-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J64OZdc9uuWIHO9mpDDJFA2YbvT60QXaRo/AFSrbT9QKZcGoealE7ECf6sr6DyOA iCi9LjsKIMj5QlPxnLbk4g== 0001035903-00-000009.txt : 20000515 0001035903-00-000009.hdr.sgml : 20000515 ACCESSION NUMBER: 0001035903-00-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY FIRST BANKING CO CENTRAL INDEX KEY: 0001035903 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 582309605 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22543 FILM NUMBER: 628307 BUSINESS ADDRESS: STREET 1: P O BOX 250 CITY: CARROLLTON STATE: GA ZIP: 30117-0250 BUSINESS PHONE: 7708341071 MAIL ADDRESS: STREET 1: P O BOX 250 CITY: CARROLLTON STATE: GA ZIP: 30117-0250 10-Q 1 QUARTERLY REPORT U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2000 [ ] Transition Report Pursuant to Section 13 or 15(d) of the Exchange Act For the transition period from ______ to ______ Commission File Number: 0-22543 COMMUNITY FIRST BANKING COMPANY - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) GEORGIA 58-2309605 --------------------------------- --------------------- (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 110 Dixie Street Carrollton, Georgia 30117 (770) 834-1071 ------------------------------------------------------- (Address of Principal Executive Offices and Telephone Number) 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 the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of May 10, 2000, there were 3,282,054 shares issued and 2,751,715 shares outstanding of the Registrant's Common Stock, par value $.01 per share. CONTENTS PART I. FINANCIAL INFORMATION --------------------- Item 1. Financial Statements Consolidated Balance Sheets as of March 31, 2000 (unaudited) and December 31, 1999 Consolidated Statements of Earnings for the Three Months Ended March 31, 2000 and 1999 (unaudited) Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2000 and 1999 (unaudited) Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2000 and 1999 (unaudited) Notes to Consolidated Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations PART II. OTHER INFORMATION Item 1. Legal Proceedings Item 2. Changes in Securities Item 3. Defaults Upon Senior Securities Item 4. Submission of Matters to a Vote of Security Holders Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K SIGNATURES COMMUNITY FIRST BANKING COMPANY Consolidated Balance Sheets (In thousands of dollars)
March 31, December 31, 2000 1999 Assets (Unaudited) Cash and due from banks .......................................... 7,701 9,252 Interest-bearing deposits in financial institutions .............. 354 925 Federal funds sold ............................................... 760 220 -------- -------- Cash & cash equivalents ....................................... 8,815 10,397 Securities available for sale .................................... 62,484 64,665 Securities held to maturity ...................................... 180 184 Other investments ................................................ 2,922 3,173 Mortgage loans held for sale ..................................... 162 59 Loans, net ....................................................... 305,210 290,804 Premises and equipment net ....................................... 7,355 7,516 Accrued interest receivable ...................................... 2,827 3,005 Other real estate and repossessions .............................. 267 528 Other assets ..................................................... 6,146 5,717 -------- -------- Total assets .................................................. 396,368 386,048 ======== ======== Liabilities and Stockholders' Equity Deposits: Demand ......................................................... 12,506 13,029 Interest-bearing demand ........................................ 57,355 55,424 Savings ........................................................ 29,145 29,552 Time ........................................................... 143,626 144,347 Time, over $100,000 ............................................ 62,157 53,035 -------- -------- Total deposits .............................................. 304,789 295,387 Note payable and other borrowings ................................ 58,504 55,345 Federal funds purchased .......................................... 3,629 5,684 Accrued interest payable and other liabilities ................... 2,842 2,433 -------- -------- Total liabilities ........................................... 369,764 358,849 Stockholders' Equity: Convertible preferred stock, par value $.01, 96,542 shares issued 1 1 Common stock, $.01 par, 10,000,000 authorized, 3,282,054 issued . 33 33 Additional paid in capital ...................................... 14,663 14,663 Retained earnings ............................................... 26,601 25,842 Treasury stock at cost .......................................... (10,483) (9,826) Accumulated other comprehensive income and (loss) ............... (4,211) (3,514) -------- -------- Total stockholders' equity .................................. 26,604 27,199 -------- -------- Total liabilities & stockholders' equity ....................... 396,368 386,048 ======== ========
See Notes to Consolidated Financial Statements. COMMUNITY FIRST BANKING COMPANY Consolidated Statements of Earnings (Inst.8) (Unaudited) (In thousands of dollars)
Three Months Ended March 31, 2000 1999 Interest income: Interest and fees on loans ...................................... 6,856 6,251 Interest-bearing deposits and federal funds sold ............... 32 179 Interest and dividends on investment securities: U.S. Treasury ................................................. - 45 U.S. Govt. agency and mortgage-backed ......................... 1,044 938 State, county & municipals .................................... 1 29 Other ......................................................... 81 89 ------- ------- Total interest income ....................................... 8,014 7,531 ------- ------- Interest Expense: Interest on deposits: Demand ........................................................ 298 272 Savings ....................................................... 150 165 Time .......................................................... 2,665 2,598 ------- ------- 3,113 3,035 ------- ------- Interest on note payable and other borrowings .................... 917 957 ------- ------- Total interest expense ................................. 4,030 3,992 ------- ------- Net interest income ................................... 3,984 3,539 ------- ------- Provision for loan losses ........................................ 