-----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, JXQteex2SGbA82aPD/IX1p+IxL2SfuMQ644PYipJQvw6BsWUtknN+OqSriu4eyOY p3DHSFaow4uNH+BGzNn5Gg== 0000038723-99-000037.txt : 19990816 0000038723-99-000037.hdr.sgml : 19990816 ACCESSION NUMBER: 0000038723-99-000037 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FRANKLIN FINANCIAL CORP CENTRAL INDEX KEY: 0000038723 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 580521233 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 002-27985 FILM NUMBER: 99686845 BUSINESS ADDRESS: STREET 1: 213 E TUGALO ST STREET 2: P O BOX 880 CITY: TOCCOA STATE: GA ZIP: 30577 BUSINESS PHONE: 4048867571 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN DISCOUNT CO DATE OF NAME CHANGE: 19840115 10-Q 1 SEC FORM 10-Q FOR PERIOD ENDED 6/30/99 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------------- FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 1999 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ ------------------------------- Commission File Number 2-27985 ------------------------------- 1st Franklin Financial Corporation A Georgia Corporation I.R.S. Employer No. 58-0521233 213 East Tugalo Street Post Office Box 880 Toccoa, Georgia 30577 (706) 886-7571 ------------------------------- 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. Class Outstanding at July 31, 1999 - --------------------------------------------- ---------------------------- Voting Common Stock, par value $100 per share 1,700 Shares Non-Voting Common Stock, no par value 168,300 Shares ITEM 1. Financial Statements: -------------------- The following financial statements required hereunder are incorporated by reference from the Company's Quarterly Report to Investors for the Six Months Ended June 30, 1999. See Exhibit 19 Consolidated Statements of Financial Position: June 30, 1999 and December 31, 1998 Consolidated Statements of Income and Retained Earnings: Quarters and Six Months Ended June 30, 1999 and June 30, 1998 Consolidated Statements of Cash Flows: Six Months Ended June 30, 1999 and June 30, 1998 Notes to Consolidated Financial Statements ITEM 2. Managements' Discussion and Analysis of Financial Condition and Results of Operations. --------------------------------------------------------------- The information required hereunder is set forth under "Management's Letter" of the Company's Quarterly Report to Investors for the Six Months Ended June 30, 1999. See Exhibit 19 PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits: 19 Quarterly Report to Investors for the Six Months Ended June 30, 1999. (b) Reports on Form 8-K: No reports on Form 8-K were filed during the quarter ended June 30,1999. 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. 1st FRANKLIN FINANCIAL CORPORATION ----------------------------------- Registrant s/ Ben F. Cheek, III -------------------- Chairman of Board s/ A. Roger Guimond ---------------------------------------- Vice President, Chief Financial Officer and Principal Accounting Officer Date: August 13, 1999 EX-99 2 SEC FORM 10-Q EXHIBIT INDEX 1st FRANKLIN FINANCIAL CORPORATION INDEX TO EXHIBITS Exhibit No. Page No. - ---------- ------- 19 Quarterly Report to Investors for the Six Months Ended June 30, 1999 ...................... 4 27 Financial Data Schedule.......................... 13 EX-19 3 Exhibit 19 1st FRANKLIN FINANCIAL CORPORATION QUARTERLY REPORT TO INVESTORS FOR THE SIX MONTHS ENDED JUNE 30, 1999 MANAGEMENT'S LETTER Financial Condition: - ------------------- The strong loan demand experienced during the first quarter of 1999 continued through the second quarter. Net receivables (gross receivables less unearned finance charges) grew $3.9 million (2%) during the six months ended June 30, 1999. Extensive marketing and consumers' willingness to borrow are primarily responsible for the increase in demand for the Company's loans. Current operations and the sale of its debt securities continue to outpace the Company's working capital requirements, thereby creating a surplus of funds. Investment securities increased $8.5 million (18%) during the six months just ended due to Management's aggressive effort to invest these surplus funds into higher yielding investment instruments. The Company's investment portfolio consists mainly