<PAGE> 1
U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
-------------------------------
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
-------------------------------
For quarter ended March 31, 2000 Commission file number 0-10853
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
(Exact name of registrant as specified in its charter)
-------------------------------
Georgia 58-1458268
------------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification no.)
40 NORTH MAIN STREET
P.O. BOX 878
STATESBORO, GEORGIA 30459
-------------------------------
(Address of Principal Executive
Offices, including Zip Code)
912-764-6611
-------------------------------
(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) has 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 requirement 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 the latest practicable date.
Common Stock, $1.00 Par Value, 5,592,274 shares as of March 31, 2000
--------------------------------------------------------------------
<PAGE> 2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------ ------------
(thousands of dollars)
<S> <C> <C>
ASSETS
Cash and Due From Banks $ 17,351 $ 24,589
Interest Bearing Deposits in Other Banks 1,362 5,759
Federal Funds Sold 1,035 1,547
Investment Securities:
Available for Sale (Amortized Cost of $47,625
in 2000 and $49,898 in 1999) 46,844 49,304
Held to Maturity (Estimated Fair Value of
$18,887 in 2000 and $20,102 in 1999) 18,706 19,882
Stock in the Federal Home Loan Bank of Atlanta 1,619 1,563
Loans 322,354 311,170
Less: Unearned Interest (38) (40)
Allowance for Loan Losses (4,930) (4,854)
------------ ------------
Loans, Net 317,386 306,276
------------ ------------
Interest Receivable 4,993 5,069
Premises and Equipment, Net 8,303 8,641
Other Real Estate 698 428
Other Assets 3,220 3,084
------------ ------------
TOTAL ASSETS $ 421,517 $ 426,142
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Demand $ 54,543 $ 56,012
Interest Bearing:
NOW Accounts 64,643 67,742
Money Market Deposit Accounts 26,219 27,315
Savings 19,550 18,569
Time ($100,000 and above) 65,649 67,540
Other Time 101,653 103,163
------------ ------------
Total Deposits 332,257 340,341
Federal Funds Purchased & Repurchase Agreements 2,130 1,650
Other Borrowed Money 25,889 23,948
Interest Payable 2,860 3,194
Other Liabilities 2,051 1,603
------------ ------------
Total Liabilities 365,187 370,736
------------ ------------
Shareholders' Equity (Note 3):
Common Stock, 5,592,274 Shares Issued
And Outstanding at March 31, 2000 and
December 31, 1999 5,592 5,592
Additional Paid-In Capital 11,392 11,392
Retained Earnings 39,862 38,816
Accumulated Other Comprehensive Income (516) (394)
------------ ------------
Shareholders' Equity 56,330 55,406
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 421,517 $ 426,142
============ ============
</TABLE>
See notes to consolidated financial statements.
<PAGE> 3
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME (UNAUDITED)
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
2000 1999
------------ ------------
(thousands of dollars)
<S> <C> <C>
INTEREST INCOME
Loans (Including fees) $ 7,857 $ 7,120
Interest Bearing Deposits 89 332
Investments:
U.S. Treasury 50 83
U.S. Government Agencies 576 676
States and Political Subdivisions 343 351
Dividend Income 76 82
Federal Funds Sold 37 129
------------ ------------
Total Interest Income 9,028 8,773
------------ ------------
INTEREST EXPENSE
NOW Accounts 455 478
Money Market Deposits Accounts 185 222
Savings 114 122
Time Deposits ($100,000 and above) 940 1,247
Other Time Deposits 1,303 1,462
Other 376 250
------------ ------------
Total Interest Expense 3,373 3,781
------------ ------------
NET INTEREST INCOME 5,655 4,992
Provision for Loan Losses 164 211
------------ ------------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 5,491 4,781
------------ ------------
NON-INTEREST INCOME
Service Charges on Deposits 751 628
Fees for Trust Services 20 19
Other 264 284
------------ ------------
Total Non-interest Income 1,035 931
------------ ------------
NON-INTEREST EXPENSE
Salaries 1,314 1,318
Other Personnel Expense 491 414
Occupancy Expense, Net 246 233
Equipment Expense 456 366
Other 1,026 1,297
------------ ------------
Total Non-interest Expense 3,533 3,628
------------ ------------
Income Before Income Taxes 2,993 2,084
Provision for Income Taxes 997 702
------------ ------------
NET INCOME 1,996 1,382
------------ ------------
Other Comprehensive Income:
Unrealized holding gains (losses) on
securities Available for Sale arising during
the period, net of tax benefit of $63,000 in 2000
and $99,000 in 1999 (122) (193)
------------ ------------
COMPREHENSIVE INCOME $ 1,874 $ 1,189
============ ============
NET INCOME PER COMMON AND POTENTIAL
COMMON SHARE:
Basic $ 0.36 $ 0.25
============ ============
Diluted $ 0.36 $ 0.25
============ ============
</TABLE>
See notes to consolidated financial statements.