234 172 ------- ------- Net interest income after provision for loan losses .... 3,750 3,367 ------- ------- Noninterest income: Service charges on deposits ................................... 506 582 Gain (Loss) on calls and sales of securities available for sale (7) - Insurance commissions ......................................... 212 195 Miscellaneous ................................................. 286 244 ------- ------- Total noninterest income ............................... 997 1,021 ------- ------- Noninterest expenses: Salaries and employee benefits ................................ 1,682 1,553 ESOP and MRP expense .......................................... - 370 Occupancy and equipment ....................................... 325 375 Deposit insurance premiums .................................... 15 45 Other operating ............................................... 906 985 ------- ------- Total noninterest expense ............................... 2,928 3,328 ------- ------- Earnings before income taxes ............................ 1,819 1,060 Income tax expense ............................................... 585 297 ------- ------- Net earnings ...................................... 1,234 763 ======= ======= EPS basic ....................................................... 0.45 0.30 EPS diluted ..................................................... 0.42 0.28
See Notes to Consolidated Financial Statements. COMMUNITY FIRST BANKING COMPANY Consolidated Statements of Comprehensive Income (Unaudited - in thousands of dollars)
Three Months Ended March 31, 2000 1999 ---- ---- Net earnings ................................................................. 1,234 763 Other comprehensive income, net of income taxes: Unrealized gains (losses) on securities available for sale ................. (1,130) (404) Income tax on gains (losses) ............................................... (429) (153) ------ ------ Unrealized gains (losses) arising during the period, net of tax .......... (701) (251) ------ ------ Less: Reclassification adjustment for (losses) included in net earnings .... (7) -- Income tax on reclassification on adjustments ............................. (3) -- ------ ------ Reclassification adjustment for gains included in net earnings, net of tax (4) -- ------ ------ Other comprehensive income (loss) ....................................... (697) (251) ------ ------ COMPREHENSIVE INCOME ......................................................... 537 512 ====== ======
See Notes to Consolidated Financial Statements. COMMUNITY FIRST BANKING COMPANY Consolidated Statements of Cash Flows
Three Months Ended March 31, 2000 1999 ---- ---- In thousands Net earnings ....................................................................... 1,234 763 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation, amortization and accretion ......................................... 204 249 Provision for loan losses ........................................................ 234 172 Deferred income tax expense (benefit) ............................................ 427 -- Loss on calls and sales of securities available for sale ......................... 7 -- Loss (gain) on sale of other real estate ......................................... -- (58) Loss (gain) on sales of premises and equipment, net .............................. -- (15) ESOP and MRP compensation expense ................................................ -- 370 Change in: Mortgage loans held for sale ................................................... (103) (5) Accrued interest receivable .................................................... 178 2 Other assets ................................................................... (429) (695) Accrued interest payable ....................................................... 5 12 Other liabilities .............................................................. 404 84 ------- ------- Net cash provided by (used in) operating activities ......................... 2,161 879 ------- ------- Cash flows from investing activities: Proceeds from sales and calls of securities available for sale ................... 18 -- Proceeds from maturities of securities held to maturity .......................... 4 20 Proceeds from maturities of securities available for sale ........................ 1,155 4,370 Purchases of other investments ................................................... -- (1,072) Proceeds from sales of other investments ......................................... 251 -- Purchases of securities available for sale ....................................... -- (2,998) Net change in loans .............................................................. (14,779) (3,324) Proceeds from sale of real estate and repossessions .............................. 259 311 Proceeds from sales of premises and equipment .................................... -- 15 Purchases of premises and equipment .............................................. (25) (87) ------- ------- Net cash provided by (used in) investing activities ......................... (13,117) (2,765) ------- ------- Cash flows from financing activities: Net change in demand and savings deposits ........................................ 1,001 2,392 Net change in time deposits ...................................................... 8,401 4,741 Payment of FHLB advances ......................................................... (65) (10,065) Proceeds from FHLB advances ..................................................... 5,000 24,000 Payment of federal funds purchased ............................................... (2,055) -- Change in payable for branch sales ............................................... -- (27,461) Payment of note payable .......................................................... (1,776) (1,000) Treasury stock purchased ......................................................... (657) (348) Cash dividend paid ............................................................... (475) (267) ------- ------- Net cash provided by financing activities .................................... 9,374 (8,008) ------- ------- Net change in cash and cash equivalents ...................................... (1,582) (9,894) ------- ------- Cash and cash equivalents at beginning of year ..................................... 10,397 32,736 ------- ------- Cash and cash equivalents at quarter end ........................................... 8,815 22,842 ======= =======
See Notes to Consolidated Financial Statements.
