KSB for the year ended December 31, 1997.
(2) NEW AND PENDING PRONOUNCEMENTS
During February 1997, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 128, "Earnings Per Share"
(SFAS 128). SFAS 128 simplifies current standards by eliminating the
presentation of primary earnings per share (EPS) and requiring the
presentation of basic EPS, which includes no potential common shares and thus
no dilution. The Statement also requires entities with complex capital
structures to present basic and diluted EPS on the face of the income
statement and also eliminates the modified treasury stock method of computing
potential common shares. The Statement is effective for financial statements
issued for periods ending after December 15, 1997, including interim periods.
Early application is not permitted. Upon adoption, restatement of all prior
period EPS data presented is required. Based upon the current capital
structure of the Company, this Statement will have no effect on the EPS
calculation.
In June 1997, the FASB issued Statement of Financial Accounting Standards
No. 130, "Reporting Comprehensive Income" (SFAS 130) and Statement of
Financial Accounting Standards No. 131, "Disclosures about Segments of an
Enterprise and Related Information" (SFAS 131). SFAS 130 establishes standards
for the reporting and display of comprehensive income and its components in a
full set of general-purpose financial statements. SFAS 131 specifies the
presentation and disclosure of operating segment information reported in the
annual report and interim reports issued to stockholders. The provisions of
both statements will be effective for fiscal years beginning after December
15, 1997. The management of the Company believes that the adoption of these
statements will not have a material impact on the Company's financial
position, results of operations, or liquidity.
During the six months ended June 30, 1998, the Company adopted FASB
Statement No. 130, "Reporting Comprehensive Income." The statement requires
the reporting of comprehensive income in addition to net income from
operations. Comprehensive income is a more inclusive financial reporting
methodology that includes disclosure of certain financial information that
historically has not been recognized in the calculation of net income.
During the six months ended June 30, 1998, the Company had unrealized
holding gains on investment securities which were reported as comprehensive
income. An analysis of accumulated other comprehensive income since December
31, 1997 follows:
5
<PAGE>
CBC Holding Company and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Accumulated other comprehensive income at December 31, 1997 $ 37,654
Other comprehensive income, net of tax:
Change in unrealized gain (loss)
on securities available for sale, net
of deferred income tax benefit of $9,818 19,059
Less: Reclassification adjustment for (gains) losses
realized in net income (12,644)
---------
6,415
---------
Accumulated other comprehensive income at June 30, 1998 $ 44,069
=========
</TABLE>
(3) SUPPLEMENTAL FINANCIAL DATA
Components of other operating expenses greater than 1% of total
interest income and other income for the periods ended June 30, 1998 and
1997 are:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
------------ ------------- ------------ ------------
<S> <C> <C> <C> <C>
Supplies $ 12,951 $ 6,343 $ 27,868 $ 19,042
Courier service 11,265 11,663 23,668 23,250
NCR processing 24,104 19,592 47,637 34,135
Promotional 11,980 9,776 23,207 15,483
</TABLE>
(4) YEAR 2000 COMPLIANCE ISSUES
The Company is in the process of evaluating the potential effects of
the Year 2000 problem on its operating and environmental systems. This
potential problem exists due to many older computers having been programmed
to recognize only the last two digits of a year i.e., "98" is for the year
1998. Accordingly, with the new millenium approaching, these computers will
potentially recognize the year 2000 - "00" as the year 1900, or just not be
able to comprehend the date, thus, potentially effecting the accuracy of,
or ability to process any date sensitive functions.
The Company has adopted a plan during 1998 for bringing its systems
into compliance so that the potential problems should not occur. The
Company is in the process of installing new personal computers that will
address a majority of the known Year 2000 issues. Certification of Year
2000 compliance has been received from all major vendors as well as their
primary supporting vendors and logged in the Y2K readiness database. The
Company has upgraded its primary internal system, an IBM AS400, to a Year
2000 compliant version.
Internal due-diligence testing of vendor certified software will
commence on September 1, 1998 and is expected to be completed on or before
November 15, 1998. Other items to be tested which are yet to be scheduled
include the telephone system, electrical supply, alarm system, safe and
ISDN connection to remote teller location. These items are expected to be
included in the testing schedule prior to September 1, 1998.
6
<PAGE>
CBC Holding Company and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)
________________________________________________________________________________
The Company's costs for Year 2000 readiness are estimated to be $37,800 for
outsourced Year 2000 project management and $12,400 for Company employee time.
The Company anticipates that there may be additional costs associated with the
upgrade of software and hardware, however this amount has yet to be determined
and will be directly related to results of testing to be performed. Management
believes that if any additional costs of upgrading software and hardware are
incurred these costs would have been incurred in the normal course of
replacing equipment and technology updates and would not be significant or
have a material impact on the Company's financial statements as a whole.
The Company has identified its major risks of Year 2000 issues to be with
its checking processing vendor and areas of its primary internal processing
software that are not addressed by the software vendor's certification. The
possible risk in these two areas has been identified as top priority by the
Year 2000 Committee and the Company's contingency planning is already
addressing these issues.