of U.S. Treasury bonds, Government Agency bonds and various municipal bonds. Declining bond market values during the current year has resulted in a $.9 million loss in market values in investment securites which Management has designated as available for sale. Cash and cash equivalents decreased $3.3 million (16%) during the first half of 1999 due to the funding of the aforementioned loan demand and the investment of surplus funds into higher yielding investment securities. The previously mentioned increase in sales of the Company's debt securities caused senior debt to increase $10.7 million (10%) during the current period. Disbursement of the prior year's accrued incentive bonus in February, 1999 and the annual contribution to the Company's employee profit sharing plan were the primary causes of the $1.4 million (12%) decrease in other liabilities during the six months just ended as compared to the prior year-end. Results of Operations: - --------------------- Results of operations for the quarter ended June 30, 1999 closely paralleled the performance for the six months just ended; therefore, the discussion which follows will cover the six month period as a whole. The discussion will not encompass a separate analysis of the quarterly performance unless otherwise noted. The Company's core earnings are its net interest income, which is the difference between interest income on earning assets (loans and investment securities) and interest expense on its interest bearing debt. Net interest income rose $1.7 million (10%) during the six months just ended as compared to the same six month period a year ago. Increased earnings on higher levels of average net receivables outstanding is primarily responsible for the increase in net interest margin. Current year increases in demand for the Company's loans have resulted in average net receivables increasing $10.6 million (7%) to $156.1 million during the six months ended June 30, 1999 as compared to $145.7 million during the same six month period in 1998. Declining market interest rates paid on the Company's senior and subordinated debt securities enabled Management to continue to reduce overall borrowing cost. Although average outstanding indebtedness rose during the current year, the lower borrowing cost enabled Management to keep the increase in interest expense to a minimal amount. In July, subsequent to the second quarter, market rates began moving upward as the Federal Reserve raised the prime rate. If market rates continue to rise, Management may have to raise rates paid on its debt securities in order to stay competitive. In doing so, there could be a negative impact on the net interest margin Net insurance income increased $.9 million (12%) during the six months just ended as compared to the same period a year ago. Changes in insurance earnings generally correspond to changes in the level of average net receivables outstanding. As net receivables increase, the Company typically sees an increase in customers requesting credit insurance, thereby leading to higher levels of insurance in-force. Rising loan losses, particularly during the second quarter, caused the Company's loan loss provison to increase $.5 million (20%) during the six months just ended as compared the same period a year ago. The provison also increased during the current period as a result of the increase in net receivables and the increase in the loss reserve associated thereon. In addition, Management raised the loan loss reserve during the later part of 1998 in order to provide adequate protection against probable losses. Delinquent accounts 60 days or more past due declined to 5.7% of net receivables at June 30, 1999 as compared to 6.1% at prior year-end. Management continually reviews its delinquency position with respect to the total loan portfolio and believes it uses the best information available in setting the loan loss reserve. Future adjustments will be made when deemed necessary. Other operating expenses increased $1.8 million (10%) during the first half of 1999 as compared to the first half of 1998. The increase in overhead cost is primarily due to (i) higher wages due to merit salary increases, (ii) increased incentive award accruals, (iii) higher benefit costs, (iv) increased