Three Months Ended Supplemental disclosure of cash flow information: March 31, 2000 1999 In thousands Cash paid for: Interest....................................................................... 4,025 3,980 Income taxes................................................................... 617 --
See Notes to Consolidated Financial Statements. COMMUNITY FIRST BANKING COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. NATURE OF BUSINESS GENERAL Community First Banking Company (the "Company") was incorporated in the State of Georgia on March 12, 1997, for the purpose of becoming a holding company to own 100% of the outstanding capital stock of Carrollton Federal Bank, FSB (the "Savings Bank"). The Savings Bank was organized on August 1, 1994 as a federal savings bank subsidiary of CF Mutual Holdings (the "Mutual Holding Company"), a federally chartered mutual holding company. Prior to that date, the predecessor of the Savings Bank had operated as a mutual savings bank since 1929. On June 27, 1997, a plan of conversion and reorganization whereby the Company became the unitary holding company for the Savings Bank and the dissolution of the Mutual Holding Company was completed. On December 29, 1997, the Savings Bank converted from a federal savings bank regulated by the Office of Thrift Supervision to a Georgia chartered state commercial bank regulated by the Georgia Department of Banking and Finance and concurrently changed the name of the institution to Community First Bank (the "Bank"). NOTE 2. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements (except for the statement of financial condition on December 31, 1999, which is audited) have been prepared in accordance with instructions to Form 10Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (none of which were other than normal recurring accruals) necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany items have been eliminated. The results of operations for the three months ended March 31, 2000 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2000. The accompanying consolidated financial statements and related notes of Community First Banking Company and subsidiary should be read in conjunction with the audited consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 1999. NOTE 3. EARNINGS PER COMMON SHARE Earnings per common share calculations for the three month periods ended March 31, 2000 and 1999 are presented based on the net earnings for the three months divided by the weighted average number of shares outstanding, or 2,760,125 shares (three months ended March 31, 2000) and 2,561,707 shares (three months ended March 31, 1999). Diluted earnings per common share takes into account the effect of dilution from the assumed exercise of all outstanding stock options and awards. Diluted earnings per common share is calculated by dividing net earnings by the average number of common shares outstanding adjusted for the incremental shares resulting from the exercise of dilutive convertible preferred stock options during the period, or 2,953,209 and 2,757,297 shares for the three months ended March 31, 2000 and 1999 respectively. NOTE 4. DIVIDENDS DECLARED On March 16, 2000 the Board of Directors of the Company approved a cash dividend of $.1725 per share payable April 1, 2000 for stockholders of record on March 17, 2000. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2000 AND MARCH 31, 1999 On March 31, 2000 the Company had total assets of $396.4 million compared to $386.0 million at December 31, 1999. This increase in assets of $10.3 million or 2.7% is primarily due to a increase in net loans of $14.4 million or 5.0%. This increase in loans was partially offset by a $2.2 million or 3.4% decrease in available for sale securities (resulting primarily from maturities and normal amortization), and a decrease in cash and cash equivalents of $1.6 million or 15.2%. Total deposit liabilities increased $9.4 million or 3.2% from December 31, 1999 to March 31, 2000. Time desposits over $100,000 increased $9.1 million primarily from a brokered certificate of deposit of $8.7 million accepted in March 2000. Time deposits less than $100,000 decreased $721,000 or -.5%. Interest bearing demand deposits increased $1.9 million or 3.5%, and demand deposits decreased $523,000 or -4.0%. Savings deposits decreased $407,000 or -1.4% for the three months ended March 31, 2000. Note payable and other borrowings increased $3.2 million or 5.7% during the three months ended March 31, 2000. This increase resulted from additional borrowings of $5.0 million by the Bank from the Federal Home Loan Bank (FHLB). This borrowing was offset by a reduction in notes payable by the Company of $1.8 million. Federal funds purchased by the Bank decreased $2.1 million during the three months ended March 31, 2000. Retained earnings increased $759,000 during the three months ended March 31, 2000. This increase represents earnings of $1.2 million less dividends declared of $475,000. Treasury stock increased $657,000 from the purchase of 37,733 shares of the Company's stock at an