SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1996.
OR
TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF
1934
For the transition period from to
Commission File No. 0-27448
GOLDEN ISLES FINANCIAL HOLDINGS, INC.
(Exact name of small business issuer as specified in its charter)
Georgia 58-1756713
(State of Incorporation) (I.R.S. Employer
Identification No.)
200 Plantation Chase, St. Simons Island, Georgia 31522
(Address of Principal Executive Offices)
(912) 638-0667
(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 Securities Exchange Act of 1934 during the
preceding 12
months (or for such shorter period that the issuer 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: Indicate the number of
shares outstanding
of each of the issuer's classes of common equity as of the latest
practicable
date.
Common Stock, no par value per share: 2,337,244 shares issued
and outstanding
as of May 10, 1996, of which 896,968 shares are combined with a
nondetachable
Class A Warrant to purchase one additional share of Common Stock.
Transitional Small Business Disclosure Format: Yes
No X
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Golden Isles Financial Holdings, Inc.
St. Simons Island, Georgia
Consolidated Balance Sheets
March 31, December 31,
1996 1995
ASSETS (Unaudited) (Unaudited)
Cash and due from banks $ 2,968,631 $ 3,567,228
Federal funds sold 3,970,000 5,010,000
Total cash and cash equivalents $ 6,938,631 $ 8,577,228
Investment securities:
Securities available-for-sale,
at estimated market values 6,602,166 6,626,386
Securities held-to-maturity
(approximate estimated market
value of $2,205,178 (03-31-96)
and $2,255,620 (12-31-95) 2,242,730 2,273,605
Loans, net 61,497,938 56,420,884
Loans held-for-sale 15,002,282 7,842,230
Property and equipment, net 4,040,959 3,359,481
Other assets 1,958,962 1,463,276
Total Assets $98,283,668 $86,563,090
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Non-interest bearing deposits $ 8,103,446 $ 7,366,505
Interest bearing deposits 67,228,540 60,661,737
Total deposits $75,331,986 $68,028,242
Notes payable 6,495,051 2,849,683
Federal Home Loan Bank borrowings 4,141,214 4,185,214
Other liabilities 1,593,577 699,161
Total Liabilities $87,561,828 $75,762,300
Commitments and contingencies
Shareholders' Equity:
Common stock, no par value
15 million shares authorized,
2,337,244 shares (03-31-96)
2,336,982 (12-31-95) shares
issued and outstanding $ 1,094,338 $ 1,094,338
Paid-in-capital 9,867,955 9,849,147
Retained (deficit) (216,765) (140,182)
Unrealized (loss) on fair value
of securities available-for-sale (23,688) (2,513)
Total Shareholders' Equity $10,721,840 $10,800,790
Total Liabilities
and Shareholders' Equity $98,283,668 $86,563,090
Refer to notes to the financial statements.
Golden Isles Financial Holdings,Inc.
St. Simons Island, Georgia
Consolidated Income Statements
(Unaudited)
Three Months Ended
March 31,
1996 1995
Interest income $ 2,260,540 $1,491,173
Interest expense 1,108,749 663,889
Net interest income $ 1,151,791 $ 827,284
Provision for possible loan losses 163,701 64,271
Net interest income after provision
for possible loan losses $ 988,090 $ 763,013
Other income:
Fee income from mortgage subsidiary $ 362,419 $ 72,027
Other income 207,232 84,325
Total other income $ 569,651 $ 156,352
Salaries and benefits $ 908,110 $ 391,394
Depreciation and amortization 80,081 27,882
Regulatory fees and assessments 5,416 24,560
Supplies and printing 46,581 23,639
Legal & professional 36,375 38,162
Advertising 61,506 51,673
Other operating expenses 442,414 180,033
Total operating expenses $ 1,580,483 $ 737,343
Net income (loss) before taxes $ (22,742) $ 182,022
Income taxes 53,836 128,388
Net income (loss) $ (76,578) $ 53,634
Income (loss) per share $ (.03) $ .04
Refer to notes to the financial statements.