<PAGE> 4
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>
March 31,
2000 1999
------------ ------------
(thousands of dollars)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 1,996 $ 1,382
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Provision for Depreciation 359 298
Provision for Loan Losses 164 211
Gain on Call of Securities (1)
Loss on Sale of Premises and Equipment 1
Net Accretion of Premiums and Discounts on Securities (36) (161)
Changes in Assets and Liabilities:
Decrease in Interest Receivable 76 346
Increase in Other Assets (76) (137)
Decrease in Interest Payable (334) (165)
Increase in Other Liabilities 448 381
------------ ------------
Net Cash Provided by Operating Activities 2,598 2,154
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net Decrease in Interest Bearing Deposits in Other Banks 4,397 242
Decrease in Federal Funds Sold 512 2,752
Available-for-Sale Securities:
Proceeds from Maturity 2,803 33,111
Purchases (493) (28,548)
Held-to-Maturity Securities:
Proceeds from Maturity 1,179 653
Purchases (105)
Net Purchases of Federal Home Loan Bank Stock (56) (70)
Net Increase in Loans (11,539) (4,445)
Purchases of Premises and Equipment (22) (808)
Improvements to Other Real Estate (15) (25)
Proceeds from Sale of Other Assets 22
Proceeds from Sale of Equipment 4
Proceeds from Sale of Other Real Estate 11
------------ ------------
Net Cash (Used in) Provided by Investing Activities (3,223) 2,783
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net Decrease in Deposits (8,084) (14,266)
Increase in Other Borrowed Money 15,110 5,070
Repayment of Note Payable (13,169) (1,436)
Increase in Federal Funds Purchased 480
Proceeds from Exercise of Stock Options 300
Dividends Paid (950) (838)
------------ ------------
Net Cash Used in Financing Activities (6,613) (11,170)
------------ ------------
DECREASE IN CASH AND DUE FROM BANKS (7,238) (6,233)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 24,589 21,904
------------ ------------
CASH AND DUE FROM BANKS AT END OF PERIOD $ 17,351 $ 15,671
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the year for:
Interest $ 3,738 $ 5,426
Income Taxes 174 42
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:
Other Real Estate Acquired through Loan Foreclosure 266 131
Loans Granted to Facilitate the Sale of Other Real Estate 9
Change in Net Unrealized Gain (Loss) on
Investment Securities Available for Sale (122) (173)
</TABLE>
See notes to consolidated financial statements
<PAGE> 5
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION
The consolidated financial statements of First Banking Company of Southeast
Georgia (the "Company") include the financial statements of First Bulloch Bank &
Trust Company, Metter Banking Company, First National Bank of Effingham and
Wayne National Bank, wholly-owned subsidiaries. Intercompany balances and
transactions have been eliminated in consolidation.
The consolidated statements contained in this report are unaudited but
reflect all adjustments, consisting only of normal recurring accruals, which
are, in the opinion of management, necessary to a fair statement of the results
for the interim period reflected. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to
generally accepted accounting principles for interim financial statements,
including applicable rules and regulations of the Securities and Exchange
Commission. The results of operations for the interim period reported herein are
not necessarily indicative of results to be expected for the full year.
