-----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, RRDIJPjsh87mZmx02wrJvEULpOrIwZ+UPmU/a08rejJonlwIItJ6SMsoHXk5P+3O xshU+qvIF+1GfyvOsioG5g== 0000038723-99-000051.txt : 19991117 0000038723-99-000051.hdr.sgml : 19991117 ACCESSION NUMBER: 0000038723-99-000051 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991115 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: 99752213 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 9/30/99 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 September 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 October 31,1999 - --------------------------------------------- ------------------------------ Voting Common Stock, par value $100 per share 1,700 Shares Non-Voting Common Stock, no par value 168,300 Shares PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements: -------------------- The following financial statements required hereunder are incorporated by reference from the Company's Quarterly Report to Investors for the Nine Months Ended September 30, 1999. See Exhibit 19. Consolidated Statements of Financial Position: September 30, 1999 and December 31, 1998 Consolidated Statements of Income and Retained Earnings: Quarters and Nine Months Ended September 30, 1999 and September 30, 1998 Consolidated Statements of Cash Flows: Nine Months Ended September 30, 1999 and September 30, 1998 Notes to Consolidated Financial Statements ITEM 2. Management's 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 Nine Months Ended September 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 Nine Months Ended September 30, 1999. (b) Reports on Form 8-K: No reports on Form 8-K were filed during the quarter ended September 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: November 15, 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 Nine Months Ended September 30, 1999 ................ 4 27 Financial Data Schedule ............................. 13 EX-19 3 Exhibit 19 1st FRANKLIN FINANCIAL CORPORATION QUARTERLY REPORT TO INVESTORS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 MANAGEMENT'S LETTER Financial Condition: - ------------------- Total assets reached $228.3 million at September 30, 1999 as compared to $216.7 million at December 31, 1998, representing an $11.6 million (5%) gain during the nine months just ended. Increases in the Company's loan and investment portfolios were the primary areas of asset growth. Net receivables (gross receivables less unearned finance charges) rose $11.5 million (7%) during the period. Low inflation and moderate economic growth have led to robust lending activity as the Company competed to meet the spending and borrowing needs of its targeted market. The Company's investment portfolio grew $10.3 million (22%) during the current nine-month period. Current operations and the sale of its debt securities continue to outpace the Company's working capital requirements, thereby creating a surplus of funds. In an attempt to maximize yields, Management positioned these funds into investment securities. The Company's investment portfolio consists mainly of U.S. Treasury bonds, Government Agency bonds and various municipal bonds. Volatility in bond market values negated a higher increase in the portfolio during the year as the Company experienced a $1.0 million decline in market values on investment securities which Management has designated as available for sale. Funding for the aforementioned lending activity and the placement of surplus funds into higher yielding investment securities resulted in cash and cash equivalents declining $9.3 million or 46%. Overall liabilities increased $8.6 million (6%) during the current year as a result of increases in sales of the Company's senior debt securities. Results of Operations: - --------------------- The high lending activity during 1999 resulted in average net receivables increasing $10.6 million (6%) to $159.2 million as compared to $147.2 million during the same nine-month period a year ago. This higher level of average net receivables outstanding resulted in the Company's net interest margin increasing $1.4 million (14%) and $3.1 million (11%) during the quarter and nine months ended September 30, 1999 as compared to the same periods in 1998, respectively. Net interest income represents the difference between interest income on earning assets (loans and investment securities) and interest expense on its interest-bearing debt. Average outstanding indebtedness rose $13.1 million to $149.3 million during 1999 as compared to $136.2 million during the nine months ended September 30, 1998. Although average indebtedness increased, lower borrowing costs enabled Management to minimize increases in interest expense during the current year. During the third 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 $.5 million (14%) during the quarter just ended as compared to the same period a year ago. During the nine-month comparable periods, net insurance income rose $1.4 million (13%). 