Golden Isles Financial Holdings, Inc.
St. Simons Island, Georgia
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
1996 1995
Cash flows from operating activities: $ 395,866 31,553
Cash flows from Investing Activities:
Increase in loans held-for-sale $ (7,160,052) $ - -
Purchase of fixed assets (760,113) (719,273)
(Increase) in loans (5,222,185) (3,222,602)
Securities - available-for-sale
Maturity and paydowns 664,576 362,386
Sale of securities - - 728,116
Purchase of securities (511,484) (498,516)
Securities - held-to-maturity
Maturity and paydowns 30,875 117,927
Purchase of securities - -
- -
Net cash used in investing activities $(12,958,383) $(3,231,962)
Cash flows from Financing Activities:
Increase in borrowings $ 3,601,368 $(435,044)
Sale of stock/option amortization 18,808 9,417
Increase in deposits 7,303,744 6,150,708
Cash provided from financing activities $ 10,923,920 $5,725,081
Net increase in cash and cash equivalents $ (1,638,597) $2,524,672
Cash and cash equivalents,
beginning of period 8,577,228 1,822,966
Cash and cash equivalents, end of period $ 6,938,631 $4,347,638
Refer to notes to the financial statements.
Golden Isles Financial Holdings,Inc.
St. Simons Island, Georgia
Notes to Financial Statements (Unaudited)
March 31, 1996
Note 1 - Basis of Presentation
The accompanying financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB. Accordingly, they do
not include all 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 three month period ended March 31, 1996 are not necessarily
indicative of the results that may be expected for the year ending December
31, 1996. For further information, refer to the financial statements and
footnotes thereto included in Form 10-KSB for the year ended December 31,
1995.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation and Reclassification. The consolidated financial
statements include the accounts of the parent company and the Subsidiaries.
All significant intercompany accounts and transactions have been
eliminated in consolidation. Certain prior year amounts have been
reclassified to conform to the current year presentation.
Basis of Accounting. The accounting and reporting policies of GIFH
conform to generally accepted accounting principles and to general
practices in the banking industry. GIFH uses the accrual basis of accounting by
recognizing revenues when earned and expenses in the period incurred, without
regard to the time of receipt or payment of cash.
Investment Securities. GIFH adopted Statement of Financial Accounting
Standards No. 115, Accounting for Certain Investment in Debt and Equity
Securities (SFAS 115) on January 1, 1994. SFAS 115 requires
investments in equity and debt securities to be classified into three
categories:
1. Held-to-maturity securities: These are securities which GIFH has
the ability and intent to hold until maturity. These securities are
stated at cost, adjusted for amortization of premiums and the accretion of
discounts.
Golden Isles Financial Holdings, Inc.
St. Simons Island, Georgia
Notes to Financial Statements (Unaudited)
March 31, 1996
2. Trading securities: These are securities which are bought and
held principally for the purpose of selling in the near future. Trading
securities are reported at fair market value, and
related unrealized gains and losses are recognized in the income statement.
3. Available-for-sale securities: These are securities which are not
classified as either held-to-maturity or as trading securities. These
securities are reported at fair market value. Unrealized gains and losses
are reported, net of tax, as separate components of shareholders' equity.
Unrealized gains and losses are excluded from the income statement.
Loans, Interest and Fee Income on Loans. Loans are stated at the
principal balance outstanding. Unearned discount, unamortized loan fees
and the allowance for possible loan losses are deducted from total loans
in the statement of condition. Interest income is recognized over the term
of the loan based on the principal amount outstanding. Points on real
estate loans are taken into income to the extent they represent the direct
cost of initiating a loan. The amounts in excess of direct costs
are deferred and amortized over the expected life of the loan.
Loans are generally placed on non-accrual status when principal or
interest becomes ninety days past due, or when payment in full is not
anticipated. When a loan is placed on non-accrual status,interest accrued
but not received is generally reversed against interest income. If
collectibility is in doubt, cash receipts on non-accrual loans are not
recorded as interest income, but are used to reduce principal.
