EXHIBIT 13



A TRADITION OF EXCELLENCE



Dear Fellow Stockholder:



The Board of Directors, officer and employees of CCF Holding Company and its subsidiary Heritage Bank are very pleased to present you the operating results for 2004. The
company and the bank continued to show progress in many key areas and is well positioned for the future. The assets of the company grew at a rate of 15% while earnings growth topped 16% for the year. We are also pleased to report that the financial
markets rewarded this performance with an increase in stock value of more than 30% in 2004. As you read through the enclosed financial report I would direct you to the Management Discussion and Analysis that will hopefully explain significant year
over year changes.



The management and staff of Heritage Bank have worked very
hard in 2004 and thus far in 2005 to position our bank to continue to capitalize on the growth in our outstanding markets. The banking industry as a whole has become much more aggressive in identifying and pursuing new business opportunities and
Heritage Bank wants to be a leader in this arena. We have refocused much of our energies towards developing new customer relationships, both personal and business. Our goal is to be the primary bank to consumers and businesses providing financial
solutions in the markets we serve. We are aggressively marketing Heritage Bank as the best solution to customize products and services in an effort to meet our customers and prospects financial needs. We are aggressively training and developing our
staff to be able to deliver these products and services at a superior level to our competition. We are very proud of what we have accomplished over the past several years in developing our bank, but we also feel there is always room for improvement.
We feel these new efforts will deliver the results that will allow our bank and company to continue to deliver superior performance.



A couple of significant events occurred in 2004 that impacted the financial statements. We closed our second Trust Preferred Security capital offering generating an
additional $4.64 million of very reasonably priced capital and we opened our third Henry County banking facility in the very rapidly growing Eagles Landing community. The capital is important to the company in that it allows us to grow at an even
faster pace than our retained earnings will support without significantly diluting our shareholders. The new banking facility at Eagles Landing gives us entry into a very rapidly growing professional area of Henry County and should lead to great new
business opportunities. We feel our branch network now allows us to compete in all of our primary markets for both consumer and commercial business.



Many of you began this journey with CCF Holding Company 10 years ago when the company first went public. Perhaps some of you began this journey with the bank when it
opened its doors almost 50 years ago. Whenever and however you first joined the CCF Holding Company, Heritage Bank (formerly Clayton County Federal Savings and Loan) family, we appreciate the trust and loyalty that you have placed in us to take care
of your deposits, loans and investments. As we near our 50thanniversary later this year we will continue to remain
focused on what has brought us success and never stray far from that path. From both of us and all of the CCF Holding Company and Heritage Bank team, we thank you for your continued support!



Very truly yours,



|                    |  |                    
|------------------- |  | -------------------
|LOGO                |  | LOGO               
|Leonard A. Moreland |  | David B. Turner    
|President           |  | President & CEO    
|Heritage Bank       |  | CCF Holding Company



---

CCF HOLDING COMPANY

ANNUAL REPORT



TABLE OF CONTENTS



|                                            |  |   
|------------------------------------------- |  | --
|Overview of the Company                     |  | 2 
|                                            | 
|Selected Financial and Other Data           |  | 6 
|                                            | 
|Managements Discussion and Analysis        |  | 8 
|                                            | 
|Report of Independent Certified Accountants |  | 17
|                                            | 
|Consolidated Financial Statements           |  | 18
|                                            | 
|Notes to Consolidated Financial Statements  |  | 23



---

CCF HOLDING COMPANY



Overview of the Company



Corporate Profile. CCF Holding Company (the Company) is a bank holding company incorporated under the laws of the State of Georgia. Heritage Bank (the
Bank) is a Georgia commercial bank that is a wholly owned subsidiary of the Company. CCF Capital Trust I and CCF Capital Trust II (the Trusts) are Delaware business trusts that are unconsolidated subsidiaries of the Company
formed in January 2002 and March 2004. The Trusts were formed for the purpose of issuing Trust Preferred Securities and loaning the proceeds of such issuance to the Company. Prior to September 1998, the Company was a savings and loan holding Company
and the Bank was a federally chartered savings bank. The Company was organized in 1995 in connection with the conversion of the Bank from a mutual to stock form of organization (the Conversion) in July 1995 and its operations currently
consist primarily of serving as the holding company of the Bank. The Bank, through its predecessors, commenced business in 1955.



The Bank operates seven offices within its primary market area in Clayton, Fayette and Henry Counties, Georgia. The market area is part of the Atlanta, Georgia
Metropolitan Statistical Area. The Banks main office is located in Jonesboro, Georgia. An additional branch in Clayton County is located in the city of Forest Park. There are two branches in Fayetteville, Georgia with one located on Jeff Davis
Drive and the second on Highway 85 South, on an out parcel of a shopping center. In Henry County there are three branch locations, Keys Ferry, Highway 20/81 and Eagles Landing. Twenty-four hour ATMs are located at each branch and in addition,
the Bank operates a stand alone ATM location in a shopping center in Clayton County. Each county has at least one location open until 6:00 p.m. on Fridays and on Saturday morning for the convenience of our customers. Internet banking and bill
payment services are available through the Banks website, www.heritagebank.com.



The Bank is subject to examination and comprehensive regulation by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) and its deposits are federally insured
by the Savings Association Insurance Fund (SAIF) of the FDIC. The Bank is a member of, and owns capital stock in, the Federal Home Loan Bank (FHLB) of Atlanta, which is one of the 12 regional banks in the FHLB System. The
Company also is subject to state of Georgia and federal regulation.



The Bank
attracts deposits from the general public and uses such deposits primarily to invest in and originate commercial, residential and consumer loans and, to a lesser extent, to invest in investment securities. The principal sources of funds for the
Banks lending activities are deposits, FHLB borrowings, borrowings from correspondent banks and the amortization, repayment, and maturity of loans and investment securities. Principal sources of income are interest on loans and investment
securities and fees paid to the Bank for its services. The Banks principal expenses are interest paid on deposits and, to a lesser degree, personnel related expenses.



Lending Activities.As of December 31, 2004, the Bank had approximately $260 million in loans outstanding, which represented 77% of
the Companys total assets of $340 million. The Banks principal lending activities have been the origination of adjustable and fixed rate loans to individual consumers and small business customers. At December 31, 2004, the loan portfolio
consisted of $181 million, or 70% of the loan portfolio, variable rate loans with the remaining $79 million, or 30%, fixed rate loans. Commercial and residential real estate is the primary form of collateral for the loan portfolio with approximately
$230 million, or 88%, of loans outstanding secured in this manner. Consumer loans, secured by collateral other than residential real estate account for $11 million, or 4%, of loans outstanding. The remaining 8% or $19 million in loans outstanding
are commercial loans secured by equipment and related non-real estate collateral.



Construction Lending. The Bank had construction loans of $82 million outstanding at December 31, 2004. These loans are primarily to local builders and almost all are located in the Banks immediate market area and nearby
counties. These loans are made to the builders on both a speculative (unsold properties) and pre-sale basis. Loan to value ratios of 80% or less are required for pre-sales and ratios of 75% or less are required for speculative loans. These loans
have maximum maturities of 12 months or less with one 12- month renewal



2



---

allowed. Proceeds of construction loans are disbursed in increments as construction on the property progresses and only after a Bank representative makes a
physical inspection of the property.



Commercial Loans.These loans,
which include commercial real estate, continue to grow as a percentage of outstanding loans in the Banks portfolio. At December 31, 2004, the Bank had commercial loans of $158 million, which amounted to 61% of total loans outstanding. These
loans are primarily permanent loans secured by small office buildings, apartment buildings, churches, shopping centers and convenience stores. Commercial real estate loans are usually made at up to 75% of appraised property value with adjustable
rates and terms of up to 20 years.



Consumer Loans.Loans to consumers
consist primarily of secured and unsecured personal loans, automobile loans, watercraft loans and recreational vehicle loans. At December 31, 2004, 97% of these loans were fixed rate with maturities primarily greater than five years.



Lending Underwriting Risks. Construction financing is generally considered to involve
a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan is dependent largely upon the accuracy of the initial estimate of the propertys value at completion of construction
or development and the estimated cost (including interest) of construction and time to completion. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction cost proves to be
inaccurate, it may be necessary for the Bank to advance funds beyond the amount originally committed to permit completion of the construction. If the estimate of value proves to be inaccurate, the Bank may be confronted, at or prior to the maturity
of the loan, with collateral having a value, that is insufficient to assure full repayment. As a result, construction lending often involves the disbursement of substantial funds with repayment dependent, in part, on the success of the project. If
the Bank is forced to foreclose on a property prior to or at completion due to a default, there can be no assurance that the Bank will be able to recover all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure
and holding costs. The Bank has sought to lessen this risk by limiting construction lending to qualified borrowers in the Banks market area, by limiting the number of construction loans outstanding at any time and by requiring a Bank
representative to inspect properties under construction prior to disbursement of funds.