supervisory expenses, (v) increases in computer expenses and (vi) higher marketing and advertising costs. Effective income tax rates were 15.7% and 13.2% for the quarters ended June 30, 1999 and 1998 and 15.1% and 14.9% for the six months ended June 30, 1999 and 1998, respectively. Income taxes during the periods reflect only the taxes of the Company's insurance subsidiaries which are not S corporations for income tax reporting purposes. Federal and state income taxes generated by the S corporation are paid by the shareholders, except in states which don't recognize S corporation status. Certain tax benefits provided by law to life insurance companies substanially reduce the life insurance subsidiary's effective tax rate and thus decreases the Company's general tax rate below statutory rates. Investments in tax exempt securities by the property and casualty insurance subsidiary also decreases the effective tax rate. Market Risk: - ----------- There has been no change in the Company's market risk since December 31, 1998. Liquidity: - --------- Liquidity requirements of the Company are financed through the collection of receivables and through the issuance of public debt securities. Continued liquidity of the Company is therefore dependent on the collection of its receivables and the sale of debt securities that meet the investment requirements of the public. In addition to the securities program, the Company has two external sources of funds through the use of two Credit Agreements. One agreement provides for available borrowing of $21 million. Available borrowings were $21 million at June 30, 1999 and December 31, 1998, relating to this agreement. Another agreement provides for an additional $2 million for general operating purposes. Available borrowings under this agreement were $2 million at June 30, 1999 and December 31, 1998. Year 2000 Readiness Disclosure: - ------------------------------ Management continues to focus on Year 2000 readiness. Although the Company is not a banking institution, the Company is adhering to the Interagency Guidelines Establishing Year 2000 Standards for Safety and Soundness which set forth safety and soundness standards pursuant to the Federal Financial Institutions Examination Council ("FFIEC"). As of June 30, the Company has completed testing all information technology ("IT") systems and non-IT systems. Also completed was a remediation contingency plan in the unlikely event a system does fail, particularly a system the committee deemed as "mission critical". The Company's Year 2000 Committee will continue to monitor and evaluate the Company's readiness as we progress toward January 1, 2000. In addition, contingency plans will continued to be refined as needed. Compliance has not had a material affect on the Company's operating results, nor does Management expect it to during the current year. Expenses of $20,000 have been budgeted in 1999 for costs the Company expects to incurr in regards to Year 2000 readiness. Current year expenditures have been $6,392. Management does not foresee any problems associated with Year 2000 compliance. However, disruptions in service with respect to the computer systems of vendors and/or suppliers, which are outside the control of the Company, could impair the ability of the Company to obtain necessary services. Refer to the Company's 1998 Annual Report for a more detailed discussion regarding Year 2000 issues. New Accounting Standards: - ------------------------ In July 1999, the FASB issued SFAS No. 137, providing a one year delay in the effective date of SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". SFAS 133 requires companies to record derivatives on the balance sheet as assets and liabilities at fair value. The Statement also requires that changes in the derivative's fair value be recognized currently in earnings unless specific hedge accounting criteria are met. The Company will be required to adopt SFAS No. 133 in 2001. Management does not expect the adoption of this statement to have a material impact on the financial statements or results of operations of the Company. 