Allowance for Possible Loan Losses. The provisions for loan losses
charged to operating expense reflect the amount deemed appropriate by
management to establish an adequate reserve to meet the present and
foreseeable risk characteristics of the current loan portfolio.
Management's judgement is based on periodic and regular evaluation of
individual loans, the overall risk characteristics of the various
portfolio segments, past experience with losses and prevailing and
anticipated economic conditions. Loans which are determined to be
Golden Isles Financial Holdings, Inc.
St. Simons Island, Georgia
Notes to Financial Statements (Unaudited)
March 31, 1996
uncollectible are charged against the allowance. Provisions for
loan losses and recoveries on loans previously charged-off are added
to the allowance.
GIFH adopted Statement of Financial Accounting Standards No. 114,
Accounting by Creditors for Impairment of a Loan, (SFAS 114) on January 1,
1995. Under the new standard, a loan is considered impaired, based on
current information and events, if it is probable that GIFH will be unable
to collect the scheduled payments of principal or interest when due
according to the contractual terms of the loan agreement. The measurement
of impaired loans is generally based on the present value of expected
future cash flows discounted at the historical effective interest
rate. All collateral-dependent loans, however, are measured for
impairment based on the fair value of the collateral. The adoption of SFAS 114
resulted in no change to the allowance for credit losses at January 1, 1995.
In October, 1994, FASB issued Statement of Financial Accounting
Standards No. 118, Accounting by Creditors for Impairment of a Loan Income
Recognition and Disclosure (SFAS 118). SFAS 118 amends SFAS 114 to
allow a creditor to use existing methods for recognizing interest income
on an impaired loan, rather than the methods prescribed in SFAS 114.
Mortgage Loan Administration. GIFH, through FBMC, purchases and
sells real estate mortgage loans in the secondary market as part of normal
operations. Loans originated pending sale are classified as loans held for
sale. Such loans are valued at the lower of cost or market. All loans
sold are subject to a recourse provision relating only to documentation
deficiencies, which GIFH may correct. Gains and losses resulting
from sales of these loans are recognized in the period the sale
occurs, as the recourse provisions are not considered to significantly affect
the earnings process.
In May 1995, FASB issued Statement of Financial Accounting Standards
No. 122, Accounting for Mortgage Servicing Right, (SFAS 122). SFAS 122
amends SFAS 65, Accounting for Certain Mortgage Banking Activities, to
require that a mortgage banking enterprise recognize as an asset rights to
service mortgage loans for others regardless of the manner in which those
servicing rights are acquired. It also requires an enterprise to
assess its capitalized mortgage servicing rights for impairment based on
the fair value of those rights. In assessing impairment, mortgage
servicing rights that are capitalized after the adoption of SFAS 122 should be
stratified based on one or more of the predominant
Golden Isles Financial Holdings, Inc.
St. Simons Island, Georgia
Notes to Financial Statements (Unaudited)
March 31, 1996
risk characteristics of the underlying loans. Impairment should
then be recognized through a valuation allowance for each impaired
stratum. SFAS 122 will apply to GIFH for the calendar year beginning January 1,
1996. Management believes that the adoption of SFAS 122 will not have a
material impact on the financial position of GIFH.
Property and Equipment. Building, furniture and equipment are
stated at cost, net of accumulated depreciation. Depreciation is computed
using the straight line method over the estimated useful lives of the
related assets. Maintenance and repairs are charged to operations, while major
improvements are capitalized. Upon retirement, sale or other disposition of
property and equipment, the cost and accumulated depreciation are
eliminated from the accounts, and gain or loss is included in income from
operations.
Income Taxes. The consolidated financial statements have been prepared on
the accrual basis. When income and expenses are recognized in different
periods for financial reporting purposes and for purposes of computing
income taxes currently payable, deferred taxes are provided on such
temporary differences.