The consolidated financial statements included herein should be read in
conjunction with the financial statements and notes thereto, and the Independent
Auditors' Report included in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1999.
2. ACCOUNTING POLICIES
Reference is made to the accounting policies of the Company described in
the notes to consolidated financial statements contained in the Company's Annual
Report on Form 10-K for the year ended December 31, 1999. The Company has
followed those policies in preparing this report.
3. COMMON STOCK
The par value of the Company's common stock is $1, and 10,000,000 shares
are authorized. The Banks may pay dividends to the Company in any year up to 50%
of the previous year's net income or $3,469,000 in 2000 without the approval of
the Georgia Department of Banking and Finance.
4. EARNINGS PER SHARE
In February 1997, Statement of Financial Accounting Standards ("SFAS") 128,
"Earnings Per Share" was issued. SFAS 128 establishes standards for computing
and presenting basic and diluted earnings per share information for entities
with publicly held common stock. All per share amounts conform to SFAS 128.
The number of shares used in computing basic and diluted per share amounts
is as follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
------------------------------
<S> <C> <C>
Weighted average shares outstanding -
Basic Earnings Per Share 5,592,274 5,590,537
Effect of Dilutive Securities - options to
purchase 38,438 common shares 4,892
------------------------------
Weighted average shares outstanding -
Diluted Earnings Per Share 5,592,274 5,595,429
==============================
</TABLE>
<PAGE> 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS FOR THE
THREE MONTHS ENDED MARCH 31, 2000
This discussion relates to the consolidated financial condition and
results of operations of First Banking Company of Southeast Georgia (the
"Company) and its wholly-owned subsidiaries, First Bulloch Bank & Trust Company
("Bulloch Bank"), Metter Banking Company ("Metter Bank"), First National Bank of
Effingham ("Effingham Bank"), and Wayne National Bank ("Wayne Bank") (the
"Banks"). Since the Company has no subsidiaries other than the Banks and no
activities other than those of the Banks, the following narrative refers to the
operations of the Banks.
FINANCIAL CONDITION
The Company functions as the sole owner of four commercial banks, and
its financial condition should be examined in terms of trends in sources and
uses of funds. The Company's primary use of funds historically comes from loan
demand. Loans outstanding have increased $11,539,000 or 3.7% since year-end.
Investment securities have decreased $3,636,000 (5.3%), while interest bearing
deposits in other banks and federal funds sold have decreased $4,397,000 (76.4%)
and $512,000 (33.1%), respectively, since year-end.
Total assets have decreased $4,625,000 (1.1%) since year-end, while
total funds (deposits plus all borrowed funds) have decreased $5,663,000 (1.5%).
Total deposits have decreased $8,084,000 (2.4%) since year-end, and Other
Borrowed Money and Federal Funds Purchased have increased $1,941,000 (8.1%).
Demand deposits have decreased $1,469,000 (2.6%), and savings deposits
(including NOW accounts and the liquid money market accounts) have decreased
$3,214,000 (2.8%). Time deposits over $100,000 have decreased approximately
$1,891,000 (2.8%), while other time deposits have decreased approximately
$1,510,000 (1.5%).
Of the total decrease in deposits, approximately $2,500,000 of public
funds moved out of the Banks, while the remaining decrease was in personal and
business deposits in each deposit category other than savings accounts, which
reflected an increase of approximately $1,000,000. The $1,469,000 decrease in
demand deposits is primarily the result of fluctuations in commercial account
balances since year-end, while the decreases in the other categories can be
attributed to market competition for deposits.
CAPITAL RESOURCES
The Banks are required to maintain minimum amounts of capital to total
"risk-weighted" assets, as defined by the banking regulators. At March 31, 2000,
the Banks were required to have minimum Tier 1 and Total Risk-Based Capital
ratios of 4% and 8%, respectively, and a leverage ratio of at least 3%. At that
date the Banks' actual ratios were as follows:
<PAGE> 7
<TABLE>
<CAPTION>
Bulloch Bank Metter Bank Effingham Bank Wayne Bank
------------ ----------- -------------- ----------
<S> <C> <C> <C> <C>
Tier 1 Risk-based Capital ratio 21.3% 16.3% 11.1% 17.5%
Total Risk-based Capital ratio 22.5 17.6 12.3 18.7
Leverage ratio 15.1 12.0 8.3 13.7
</TABLE>
These ratios qualify each Bank for the "well-capitalized"
classification as defined by the banking regulators. The Company's ratio of
shareholders' equity to total assets was 13.4% at March 31, 2000 and 13.0% at
December 31, 1999.
