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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
AMENDMENT NO. 1
TO
FORM 10-Q
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 For the
quarterly period ended September 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file number 0-13153
HABERSHAM BANCORP
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(Exact name of registrant as specified in its charter)
Georgia 58-1563165
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Highway 441 N. P.O. Box 1980, Cornelia, Georgia 30531
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(Address of principal executive offices) (Zip code)
(706) 778-1000
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(Issuer's telephone number, including area code)
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(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 [ ]
State the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
2,698,746 shares, common stock, $1.00 par value, as of October 31, 2000
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HABERSHAM BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) For the Nine Month Periods Ended September 30, 2000 and 1999
(dollars in thousands)
<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES: 2000 1999
<S> <C> <C>
Net income $ 2,348 $ 1,247
Adjustments to reconcile net income to net cash
(used by) provided by operating activities:
Provision for loan losses 715 677
Depreciation 1,022 1,041
Gain on sale of investment securities (37) (16)
Proceeds from sale of trading securities -- 596
Unrealized holding loss on trading securities 306 725
Loss (gain) on sale of other real estate 11 (16)
Net gain on sale of loans (9,624) (7,576)
Amortization of intangible assets 233 243
Equity in earnings of investee (128) (143)
Deferred income tax benefit (31) (24)
Proceeds from sale of loans held for sale 423,314 456,110
Net increase in loans held for sale (436,057) (416,018)
Changes in assets and liabilities:
Increase in interest receivable (725) (357)
(Increase) decrease in other assets (934) 38
Increase (decrease) in interest payable 644 (486)
Increase (decrease) in other liabilities 15,075 (1,449)
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Net cash (used by) provided by operating activities (3,868) 34,591
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CASH FLOWS FROM INVESTING ACTIVITIES:
Investment securities available for sale:
Proceeds from maturity 4,230 9,278
Proceeds from sale 2,403 5,016
Purchases (5,845) (8,393)
Investment securities held to maturity:
Proceeds from maturity 1,059 1,360
Purchases (499) (199)
Other investments:
Proceeds from sale 712 7,218
Purchases (3,192) (5,486)
Net cash paid for purchase of CB Financial Corp.
common stock -- (116)
Loans:
Proceeds from sale 12,858 32,970
Net increase in loans (64,037) (113,864)
Purchases of premises and equipment (1,185) (1,260)
Proceeds from sale of other real estate 249 270
Dividends received from other investment 28 --
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Net cash used in investing activities (53,219) (73,206)
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</TABLE>
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
HABERSHAM BANCORP
(Registrant)
Date November 20, 2000 /s/ David D. Stovall
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President and
Chief Financial Officer
(for the Registrant and as the
Registrant's principal financial and
accounting officer)