Effective January 1, 1993, GIFH adopted Statement of Financial
Accounting Standards No. 109, Accounting for Income Taxes (SFAS 109).
Under SFAS 109, deferred tax assets and liabilities are recognized for the
expected future tax consequences of events that have been recognized in the
financial statements or tax return. Deferred tax assets and liabilities
are measured using the enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to
be realized or settled.
Statement of Cash Flows. For purposes of reporting cash flows,
cash and cash equivalents include cash on hand, amounts due from banks and
federal funds sold. Generally, federal funds are purchased or sold for
one day periods.
Net Income Per Share. Net income per share was computed by dividing net
income by the weighted average number of shares outstanding for each
period. Common stock equivalents in the form of outstanding stock options
were included in the determination of the weighted average number of shares
outstanding only if they were dilutive. Loss per share of $(.03) for the
quarter ended March 31, 1996 may not be indicative of projected earnings/
(losses) for the year ending December 31, 1996.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Liquidity and Sources of Capital
Golden Isles Financial Holdings, Inc., St. Simons Island, Georgia
(GIFH) was incorporated under the laws of the State of Georgia in 1987
for the purpose of becoming a holding company for its then proposed de
novo bank, The First Bank of Brunswick, Brunswick, Georgia (the Bank). Upon
commencement of the Bank's principal operations on July 2, 1990,
GIFH acquired 100 percent of the Bank's voting stock by injecting $4.5
million into the Bank's capital accounts. Deposits at the Bank are each
insured up to $100,000 by the Federal Deposit Insurance Corporation.
In late 1993, GIFH formed two subsidiaries, First Credit Service
Corporation, Brunswick, Georgia (FCC) and First Bank Mortgage
Corporation, Brunswick, Georgia (FBMC). FCC engages in consumer finance and
credit related insurance activities, while FBMC engages in the
origination, processing, purchase and sale of mortgage loans, as well as in
making funds available to other mortgage lenders through warehouse lines of
credit. GIFH owns 100 percent of the voting shares of the Bank, FCC and
FBMC. Total consolidated assets increased by $11.7 million to $98.3
million during the three-month period ended March 31, 1996. The increase
was funded primarily through a $7.3 million increase in deposits and
a $3.7 million increase in notes payable and a $.9 million increase in
other liabilities. The new funds were utilized to increase (i) the
loan portfolio by $5.0 million and (ii) loans available for sale by
$7.2 million.
Liquidity is the company's ability to meet all deposit withdrawals
immediately, while also providing for the credit needs of customers. The
March 31, 1996 financial statements evidence a satisfactory liquidity
position as total cash and cash equivalents amounted to $6.9 million,
representing 7.1% of total assets. Investment securities amounted to $8.8
million, representing 9.0% of total assets; these securities provide a
secondary source of liquidity since they can be converted into cash in a
timely manner. Additionally, at March 31, 1996, GIFH had $15.0 million in
loans held-for-sale. These loans are generally converted into cash within
90 days from origination. Note that the company's ability to maintain and
expand its deposit base and borrowing capabilities are a source of
liquidity. For the three-month period ended March 31, 1996,
total deposits increased from $68.0 million to $75.3 million, representing an
annualized increase of 42.9%. Also, for the three month period ended March
31, 1996, GIFH was able to increase its borrowings from $7.0 million to
$10.6 million, a net increase of $3.6 million. GIFH's management
closely monitors and maintains appropriate levels of interest earning
assets and interest bearing liabilities, so that maturities of assets are
such that adequate funds are provided to meet customer withdrawals and loan
demand. There are no trends, demands, commitments, events or
uncertainties that will result in or are reasonably likely to result in GIFH's
liquidity increasing or decreasing in any material way.
The Bank maintains an adequate level of capitalization as measured by the
following capital ratios and the respective minimum capital requirements
by the Bank's primary regulators.
