SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d) or the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1995
Commission file number 2-71249
SOUTH BANKING COMPANY
(Exact name of registrant as specified in its charter)
Georgia 58-1418696
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
104 North Dixon Street, Alma, Georgia 31510
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (912) 632-8631
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 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
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation 5-K is not contained herein and will not be
contained to the best of registrant's knowledge in definitive proxy on
information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. (X)
State the aggregate market value of the voting stock held by
nonaffiliates of the registrant: There is no established market for the
outstanding common stock of the registrant.
Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the most recent practicable
date.
Class Outstanding at February 28, 1996
Common stock $1.00 par value per 405,283
share
DOCUMENTS INCORPORATED BY REFERENCE
List hereunder the following documents if incorporated by reference
and the part of the Form 10-K into which the documents are incorporated:
(1) any annual reports to security holders; (2) any prospectus filed
pursuant to Rule 424(b) or (c) under the Securities Act of 1933. None
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
SOUTH BANKING COMPANY
Date: March 26, 1996 By: Paul T. Bennett
Paul T. Bennett
President, Treasurer and
Director
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<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<CASH> 3,989,564
<INT-BEARING-DEPOSITS> 795,000
<FED-FUNDS-SOLD> 13,335,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 8,146,274
<INVESTMENTS-CARRYING> 3,305,576
<INVESTMENTS-MARKET> 11,458,229
<LOANS> 61,717,437
<ALLOWANCE> ( 994,027)
<TOTAL-ASSETS> 97,174,748
<DEPOSITS> 84,545,457
<SHORT-TERM> 0
<LIABILITIES-OTHER> 604,033
<LONG-TERM> 976,405
0
0
<COMMON> 405,283
<OTHER-SE> 9,643,570
<TOTAL-LIABILITIES-AND-EQUITY> 97,174,748
<INTEREST-LOAN> 6,995,954
<INTEREST-INVEST> 571,453
<INTEREST-OTHER> 523,086
<INTEREST-TOTAL> 8,090,493
<INTEREST-DEPOSIT> 3,167,719
<INTEREST-EXPENSE> 3,314,121
<INTEREST-INCOME-NET> 4,776,372
<LOAN-LOSSES> 62,200
<SECURITIES-GAINS> 21,591
<EXPENSE-OTHER> 4,345,435
<INCOME-PRETAX> 1,740,123
<INCOME-PRE-EXTRAORDINARY> 1,150,377
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,150,377
<EPS-PRIMARY> 2.84
<EPS-DILUTED> 2.84
<YIELD-ACTUAL> 0
<LOANS-NON> 46,000
<LOANS-PAST> 276,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 974,866
<CHARGE-OFFS> 189,371
<RECOVERIES> 146,332
<ALLOWANCE-CLOSE> 994,027
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
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