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. Management continually monitors the delinquency status and credit worthiness of its loan portfolio. Delinquent accounts 60 days or more past due increased to 6.4% of net receivables at September 30, 1999 as compared to 6.1% at prior year-end. Loan net charge-offs during the current year have risen $.7 million (18%). Due to the upward trend in delinquencies and loan losses, Management raised the Company's loan loss provision during the third quarter in order to provide adequate protection against probable losses. Due to the higher loan losses, the Company's provision for loan losses increased $.7 million (48%) and $1.2 million (31%) during the quarter and nine-month period ended September 30, 1999 as compared to the same periods a year ago, respectively. Future adjustments to the loan loss reserve will be made when deemed necessary. Other operating expenses increased $1.0 million (10%) during the third quarter of this year as compared to the third quarter of 1998. During the nine-month comparable periods, these same expenses increased $2.7 million (10%). 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. Cost incurred with the opening of six new branch offices during the current year also contributed to the increase in other operating expenses. Effective income tax rates were 16.1% and 16.0% for the quarters ended September 30, 1999 and 1998 and 15.4% and 14.6% for the nine months ended September 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 do not recognize S corporation status. Certain tax benefits provided by law to life insurance companies substantially 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 material 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 September 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 September 30, 1999 and December 31, 1998. Year 2000 Readiness Disclosure: - ------------------------------ The new millennium is just a few months away and Management believes the Company is prepared for Year 2000 issues. In preparing the Company 's systems for Year 2000 compliance, Management adhered 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"). Although the Company is not a banking institution, it does provide data processing services to a bank and therefore complies with the guidelines other bank service providers adhere to. All information technology ("IT") systems and non-IT systems have been tested for Year 2000 compliance. Systems were classified as to being "mission critical", "mission necessary" and "mission desirable". Priority was given to "mission critical" systems which are systems considered essential to the successful continuation of the Company's core business activity. Testing has also been completed on remediation contingency plans the Company will implement 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. Contingency plans will continue to be refined as needed. The cost of 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 incur regarding Year 2000 readiness. Current year expenditures have been $14,770 through September 30, 1999. 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 the Year 2000 issue. Additional updates are included in each of the quarterly reports issued in 1999. 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 September 30, December 31, 1999 1998 ------------- ------------ (Unaudited) (Audited) ASSETS CASH AND CASH .............................. $ 10,817,508 $ 20,111,678 ------------ ------------ LOANS, net ................................. 148,823,795 138,548,161 ------------ ------------ INVESTMENT SECURITIES: Available for Sale, at fair market value.. 50,715,344 39,938,412 Held to Maturity, at amortized cost....... 6,737,619 7,205,113 ------------ ------------ 57,452,963 47,143,525 ------------ ------------ OTHER ASSETS................................ 11,182,804 10,871,546 ------------ ------------ TOTAL ASSETS.................... $228,277,070 $216,674,910 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY SENIOR DEBT................................. $116,602,553 $104,446,030 OTHER LIABILITIES........................... 