LIQUIDITY
The percentage of loans net of unearned interest to total funds was
89.5% at March 31, 2000 and 85.0% at December 31, 1999. At March 31, 2000 the
Banks had $19,748,000 in cash and due from banks, interest bearing deposits in
other banks and federal funds sold as compared with $31,895,000 at December 31,
1999. The liquidity of the Company and the Banks is considered adequate to repay
deposits and other obligations, meet expected loan demand and pay dividends.
MARKET RISK
The Company's principal business is the making of loans, funded by
customer deposits and, occasionally, other borrowed funds. Consequently, a
significant portion of the Company's assets and liabilities are monetary in
nature and fluctuations in interest rates will affect the Company's future net
interest income and cash flows. This interest rate risk is the Company's primary
market risk exposure. The Company does not enter into derivative financial
instruments such as futures, forwards, swaps, and options. Also, the Company has
no market risk-sensitive instruments held for trading purposes. The Company's
exposure to market risk is reviewed on a regular basis by its management.
The Company measures interest rate sensitivity as the difference
between amounts of interest-earning assets and interest-bearing liabilities
which either reprice or mature within a given period of time. The difference, or
the interest rate repricing "gap," provides an indication of the extent to which
an institution's interest rate spread will be affected by changes in interest
rates. A gap is considered positive when the amount of interest-rate sensitive
assets exceeds the amount of interest-rate sensitive liabilities and is
considered negative when the amount of interest-rate sensitive liabilities
exceeds the amount of interest-rate sensitive assets. Generally, during a period
of rising interest rates, a negative gap within shorter maturities would
adversely affect net interest income, while a positive gap within shorter
maturities would result in an increase in net interest income. Conversely,
during a period of falling interest rates, a negative gap within shorter
maturities would result in an increase in net interest income while a positive
gap within shorter maturities would have the opposite effect.
<PAGE> 8
The Company has not identified any material change in its market risk
exposure from December 31, 1999 to March 31, 2000. Its balance sheet structure
has not altered materially nor has the interest rate environment in which it
operates changed materially since December 31, 1999.
Presented below is an interest rate sensitivity analysis of the Company
at March 31, 2000. The analysis indicates that the Company is
liability-sensitive through one year and beyond five years, meaning that a
greater amount of liabilities are maturing or repricing than assets, which is
beneficial in a falling rate environment. From one year to five years, the
Company is asset-sensitive, which is beneficial in a rising rate environment.