Loans secured by commercial real estate generally involve a greater degree of risk than one- to four-family mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the
concentration of principal in a limited number of loans and borrowers, the affect of general economic conditions on income producing properties, and the difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of
loans secured by commercial real estate is typically dependent upon the successful operation or management of the related project or company. If the cash flow from the project or company is reduced, the borrowers ability to repay the loan may
be impaired. The Bank seeks to reduce these risks in a variety of ways, including limiting the size of such loans, analyzing the financial condition of the borrower, accurately assessing the quality of the collateral and assessing the quality of the
management of the property securing the loan. The Bank usually obtains personal guarantees and appraisals on each property.



Consumer loans entail greater credit risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that
depreciate rapidly. In such cases, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and the remaining deficiency often does not warrant further substantial collection
efforts against the borrower. In particular, amounts realizable on the sale of repossessed automobiles may be significantly reduced based upon the condition of the collateral and the lack of demand for used collateral.



Loan Approval Process.The Banks Board of Directors has granted various levels
of lending authority to the Banks loan officers. Loans exceeding an officers individual authority must be submitted to the Officer Loan Committee. This committee, comprised of the President and three executive vice presidents of the
Bank, has a lending limit of $1,000,000 for secured and unsecured loans. Loans greater than $1,000,000 must be approved by the Senior Loan Committee, which is comprised of the entire Board of Directors of the Bank. The Banks legal lending
limit is $4,000,000.



3



---

Deposit Products and Services. The Bank offers a full range of deposit services to individual consumers and
commercial customers. Products include transaction accounts such as checking accounts, NOW accounts, money market accounts and repurchase accounts as well as savings and certificates of deposit accounts. The interest rates paid and the service
charges applied to these accounts are competitive with other products offered in the market area.



Market Area.The following statistical data is based on information found on the Chamber of Commerce websites of Clayton, Fayette and Henry Counties as well as data from the FedStats website.



The Banks primary market area includes all of Clayton, Fayette and Henry County,
Georgia. The majority of the Banks deposits come from the market area, although it attracts some deposit and loan business from neighboring counties and metro Atlanta. The major industries for the tri-county area include airline,
manufacturing, construction and retail services. The Banks main office is located in Jonesboro, Georgia, approximately 20 miles south of Atlanta. Hartsfield-Jackson Atlanta International Airport, one of the worlds busiest, Clayton State
College and University, which serves more than 5,000 students, and The Georgia State Archives, are also located in Clayton County.



Henry County was ranked 4th among the nations counties for rate of population growth in the 1990s of 103%. With over 38,000 employees the Hartsfield-Jackson
Atlanta International Airport is the largest center of employment in the state of Georgia. Clayton, Fayette and Henry County make up 663 square miles in land area, with a total population in 2002 of 489,043.



The Bank opened three branches in the Fayette and Henry County markets over the past three
years. One branch is located on Highway 85 just south of Fayetteville; the second is located in a developing area in McDonough on Highway 20/81 West and the third branch, which opened in August 2004 is located in the Eagles Landing area of Henry
County. The Bank also renovated its main office in Jonesboro during 2004.



The
Company was named to the Fortune Magazine FSB Fortune Small Business 100 Americas Fastest-Growing Small Companies in 2004. This was the first time the Company received this recognition, and it was 92ndon the Fortune list.



Competition. The Bank operates in a competitive environment, competing for deposits and/or loans with commercial banks, thrifts and other financial entities.
Principal competitors include other small community commercial banks (such as Community Capital Bank, Southern Community Bank, First State Bank, The Bank of Georgia, First Henry Bank and McIntosh State Bank) and larger institutions with branches in
the Banks market area such as SunTrust, Wachovia, RBC Centura, Bank of America, and Peachtree National (a division of Synovus). Numerous de novo banks along with mergers and consolidations involving banks in the Banks market area have
occurred, requiring the Bank to compete with banks with greater resources. However, Heritage Bank is the oldest independent bank in Clayton County. The de novo banks are limited in their funding strategies because they typically do not have access
to wholesale funding. This has the effect of running up deposit rates as the new banks compete for funds in the market area.



The Bank has restructured its daily functions and responsibilities to maximize its product sales opportunities with specific focus in the areas of business development,
commercial lending and credit administration. The Bank believes that by emphasizing these areas it will continue to improve its responsiveness to existing customers and to develop new relationships.



The Bank is a major participant of Partners in Education in the tri-county area. The Bank
supports over 40 schools annually and contributed more than $30,000 a year in the effort. The Banks mission statement is Committed to the Future of the Communities We Serve through a Tradition of Excellence. The Bank stands by this
mission statement by having its officers and employees support and participate in many events. The Banks employees, officers and directors represent the Bank on many boards and local civic and charitable organizations.



4



---

Stock Market Information

Since its issuance in July 1995, the Companys Common Stock has been traded on The Nasdaq SmallCap Market under the trading symbol of CCFH. The following table reflects high and low sales prices paid in actual transactions,
as reported by The Nasdaq SmallCap Market, as well as dividend information. The quotations reflect inter-dealer closing prices, and may not include retail mark-up, mark-down, or commission.



|                          |  |       |  |       |  |                   |     |  |              
|------------------------- |  | ----- |  | ----- |  | ----------------- | --- |  | -------------
|Period                    |  | High  |  | Low   |  | DividendsDeclared |     |  | DividendsPaid
|2003        1stQuarter(1) |  | 12.53 |  | 10.84 |  | 0.04              |     |  | 0.03         
|2003        2ndQuarter(1) |  | 17.93 |  | 12.37 |  | 0.04              |     |  | 0.04         
|2003        3rdQuarter(1) |  | 17.91 |  | 14.46 |  | 0.04              |     |  | 0.04         
|2003        4thQuarter(1) |  | 15.90 |  | 14.25 |  | 0.04              | (2) |  | 0.04         
|                          |  |       |  |      
|2004        1stQuarter(1) |  | 12.00 |  | 9.91  |  | 0.04              |     |  | 0.04         
|2004        2ndQuarter(1) |  | 12.25 |  | 15.00 |  | 0.05              |     |  | 0.04         
|2004        3rdQuarter    |  | 20.50 |  | 14.70 |  | 0.05              |     |  | 0.05         
|2004        4thQuarter    |  | 20.51 |  | 16.06 |  | 0.06              | (3) |  | 0.05         

---

|(1) | Values adjusted to reflect the three for two stock split paid on July 15, 2004 in the form of a dividend to shareholders of record on July 1, 2004.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The Company declared the dividend on December 17, 2003, and paid the dividend on January 21, 2004.
|--- | --------------------------------------------------------------------------------------------------

|(3) | The Company declared the dividend on December 16, 2004, and paid the dividend on January 18, 2005.
|--- | --------------------------------------------------------------------------------------------------



The number of shareholders of record as of December 31, 2004, was approximately 400, inclusive of the number of persons or entities who held
stock in nominee or street name. At December 31, 2004, there were 2,239,019 shares of Common Stock issued and outstanding. The Companys ability to pay dividends to shareholders is primarily dependent upon the dividends it receives
from the Bank, and to a lesser extent, the amount of cash on hand. The Bank may not declare or pay a cash dividend on any of its stock if the effect thereof would cause the Banks regulatory capital to be reduced below (1) the amount required
for the liquidation account established in connection with the Conversion (up to $6.6 million), or (2) the regulatory capital requirements. The Company declared a dividend of $0.06 per share on December 16, 2004, payable to shareholders of record
January 3, 2005, and paid the dividend to shareholders on January 18, 2005. On March 16, 2005, the Company declared a $0.06 per share dividend payable to shareholders of record on April 1, 2005, with payment expected on April 15, 2005.



On June 17, 2004, the Company announced a three for two stock split payable in the form of
a stock dividend on July 15, 2004, to shareholders of record on July 1, 2004 (the Stock Split). Prior to this split, on November 21, 2002, the Company announced a three for two stock split payable in the form of a stock dividend on
December 19, 2002, to shareholders of record on December 4, 2002. (Collectively these actions are noted as the Stock Splits.)