average price of $17.42 per share. Accumulated other comprehensive losses increased $697,000 during the three months ended March 31, 2000 as a result of a rising interest rate environment and the decrease in stock prices of equity securities. COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 GENERAL. Net earnings totaled $1.2 million for the three months ended March 31, 2000, an increase of $471,000 or 61.7% over the $763,000 earned in the same three months in 1999. This increase is primarily the result of higher net interest income and lower noninterest expense. These and other significant fluctuations are discussed below. NET INTEREST INCOME. Net interest income for the three months ended March 31, 2000 increased $445,000 or 12.6% compared to the same three-month period in 1999. Total interest income increased $483,000 or 6.4%, while total interest expense increased $38,000 or 1.0%. The increase in interest income was caused primarily by higher average loan balances during the three months ended March 31, 2000 compared to the same three months in 1999. The loan portfolio mix continues to move away from residential mortgage loans and into higher yielding commercial loans. The average balance of loans by type for the first quarters of 2000 and 1999 were as follows: Average Balances Three Months Ended March 31, 2000 1999 ---- ---- (In thousands) Mortgage loans 83,322 113,822 Consumer loans 53,687 54,548 Construction loans 36,852 3,239 Commercial loans 134,997 103,049 ------- ------- 308,858 274,658 ======= ======= Interest and fee income on loans increased $605,000 or 9.7% in the first quarter of 2000 compared to the same quarter in 1999, while the average balance of loans increased $34.2 million or 12.5%. Interest income on federal funds sold and interest-bearing deposits decreased $147,000 or 82.1% for the three months ended March 31, 2000 compared to the same three months of 1999. This decrease in income on federal funds and deposits resulted from use of funds not needed for liquidity being used to fund loan demand. Interest and dividend income on investment securities increased $25,000 or 2.3% during the three months ended March 31, 2000 compared to the same three months of 1999. The net interest rate spread measures the difference between the average yield on earning assets and the average rate paid on interest bearing sources of funds. The net interest rate spread for the quarters ended March 31, 2000 and 1999 was 4.37% and 3.94% respectively. The following table presents average balances, associated rates earned and paid for all interest earning assets and interest bearing liabilities, and variances caused by volume and rates for the three months ended March 31, 2000 and March 31, 1999. (dollars in thousands)
Three Months Ended March 31, 2000 Compared to Same Three Quarter Ended Quarter Ended Months of 1999 March 31, 2000 March 31, 1999 Increase (Decrease) Due To -------------- -------------- -------------------------- Average Interest Effective Average Interest Effective Volume Rate Total Balance Yield Rate Balance Yield Rate Variance Variance Variance Loans, Net 294,153 6,856 9.35% 271,689 6,251 9.33% 516 89 605 Interest-Bearing Deposits & FF Sold 2,199 32 5.84% 14,213 179 5.11% (151) 4 (147) Securities 63,767 1,126 7.08% 74,600 1,101 5.99% (159) 184 25 - --------------------------------------------------------------- ------------------------------- -------------------------- 360,119 8,014 8.93% 360,502 7,531 8.47% 206 277 483 - --------------------------------------------------------------- ------------------------------- -------------------------- Demand Deposits 67,487 298 1.77% 65,308 272 1.69% 9 17 26 Savings 29,297 150 2.05% 32,117 165 2.08% (14) (1) (15) Certificates of Deposit 197,572 2,665 5.41% 189,591 2,598 5.56% 109 (42) 67 Borrowings 60,701 917 6.06% 69,831 957 5.56% (125) 85 (40) - --------------------------------------------------------------- ------------------------------- -------------------------- 355,057 4,030 4.55% 356,847 3,992 4.54% (21) 59 38 - --------------------------------------------------------------- ------------------------------- -------------------------- Net Interest Income & Spread 3,984 4.37% 3,539 3.94% Change 227 218 445
PROVISION FOR LOAN LOSSES. The provision for loan losses was $234,000 for the three months ended March 31, 2000 compared to $172,000 for the three months ended March 31, 1999. At March 31, 2000, the loan loss reserve was $3.5 million or 1.1% of total loans compared to $3.0 million or 1.1% of total loans at March 31, 1999. Management deemed the allowance for loan losses adequate at March 31, 2000. NONPERFORMING ASSETS AND PAST DUE LOANS. Nonperforming assets, comprised of non-accrual loans (generally loans on which payments are more than 90 days past due) and other real estate owned totaled $931,000 or 0.2% of total assets at March 31, 2000, and $6.2 million or 1.6% of total assets at March 31, 1999. OTHER INCOME. Total noninterest income decreased $24,000, or 2.4%, for the three months ended March 31, 2000 versus the same three months in 