<PAGE> 9
Interest Rate Sensitivity Analysis - March 31, 2000
<TABLE>
<CAPTION>
Term to Repricing or Maturity
Over Three Over One Over Five
Less Than Months Through Year Through Years and
Three Months One Year Five Years Insensitive Total
------------ -------------- ------------ ----------- --------
<S> <C> <C> <C> <C> <C>
Interest Earning Assets:
Interest Bearing
Deposits in Other Banks $ 1,362 $ 1,362
Investment Securities 8,486 $12,576 $ 22,746 $21,742 65,550
Stock in the FHLB Atlanta 1,619 1,619
Federal Funds Sold 1,035 1,035
Loans 118,609 68,496 97,300 37,949 322,354
-------- -------- -------- ------- --------
Total Interest Earning
Assets 129,492 81,072 120,046 61,310 391,920
Non-interest Earning Assets 29,597 29,597
-------- -------- -------- ------- --------
TOTAL ASSETS $129,492 $ 81,072 $120,046 $90,907 $421,517
======== ======== ======== ======= ========
Interest Bearing Liabilities:
Interest Bearing Deposits $156,956 $95,015 $ 25,743 $277,714
Other Borrowed Money 2,428 12,509 4,566 $ 8,516 28,019
-------- -------- -------- ------- --------
Total Interest Bearing
Liabilities 159,384 107,524 30,309 8,516 305,733
Interest Free Deposits 54,543 54,543
Other Interest Free
Liabilities and Equity 61,241 61,241
-------- -------- -------- ------- --------
TOTAL LIABILITIES AND EQUITY $159,384 $107,524 $ 30,309 $124,300 $421,517
======== ======== ======== ======== ========
Net Interest Rate
Sensitivity Gap $(29,892) $(26,452) $89,737 $(33,393)
Cumulative Gap (29,892) (56,344) 33,393
Net Interest Rate
Sensitivity Gap as a Percent
of Interest Earning Assets (23.08) (32.63) 74.76 (36.73)
Cumulative Gap as a Percent of
Cumulative Interest Earning
Assets (23.08) (26.76) 10.10
</TABLE>
<PAGE> 10
RESULTS OF OPERATIONS
INTEREST INCOME
Total interest income increased $255,000 (2.9%) in the first three
months of 2000 as compared to the first three months of 1999. Interest on loans
increased $737,000 (10.4%) in the first three months of 2000 as compared to the
first three months of 1999, as a result of an increase in yield on the loan
portfolio from March 31, 1999 to March 31, 2000 from 9.32% to 10.19% as well as
an increase of $33,364,000 in the year-to-date average balance of loans
outstanding for these periods. Interest on investments decreased $147,000
(12.3%) in the first three months of this year as compared to the first three
months of 1999 as a result of a decrease in the average balance of the
investment portfolio of $14,115,000 offset by an increase in yield on the
portfolio from 5.97% to 6.26%.
During the first three months of 2000, interest on federal funds sold
decreased $92,000 (71.3%) from the first three months of 1999. Interest on
Interest-bearing Deposits in Other Banks decreased $243,000 (73.2%) during the
first three months of 2000 from the first three months of 1999. These short-term
investments are the two means of investing any excess cash from day to day. The
total decrease in the combined income of Federal Funds Sold and Interest-bearing
Deposits in Other Banks is the result of a decrease of $9,041,000 in the
combined year-to-date average balance offset by an increase in the weighted
average yield from 4.77% to 6.02%.
INTEREST EXPENSE
During the first three months of 2000, the total interest expense
decreased $408,000 (10.8%) from the first three months of 1999. Interest on
deposits decreased $534,000 (15.1%) in the first three months of 2000 from the
first three months of 1999. This decrease is attributable to a $29,050,000
decrease in the average balance of interest bearing deposits as well as a
decrease in the cost of funds from 4.61% in the first quarter of 1999 to 4.26%
in the first quarter of 2000. Interest on borrowed funds increased $126,000
(50.4%) in the first three months of 2000 from the first three months of 1999 as
a result of an increase of $8,473,000 in the average balance outstanding of
total borrowed funds offset by a decrease in the average interest rate of 0.20%
from 6.50% in 1999 to 6.30% in 2000.
PROVISIONS FOR LOAN LOSSES
Provisions for loan losses for the first three months of 2000 decreased
$47,000 (22.3%) from the first three months of 1999. After considering the
credit worthiness of the loan portfolios, it is the opinion of the management of
the Banks that the allowance for loan losses is adequate. At March 31, 2000 the
allowance for loan losses was 1.53% of outstanding loans less unearned interest.
Nonperforming loans were $1,476,000 at March 31,2000 and $1,411,000 at
December 31, 1999. These loans included those on a nonaccrual status of $596,000
and $442,000, respectively, accruing loans contractually past due at least 90
days of $334,000 and $382,000, respectively, and restructured loans of $546,000
and $587,000, respectively. Net loans charged off totaled $87,000 during the
first three months of 2000 as compared to $34,000 during the first three months
of 1999.