5



---

SELECTED FINANCIAL AND OTHER DATA



The selected financial and other data set forth below should be read in
conjunction with the consolidated financial statements, including the notes thereto, and Managements Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this report. The following selected
financial data concerning the Company for and as of the end of each of the years in the five year period ended December 31, 2004, are derived from the audited consolidated financial statements of the Company. The selected financial and operating
data is qualified in its entirety by the more detailed information and consolidated financial statements, including the notes thereto, included elsewhere in this report. The audited consolidated financial statements of the Company as of December 31,
2004 and 2003 and for each of the years in the two year period ended December 31, 2004, and the report of Porter Keadle Moore, LLP, the Companys independent public accountants, thereon, are included elsewhere in this report. All share
information and per share amounts have been adjusted to reflect the Stock Splits.



|                                                    |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|--------------------------------------------------- |  | ----------------------- | ------- | ---- | - | ------- |  | ---- | ------- | ---- | - | ------- |  | - | -------
|                                                    |  | Year Ended December 31,
|                                                    |  | 2004                    |         | 2003 |   | 2002    |  | 2001 |         | 2000
|                                                    |  | (Dollars in Thousands) 
|Financial Condition                                 |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Total Amount of:                                    |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Assets                                              |  | $                       | 340,147 |      | $ | 295,785 |  | $    | 261,993 |      | $ | 247,800 |  | $ | 228,381
|Loans receivable, net                               |  |                         | 256,771 |      |   | 228,334 |  |      | 190,969 |      |   | 185,656 |  |   | 171,817
|Investment securities                               |  |                         | 41,639  |      |   | 36,524  |  |      | 33,570  |      |   | 37,358  |  |   | 36,368 
|Deposits                                            |  |                         | 289,278 |      |   | 249,637 |  |      | 231,787 |      |   | 217,254 |  |   | 208,415
|FHLB advances                                       |  |                         | 15,000  |      |   | 15,000  |  |      | 5,000   |      |   | 8,000   |  |   |       
|Junior subordinated debentures                      |  |                         | 8,765   |      |   | 4,125   |  |      | 4,125   |      |   |        |  |   |       
|Liabilities                                         |  |                         | 318,209 |      |   | 276,118 |  |      | 244,252 |      |   | 231,987 |  |   | 214,750
|Shareholders equity                                |  |                         | 21,938  |      |   | 19,666  |  |      | 17,740  |      |   | 15,813  |  |   | 13,630 
|Other Data:                                         |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Net income                                          |  | $                       | 2,747   |      | $ | 2,363   |  | $    | 1,963   |      | $ | 1,429   |  | $ | 1,280  
|Average assets                                      |  |                         | 330,533 |      |   | 279,867 |  |      | 254,321 |      |   | 242,490 |  |   | 214,866
|Average equity                                      |  |                         | 20,946  |      |   | 18,765  |  |      | 16,797  |      |   | 14,742  |  |   | 12,644 
|Full service offices                                |  |                         | 7       |      |   | 6       |  |      | 5       |      |   | 5       |  |   | 5      
|                                                    | 
|                                                    |  | Year Ended December 31,
|                                                    |  | 2004                    |         | 2003 |   | 2002    |  | 2001 |         | 2000
|                                                    |  | (Dollars in Thousands) 
|Summary of Operations                               |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Total interest income                               |  | $                       | 18,258  |      | $ | 16,044  |  | $    | 16,256  |      | $ | 18,832  |  | $ | 18,458 
|Total interest expense                              |  |                         | 5,535   |      |   | 4,967   |  |      | 6,205   |      |   | 9,748   |  |   | 9,935  
|                                                    |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Net interest income                                 |  |                         | 12,723  |      |   | 11,077  |  |      | 10,051  |      |   | 9,084   |  |   | 8,523  
|Provision for loan losses                           |  |                         | 905     |      |   | 540     |  |      | 1,054   |      |   | 662     |  |   | 570    
|                                                    |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Net interest income after provision for loan losses |  |                         | 11,818  |      |   | 10,537  |  |      | 8,997   |      |   | 8,422   |  |   | 7,953  
|Other income                                        |  |                         | 2,358   |      |   | 1,801   |  |      | 1,566   |      |   | 1,549   |  |   | 892    
|Other expenses                                      |  |                         | 10,134  |      |   | 8,837   |  |      | 7,689   |      |   | 7,879   |  |   | 6,894  
|                                                    |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Earnings before income taxes                        |  |                         | 4,042   |      |   | 3,501   |  |      | 2,874   |      |   | 2,092   |  |   | 1,951  
|Income tax expense                                  |  |                         | 1,295   |      |   | 1,138   |  |      | 911     |      |   | 663     |  |   | 671    
|                                                    |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        
|Net earnings                                        |  |                         | 2,747   |      | $ | 2,363   |  | $    | 1,963   |      | $ | 1,429   |  | $ | 1,280  
|                                                    |  |                         |         |      |   |         |  |      |         |      |   |         |  |   |        



6



---

|Key | Operating Ratios
|--- | ----------------



|                                                                            |  |                                               |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|--------------------------------------------------------------------------- |  | --------------------------------------------- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | - |  | ---- | ------ | - |  | - | ------ | -
|                                                                            |  | Year Ended December 31,                       |       
|                                                                            |  | 2004                                          |        |   | 2003 |   |        | 2002 |  |   | 2001   |   |  | 2000 |       
|                                                                            |  | (Dollars in Thousands, except per share data) |       
|Performance Ratios:                                                         |  |                                               |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Return on average assets (net earnings divided by average total assets)     |  |                                               | 0.83   | % |      |   | 0.84   | %    |  |   | 0.77   | % |  |      | 0.59   | % |  |   | 0.60   | %
|Return on average equity (net earnings divided by average equity)           |  |                                               | 13.11  | % |      |   | 12.59  | %    |  |   | 11.69  | % |  |      | 9.70   | % |  |   | 10.13  | %
|Average interest earning assets to average interest bearing liabilities     |  |                                               | 113.50 | % |      |   | 112.29 | %    |  |   | 109.90 | % |  |      | 108.41 | % |  |   | 106.00 | %
|Net interest rate spread                                                    |  |                                               | 3.84   | % |      |   | 4.01   | %    |  |   | 3.99   | % |  |      | 3.65   | % |  |   | 3.99   | %
|Net yield on average interest-earnings assets                               |  |                                               | 4.08   | % |      |   | 4.24   | %    |  |   | 4.25   | % |  |      | 4.01   | % |  |   | 4.29   | %
|Net interest income after provision for loan losses to total other expenses |  |                                               | 116.61 | % |      |   | 119.24 | %    |  |   | 117.06 | % |  |      | 106.89 | % |  |   | 123.63 | %
|Basic earnings per share (1)                                                |  | $                                             | 1.24   |   |      | $ | 1.07   |      |  | $ | 0.89   |   |  | $    | 0.64   |   |  | $ | 0.60   |  
|Diluted earnings per share (1)                                              |  | $                                             | 1.12   |   |      | $ | 0.98   |      |  | $ | 0.84   |   |  | $    | 0.63   |   |  | $ | 0.59   |  
|Dividend payout (2)                                                         |  |                                               | 17.79  | % |      |   | 15.65  | %    |  |   | 3.97   | % |  |      | 0.00   | % |  |   | 23.07  | %
|Capital Ratios                                                              |  |                                               |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Book value per share (1)                                                    |  | $                                             | 9.80   |   |      | $ | 8.93   |      |  | $ | 8.06   |   |  | $    | 7.18   |   |  | $ | 6.17   |  
|Average equity to average assets                                            |  |                                               | 6.34   | % |      |   | 6.70   | %    |  |   | 6.60   | % |  |      | 6.08   | % |  |   | 5.88   | %
|Equity-to-assets (End of Period)                                            |  |                                               | 6.45   | % |      |   | 6.65   | %    |  |   | 6.77   | % |  |      | 6.38   | % |  |   | 5.97   | %
|Asset Quality Ratios                                                        |  |                                               |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Non-performing loans as a percentage of total loans, net                    |  |                                               | 0.33   | % |      |   | 0.68   | %    |  |   | 0.39   | % |  |      | 0.03   | % |  |   | 0.05   | %
|Non-performing loans as a percentage of total assets                        |  |                                               | 0.25   | % |      |   | 0.52   | %    |  |   | 0.29   | % |  |      | 0.02   | % |  |   | 0.04   | %
|Allowance for loan losses to non-performing loans                           |  |                                               | 371    | % |      |   | 174    | %    |  |   | 382    | % |  |      | 3770   | % |  |   | 1837   | %

---

|(1) | All per share data has been adjusted for the 3 for 2 stock split paid to shareholders of record on July 1, 2004 and the 3 for 2 stock split paid to shareholders of record on
December 2, 2002.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Dividends declared per share divided by net earnings per diluted share.
|--- | -----------------------------------------------------------------------



7



---

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS



Forward-Looking Statements



The Company may from time to time make written or oral forward-looking statements, including statements contained in the Companys filings with the
Securities and Exchange Commission, in its reports to shareholders and in other communications by the Company, which are made in good faith by the Company pursuant to the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995.