The Company's contingency planning is well under way and involves the
contacting of other vendors for possible alternatives to items which may be
determined not to be Year 2000 compliant. The Company is also requiring
certification of Year 2000 compliance from contingency (backup) vendors as
well as the ability to immediately convert to their systems. The contingency
plan also addresses alternative testing procedures and the interrelation of
different items and modules of the Company's system.
7
<PAGE>
CBC Holding Company and Subsidiary
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
For Each of the Six Months in the Periods Ended
June 30, 1998 and 1997
________________________________________________________________________________
INTERIM FINANCIAL CONDITION
- ---------------------------
CBC Holding Company (the "Company") reported total assets of $55,506,183 as of
June 30, 1998, compared to $51,921,931 at December 31, 1997. The most
significant change in the composition of assets was an increase in gross loans
from $30,364,898 to $33,452,154. The increase in loans was funded primarily by
an increase in deposits of $3,449,332 (7.7%) and the maturity and calls of
investments totaling $3,538,329, of which $2,405,000 were reinvested. Of the
above increase in deposits, approximately $1.5 million was attributable to a
government entity's deposit transactions in the last several days of June 1998.
This amount was subsequently withdrawn by the government entity in July and used
for a major capital expenditure. As a result of the loan growth, the loan to
deposit ratio has increased to 69.3% from 67.8% at December 31, 1997. The
Company's cash and cash equivalents have increased by $1,624,303 to $4,808,199
as of June 30, 1998.
LIQUIDITY
- ---------
The Bank's liquid assets as a percentage of total deposits were 10% at June
30, 1998, compared to 7.1% at December 31, 1997. The Company has approximately
$2,500,000 in available federal fund lines of credit with correspondent banks.
However, the Company has not advanced on these lines during 1998. Periodically,
management analyzes the level of off-balance sheet commitments such as unfunded
loan equivalents, loan repayments, maturity of investment securities, liquid
investment, and available fund lines in an attempt to minimize the possibility
that a potential shortfall will exist.
CAPITAL
- -------
The capital of the Company totaled $6,781,193 as of June 30, 1998. The
capital of the Company and the Bank exceeded all prescribed regulatory capital
guidelines. Regulations require that the most highly rated banks maintain a Tier
1 leverage ratio of 3% plus an additional cushion of at least 1 to 2 percentage
points. Tier 1 capital consists of common shareholders' equity, less certain
intangibles. The Bank's Tier 1 leverage ratio was 8.6% at June 30, 1998,
compared to 8.3% at December 31, 1997. Regulations require that the Bank
maintain a minimum total risk weighted capital ratio of 8%, with one-half of
this amount, or 4%, made up of Tier 1 capital. Risk-weighted assets consist of
balance sheet assets adjusted by risk category, and off-balance sheet assets
equivalents similarly adjusted. At June 30, 1998, the Bank had a risk-weighted
total capital ratio of 13.2%, compared to 13.6% at December 31, 1997, and a Tier
I risk-weighted capital ratio of 12.0%, compared to 12.5% at December 31, 1997.
The decrease is primarily caused by the continued growth in the loans.
ASSET QUALITY
- -------------
Nonperforming assets which includes nonaccruing loans, repossessed collateral
and loans for which payments are more than 90 days past due, totaled $9,842, an
increase of $9,725 from December 31, 1997. There were no related party loans
which were considered nonperforming at June 30, 1998. The composition of the
nonperforming assets is presented in the following table:
8
<PAGE>
CBC Holding Company and Subsidiary
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
For Each of the six Months in the Periods Ended
June 30, 1998 and 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
1998 1997
------------- ------------
<S> <C> <C>
Loans on nonaccrual $9,842 $ 117
Other real estate owned - -
Other repossessed collateral - -
------ -----
Total nonperforming assets $9,842 $ 117
====== =====
Total nonperforming assets as a percentage
of total loans (gross) and other real estate 0.03% 0.00%
------ -----
</TABLE>
The allowance for loan losses totaled $414,024 at June 30, 1998, an increase
of $27,307 from December 31, 1997. The allowance for loan losses represented
1.2% and 1.3% of total loans at June 30, 1998 and December 31, 1997,
respectively. An analysis of the allowance for loan losses since December 31,
1997 follows:
<TABLE>
<S> <C>
Allowance for loan losses at December 31, 1997 $386,717
Charge-offs:
Commercial -
Real Estate -
Installment 4,224
--------
Total 4,224
--------
Recoveries:
Commercial -
Real Estate -
Installment 1,531
--------
Total 1,531
--------
Provision charged to income 30,000
Allowance for loan losses at June 30, 1998 $414,024
========
</TABLE>
The loan portfolio is reviewed periodically to evaluate the outstanding loans
and to measure the performance of the portfolio and the adequacy of the
allowance for loan losses. This analysis includes a review of delinquency
trends, actual losses, and internal credit ratings. Management's judgment as to
the adequacy of the allowance is based upon a number of assumptions about future
events which it believes to be reasonable, but which may or may not be
reasonable. However, because of the inherent uncertainty of assumptions made
during the evaluation process, there can be no assurance that loan losses in
future periods will not exceed the allowance for loan losses of that additional
allocations to the allowance will not be required.