11,687,656 11,904,342 SUBORDINATED DEBT........................... 35,626,167 38,960,747 ------------ ------------ Total Liabilities...................... 163,916,376 155,311,119 ------------ ------------ STOCKHOLDERS' EQUITY: Common Stock.............................. 170,000 170,000 Accumulated Other Comprehensive (Loss)Income.............. (461,470) 556,423 Retained Earnings......................... 64,652,164 60,637,368 ------------ ------------ Total Stockholders' Equity............. 64,360,694 61,363,791 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY....... $228,277,070 $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 Nine Months Ended September 30 September 30 ------------------------ ------------------------ (Unaudited) (Unaudited) 1999 1998 1999 1998 ----------- ----------- ----------- ----------- INTEREST INCOME..................... $13,020,864 $11,617,646 $37,326,011 $34,080,074 INTEREST EXPENSE.................... 2,258,394 2,206,540 6,676,011 6,528,982 ----------- ----------- ----------- ----------- NET INTEREST INCOME................. 10,762,470 9,411,106 30,650,000 27,551,092 Provision for Loan Losses......... 2,307,237 1,557,432 5,193,715 3,967,066 ----------- ----------- ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES......... 8,455,233 7,853,674 25,456,285 23,584,026 ----------- ----------- ----------- ----------- NET INSURANCE INCOME................ 4,333,932 3,809,544 12,451,286 11,033,229 ----------- ----------- ----------- ----------- OTHER REVENUE....................... 138,720 118,765 401,249 355,335 ----------- ----------- ----------- ----------- OTHER OPERATING EXPENSES: Personnel Expense................. 6,324,600 5,488,478 18,406,268 16,245,927 Occupancy......................... 1,481,321 1,412,106 4,228,695 4,072,262 Other............................. 2,477,678 2,426,444 7,409,631 7,018,984 ----------- ----------- ----------- ----------- Total........................... 10,283,599 9,327,028 30,044,594 27,337,173 ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES.......... 2,644,286 2,454,955 8,264,226 7,635,417 Provision for Income Taxes........ 426,826 392,655 1,274,696 1,113,863 ----------- ----------- ----------- ----------- NET INCOME.......................... 2,217,460 2,062,300 6,989,530 6,521,554 RETAINED EARNINGS, begin of period.. 63,170,644 58,319,182 60,637,368 54,221,339 Dividends / Distributions on Common Stock................. 735,940 251,762 2,974,734 613,173 ----------- ----------- ----------- ----------- RETAINED EARNINGS, end of period.... $64,652,164 $60,129,720 $64,652,164 $60,129,720 =========== =========== =========== =========== BASIC EARNINGS PER SHARE: Voting Common Stock; 1,700 Shares outstanding all periods.. $13.04 $12.13 $41.11 $38.36 Non-Voting Common Stock; 168,300 ====== ====== ====== ====== Shares outstanding all periods.. $13.04 $12.13 $41.11 $38.36 ====== ====== ====== ======
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 Nine Months Ended September 30 --------------------------- (Unaudited) 1999 1998 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income.................................... $ 6,989,530 $ 6,521,554 Adjustments to reconcile net income to net cash provided by operating activities: Provision for Loan Losses.................. 5,193,715 3,967,066 Depreciation and Amortization.............. 918,339 934,683 Deferred Income Taxes...................... 163,792 72,017 Other, net................................. 132,341 18,210 Increase in Miscellaneous assets........... (450,170) (380,972) Decrease in Accounts Payable and Accrued Expenses........................... (152,365) 259,753 ----------- ----------- Net Cash Provided........................ 12,795,182 11,392,311 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Loans Originated or purchased................. (98,304,928) (84,782,716) Loan Payments................................. 82,835,579 79,850,950 Purchases of marketable debt securities....... (20,892,594) (21,977,622) Principal payments on securities.............. 455,703 331,348 Sales of marketable securities................ 3,477,753 66,658 Redemptions of securities..................... 5,290,000 13,985,000 Other, net.................................... (798,074) (637,931) ----------- ----------- Net Cash Used............................ (27,936,561) (13,164,313) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Senior Debt....................... 12,156,523 1,644,345 Subordinated Debt Issued...................... 6,021,003 5,176,823 Subordinated Debt redeemed.................... (9,355,583) (4,188,546) Distributions Paid............................ (2,974,734) (613,173) ----------- ----------- Net Cash Provided........................ 5,847,209 2,019,449 ----------- ----------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS.......................... (9,294,170) 247,447 CASH AND CASH EQUIVALENTS, beginning............ 20,111,678 25,122,077 ----------- ----------- CASH AND CASH EQUIVALENTS, ending............... $10,817,508 $25,369,524 =========== =========== Cash Paid during the period for: Interest...... $ 6,539,951 $ 6,555,607 Income Taxes.. 1,237,543 991,440 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 September 30, 1999 and December 31, 1998 and the results of its operations and its cash flows for the nine months ended September 30, 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 nine months ended September 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 Statements 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 $2,137,664 and $2,409,812 for the quarters ended September 30, 1999 and 1998 and $5,971,637 and $6,817,149 for the nine-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 9/30/99. $ 5,242 $ 5,541 $ 5,983 $ 16,766 Three Months ended 9/30/98. 4,494 5,017 5,152 14,663 Nine Months ended 9/30/99.. 14,926 16,244 16,958 48,128 Nine Months ended 9/30/98.. 13,454 14,881 15,103 43,438 Segment Profit: Three Months ended 9/30/99. $ 1,822 $ 2,112 $ 1,733 $ 5,667 Three Months ended 9/30/98. 1,338 1,904 1,435 4,677 Nine Months ended 9/30/99.. 5,311 6,522 5,195 17,028 Nine Months ended 9/30/98.. 4,298 5,981 4,601 14,880 Segment Assets: 9/30/99.................... $87,427 $98,222 $39,604 $225,253 9/30/98.................... 82,203 92,317 36,896 211,416 3 Months 3 Months 9 Months 9 Months Ended Ended Ended Ended 9/30/99 9/30/98 9/30/99 9/30/98 ------- ------- ------- -------- Reconcilement (In Thousands) Profit: Profit per segments...... $ 5,667 $ 4,677 $17,027 $ 14,880 Corporate earnings not allocated.......... 728 884 2,051 2,031 Corporate expenses not allocated.......... (3,750) (3,105) (10,814) (9,275) Income taxes not allocated.............. (427) (393) (1,275) (1,114) ------- ------- ------- -------- $ 2,218 $ 2,063 $ 6,990 $ 6,522 ======= ======= ======= ======== 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 Darry 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 Tim Love Melvin Osley Marc Thomas Jack Hobgood Mike Lyles Dale Palmer OFFICES Alabama Offices: Georgia Offices: Georgia Offices: Louisiana Offices: - --------------- --------------- --------------- ----------------- Alexander City Brunswick Jesup New Iberia Andalusia Buford LaGrange Pineville Arab Butler Lavonia Wetumpka Athens Cairo Lawrenceville Bessemer Calhoun Madison Mississippi Offices: Birmingham Canton Manchester ------------------- Clanton Carrollton McDonough Bay St. Louis Cullman Cartersville McRae Carthage Decatur Cedartown Milledgeville Columbia Dothan Chatsworth Monroe Grenada Enterprise Clarkesville Montezuma Gulfport Fayette Claxton Monticello Hattiesburg Florence Clayton Moultrie Hazlehurst Gadsden Cleveland Nashville Jackson Geneva Cochran Newnan Kosciusko Hamilton Commerce Perry Magee Huntsville Conyers Richmond Hill McComb Jasper Cordele Rome Pearl Madison Cornelia Royston Picayune Moulton Covington Sandersville Muscle Shoals Cumming Savannah North Carolina Offices: Opp Dallas Statesboro ---------------------- Ozark Dalton Swainsboro Monroe Pelham Dawson Sylvania Pineville Prattville Douglas Sylvester Russellville (2) Douglasville (2) Thomaston South Carolina Offices: Scottsboro Eastman Thomson ---------------------- Selma Elberton Tifton Aiken Sylacauga Ellijay Toccoa Anderson Troy Forsyth Valdosta Cayce Tuscaloosa Fort Valley Vidalia Clemson Gainesvile Warner Robins Columbia Georgia Offices: Garden City Washington Conway - --------------- Georgetown Waycross Easley Adel Glennville Waynesboro Florence Albany Greensboro Winder Gaffney Alma Griffin Greenville Americus Hartwell Louisiana Offices: Greenwood Arlington Hawkinsville ----------------- Greer Athens (2) Hazlehurst Alexandria Lancaster Bainbridge Hinesville Crowley Laurens Barnesville Hogansville DeRidder Marion Baxley Jackson Franklin Newberry Blakely Jasper Jena Orangeburg Blue Ridge Jefferson Leesville Rock Hill Bremen Markesville Seneca 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 3RD QUARTER 10-Q
5 1 9-MOS DEC-31-1999 SEP-30-1999 10,817,508 57,452,963 189,067,854 7,307,716 0 0 13,493,107 8,925,801 228,277,070 128,290,209 152,228,720 170,000 0 0 64,190,694 228,277,070 0 53,291,665 0 0 33,157,713 5,193,715 6,676,011 8,264,226 1,274,696 6,989,530 0 0 0 6,989,530 41.11 41.11
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