1st FRANKLIN FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION June 30, December 31, 1999 1998 ------------ ------------ (Unaudited) (Audited) ASSETS CASH AND CASH EQUIVALENTS . . . . . . . . . . . . $ 16,819,711 $ 20,111,678 ------------ ------------ LOANS, net. . . . . . . . . . . . . . . . . . . . 142,252,927 138,548,161 ------------ ------------ INVESTMENT SECURITIES: Available for Sale, at fair market value. . . . 48,662,919 39,938,412 Held to Maturity, at amortized cost . . . . . . 6,990,932 7,205,113 ------------ ------------ 55,653,851 47,143,525 ------------ ------------ OTHER ASSETS. . . . . . . . . . . . . . . . . . . 11,164,641 10,871,546 ------------ ------------ TOTAL ASSETS . . . . . . . . . . . . . . $225,891,130 $216,674,910 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY SENIOR DEBT . . . . . . . . . . . . . . . . . . . $115,148,855 $104,446,030 OTHER LIABILITIES . . . . . . . . . . . . . . . . 10,495,871 11,904,342 SUBORDINATED DEBT . . . . . . . . . . . . . . . . 37,287,434 38,960,747 ------------ ------------ Total Liabilities . . . . . . . . . . . . . . . 162,932,160 155,311,119 ------------ ------------ STOCKHOLDERS' EQUITY: Common Stock. . . . . . . . . . . . . . . . . . 170,000 170,000 Accumulated Other Comprehensive (Loss) Income . (381,674) 556,423 Retained Earnings . . . . . . . . . . . . . . . 63,170,644 60,637,368 Total Stockholders' Equity. . . . . . . . . . . 62,958,970 61,363,791 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY. . . . . . . . . $225,891,130 $216,674,910 ============ ============ The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 1st FRANKLIN FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
Quarter Ended Six Months Ended June 30 June 30 ------------------------- ------------------------- (Unaudited) (Unaudited) 1999 1998 1999 1998 ----------- ----------- ----------- ----------- INTEREST INCOME. . . . . . . . . $12,298,857 $11,339,419 $24,305,147 $22,462,428 INTEREST EXPENSE . . . . . . . . 2,231,021 2,144,587 4,417,617 4,322,442 ----------- ----------- ----------- ----------- NET INTEREST INCOME. . . . . . . 10,067,836 9,194,832 19,887,530 18,139,986 Provision for Loan Losses. . . 1,912,668 1,681,654 2,886,478 2,409,634 ----------- ----------- ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES. . . . . . . . 8,155,168 7,513,178 17,001,052 15,730,352 ----------- ----------- ----------- ----------- NET INSURANCE INCOME . . . . . . 4,106,082 3,603,305 8,117,354 7,223,685 ----------- ----------- ----------- ----------- OTHER REVENUE. . . . . . . . . . 128,735 118,056 262,529 236,570 ----------- ----------- ----------- ----------- OTHER OPERATING EXPENSES: Personnel Expense. . . . . . . 5,912,703 5,156,112 12,081,668 10,757,449 Occupancy. . . . . . . . . . . 1,379,205 1,320,175 2,747,374 2,660,156 Other. . . . . . . . . . . . . 2,442,220 2,272,782 4,931,953 4,592,540 ----------- ----------- ----------- ----------- Total. . . . . . . . . . . . 9,734,128 8,749,069 19,760,995 18,010,145 ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES . . . . . . . . . 2,655,857 2,485,470 5,619,940 5,180,462 Provision for Income Taxes . . 416,488 352,208 847,870 721,208 ----------- ----------- ----------- ----------- NET INCOME . . . . . . . . . . . 2,239,369 2,133,262 4,772,070 4,459,254 RETAINED EARNINGS, beginning of period. . . . . . 63,170,069 56,547,331 60,637,368 54,221,339 Dividends / Distributions on Common Stock. . . . . . . . 2,238,794 361,411 2,238,794 361,411 ----------- ----------- ----------- ----------- RETAINED EARNINGS, end of period. . . . . . . . . $63,170,644 $58,319,182 $63,170,644 $58,319,182 =========== =========== =========== =========== BASIC EARNINGS PER SHARE: Voting Common Stock; 1,700 Shares outstanding all periods. . . . . . . . . $13.17 $12.55 $28.07 $26.23 ====== ====== ====== ====== Non-Voting Common Stock; 168,300 Shares outstanding all periods. . . . . . . . . $13.17 $12.55 $28.07 $26.23 ====== ====== ====== ======