<PAGE> 11
NONINTEREST INCOME AND EXPENSE
Noninterest income increased $104,000 (11.2%) in the first three
months of 2000 from the first three months of 1999. This increase is reflected
primarily in an increase in Service Charges on Deposits of $123,000 during the
first three months of this year offset by a $20,000 decrease in other service
charges. The increase in Service Charges on Deposits is the result of an
increase of $111,000 in NSF Service Charges and $5,000 in account service
charges. The increase in NSF service charges is the result of a change in the
second quarter of 1999 in the method by which NSF charges are assessed. The
$20,000 decrease in other service charges is primarily the result of decreases
of $29,000 in Mortgage Origination Fees, of $14,000 in ATM service charges and
of $7,000 in commissions on credit insurance products offset by a $24,000
increase in commissions on sales of mutual funds, annuities, and life insurance.
Noninterest expense decreased $95,000 (2.6%) in the first three
months of 2000 compared to the first three months of 1999. This total decrease
is primarily the result of a decrease in other expense of $271,000 during the
first three months of 2000 as compared to the first three months of 1999 offset
by an increase in salary and personnel expense of $73,000 and increases in
occupancy and equipment expense of $103,000. The decrease in other expense is
the result of $299,000 in merger and acquisition expense incurred in 1999
associated with the acquisition of the Wayne Bank, offset by an increase in
legal fees in 2000 of $28,000. The increase in salary and personnel expense is
primarily the result of increases in employee health insurance premiums and
retirement benefit costs. The increase in occupancy and equipment expense is
primarily the result of increases in equipment depreciation of $64,000, in
equipment repairs of $24,000, and in property tax accruals of $12,000.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Neither the Company nor any of its subsidiaries is a party to, nor is any of
their property the subject of, any material pending legal proceedings, other
than ordinary routine proceedings incidental to the business of banks, nor to
the knowledge of management are any such proceedings contemplated or threatened
against the Registrant or its subsidiaries.
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
Exhibit 27 - Financial Data Schedule (for SEC use only).
(b) Reports on Form 8-K:
None
<PAGE> 13
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
FIRST BANKING COMPANY OF SOUTHEAST GEORGIA
DATE: May 12, 2000 BY: /s/James Eli Hodges
---------------------- ---------------------------------------
JAMES ELI HODGES
PRESIDENT
DATE: May 12, 2000 BY: /s/Dwayne E. Rocker
---------------------- ---------------------------------------
DWAYNE E. ROCKER
SECRETARY-TREASURER
(PRINCIPAL FINANCIAL OFFICER)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF FIRST BANKING COMPANY OF SOUTHEAST GEORGIA FOR THE THREE
MONTHS ENDED MARCH 31, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 17,351
<INT-BEARING-DEPOSITS> 1,362
<FED-FUNDS-SOLD> 1,035
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 46,844
<INVESTMENTS-CARRYING> 18,706
<INVESTMENTS-MARKET> 18,887
<LOANS> 322,316
<ALLOWANCE> 4,930
<TOTAL-ASSETS> 421,517
<DEPOSITS> 332,257
<SHORT-TERM> 2,130
<LIABILITIES-OTHER> 4,911
<LONG-TERM> 25,889
0
0
<COMMON> 5,592
<OTHER-SE> 50,738
<TOTAL-LIABILITIES-AND-EQUITY> 421,517
<INTEREST-LOAN> 7,857
<INTEREST-INVEST> 1,045
<INTEREST-OTHER> 126
<INTEREST-TOTAL> 9,028
<INTEREST-DEPOSIT> 2,997
<INTEREST-EXPENSE> 3,373
<INTEREST-INCOME-NET> 5,655
<LOAN-LOSSES> 164
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 3,533
<INCOME-PRETAX> 2,993
<INCOME-PRE-EXTRAORDINARY> 2,993
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,996
<EPS-BASIC> 0.36
<EPS-DILUTED> 0.36
<YIELD-ACTUAL> 5.96
<LOANS-NON> 596
<LOANS-PAST> 334
<LOANS-TROUBLED> 546
<LOANS-PROBLEM> 1,476
<ALLOWANCE-OPEN> 4,854
<CHARGE-OFFS> 133
<RECOVERIES> 46
<ALLOWANCE-CLOSE> 4,930
<ALLOWANCE-DOMESTIC> 4,930
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
