Habersham Bancorp Announces First Quarter Earnings

Apr 26, 2001, 01:00 ET from Habersham Bancorp

    CORNELIA, Ga., April 26 /PRNewswire/ -- Habersham Bancorp (Nasdaq:   HABC)
 reports first quarter earnings of $1,046,000 or $.39 per share diluted, an
 increase of 54.05% when compared to first quarter earnings of $679,000 or
 $.25 per share diluted in 2000.  The Company's net operating income, exclusive
 of net after-tax losses relating to marking to market its holdings of Flag
 Financial Corp. common stock, was $780,010 or $.30 per share diluted for the
 quarter ended March 31, 2000.  The Company transferred its holdings of Flag
 Financial Corp. common stock from trading assets to its available for sale
 portfolio at market value as of September 30, 2000.
     Total assets of $569 million at March 31, 2001 reflect an increase of
 $26 million or 4.79% from $543 million at December 31, 2000.  Management
 reported that the increase is due primarily to increases in lending activity
 at Habersham Bank's mortgage subsidiary, BancMortgage Financial Corp.
     The Company's stock is listed on the Nasdaq National Market under the
 symbol HABC.  Any requests for information regarding the purchase or sale of
 the common stock can be addressed to:  Sterne, Agee and Leach, Inc.; J.C.
 Bradford & Co.; Robinson-Humphrey Co., Inc.; AnPac Securities Group, Inc.;
 Wachovia Securities, Inc. (formerly Interstate/Johnson Lane); or First
 Tennessee, market makers for HABC.
 
 
                     HABERSHAM BANCORP FINANCIAL HIGHLIGHTS
       (Unaudited) (dollar amount in thousands, except per share amounts)
 
 
                                                        Three Months Ended
                                                              March 31,
                                                         2001           2000
     Earnings Summaries
     Interest income                                 $ 10,999        $ 9,411
     Interest expense                                   6,687          5,118
       Net interest income                              4,312          4,293
 
     Provision for loan losses                            284            120
       Net interest income after provision
        for loan losses                                 4,028          4,173
 
     Other income                                       5,404          3,872
     Unrealized loss on trading securities                ---           (153)
     Other expense                                      7,880          6,999
       Income before income taxes                       1,552            893
 
     Income tax expense                                   506            214
     Net income                                        $1,046           $679
 
     Per Share - basic                                  $0.39          $0.25
     Per Share - diluted                                $0.39          $0.25
 
     Weighted average number of common
      shares outstanding                            2,698,746      2,698,746
 
     Weighted average number of common
      and common equivalent shares outstanding      2,714,314      2,700,660
 
     Cash dividends declared per common share            $.06           $.06
 
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SOURCE Habersham Bancorp
    CORNELIA, Ga., April 26 /PRNewswire/ -- Habersham Bancorp (Nasdaq:   HABC)
 reports first quarter earnings of $1,046,000 or $.39 per share diluted, an
 increase of 54.05% when compared to first quarter earnings of $679,000 or
 $.25 per share diluted in 2000.  The Company's net operating income, exclusive
 of net after-tax losses relating to marking to market its holdings of Flag
 Financial Corp. common stock, was $780,010 or $.30 per share diluted for the
 quarter ended March 31, 2000.  The Company transferred its holdings of Flag
 Financial Corp. common stock from trading assets to its available for sale
 portfolio at market value as of September 30, 2000.
     Total assets of $569 million at March 31, 2001 reflect an increase of
 $26 million or 4.79% from $543 million at December 31, 2000.  Management
 reported that the increase is due primarily to increases in lending activity
 at Habersham Bank's mortgage subsidiary, BancMortgage Financial Corp.
     The Company's stock is listed on the Nasdaq National Market under the
 symbol HABC.  Any requests for information regarding the purchase or sale of
 the common stock can be addressed to:  Sterne, Agee and Leach, Inc.; J.C.
 Bradford & Co.; Robinson-Humphrey Co., Inc.; AnPac Securities Group, Inc.;
 Wachovia Securities, Inc. (formerly Interstate/Johnson Lane); or First
 Tennessee, market makers for HABC.
 
 
                     HABERSHAM BANCORP FINANCIAL HIGHLIGHTS
       (Unaudited) (dollar amount in thousands, except per share amounts)
 
 
                                                        Three Months Ended
                                                              March 31,
                                                         2001           2000
     Earnings Summaries
     Interest income                                 $ 10,999        $ 9,411
     Interest expense                                   6,687          5,118
       Net interest income                              4,312          4,293
 
     Provision for loan losses                            284            120
       Net interest income after provision
        for loan losses                                 4,028          4,173
 
     Other income                                       5,404          3,872
     Unrealized loss on trading securities                ---           (153)
     Other expense                                      7,880          6,999
       Income before income taxes                       1,552            893
 
     Income tax expense                                   506            214
     Net income                                        $1,046           $679
 
     Per Share - basic                                  $0.39          $0.25
     Per Share - diluted                                $0.39          $0.25
 
     Weighted average number of common
      shares outstanding                            2,698,746      2,698,746
 
     Weighted average number of common
      and common equivalent shares outstanding      2,714,314      2,700,660
 
     Cash dividends declared per common share            $.06           $.06
 
                     MAKE YOUR OPINION COUNT -  Click Here
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 SOURCE  Habersham Bancorp