Bank's Minimum required
March 31, 1996 by regulator
Leverage ratio 7.3% 4.0%
Risk weighted ratio 10.8% 8.0%
Note that with respect to the leverage ratio, the regulators
expect a minimum of 5.0 percent to 6.0 percent ratio for banks that are
not rated CAMEL 1. Although the Bank is not rated CAMEL 1, its leverage
ratio of 7.3 percent is well above the required minimum.
Results of Operations
Net loss for the three-month period ended March 31, 1996 amounted
to $(76,578), or $(.03) per share. For the three-month period ended
March 31, 1995, net income amounted to $53,634, or $.04 per share. The
primary reason for the decline in income is attributed to the increased
costs associated with the expanding operations of FCC and FBMC. Four
major items are of a particular interest when one compares the March 31, 1996
results to those of March 31, 1995.
a. Net interest income, which represents the difference between
interest received on interest earning assets and interest paid on
interest bearing liabilities, has increased from $827,284 for the
three month period ended March 31, 1995 to $1,151,791 for the same
period one year later, representing an increase of $324,507, or 39.2%.
This increase was attained because total earning assets increased
from $61.1 million at March 31, 1995 to $74.3 million at March
31, 1996.
b. The net interest yield, defined as net interest income
divided by interest earning assets, has increased from 5.4% for the
three-month period ended at March 31, 1995 to 6.2% for the three month
period ended March 31, 1996. The increase is attributed to the
fact that the growth in assets between March 31, 1995 and March 31,
1996 was centered in loans, the highest yielding of all asset
categories.
c. Other income for the three-month period ended March 31, 1996
and 1995 amounted to $569,651 and $156,352, respectively. The
significant increase in other income is due primarily to the
increase in fee income and other charges that are earned
through FBMC.
d. Operating expenses for the three-month period ended March
31, 1996 and 1995 amounted to $1,580,483 and $737,343, respectively,
representing an increase of $843,140, or 114%. Operating
expenses represented an annualized 6.4% and 4.5% of total assets as
of March 31, 1996 and 1995, respectively.
At December 31, 1995, the allowance for loan losses amounted to
$718,057. By March 31, 1996, the allowance had grown to $863,188. The
allowance for loan losses, as a percentage of gross loans, increased from 1.26%
to 1.38% during the three month period ended March 31, 1996. Management
considers the allowance for loan losses to be adequate and sufficient to
absorb possible future losses; however, there can be no assurance that
charge-offs in future periods will not exceed the allowance for loan losses
or that additional provisions to the allowance will not be required.
GIFH is not aware of any current recommendation by the regulatory
authorities which, if they were to be implemented, would have a
material effect on GIFH's liquidity, capital resources, or results of
operations.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings. Except as otherwise provided
in Item 3 of Part I of Form 10-KSB of GIFH for the fiscal year ended
December 31, 1995, there are no material pending legal proceedings to which
GIFH or any of its subsidiaries is a party or of which any of their property
is the subject.
Item 2. Changes in Securities.
(a) None.
(b) None.
Item 3. Defaults Upon Senior Securities. None.
Item 4. Submission of Matters to a Vote of Security-Holders. No
matter was submitted to a vote of security-holders during the
quarter ended March 31, 1996.
Item 5. Other Information. None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit No.: Description
3.(i) Restatement and Amendment of the Articles of
Incorporation of GIFH, effective August 24, 1995 (filed as Exhibit 3.(i)
to GIFH's Quarterly Report on Form 10-QSB for the quarter ended September 30,
1995 (File Number 33-19735-A), filed with the Commission on November 13,
1995 and incorporated herein by reference).
3.(ii) By-Laws of GIFH (filed as Exhibit 3.(ii) to GIFH's
Quarterly Report on Form 10-QSB for the quarter ended September 30,
1995 (File No. 33-19735-A), filed with the Commission on November 13,
1995 and incorporated herein by reference).