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 1st FRANKLIN FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Increase (Decrease) in Cash and Cash Equivalents Six Months Ended June 30 -------------------------- (Unaudited) 1999 1998 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income. . . . . . . . . . . . . . . . . . $ 4,772,070 $ 4,459,254 Adjustments to reconcile net income to net cash provided by operating activities: Provision for Loan Losses . . . . . . . . 2,886,478 2,409,634 Depreciation and Amortization . . . . . . 610,612 623,021 Deferred Income Taxes . . . . . . . . . . 75,905 27,329 Other, net. . . . . . . . . . . . . . . . 87,429 4,196 Increase in Miscellaneous assets. . . . . (477,596) (847,946) Decrease in Accounts Payable and Accrued Expenses. . . . . . . . . . . . (1,266,700) (587,625) ----------- ----------- Net Cash Provided. . . . . . . . . 6,688,198 6,087,863 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Loans Originated or purchased . . . . . . . . (61,719,130) (55,314,479) Loan Payments . . . . . . . . . . . . . . . . 55,127,886 53,340,333 Purchases of marketable debt securities . . . (14,554,183) (11,426,110) Principal payments on securities . . . . . . 285,551 299,213 Sales of marketable securities. . . . . . . . -- 66,658 Redemptions of securities . . . . . . . . . . 4,530,000 10,985,000 Other, net. . . . . . . . . . . . . . . . . . (441,007) (475,543) ----------- ----------- Net Cash Used. . . . . . . . . . . (16,770,883) (2,524,928) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Senior Debt . . . . . . . . . . . 10,702,825 1,116,212 Subordinated Debt Issued. . . . . . . . . . . 3,373,178 2,952,816 Subordinated Debt redeemed. . . . . . . . . . (5,046,491) (3,134,460) Distributions Paid. . . . . . . . . . . . . . (2,238,794) (361,411) ----------- ----------- Net Cash Provided. . . . . . . . . 6,790,718 573,157 ----------- ----------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS. . . . . . . . . . . . . (3,291,967) 4,136,092 CASH AND CASH EQUIVALENTS, beginning. . . . . . 20,111,678 25,122,077 ----------- ----------- CASH AND CASH EQUIVALENTS, ending . . . . . . . $16,819,711 $29,258,169 =========== =========== Cash Paid during the period for: Interest . . . $ 4,320,174 $ 4,344,548 Income Taxes . 914,743 721,440 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. -NOTES- 1. The accompanying interim financial information of 1st Franklin Financial Corporation and subsidiaries (the Company) should be read in conjunction with the annual financial statements and notes thereto as of December 31, 1998 and for the years then ended included in the Company's December 31, 1998 Annual Report. 2. In the opinion of Management of the Company, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company's financial position as of June 30, 1999 and December 31, 1998 and the results of its operations and its cash flows for the six months ended June 1999 and 1998. While 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 the rules and regulations of the Securities and Exchange Commission, the Company believes that the disclosures herein are adequate to make the information presented not misleading. 3. The results of operations for the six months ended June 30, 1999 are not necessarily indicative of the results to be expected for the full fiscal year. 4. The computation of Earnings per Share is self-evident from the Consolidated Statement of Income and Retained Earnings. 5. In 1998, the Company adopted SFAS No. 130, "Reporting Comprehensive Income". The Company had comprehensive income, which is comprised of net income and unrealized gains or losses on securities held as available for sale, of $1,523,119 and $2,130,009 for the quarters ended June 30, 1999 and 1998 and $3,833,973 and $4,407,337 for the six month comparable periods, respectively. 6. The following tables summarize assets, revenues and profit by business segment. A reconcilement to consolidated net income is also provided. All segment revenues result from transactions with third parties. There has been no differences from the 1998 Annual Report from the basis of segmentation or the basis of measurement of segment profit. Division Division Division I II III Total -------- -------- -------- -------- (In Thousands) Segment Revenues: Three Months ended 6/30/99. $ 4,886 $ 5,305 $ 5,515 $ 15,706 Three Months ended 6/30/98. 4,422 4,964 5,057 14,443 Six Months ended 6/30/99. . 9,684 10,703 10,975 31,362 Six Months ended 6/30/98. . 8,960 9,864 9,951 28,775 Segment Profit: Three Months ended 6/30/99. $ 1,771 $ 2,129 $ 1,701 $ 5,601 Three Months ended 6/30/98. 1,536 1,961 1,692 5,189 Six Months ended 6/30/99. . 3,489 4,410 3,462 11,361 Six Months ended 6/30/98. . 