424B3 1 body.htm NBOG BANCORPORATION 424B3 7-6-2005 NBOG Bancorporation 424b3 7-6-2005


Filed Pursuant to Rule 424(b)(3)
Registration No. 333-122567
PROSPECTUS SUPPLEMENT
DATED JULY 7, 2005
TO PROSPECTUS DATED MAY 26, 2005
 
1,493,301 shares
 
NBOG BANCORPORATION, INC.
 
Common Stock
 
Dear Shareholders:

Due to the level of interest we have received from our current shareholders in our stock offering, we have decided to extend the subscription rights period through July 31, 2005. If you are interested in acquiring additional shares of NBOG Bancorporation, Inc. stock at $4 per share, please submit your subscription rights form by July 31, 2005.

While no assurances can be given, management currently expects narrowing losses in 2005 with the Company becoming month-to-month profitable during the latter half of 2006. We continue to review our loan portfolio and work on problem loans. Our asset quality has improved and as expected our quarterly net loss continues to decline as shown in the following chart:

   
As of, and for the three months ended,
 
   
Unaudited
 
Unaudited
 
Unaudited
 
   
June 30, 2005
 
March 31, 2005
 
December 31, 2004
 
               
Classified loans as a percentage of loans
   
9.85%
 
 
12.40%
 
 
10.19%
 
Past dues as a percentage of loans
   
4.60%
 
 
3.85%
 
 
10.44%
 
Allowance for loan loss as a percentage of loans
   
3.60%
 
 
3.67%
 
 
3.07%
 
Non-performing assets as a percentage of loans
   
8.23%
 
 
8.73%
 
 
11.47%
 
                     
Period-end Balances:
                   
Total loans
   
28,562,023
   
29,575,995
   
32,291,811
 
Allowance for loan loss
   
(1,028,357
)
 
(1,086,668
)
 
(989,852
)
Total assets
   
42,712,191
   
43,233,618
   
48,011,519
 
Deposits
   
38,239,846
   
38,942,639
   
43,726,859
 
Shareholders’ equity
   
3,957,313
   
4,063,899
   
3,918,020
 
                     
Results of Operations:
                   
Net interest income
   
429,691
   
487,220
   
472,908
 
Provision for loan losses
   
0
   
225,000
   
419,999
 
Other income
   
19,884
   
17,495
   
27,023
 
Other expenses
   
738,121
   
649,612
   
695,214
 
Net loss
   
(288,546
)
 
(369,897
)
 
(615,282
)

If you have any questions about the subscription rights or about The National Bank of Gainesville, please do not hesitate to contact me or Bryan Hendrix, our Chief Financial Officer, at (770) 297-8060.

Thank you again for your confidence and continued support.

 
Sincerely,
   
 
/s/ Al Satterwhite
   
 
Al Satterwhite,
 
President and Chief Executive Officer
 
This supplement should be read with the prospectus dated May 26, 2005. This supplement is qualified by reference to the prospectus except to the extent that the information in this supplement supersedes the information contained in the prospectus.