4.1 See Exhibits 3.(i) and 3.(ii) for provisions in GIFH's
Articles of Incorporation and Bylaws defining the rights of
holders of GIFH's Common Stock.
4.2 Form of Class A Stock Purchase Warrants and Agreement with
Holders of Class A Warrants (incorporated by reference to
Appendices B and C to Amendment No. 2 to GIFH's
Registration Statement on Form SB-2 (File Number 33-77822), filed
with the Commission on May 1, 1995).
10.1 The Golden Isles Financial Holdings, Inc. 1991 Incentive stock
Option Plan and The Golden Isles Financial Holdings, Inc. 1991
Nonstatutory Stock Option Plan (incorporated by reference to
Exhibit 10(a) to GIFH's Annual Report on Form 10-KSB for the
year ended December 31, 1992).
10.2 Promissory note and stock pledge of GIFH dated September
30, 1993 in favor of Southeastern Bank (incorporated by reference
to Exhibit 10(b) to GIFH's Annual Report on Form 10-KSB for
the year ended December 31, 1993).
10.3 Employment agreement between the Bank and Paul D. Lockyer
by letter dated June 5, 1992 (incorporated by reference to
Exhibit 10.3 to GIFH's Registration Statement on Form SB-2 (File
Number 33 77822), filed with the Commission on May 27, 1994).
10.4 Loan and Security Agreement dated March 14, 1995, between
BankAmerica Business Credit, Inc. and First Credit
Service Corporation (incorporated by reference to Exhibit 10(b)
to GIFH's Annual Report on Form 10-KSB for the year ended
December 31, 1994).
10.5 HUD-1 Settlement Statement (incorporated by reference to Exhibit
10(c) to GIFH's Annual Report on Form 10-KSB for the year ended
December 31, 1994).
10.6 AIA Document A101 Standard Form of Agreement Between Owner and
Contractor between First National Bank of Brunswick and Newcastle
Construction, Inc. (incorporated by reference to Exhibit 10(d)
to GIFH's Annual Report on Form 10-KSB for the year ended December
31, 1994).
10.7 Stock Option Agreement dated February 22, 1994, between
Golden Isles Financial Holdings, Inc. and Paul D. Lockyer
(incorporated by reference to Exhibit 10(e) to GIFH's Annual Report
on Form 10-KSB for the year ended December 31, 1994).
10.8 Stock Option Agreement dated February 22, 1994, between
Golden Isles Financial Holdings, Inc. and Michael D. Hodges
(incorporated by reference to Exhibit 10(f) to GIFH's Annual
Report on Form 10-KSB for the year ended December 31, 1994).
10.9 Stock Option Agreement dated January 28, 1993, between
Golden Isles Financial Holdings, Inc. and Paul D. Lockyer
(incorporated by reference to Exhibit 10(g) to GIFH's Annual Report
on Form 10-KSB for the year ended December 31, 1994).
10.10 Stock Option Agreement dated January 28, 1993, between
Golden Isles Financial Holdings, Inc. and Michael D. Hodges
(incorporated by reference to Exhibit 10(h) to GIFH's Annual
Report on Form 10-KSB for the year ended December 31, 1994).
10.11 Employment Agreement between the Bank and Michael D.
Hodges by letter dated June 5, 1992 (incorporated by reference to
Exhibit 10(j) to GIFH's Annual Report on Form 10-KSB for the year
ended December 31, 1994).
10.12 Golden Isles Financial Holdings, Inc. 1995 Stock Option
Plan (incorporated by reference to Exhibit 10.(i) to GIFH's
Quarterly Report on Form 10-QSB for the quarter ended September 30,
1995).
10.13 Form of Option Agreement, dated July 25, 1995, entered
into between GIFH and each of Paul D. Lockyer and Michael D.
Hodges (incorporated by reference to Exhibit 10.(iii) to the
Registrant's Quarterly Report on Form 10-QSB for the quarter
ended September 30, 1995).