2,960 4,077 3,166 10,203 Segment Assets: 6/30/99 . . . . . . . . . . $85,541 $96,385 $39,474 $221,400 6/30/98 . . . . . . . . . . 80,932 90,384 35,893 207,209 3 Months 3 Months 6 Months 6 Months Ended Ended Ended Ended 6/30/99 6/30/98 6/30/99 6/30/98 Reconcilement (In Thousands) Profit: Profit per segments . . . $ 5,601 $ 5,189 $11,361 $ 10,203 Corporate earnings not allocated . . . . . 827 617 1,323 1,147 Corporate expenses not allocated . . . . . (3,773) (3,321) (7,064) (6,170) Income taxes not allocated . . . . . . . (416) (352) (848) (721) ------- ------- ------- -------- $ 2,239 $ 2,133 $ 4,772 $ 4,459 ======= ======= ======= ======== BRANCH OPERATIONS Isabel Vickery Youngblood . . . . . . Senior Vice President A. Jarrell Coffee . . . . . . . . . . Vice President Jack R. Coker . . . . . . . . . . . . Vice President Robert J. Canfield. . . . . . . . . . Area Vice President J. Michael Culpepper. . . . . . . . . Area Vice President Ronald F. Morrow. . . . . . . . . . . Area Vice President
SUPERVISORS Regina Bond Bruce Hooper Johnny McEntyre Darryl Parker Ronald Byerly Janice Hyde Brian McSwain Henrietta Reathford Susie Cantrell Judy Landon Dianne Moore Tami Settlemyer Donald Carter Jeff Lee Harriet Moss Timothy Schmotz Donald Floyd Tommy Lennon Mike Olive Gaines Snow Renee Hebert Mike Lyles Melvin Osley Marc Thomas Jack Hobgood Tim Love Dale Palmer OFFICES Alabama Offices: Georgia Offices: Georgia Offices: Louisiana Offices: - --------------- --------------- --------------- ----------------- Alexander City Bremem Jefferson New Iberia Andalusia Brunswick Jesup Pineville Arab Buford LaGrange Athens Butler Lavonia Mississippi Offices: Bessemer Cairo Lawrenceville ------------------- Birmingham Calhoun Madison Bay St. Louis Clanton Canton Manchester Carthage Cullman Carrollton McDonough Columbia Decatur Cartersville McRae Grenada Dothan Cedartown Milledgeville Gulfport Enterprise Chatsworth Monroe Hattiesburg Fayette Clarkesville Montezuma Jackson Florence Claxton Monticello Kosciusko Gadsden Clayton Moultrie Magee Geneva Cleveland Nashville McComb Hamilton Cochran Newnan Pearl Huntsville Commerce Perry Picayune Jasper Conyers Richmond Hill Madison Cordele Rome North Carolina Offices: Moulton Cornelia Royston ---------------------- Muscle Shoals Covington Sandersville Monroe Opp Cumming Savannah Pineville Ozark Dallas Statesboro Pelham Dalton Swainsboro South Carolina Offices: Prattville Dawson Sylvania ---------------------- Russellville (2) Douglas Sylvester Aiken Scottsboro Douglasville (2) Thomaston Anderson Selma Eastman Thomson Cayce Sylacauga Elberton Tifton Clemson Troy Ellijay Toccoa Columbia Tuscaloosa Forsyth Valdosta Conway Fort Valley Vidalia Easley Georgia Offices: Gainesville Warner Robins Florence - --------------- Garden City Washington Gaffney Adel Georgetown Waycross Greenville Albany Greensboro Winder Greenwood Alma Griffin Greer Americus Hartwell Louisiana Offices: Lancaster Arlington Hawkinsville ----------------- Laurens Athens (2) Hazlehurst Alexandria Marion Bainbridge Hinesville DeRidder Newberry Barnesville Hogansville Jena Orangeburg Baxley Jackson Leesville Rock Hill Blakely Jasper Marksville Seneca Blue Ridge Natchitoches Spartanburg Union York
DIRECTORS Ben F. Cheek, III Chairman and Chief Executive Officer 1st Franklin Financial Corporation Lorene M. Cheek Homemaker Jack D. Stovall President, Stovall Building Supplies, Inc. Dr. Robert E. Thompson Physician, Toccoa Clinic EXECUTIVE OFFICERS Ben F. Cheek, III Chairman and Chief Executive Officer T. Bruce Childs President and Chief Operating Officer A. Roger Guimond Vice President and Chief Financial Officer Lynn E. Cox Secretary Linda L. Sessa Treasurer COUNSEL Jones, Day, Reavis & Pogue 3500 One Peachtree Center 303 Peachtree Street, N.E. Atlanta, Georgia 30308-3242 AUDITORS Arthur Andersen LLP 133 Peachtree Street, N.E. Atlanta, Georgia 30303 EX-27 4 ART. 5 FDS FOR 2ND QUARTER 10-Q
5 1 6-MOS DEC-31-1999 JUN-30-1999 16,819,711 55,653,851 180,635,790 6,818,112 0 0 13,389,708 8,867,990 225,891,130 125,644,726 152,436,289 170,000 0 0 62,788,970 225,891,130 0 34,537,811 0 0 21,613,776 2,886,478 4,417,617 5,619,940 847,870 4,772,070 0 0 0 4,772,070 28.07 28.07
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