FORM 10-QSB
AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1997
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT
For the transition period from _____________ to ____________________
Commission File Number 0-17851
Bank Corporation of Georgia
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1406233
- -------------------------------- --------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) identification number)
4951 Forsyth Road, Macon, Georgia 31210
----------------------------------------
(Address of principal executive offices)
(912) 757-2000
------------------------------------------------
(Issuer's telephone number, including area code)
- ---------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since
last report)
APPLICABLE ONLY TO CORPORATE ISSUERS
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
--- ---
State the number of shares outstanding of each of the issuer's
classes of common equity as of June 30, 1996: 2,274,357 shares of
Common Stock, $1.00 par value per share.<PAGE>
BANK CORPORATION OF GEORGIA
INDEX
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Income
for the Six Months and Quarters Ended
June 30, 1997 and 1996
PART II OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
2
<PAGE>
BANK CORPORATION OF GEORGIA AND SUBS
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND JUNE 30, 1996
<TABLE>
<CAPTION>
Six Months Ended Six Months Ended
June 30, 1997 June 30, 1996
---------------- ----------------
<S> <C> <C>
Interest income:
Interest and fees on loans $ 10,257,833 10,144,007
Interest on federal funds sold 752,715 320,386
Interest on investment securities 1,749,357 1,619,469
----------- ----------
Total interest income 12,759,905 12,083,862
----------- ----------
Interest expense:
Interest on NOW and money market accounts 1,573,645 1,032,259
Interest on savings and time deposits 3,608,012 3,890,245
Other borrowings 70,480 74,506
----------- ----------
Total interest expense 5,252,137 4,997,010
----------- ----------
Net interest income 7,507,768 7,086,852
Provision for possible loan losses 190,900 272,000
----------- ----------
Net interest income after provision for
possible loan losses 7,316,868 6,814,852
----------- ----------
Other operating income:
Service charge on deposit accounts 748,103 821,730
Securities gains (losses) 0 (6,581)
Gain on sale of SBA loans 92,239 5,739
Other 1,043,417 812,237
----------- ----------
Total other operating income 1,883,759 1,633,125
----------- ----------
Other operating expenses:
Salaries and employee benefits 3,919,127 3,264,241
Occupancy 527,598 433,934
Equipment 460,976 412,968
Other operating expense 2,354,991 2,408,416
----------- ----------
Total operating expenses 7,262,692 6,519,559
----------- ----------
Earnings before income taxes and
minority interests 1,937,935 1,928,418
Income tax expense (benefit) 319,918 215,309
----------- ----------
Earnings before minority interests 1,618,017 1,713,109
Minority interests 0 46,913
----------- ----------
Net earnings $ 1,618,017 1,666,196
=========== ==========
Net income per common share
and common share equivalents:
Primary 0.67 0.71
Fully Diluted 0.66 0.71
/TABLE
<PAGE>
BANK CORPORATION OF GEORGIA AND SUBS
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND JUNE 30, 1996
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
June 30, 1997 June 30, 1996
------------------ ------------------
<S> <C> <C>
Interest income:
Interest and fees on loans $ 5,122,761 5,202,544
Interest on federal funds sold 428,329 149,852
Interest on investment securities 949,568 850,138
----------- -----------
Total interest income 6,500,658 6,202,534
----------- -----------
Interest expense:
Interest on NOW and money market accounts 855,410 553,107
Interest on savings and time deposits 1,887,960 2,021,717
Other borrowings 43,293 10,651
----------- -----------
Total interest expense 2,786,663 2,585,475
----------- -----------
Net interest income 3,713,995 3,617,059
Provision for possible loan losses 103,974 151,000
----------- -----------
Net interest income after provision for
possible loan losses 3,610,021 3,466,059
----------- -----------
Other operating income:
Service charge on deposit accounts 387,701 462,083
Securities gains (losses) 0 (6,581)
Gain on sale of SBA loans 0 0
Other 722,978 537,123
----------- -----------
Total other operating income 1,110,679 992,625
----------- -----------
Other operating expenses:
Salaries and employee benefits 1,953,612 1,734,400
Occupancy 262,129 245,929
Equipment 247,611 242,060
Other operating expense 1,726,512 1,526,846
----------- -----------
Total operating expenses 4,189,864 3,749,235
----------- -----------
Earnings before income taxes and
minority interests 530,836 709,449
Income tax expense (benefit) (143,151) (172,691)
----------- -----------
Earnings before minority interests 673,987 882,140
Minority interests 0 0
----------- -----------
Net earnings $ 673,987 882,140
=========== ===========
Net income per common share
and common share equivalents:
Primary 0.28 0.39
Fully Diluted 0.28 0.39
/TABLE
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K - None
Exhibit 27 - Financial Data Schedule (for SEC use only)
Change made to [PERIOD-END] tag and
change made to [EPS-PRIMARY] tag
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
Date: October 24, 1997
BANK CORPORATION OF GEORGIA
/s/ Joseph W. Evans
Joseph W. Evans
President and Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 0000315708
<NAME> BANK CORPORATION OF GEORGIA
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 11,508,992
<INT-BEARING-DEPOSITS> 16,581,710
<FED-FUNDS-SOLD> 5,260,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 55,820,175
<INVESTMENTS-CARRYING> 1,089,606
<INVESTMENTS-MARKET> 1,075,726
<LOANS> 197,945,120
<ALLOWANCE> 2,955,161
<TOTAL-ASSETS> 302,096,064
<DEPOSITS> 269,717,546
<SHORT-TERM> 0
<LIABILITIES-OTHER> 2,633,435
<LONG-TERM> 1,500,000
0
0
<COMMON> 2,291,124
<OTHER-SE> 25,053,959
<TOTAL-LIABILITIES-AND-EQUITY> 302,036,064
<INTEREST-LOAN> 10,257,833
<INTEREST-INVEST> 1,749,357
<INTEREST-OTHER> 752,715
<INTEREST-TOTAL> 12,759,905
<INTEREST-DEPOSIT> 5,181,657
<INTEREST-EXPENSE> 5,252,137
<INTEREST-INCOME-NET> 7,507,768
<LOAN-LOSSES> 190,900
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 7,262,692
<INCOME-PRETAX> 1,937,935
<INCOME-PRE-EXTRAORDINARY> 1,937,935
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,618,017
<EPS-PRIMARY> 0.67
<EPS-DILUTED> 0.66
<YIELD-ACTUAL> 5.56
<LOANS-NON> 244,000
<LOANS-PAST> 12,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,849,340
<CHARGE-OFFS> 150,151
<RECOVERIES> 65,072
<ALLOWANCE-CLOSE> 2,966,161
<ALLOWANCE-DOMESTIC> 2,966,161
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