These forward-looking statements involve risks and uncertainties,
such as statements of the Companys plans, objectives, expectations, beliefs, feelings, anticipations, estimates, and intentions, which are subject to change based on various important factors (some of which are beyond the Companys
control). The following factors, among others, could cause the Companys financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in forward-looking statements: the strength of the
United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of
Governors of the Federal Reserve System, inflation, interest rate and market and monetary fluctuations; the adequacy of the Companys loan loss reserve; the timely development of and acceptance of new products and services of the Company and
the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors products and services; the willingness of potential customers to substitute competitors products and
services for the Companys products and services; the success of the Company in gaining regulatory approval of its products and services, when required; the impact of changes in financial services laws and regulations (including laws
concerning taxes, banking, securities and insurance); technological changes; changes in consumers spending and saving habits; terrorism; war and the success of the Company at managing the risks involved in the foregoing.



The Company cautions that these important factors are not exclusive. The Company does not
undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.



Critical Accounting Policies



In preparing its financial statements, the Company has adopted various accounting policies that comply with accounting principles generally accepted in the United States
of America. Certain accounting policies involve significant judgments and assumptions on the part of management that can have a material impact on the carrying value of assets and liabilities. Management considers such accounting policies to be
critical accounting policies. The Company believes the allowance for loan losses is a critical accounting policy that requires the most significant use of estimates and assumptions in the preparation of its consolidated financial statements.



The allowance for loan losses is based on managements judgment of an
amount that is adequate to absorb inherent losses in the existing loan portfolio. The allowance for loan losses is established through a provision for losses based on managements evaluation of several factors. The evaluation, which includes a
review of all loans on which full collection may not be reasonably assumed, considers among other matters, economic conditions, the fair market value or the estimated net realizable value of the underlying collateral, the financial condition of the
borrower(s), managements estimate of probable credit losses, historical loan loss experience, and other factors that warrant recognition in providing for an adequate loan loss allowance.



Recent Developments



On March 16, 2005, the Company declared a $0.06 dividend to shareholders of record on April 1, 2005, with a payment date of April 15, 2005.



8



---

Business Strategy



The Banks business strategy is to be a flexible, efficient, and financially stable community financial services institution providing a range of real estate lending
services, commercial lending, and consumer financial products primarily to the Clayton, Fayette, and Henry County, Georgia areas. Management of the Bank has identified and sought to pursue four primary strategic objectives: (1) to maintain an
adequate amount of regulatory capital; (2) to reduce interest rate risk; (3) to maintain good asset quality through continued emphasis on well underwritten consumer, commercial, and residential lending; and (4) to broaden the Banks product and
customer base to become a more diversified financial institution.



Regulatory Capital. On March 30, 2004, the Company through its newly-formed wholly owned statutory trust subsidiary, CCF Capital Trust II, completed the sale of $4,500,000 of floating rate trust preferred securities (Capital
Securities) having a maturity date of March 31, 2034 and a liquidation value of $50,000 per Capital Security. Interest on the Capital Securities is to be paid quarterly on the last day of each March, June, September, and December and is
reset quarterly based on the prime rate of interest as announced in the Money Rates section of the Eastern Edition of The Wall Street Journal plus .125%, as of the last business day of the preceding quarter.



The Company and the Bank continue to manage their respective capital positions in order to
support healthy growth. The Company ended 2004 with a total capital to risk weighted assets ratio of 11.8%. The Bank ended 2004 with a total capital to risk weighted assets ratio of 10.8%. Capital levels at December 31, 2004 are considered well
capitalized by regulatory standards.



Reduction of Interest Rate Risk.
The Bank manages its interest rate risk through the origination of adjustable-rate loans when market conditions permit. The emphasis in the loan portfolio production continues to be increasing the volume of loans that reprice at least annually, in
order to better match the repricing of the Banks liabilities.



Asset
Quality. The Bank continues to maintain its asset quality through detailed underwriting and thorough analysis of loan requests. The Bank analyzes each loan request from both a credit and a collateral approach. The credit analysis is performed
first and if the request meets the credit guidelines of the Bank, the loan is then underwritten to the Banks collateral guidelines. The degree of credit analysis performed is based both on the size of the request and the risk exposure. The
loan portfolio is constantly reviewed and evaluated to measure the quality of the portfolio and to try and anticipate future problems. If a loan reaches 90 consecutive days without payment in full of all scheduled payments, the Bank places the loan
in a non-accrual or non-performing status. At December 31, 2004, the Banks ratio of non-performing loans to total loans was 0.33% and to total assets 0.25%. This compares to 0.67% and 0.52%, respectively, at December 31, 2003. The decrease in
2004 is due primarily to the foreclosure of one large commercial real estate loan that was adversely rated at December 31, 2003, but not foreclosed on until 2004. The balance of this loan was considered through the Loan Loss Reserve analysis
completed by management at December 31, 2004. The total is currently accounted for throughout the statements as a non-performing asset and is included in the Other Real Estate Owned line of the Consolidated Balance Sheet.



Product and Customer Base. The Bank increased the size of its loan portfolio by
approximately $28 million, from $232 million at December 31, 2003, to $260 million at December 31, 2004. The increase over December 31, 2003 is attributed to growth in construction lending of $19 million, or 30% and commercial real estate lending of
$15 million, or 12%, partially offset by a reduction in consumer lending primarily indirect lending activities of $5 million, or 29%. The Bank continued to sell new residential mortgage originations during 2004. The Banks deposits increased by
$40 million, or 16%, from $249 million at December 31, 2003, to $289 million at December 31, 2004. This growth in deposits was used to fund the loan growth. In addition, the Bank had FHLB borrowings outstanding as of December 31, 2004 and 2003, of
$15 million. The Bank used the borrowings to fund loan growth. It is expected that 2005 loan growth will continue to be steady in the Banks primary market areas as long as economic conditions do not deteriorate. The Bank will seek to continue
to expand its customer base through advertising, direct mail and one-on-one personal visits with prospective customers.



9



---

Management of the Bank believes that there are opportunities for growth within the Banks primary and adjacent
market areas. The Bank intends to manage the growth of deposits and loans in a manner that will ensure its ability to comply with current and future capital requirements as well as manage interest rate risk. As discussed below, there is risk with
growth. The Banks ability to manage this risk will directly impact its financial condition and operating results in future periods.



Asset and Liability Management



Interest Rate Sensitivity. The ability to maximize net interest income is largely dependent on achieving a positive interest rate spread that can be sustained
during fluctuations in prevailing interest rates. Interest rate spread is defined as the difference between interest earned on assets such as loans and investments, and interest paid on liabilities, such as deposit accounts and notes payable. The
Bank is subject to interest rate risk resulting from the difference in the maturity of interest-bearing liabilities (including deposits) and interest-earning assets (including loans) and the volatility of interest rates. Because time deposit
accounts, given their longer terms to maturity, react more slowly to market interest rate movements than do many types of loans in the Banks portfolio, decreases in interest rates may have an adverse effect on the Banks earnings. The
Bank reduces this exposure by diversifying its deposit portfolio to include more deposits at primarily variable rates such as NOW and Money Market accounts.



The Banks net interest rate spread for the years ended December 31, 2004 and 2003 was 3.84% and 4.01%, respectively. The results of the Companys cumulative
interest sensitivity gap analysis indicate that a fluctuation in interest rates would not have a material adverse impact on the Banks net interest rate spread and earnings, as the ratio of interest sensitive assets to interest sensitive
liabilities in the one year time frame approximates one. The Bank is asset sensitive over the short term, which would cause earnings to increase in a rising rate environment. However, over a 12-month period net interest income should not be
materially affected. In 2004, the Federal Reserve interest rate increases resulted in a prime rate of 5.25% at December 31, 2004 as compared to 4.00% at December 31, 2003, with further increases anticipated. These increases had a favorable effect on
the Banks net interest income as the asset sensitivity outpaced liability repricing. Once rates stabilize, it is expected that approximately six months must pass before all rate changes can be fully adjusted through both the asset and
liability pricing.



The Bank attempts to manage the interest rates it pays on
deposits while maintaining a stable deposit base and providing quality services to its customers. The Bank continues to rely primarily on deposits to fund its loan growth with FHLB borrowings and the proceeds from the sale of Capital Securities as
an additional funding source. To the extent the Bank is unable to invest these funds in loans originated in the Banks market area, it will continue to purchase municipal securities and other high quality investment securities, such as U.S.
Treasury and U.S. Government agency obligations. The decline in interest rates for the two years prior to 2004 has meant that yields on investment securities dropped to levels not experienced in the last forty years which is reflected through the
market adjustment of the Banks available for sale securities, many of which were purchased during 2002 and 2003.