9
<PAGE>
CBC Holding Company and Subsidiary
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
For Each of the Six Months in the Periods Ended
June 30, 1998 and 1997
________________________________________________________________________________
The Bank was most recently examined by its primary regulatory authority in
January 1998. There were no recommendations by the regulatory authority that in
management's opinion will have material effects on the Bank's liquidity, capital
resources or operations.
INVESTMENT SECURITIES
- ---------------------
At June 30, 1998, the Bank had $12,387,109 in investment securities available-
for-sale. The net unrealized gain on available for sale securities, net of
deferred taxes, was $44,069 on June 30, 1998. During the period ended June 30,
1998, the maturities and calls of investment securities totaled $3,538,329
resulting in a net gain of $16,687. The Bank invests primarily in obligations of
the United States or obligations guaranteed as to principal and interest by the
United States and other taxable and tax exempt securities.
RESULTS OF OPERATIONS
- ---------------------
Net interest income for the first six months of 1998 was $1,058,599, an
increase of $210,974 (24.9%) compared to the same period for 1997. Interest
income for the first six months of 1998 was $1,966,158, representing an increase
of $128,139 (7%) over the same period in 1997. The growth in interest income was
primarily due to an increase in loan balances. Interest expense for the first
six months of 1998 decreased $82,835 (8.4%) compared to the same period in 1997.
The decrease in interest expense is primarily due to a $151,739 (.6%) decrease
in time deposits and a $1,687,486 (32.5%) increase in non-interest bearing
deposits.
Amounts charged to expense related to the allowance for loan losses for the
first six months of 1998 increased $9,000 compared to the same period for 1997.
The increase is primarily attributable to the loan growth for the first six
months in 1998 and management's belief in maintaining a reasonable level of the
allowance for loan losses in relationship to total loans.
Other operating income for the first six months of 1998 was $171,814, an
increase of $26,769 (18.4%) compared to the same period in 1997. The increase in
service charges on deposit accounts of $14,269 (12.2%) is due to an increase in
the number of accounts and deposit activity. The remaining increase in other
income was due to increases in gains on sale of investments of $16,687.
Other operating expenses for the first six months of 1998 were $1,059,467, an
increase of $106,099 (11.1%) compared to the first six months in 1997. This
increase is primarily attributable to an increase of $40,694 (37.3% of increase)
in computer and data processing related charges.
10
<PAGE>
CBC Holding Company
and Subsidiary
________________________________________________________________________________
PART II: OTHER INFORMATION:
- ---------------------------
Item 1. Legal Proceedings
There are no material legal proceedings to which the Company is a party or
of which their property is the subject.
Item 2. Changes in Securities
(a) Not Applicable
(b) Not Applicable
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security-Holders
There were no matters submitted to security holders for a vote during the
six months ended June 30, 1998.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K.
A. Exhibits - 27.1 Financial Data Schedule
B. There have been no reports filed on form 8-K for the six months ended June
30, 1998.
SIGNATURES
- ----------
In accordance with the requirements of the Securities Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
CBC HOLDING COMPANY
By:/s/ George Ray
George Ray
President /Chief Executive Officer
Date: August 14, 1998
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<CASH> 1,648,199
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,160,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 12,387,109
<INVESTMENTS-MARKET> 12,387,109
<LOANS> 33,452,154
<ALLOWANCE> 414,024
<TOTAL-ASSETS> 55,506,183
<DEPOSITS> 48,251,900
<SHORT-TERM> 109,000
<LIABILITIES-OTHER> 364,090
<LONG-TERM> 0
0
0
<COMMON> 664,097
<OTHER-SE> 6,117,096
<TOTAL-LIABILITIES-AND-EQUITY> 55,506,183
<INTEREST-LOAN> 1,485,686
<INTEREST-INVEST> 428,251
<INTEREST-OTHER> 52,221
<INTEREST-TOTAL> 1,966,158
<INTEREST-DEPOSIT> 907,559
<INTEREST-EXPENSE> 907,559
<INTEREST-INCOME-NET> 1,058,599
<LOAN-LOSSES> 30,000
<SECURITIES-GAINS> 16,687
<EXPENSE-OTHER> 1,059,467
<INCOME-PRETAX> 140,946
<INCOME-PRE-EXTRAORDINARY> 98,334
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 98,334
<EPS-PRIMARY> .15
<EPS-DILUTED> .15
<YIELD-ACTUAL> 7.97
<LOANS-NON> 9,842
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 412,000
<ALLOWANCE-OPEN> 386,717
<CHARGE-OFFS> 4,224
<RECOVERIES> 1,531
<ALLOWANCE-CLOSE> 414,024
<ALLOWANCE-DOMESTIC> 414,024
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