1999. Service charges on deposits decreased $76,000 or 13.1% for the first quarter of 2000 verses the same period in 1999. The Company sold equity securities during the first quarter of 2000 for a loss of $7,000. Income from insurance commissions increased $17,000 or 8.7% primarily because of the insurance subsidary of the Bank. Miscellaneous income increased $42,000 or 17.2% primarily because of higher return item charges. NONINTEREST EXPENSES. Total noninterest expenses decreased $400,000 or 12.0% for the three months ended March 31, 2000 as compared to the same three months in 1999. This decrease was primarily the result of all the expenses associated with the ESOP and MRP being recognized prior to December 31, 1999. During the first quarter of 1999 ESOP and MRP expense totaled $370,000. Salaries and employee benefits increased $129,000 for the three months ended March 31, 2000 compared to the same three months of 1999 because of an annual wage increase and additional health insurance accruals to cover higher costs experienced in recent months. Occupancy and equipment expense decreased $50,000. Deposit insurance premiums decreased $30,000 and other operating expense decreased $79,000 for the three months ended March 31, 2000 compared to the same three months of 1999. INCOME TAXES. Income tax expense for the quarter ended March 31, 2000 was $585,000 or 32.2% of pretax income and $297,000 or 28.0% of pretax income for the same three month period in 1999. The difference between these rates and the statutory rate is primarily the result of interest income on tax exempt securities and the dividend received deduction on government agency preferred stocks. LIQUIDITY AND CAPITAL RESOURCES. Operating activities provided net cash proceeds of $2.2 million for the three months ended March 31, 2000. Investing activities used $13.1 million in cash during this same three months primarily because of the $14.8 million increase in net loans. Financing activities provided $9.4 million of cash during the three months ended March 31, 2000. Increases in demand and savings deposits provided $1.0 million, increases in time deposits provided $8.4 million, primarily because of the brokered deposit mentioned previously, and borrowing from FHLB provided $5.0 million. Cash provided by financing activities was offset in part by repayment of $2.1 million of federal funds purchased by the Bank and repayment by the Company of $1.8 million of a note payable. See the Consolidated Statements of Cash Flow for a complete analysis of sources and uses of cash. The asset portion of the balance sheet provides liquidity primarily through loan principal repayments, maturities of investment securities and, to a lesser extent, sales of securities. Installment loan payments are becoming an increasingly important source of liquidity for the Company as this portfolio continues to grow. Other short-term investments such as federal funds sold and maturing interest-bearing deposits with other banks are additional sources of liquidity funding. The liability portion of the balance sheet provides liquidity through various customers' interest-bearing and noninterest-bearing deposit accounts. These sources of liquidity are short-term in nature and are used as necessary to fund asset growth and meet short-term liquidity needs. Liquidity is also provided by advances from the FHLB of Atlanta and federal funds accomodations from other lending institutions. As of March 31, 2000 the Bank's regulatory capital was in excess of all applicable regulatory requirements. At March 31, 2000, the Bank's total risk-based capital, tier 1 risk-based capital and tier 1 leverage ratios amounted to 10.2%, 9.0% and 7.4%, respectively, compared to regulatory requirements of 8.0%, 4.0% and 4.0%, respectively. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. 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) The following exhibit is filed herewith: Exhibit 27 Financial Data Schedule (b) No reports on Form 8-K were filed during the quarter ended March 31, 2000. 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. COMMUNITY FIRST BANKING COMPANY Date: May 11, 2000 /s/ Gary D. Dorminey ---------------------- Gary D. Dorminey President (Principal Executive Officer) Date: May 11, 2000 /s/ C. Lynn Gable ------------------- C. Lynn Gable Chief Financial Officer (Principal Financial Officer) EX-27 2 FDS 10Q
9 (This schedule contains financial information extracted from the consolidated financial statements of Community First Banking Comapny as of or for the three months ended March 31, 2000 and is qualified in its entirety by reference to such financial statements (dollars in thousands except per share data). 0001035903 Community First Banking Company 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 7,701 354 760 0 62,484 180 180 308,858 3,486 396,368 304,789 49,229 2,842 12,904 0 1 33 26,570 396,368 6,856 1,126 32 8,014 3,113 4,030 3,984 234 (7) 2,928 1,819 1,819 0 0 1,234 .45 .42 0 629 0 0 181 3,379 191 64 3,486 3,486 0 0
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