In an effort to manage interest rate risk and provide the Bank with some protection from the negative effect of changes in interest rates, the Bank instituted certain
asset and liability management measures, including the following: 1) reduced the maturities or terms of its loans and other assets to reprice interest-earning assets by emphasizing the origination of adjustable rate loans and the purchase of
relatively short-term interest-earning investments and mortgage-backed securities; 2) lengthened the maturities of interest-bearing liabilities by encouraging depositors to invest in longer term deposit products offered by the Bank; 3) increased the
amount of less rate-sensitive deposits by actively seeking demand deposit accounts; and 4) encouraged long-term depositors to maintain their accounts with the Bank through expanded customer products and services.



10



---

Average Balance Sheets. The following table sets forth certain information relating to the Companys average
balance sheets and reflects the average yield on assets and average cost of liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the
periods presented.



|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|------------------------------------------------------------------- |  | ----------------------- | ------- | - | -------- | - | ------ |  | ---- | ----------------- |  | - | -------- | - | ----- | - | ------ |  | ---- | -
|                                                                    |  | Year Ended December 31, |        
|                                                                    |  | 2004                    |         |   | 2003     |  
|                                                                    |  | Average Balance(1)      |         |   | Interest |   | Yield  |  |      | AverageBalance(1) |  |   | Interest |   | Yield |  
|                                                                    |  | (Dollars in Thousands)  |        
|Assets                                                              |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Interest-earning assets:                                            |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Loans (including loan fees)(2)                                      |  | $                       | 255,911 |   |          | $ | 16,683 |  | 6.52 | %                 |  | $ | 207,594  |   |       | $ | 14,668 |  | 7.07 | %
|Taxable investment securities                                       |  |                         | 40,933  |   |          |   | 1,218  |  | 2.98 | %                 |  |   | 32,383   |   |       |   | 1,001  |  | 3.09 | %
|Nontaxable investment securities                                    |  |                         | 3,735   |   |          |   | 179    |  | 4.79 | %                 |  |   | 3,435    |   |       |   | 173    |  | 5.04 | %
|FHLB Stock                                                          |  |                         | 668     |   |          |   | 23     |  | 3.44 | %                 |  |   | 750      |   |       |   | 29     |  | 3.87 | %
|Federal Funds sold                                                  |  |                         | 7,488   |   |          |   | 113    |  | 1.51 | %                 |  |   | 9,771    |   |       |   | 112    |  | 1.15 | %
|Interest-earning deposits in other financial institutions           |  |                         | 3,116   |   |          |   | 42     |  | 1.35 | %                 |  |   | 7,098    |   |       |   | 61     |  | 0.86 | %
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Total interest-earning assets                                       |  |                         | 311,851 |   |          |   | 18,258 |  | 5.85 | %                 |  |   | 261,031  |   |       |   | 16,044 |  | 6.15 | %
|Other noninterestearning assets                                    |  |                         | 18,682  |   |          |   |        |  |      |                   |  |   | 18,836   |   |       |   |        |  |      |  
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Total assets                                                        |  | $                       | 330,533 |   |          |   |        |  |      |                   |  | $ | 279,867  |   |       |   |        |  |      |  
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Liabilities and shareholders equity:                               |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Interest-bearing liabilities:                                       |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Demand deposits                                                     |  |                         | 98,645  |   |          |   | 1,147  |  | 1.16 | %                 |  |   | 89,246   |   |       |   | 943    |  | 1.06 | %
|Regular savings                                                     |  |                         | 7,833   |   |          |   | 59     |  | 0.75 | %                 |  |   | 7,291    |   |       |   | 55     |  | 0.75 | %
|Time deposits                                                       |  |                         | 144,521 |   |          |   | 3,660  |  | 2.53 | %                 |  |   | 117,931  |   |       |   | 3,481  |  | 2.95 | %
|FHLB advances                                                       |  |                         | 12,917  |   |          |   | 279    |  | 2.16 | %                 |  |   | 11,216   |   |       |   | 259    |  | 2.31 | %
|Note payable                                                        |  |                         | 7,393   |   |          |   | 346    |  | 4.68 | %                 |  |   | 4,000    |   |       |   | 201    |  | 5.03 | %
|Securities sold under agreements to repurchase                      |  |                         | 3,452   |   |          |   | 44     |  | 1.27 | %                 |  |   | 2,786    |   |       |   | 28     |  | 1.01 | %
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Total interest-bearing liabilities                                  |  |                         | 274,761 |   |          |   | 5,535  |  | 2.01 | %                 |  |   | 232,470  |   |       |   | 4,967  |  | 2.14 | %
|Non-interest bearing deposits                                       |  |                         | 32,504  |   |          |   |        |  |      |                   |  |   | 26,503   |   |       |   |        |  |      |  
|Other noninterest-bearing liabilities                               |  |                         | 2,322   |   |          |   |        |  |      |                   |  |   | 2,129    |   |       |   |        |  |      |  
|Shareholders equity                                                |  |                         | 20,946  |   |          |   |        |  |      |                   |  |   | 18,765   |   |       |   |        |  |      |  
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Total liabilities and shareholders equity                          |  | $                       | 330,533 |   |          |   |        |  |      |                   |  | $ | 279,867  |   |       |   |        |  |      |  
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Excess of interest-earning assets over interest-bearing liabilities |  | $                       | 37,090  |   |          |   |        |  |      |                   |  | $ | 28,561   |   |       |   |        |  |      |  
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Ratio of interest-earning assets to interest bearing liabilities    |  |                         | 113.50  | % |          |   |        |  |      |                   |  |   | 112.29   | % |       |   |        |  |      |  
|Net interest income                                                 |  |                         |         |   |          | $ | 12,723 |  |      |                   |  |   |          |   |       | $ | 11,077 |  |      |  
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Net interest spread(3)                                              |  |                         |         |   |          |   |        |  | 3.84 | %                 |  |   |          |   |       |   |        |  | 4.01 | %
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  
|Net yield on average interest-earning assets(4)                     |  |                         |         |   |          |   |        |  | 4.08 | %                 |  |   |          |   |       |   |        |  | 4.24 | %
|                                                                    |  |                         |         |   |          |   |        |  |      |                   |  |   |          |   |       |   |        |  |      |  

---

|(1) | Average balances are derived from average daily balances.
|--- | ---------------------------------------------------------

|(2) | Average balances include non-accrual loans.
|--- | -------------------------------------------

|(3) | Net interest spread represents the difference between the average yield on interest-earnings assets and the average cost of interest-bearing liabilities.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Net yield on average interest earning assets represents net interest income as a percentage of average interest earning assets.
|--- | -------------------------------------------------------------------------------------------------------------------------------



11



---

Rate/Volume Analysis. The following table describes the extent to which changes in interest rates and changes in
volume of interest-earning assets and interest-bearing liabilities have affected the Companys interest income and expense during the periods indicated. For each category of interest-earning asset and interest-bearing liability, information is
provided as to changes in volume (change in volume multiplied by old rate) and changes in rates (change in rate multiplied by old volume). The net change attributable to changes in both volume and rate has been allocated proportionately to the
change due to volume and the change due to rate.