10.14 Form of Restricted Stock Grant Agreement, dated July 25, 1995,
entered into between GIFH and each of its directors and named
executive officers (incorporated by reference to Exhibit 10.(ii)
to GIFH's Quarterly Report on Form 10-QSB for the quarter ended
September 30, 1995).
10.15 Sales Contract dated November 29, 1995 between 200 Plantation
Chase Company, a Georgia general partnership, and GIFH (incorporated
by reference to Exhibit 10(l) to GIFH's Annual Report on Form 10-KSB
for the year ended December 31, 1995).
27 Financial Data Schedule
(b) Reports on Form 8-K - There were no reports on Form 8-K
filed during the quarter ended March 31, 1996.
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.
GOLDEN ISLES FINANCIAL HOLDINGS, INC.
(Registrant)
Date: May 10, 1996 By:
Paul D. Lockyer
President, Chief Operating Officer and
Chief Financial Officer
INDEX TO EXHIBITS
Exhibit Sequential
Number Description Page Number
27 Financial Data Schedule 16
Financial Data Schedule Submitted Under Item 601(a)(27) of
Regulation S-B
This schedule contains summary financial information extracted
from Golden Isles Financial Holdings, Inc. unaudited consolidated financial
statements for the period ended March 31, 1996 and is qualified in its
entirety by reference to such financial statements.
Item Number Item Description Amount
9-03(1) Cash and due from banks $ 2,968,631
9-03(2) Interest bearing deposits 0
9-03(3) Federal funds sold - purchased
securities for sale 3,970,000
9-03(4) Trading account assets
9-03(6) Investment and mortgage backed
securities held for sale 6,602,166
9-03(6) Investment and mortgage backed
securities held to maturity -
carrying value 2,242,730
9-03(6) Investment and mortgage backed
securities held to maturity -
market value 2,205,178
9-03(7) Loans 62,361,126
9-03(7)(2) Allowance for losses 863,188
9-03(11) Total assets 98,283,668
9-03(12) Deposits 75,331,986
9-03(13) Short-term borrowings 10,636,265
9-03(15) Other liabilities 1,593,577
9-03(16) Long-term debt
9-03(19) Preferred stock -
mandatory redemption
9-03(20) Preferred stock -
no mandatory redemption
9-03(21) Common stocks 1,094,338
9-03(22) Other stockholders' equity 9,867,955
9-03(23) Total liabilities and
stockholders' equity 98,283,668
9-04(1) Interest and fees on loans 1,759,328
9-04(2) Interest and dividends
on investments 501,212
9-04(4) Other interest income
9-04(5) Total interest income 2,260,540
9-04(6) Interest on deposits 921,820
9-04(9) Total interest expense 1,108,749
9-04(10) Net interest income 1,151,791
9-04(11) Provision for loan losses 163,701
9-04(13)(h) Investment securities gains/losses 0
9-04(14) Other expenses 1,580,483
9-04(15) Income/loss before income tax (22,742)
Item Number Item Description Amount
9-04(17) Income/loss before
extraordinary items (22,742)
9-04(18) Extraordinary items, less tax 0
9-04(19) Cumulative change in
accounting principles 0
9-04(20) Net income or loss (76,578)
9-04(21) Earnings per share - primary (.03)
9-04(21) Earnings per share - fully diluted (.03)
I.B.5. Net yield - interest earning
assets - actual 6.2%
III.C.1(a) Loans on non-accrual 208,186
III.C.1(b) Accruing loans past due
90 days or more 0
III.C.1(c) Troubled debt restructuring 0
III.C.2. Potential problem loans 0
IV.A.1 Allowance for loan losses -
beginning of period 718,057
IV.A.2 Total chargeoffs 20,785
IV.A.3 Total recoveries 2,216
IV.A.4 Allowance for loan losses -
end of period 863,188
IV.B.1 Loan loss allowance allocated to
domestic loans 854,000
IV.B.2 Loan loss allowance allocated to
foreign loans 0
IV.B.3 Loan loss allowance - unallocated 9,188
