Habersham Bancorp (HABC)

Habersham Bancorp operates as the holding company for Habersham Bank that offers commercial banking services in Habersham White, Cherokee, Warren, Gwinnett, Stephens, Forsyth, and Hall Counties, Georgia. It provides various deposit products, including checking and savings accounts, various types of time deposits, money market, and NOW account, as well as individual retirement accounts. The company’s loan portfolio comprises commercial, financial, and agricultural loans; real estate loans; and installment loans to individuals. It also offers trust services, including trust administration, asset management services, estate and will probate and administration, and other services in the area of personal trusts. In addition, Habersham Bancorp provides property, casualty, and life insurance products, as well as offers safe deposit facilities. As of December 31, 2007, it operated 12 branch offices in Georgia. The company was founded in 1904 and is based in Cornelia, Georgia.

For the six months ended 30 June 2006, Habersham Bancorp's interest income increased 40% to $16.2M. Net interest income after LLP increased 37% to $10.3M. Net income increased 67% to $2.6M. Net interest income reflects an increase in interest and fees on loans, partially offset by a rise in interest expense on time and other deposits. Net income also reflects an increase in service charges on deposits and rise in other income.