|                                                          |  |                                               |       |   |                                               |   |        |       |  |   |        |   |  |            |       |   |       |   |        |   |  |   |        |  
|--------------------------------------------------------- |  | --------------------------------------------- | ----- | - | --------------------------------------------- | - | ------ | ----- |  | - | ------ | - |  | ---------- | ----- | - | ----- | - | ------ | - |  | - | ------ | -
|                                                          |  | Year Ended December 31, 2004 compared to 2003 |       |   | Year Ended December 31, 2003 compared to 2002 |  
|                                                          |  | Changes due to                                |      
|                                                          |  | Volume                                        |       |   | Rate/Yield                                    |   |        | Total |  |   | Volume |   |  | Rate/Yield |       |   | Total |  
|                                                          |  | (Dollars in Thousands)                        |      
|Interest income:                                          |  |                                               |       |  
|Loans                                                     |  | $                                             | 3,222 |   |                                               |   | (1,207 | )     |  |   | 2,015  |   |  | $          | 1,053 |   |       |   | (1,130 | ) |  |   | (77    | )
|Taxable investment securities                             |  |                                               | 254   |   |                                               |   | (37    | )     |  |   | 217    |   |  |            | 292   |   |       |   | (337   | ) |  |   | (45    | )
|Nontaxable investment securities                          |  |                                               | 14    |   |                                               |   | (8     | )     |  |   | 6      |   |  |            | (12   | ) |       |   | (1     | ) |  |   | (13    | )
|FHLB stock                                                |  |                                               | (3    | ) |                                               |   | (3     | )     |  |   | (6     | ) |  |            | (5    | ) |       |   | (11    | ) |  |   | (16    | )
|Federal Funds sold                                        |  |                                               | (30   | ) |                                               |   | 31     |       |  |   | 1      |   |  |            | (23   | ) |       |   | (40    | ) |  |   | (63    | )
|Interest-earning deposits in other financial institutions |  |                                               | (44   | ) |                                               |   | 25     |       |  |   | (19    | ) |  |            | 47    |   |       |   | (45    | ) |  |   | 2      |  
|                                                          |  |                                               |       |   |                                               |   |        |       |  |   |        |   |  |            |       |   |       |   |        |   |  |   |        |  
|Total interest income                                     |  | $                                             | 3,413 |   |                                               |   | (1,199 | )     |  |   | 2,214  |   |  | $          | 1,352 |   |       |   | (1,564 | ) |  |   | (212   | )
|                                                          |  |                                               |       |   |                                               |   |        |       |  |   |        |   |  |            |       |   |       |   |        |   |  |   |        |  
|Interest expense:                                         |  |                                               |       |   |                                               |   |        |       |  |   |        |   |  |            |       |   |       |   |        |   |  |   |        |  
|Demand deposits                                           |  | $                                             | 108   |   |                                               | $ | 96     |       |  | $ | 204    |   |  | $          | 161   |   |       | $ | (348   | ) |  | $ | (187   | )
|Regular savings                                           |  |                                               | 4     |   |                                               |   |       |       |  |   | 4      |   |  |            | 4     |   |       |   | (15    | ) |  |   | (11    | )
|Time deposits                                             |  |                                               | 717   |   |                                               |   | (538   | )     |  |   | 179    |   |  |            | (9    | ) |       |   | (1,126 | ) |  |   | (1,135 | )
|FHLB advances                                             |  |                                               | 38    |   |                                               |   | (18    | )     |  |   | 20     |   |  |            | 106   |   |       |   | (3     | ) |  |   | 103    |  
|Line of credit                                            |  |                                               |      |   |                                               |   |       |       |  |   |       |   |  |            | (10   | ) |       |   |       |   |  |   | (10    | )
|Notes payable                                             |  |                                               | 159   |   |                                               |   | (14    | )     |  |   | 145    |   |  |            | 18    |   |       |   | (12    | ) |  |   | 6      |  
|Securities sold under agreements to Repurchase            |  |                                               | 8     |   |                                               |   | 8      |       |  |   | 16     |   |  |            | 2     |   |       |   | (6     | ) |  |   | (4     | )
|                                                          |  |                                               |       |   |                                               |   |        |       |  |   |        |   |  |            |       |   |       |   |        |   |  |   |        |  
|Total interest expense                                    |  |                                               | 1,034 |   |                                               |   | (466   | )     |  |   | 568    |   |  |            | 272   |   |       |   | (1,510 | ) |  |   | (1,238 | )
|                                                          |  |                                               |       |   |                                               |   |        |       |  |   |        |   |  |            |       |   |       |   |        |   |  |   |        |  
|Net interest income                                       |  | $                                             | 2,379 |   |                                               |   | (733   | )     |  | $ | 1,646  |   |  | $          | 1,080 |   |       |   | (54    | ) |  | $ | 1,026  |  
|                                                          |  |                                               |       |   |                                               |   |        |       |  |   |        |   |  |            |       |   |       |   |        |   |  |   |        |  



Comparison of Financial Condition
at December 31, 2004 and December 31, 2003



Total assets increased $44
million, or 15%, to $340 million in fiscal 2004 compared to $296 million in fiscal 2003, with growth primarily in lending activities, funded by increased deposits, FHLB borrowings and the proceeds from the issuance of junior subordinated debentures.
Shareholders equity increased by approximately $2 million, or 11%, to $22 million at December 31, 2004, from $20 million at December 31, 2003. The increase was attributable to net income of approximately $2.7 million partially offset by a
decrease of net unrealized holding gains on investment securities available-for-sale of approximately $233,000 and payment of cash dividends to shareholders of approximately $389,000. The Company carries at fair value its securities available for
sale, with unrealized gains and losses, net of income tax effects, recorded as a separate component of shareholders equity in accordance with Statement of Financial Accounting Standards (SFAS) No. 115. Because the Companys
portfolio of securities is classified as available-for-sale and is comprised of U.S. Treasury and Agency debt securities, movements in market interest rates will cause fluctuations in the market value of the securities, thereby resulting in changes
in accumulated other comprehensive income and shareholders equity.



12



---

Comparison of Operating Results for the Fiscal Years Ended December 31, 2004 and December 31, 2003



Net Income. The Companys net income increased by $384,000, or 16%, to $2.7
million in 2004 from $2.4 million in 2003. The increase was primarily due to the $1.6 million, or 15% increase in net interest income from $11.1 million in 2003 to $12.7 million in 2004. The increase in net interest income was partially offset by an
increase in other expenses of $1.3 million or 15%, to $10.1 million in 2004 from $8.8 million in 2003. The increase in net interest income is primarily due to the growth of loans which when combined with the increase in the prime rate has a positive
affect on the Banks balance sheet which is asset sensitive. Asset sensitivity means that the Banks assets will reprice more quickly than its deposits in the short term. Typically interest-bearing deposit accounts require longer
adjustment periods when rate reductions are required. Changes in the federal funds interest rates which coincide with increases in the prime rate may take up to one year to be fully implemented throughout the Banks deposit and loan accounts.



Net Interest Income. Net interest income (before provision for loan
losses) increased $1.6 million, or 15%, to $12.7 million in 2004 from $11.1 million in 2003. This increase was primarily due to an increase in interest income on loans and investment securities as the principal balances increased and the federal
funds rate increased during the second half of 2004.



Provision For Loan
Losses. The Bank increased the provision for loan losses from $540,000 at December 31, 2003 to $905,000 at December 31, 2004. The increase was necessary due to the growth of outstanding loans. The Banks allowance for loan losses increased
from $2.7 million at December 31, 2003, to $3.2 million at December 31, 2004. The reserve as a percentage of total outstanding loans was at 1.16% at year-end 2003, as compared to 1.21% at year-end 2004. The Bank periodically evaluates the adequacy
of the allowance for loan losses based on a review of all significant loans, with particular emphasis on impaired, non-performing, past due and other loans that management believes require special attention. The Bank also utilized an independent
loan review process in assessing the overall adequacy of the allowance for loan losses. Management believes that the allowance for loan losses is adequate and will continue to monitor and adjust the allowance as necessary in future periods based on
growth in the loan portfolio, loss experience, condition of borrowers, and continued monitoring of local economic conditions, as well as, any other external factors. If the size of the loan portfolio continues to grow it is expected that the
provision for loan losses will increase in order to maintain the allowance for loan losses at an adequate level.



The following table sets forth the allocation of the allowance for loan losses by loan category and the percent of loans in each loan category to total loans for the
periods indicated.



|                                          |  |                       |       |                                                  |        |   |                       |   |                                                  |  |        |  
|----------------------------------------- |  | --------------------- | ----- | ------------------------------------------------ | ------ | - | --------------------- | - | ------------------------------------------------ |  | ------ | -
|                                          |  | AllocatedAllowance    |       | Percentage ofLoans in eachCategory toTotal Loans |        |   | AllocatedAllowance    |   | Percentage ofLoans in eachCategory toTotal Loans | 
|                                          |  | (Dollars inThousands) |       |                                                  |        |   | (Dollars inThousands) |   |                                                  | 
|Balance at end of period applicable to:   |  |                       |       |                                                  |        |   |                       |   |                                                  |  |        |  
|Permanent residential mortgage            |  | $                     | 108   |                                                  | 3.42   | % |                       | $ | 95                                               |  | 3.53   | %
|Construction, acquisition and development |  |                       | 998   |                                                  | 31.57  | % |                       |   | 734                                              |  | 27.26  | %
|Commercial and commercial real estate     |  |                       | 1,918 |                                                  | 60.68  | % |                       |   | 1,679                                            |  | 62.34  | %
|Consumer and other                        |  |                       | 137   |                                                  | 4.33   | % |                       |   | 185                                              |  | 6.87   | %
|                                          |  |                       |       |                                                  |        |   |                       |   |                                                  |  |        |  
|Total                                     |  | $                     | 3,161 |                                                  | 100.00 | % |                       | $ | 2,693                                            |  | 100.00 | %
|                                          |  |                       |       |                                                  |        |   |                       |   |                                                  |  |        |  



Other Income. Other income
increased by $556,000, or 31%, to $2.4 million in 2004 from $1.8 million in 2003. The major component of the increase was net gains on sales of loans of $573,000. The increase in gains on sales of loan is primarily due to the premium received of
$422,000 on the sale of a United States Department of Agriculture guaranteed loan. In 2004, increases in service charges on deposit accounts amounted to $164,000, or 17%, over 2003, from $963,000 in 2003 to $1.1 million in 2004.



13



---

Other Expenses. Other expenses increased from $8.8 million in 2003 to $10.1 million in 2004, representing an
increase of $1.3 million or 15%. Included in this increase is an increase of $889,000, or 17%, in salaries and benefits. Of this increase in salaries and benefits, approximately $200,000 is due to the staffing of new branches. Accruals for benefits
related to the Bank owned life insurance plan increased approximately $160,000, and the expense related to group hospitalization insurance increased approximately $115,000.



Occupancy expense increased $164,000 from $1.6 million in 2003, to $1.8 million in 2004. The increase is primarily due to the operating
expenses associated with the opening of two branches.



Income Tax
Expense. Income tax expense as a percent of income before taxes was 32.0% in 2004 and 32.5% in 2003.



Liquidity. The Bank is required to maintain minimum levels of liquid assets as defined by the State of Georgia and FDIC regulations. The Banks short-term liquidity at December 31, 2004, was 15.65%, which
was above the Banks goal of 15.0%. The Bank continues to search for deposits and other means of meeting its loan demand. The Bank adjusts its liquidity level as appropriate to meet its asset/liability objectives. The primary sources of funds
are deposits, including deposits gathered using the Internet (from institutional investors such as banks and credit unions), amortization and prepayments of loans and mortgage-backed securities, maturity of investments, and funds provided from
operations. As an alternative to supplement liquidity needs, the Bank has the ability to borrow from the FHLB and other correspondent banks. These commitments totaled $51 million at December 31, 2004 with $15 million in outstanding balances.
Scheduled loan amortization and maturing investment securities are a relatively predictable source of funds, however, deposit flow and loan prepayments are greatly influenced by, among other things, market interest rates, economic conditions, and
competition. The Banks liquidity, represented by cash, cash equivalents, and securities available for sale, is a product of its operating, investing, and financing activities.



The following table details the Companys contractual obligations as of December 31, 2003:



|                              |  |                        |   |        |       |        |   |        |        |       |       
|----------------------------- |  | ---------------------- | - | ------ | ----- | ------ | - | ------ | ------ | ----- | ------
|                              |  | Maturity by Years      |   |       
|                              |  | 1 or less              |   | 1 to 3 |       | 3 to 5 |   | Over 5 |        | Total
|                              |  | (Dollars in Thousands) |   |       
|FHLB Advances                 |  | $                      |  |        | 5,000 |        |  |        | 10,000 |       | 15,000
|Notes payable                 |  |                        |  |        |      |        |  |        | 8,765  |       | 8,765 
|Total contractual obligations |  | $                      |  |        | 5,000 |        |  |        | 18,765 |       | 23,765



Impact of Inflation and Changing
Prices. The Companys consolidated financial statements and related data have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the measurement of financial position and
operating results in terms of historical dollars, without consideration for changes in the relative purchasing power of money over time caused by inflation.



Unlike industrial companies, nearly all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates have a more
significant impact on a financial institutions performance than general levels of inflation. Interest rates do not necessarily move in the same direction or in the same magnitude as the price of goods and services, since such goods and
services are affected by inflation. In the current interest rate environment, liquidity and the maturity structure of the Banks assets and liabilities are critical to the maintenance of acceptable performance levels.



Off Balance Sheet Items



The Company is a party to financial instruments with off-balance sheet risk in the normal
course of business to meet the financing needs of its customers. These financial instruments include standby letters of credit and commitments to extend credit. These instruments involve, to varying degrees, elements of credit and interest rate risk
in excess of the amount recognized in the consolidated financial statements. The contract or notional



14



---

amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. See footnote number 11 in the
audited financial statements for further details.



Other Important
Events



In August 2004, the Bank opened its third office in Henry County
on Eagles Landing Parkway in Stockbridge. The office occupies space leased in the Pinnacle office complex.



In November 2004, the Company began its preparations for compliance with the Sarbanes-Oxley Act. A committee consisting of members of senior management and chaired by the Audit Committee chairman was formed to plan
the project, including self imposed deadlines to ensure timely compliance with the Act.



15



---

CCF HOLDING COMPANY



AND SUBSIDIARY



Consolidated Financial Statements



December 31, 2004 and 2003



(with Independent Accountants Report thereon)



16



---

LOGO



REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM



The Board of Directors and Shareholders

CCF Holding Company



We have audited the accompanying consolidated balance sheets of CCF Holding Company and subsidiary as of December 31, 2004 and 2003 and the related consolidated statements of earnings, comprehensive income, changes in
shareholders equity, and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these consolidated financial
statements based on our audits.



We conducted our audits in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.



In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of CCF Holding Company and
subsidiary as of December 31, 2004 and 2003, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.



LOGO



Atlanta, Georgia

March 11, 2005



17



---

CCF HOLDING COMPANY AND SUBSIDIARY



Consolidated Balance Sheets

December 31, 2004 and 2003



|                                                                                                                                                     |  |      |             |   |      |            
|---------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | -----------
|                                                                                                                                                     |  | 2004 |             |   | 2003
|Assets                                                                                                                                               |  |      |             |   |      |            
|                                                                                                                                                     |  |      |             |   |      |            
|Cash and due from banks, including reserve requirements of $886,000 and $1,046,000                                                                   |  | $    | 8,951,947   |   |      | 10,294,292 
|Interest-bearing demand deposits in other financial institutions                                                                                     |  |      | 5,006,613   |   |      | 1,349,804  
|Federal funds sold                                                                                                                                   |  |      | 6,513,370   |   |      | 2,361,632  
|                                                                                                                                                     |  |      |             |   |      |            
|Cash and cash equivalents                                                                                                                            |  |      | 20,471,930  |   |      | 14,005,728 
|Interest-bearing time deposits in other financial institutions                                                                                       |  |      | 99,000      |   |      | 1,386,075  
|Investment securities available-for-sale                                                                                                             |  |      | 41,638,558  |   |      | 36,524,205 
|Federal Home Loan Bank stock, at cost                                                                                                                |  |      | 1,265,000   |   |      | 750,000    
|Loans, net                                                                                                                                           |  |      | 256,770,581 |   |      | 228,334,366
|Premises and equipment, net                                                                                                                          |  |      | 8,279,046   |   |      | 7,185,756  
|Accrued interest receivable                                                                                                                          |  |      | 1,242,191   |   |      | 1,123,890  
|Cash surrender value of life insurance                                                                                                               |  |      | 4,884,520   |   |      | 4,620,438  
|Other assets                                                                                                                                         |  |      | 5,495,885   |   |      | 1,854,205  
|                                                                                                                                                     |  |      |             |   |      |            
|                                                                                                                                                     |  | $    | 340,146,711 |   |      | 295,784,663
|                                                                                                                                                     |  |      |             |   |      |            
|Liabilities and Shareholders Equity                                                                                                                 |  |      |             |   |      |            
|Deposits:                                                                                                                                            |  |      |             |   |      |            
|Noninterest-bearing demand deposits                                                                                                                  |  | $    | 31,281,774  |   |      | 27,855,720 
|Interest-bearing demand deposits                                                                                                                     |  |      | 112,078,288 |   |      | 90,383,872 
|Savings accounts                                                                                                                                     |  |      | 7,328,745   |   |      | 7,689,032  
|Time deposits less than $100,000                                                                                                                     |  |      | 101,658,533 |   |      | 89,623,330 
|Time deposits greater than $100,000                                                                                                                  |  |      | 36,930,554  |   |      | 34,084,868 
|                                                                                                                                                     |  |      |             |   |      |            
|Total deposits                                                                                                                                       |  |      | 289,277,894 |   |      | 249,636,822
|Securities sold under agreements to repurchase                                                                                                       |  |      | 2,703,607   |   |      | 3,220,798  
|Federal Home Loan Bank advances                                                                                                                      |  |      | 15,000,000  |   |      | 15,000,000 
|Junior subordinated debentures                                                                                                                       |  |      | 8,765,000   |   |      | 4,125,000  
|Other liabilities                                                                                                                                    |  |      | 2,462,378   |   |      | 4,136,044  
|                                                                                                                                                     |  |      |             |   |      |            
|Total liabilities                                                                                                                                    |  |      | 318,208,879 |   |      | 276,118,664
|                                                                                                                                                     |  |      |             |   |      |            
|Commitments                                                                                                                                          |  |      |             |   |      |            
|Shareholders equity:                                                                                                                                |  |      |             |   |      |            
|Preferred stock, no par value; 1,000,000 shares authorized; none issued and outstanding                                                              |  |      |            |   |      |           
|Common stock, $.10 par value, 4,000,000 shares authorized; 2,239,019 issued and outstanding in 2004; 2,202,940 shares issued and outstanding
in 2003 |  |      | 223,902     |   |      | 220,294    
|Additional paid-in capital                                                                                                                           |  |      | 9,158,182   |   |      | 8,957,500  
|Retained earnings                                                                                                                                    |  |      | 12,587,130  |   |      | 10,286,108 
|Accumulated other comprehensive (loss) income                                                                                                        |  |      | (31,382     | ) |      | 202,097    
|                                                                                                                                                     |  |      |             |   |      |            
|Total shareholders equity                                                                                                                           |  |      | 21,937,832  |   |      | 19,665,999 
|                                                                                                                                                     |  |      |             |   |      |            
|                                                                                                                                                     |  | $    | 340,146,711 |   |      | 295,784,663
|                                                                                                                                                     |  |      |             |   |      |            



See accompanying notes
to consolidated financial statements.



18



---

CCF HOLDING COMPANY AND SUBSIDIARY



Consolidated Statements of Earnings

For the Years Ended December 31, 2004 and 2003



|                                                                                 |  |      |            |      |           
|-------------------------------------------------------------------------------- |  | ---- | ---------- | ---- | ----------
|                                                                                 |  | 2004 |            | 2003
|Interest and dividend income:                                                    |  |      |            |      |           
|Interest and fees on loans                                                       |  | $    | 16,683,055 |      | 14,668,312
|Interest-bearing deposits in other financial institutions and federal funds sold |  |      | 140,752    |      | 173,453   
|Interest and dividends on taxable investment securities                          |  |      | 1,254,988  |      | 1,029,374 
|Interest on nontaxable investment securities                                     |  |      | 179,201    |      | 172,497   
|                                                                                 |  |      |            |      |           
|Total interest income                                                            |  |      | 18,257,996 |      | 16,043,636
|                                                                                 |  |      |            |      |           
|Interest expense:                                                                |  |      |            |      |           
|Deposit accounts                                                                 |  |      | 4,866,049  |      | 4,478,663 
|Other borrowings                                                                 |  |      | 668,667    |      | 487,953   
|                                                                                 |  |      |            |      |           
|Total interest expense                                                           |  |      | 5,534,716  |      | 4,966,616 
|                                                                                 |  |      |            |      |           
|Net interest income                                                              |  |      | 12,723,280 |      | 11,077,020
|Provision for loan losses                                                        |  |      | 905,000    |      | 540,000   
|                                                                                 |  |      |            |      |           
|Net interest income after provision for loan losses                              |  |      | 11,818,280 |      | 10,537,020
|                                                                                 |  |      |            |      |           
|Other operating income:                                                          |  |      |            |      |           
|Service charges on deposit accounts                                              |  |      | 1,126,844  |      | 963,368   
|Net gain on sale of investment securities                                        |  |      | 645        |      | 61,985    
|Gain on sale of loans                                                            |  |      | 573,168    |      | 104,291   
|Increase in value of life insurance asset                                        |  |      | 264,082    |      | 278,847   
|Other                                                                            |  |      | 393,165    |      | 393,010   
|                                                                                 |  |      |            |      |           
|Total other operating income                                                     |  |      | 2,357,904  |      | 1,801,501 
|                                                                                 |  |      |            |      |           
|Other operating expenses:                                                        |  |      |            |      |           
|Salaries and employee benefits                                                   |  |      | 6,119,889  |      | 5,231,002 
|Occupancy                                                                        |  |      | 1,807,719  |      | 1,642,902 
|Other                                                                            |  |      | 2,206,908  |      | 1,963,188 
|                                                                                 |  |      |            |      |           
|Total other operating expenses                                                   |  |      | 10,134,516 |      | 8,837,092 
|                                                                                 |  |      |            |      |           
|Earnings before income taxes                                                     |  |      | 4,041,668  |      | 3,501,429 
|Income tax expense                                                               |  |      | 1,295,010  |      | 1,138,185 
|                                                                                 |  |      |            |      |           
|Net earnings                                                                     |  | $    | 2,746,658  |      | 2,363,244 
|                                                                                 |  |      |            |      |           
|Basic earnings per share                                                         |  | $    | 1.24       |      | 1.07      
|                                                                                 |  |      |            |      |           
|Diluted earnings per share                                                       |  | $    | 1.12       |      | 0.98      
|                                                                                 |  |      |            |      |           



See accompanying notes
to consolidated financial statements.



19



---

CCF HOLDING COMPANY AND SUBSIDIARY



Consolidated Statements of Comprehensive Income

For the Years Ended December 31, 2004 and 2003



|                                                                                           |  |      |           |   |      |           |  
|------------------------------------------------------------------------------------------ |  | ---- | --------- | - | ---- | --------- | -
|                                                                                           |  | 2004 |           |   | 2003 |          
|Net earnings                                                                               |  | $    | 2,746,658 |   |      | 2,363,244 |  
|                                                                                           |  |      |           |   |      |           |  
|Other comprehensive loss:                                                                  |  |      |           |   |      |           |  
|Unrealized holding losses on investment securities available-for-sale                      |  |      | (358,554  | ) |      | (130,303  | )
|Associated income tax effect                                                               |  |      | 125,494   |   |      | 45,606    |  
|Reclassification adjustment for gains on sales of investment securities available-for-sale |  |      | (645      | ) |      | (61,985   | )
|Associated income tax effect                                                               |  |      | 226       |   |      | 21,695    |  
|                                                                                           |  |      |           |   |      |           |  
|Total other comprehensive loss, net of tax                                                 |  |      | (233,479  | ) |      | (124,987  | )
|                                                                                           |  |      |           |   |      |           |  
|Total comprehensive income                                                                 |  | $    | 2,513,179 |   |      | 2,238,257 |  
|                                                                                           |  |      |           |   |      |           |  





See accompanying notes to consolidated financial statements.



20



---

CCF HOLDING COMPANY AND SUBSIDIARY



Consolidated Statements of Changes in Shareholders Equity

For the Years Ended December 31, 2004 and 2003



|                                                                          |  |              |   |  |                           |         |   |                   |           |   |                                             |            |   |       |          |   |  |            |  
|------------------------------------------------------------------------- |  | ------------ | - |  | ------------------------- | ------- | - | ----------------- | --------- | - | ------------------------------------------- | ---------- | - | ----- | -------- | - |  | ---------- | -
|                                                                          |  | Common Stock |   |  | AdditionalPaid-in Capital |         |   | Retained Earnings |           |   | AccumulatedOtherComprehensive (Loss) Income |            |   | Total |         
|                                                                          |  | Shares       |   |  | Amount                    |         |   |                   |           |  
|Balance, December 31, 2002                                                |  | 2,200,150    |   |  |                           | 220,016 |   |                   | 8,932,607 |   |                                             | 8,260,523  |   |       | 327,084  |   |  | 17,740,230 |  
|Net earnings                                                              |  |             |   |  |                           |        |   |                   |          |   |                                             | 2,363,244  |   |       |         |   |  | 2,363,244  |  
|Retirement of common stock                                                |  | (1,072       | ) |  |                           | (108    | ) |                   | (12,157   | ) |                                             |           |   |       |         |   |  | (12,265    | )
|Exercise of stock options                                                 |  | 3,862        |   |  |                           | 386     |   |                   | 37,050    |   |                                             |           |   |       |         |   |  | 37,436     |  
|Cash dividends declared ($.20 per share)                                  |  |             |   |  |                           |        |   |                   |          |   |                                             | (337,659   | ) |       |         |   |  | (337,659   | )
|Unrealized losses on investment securities available-for-sale, net of tax |  |             |   |  |                           |        |   |                   |          |   |                                             |           |   |       | (124,987 | ) |  | (124,987   | )
|                                                                          |  |              |   |  |                           |         |   |                   |           |   |                                             |            |   |       |          |   |  |            |  
|Balance, December 31, 2003                                                |  | 2,202,940    |   |  | $                         | 220,294 |   |                   | 8,957,500 |   |                                             | 10,286,108 |   |       | 202,097  |   |  | 19,665,999 |  
|Net earnings                                                              |  |             |   |  |                           |        |   |                   |          |   |                                             | 2,746,658  |   |       |         |   |  | 2,746,658  |  
|Retirement of common stock                                                |  | (1,092       | ) |  |                           | (109    | ) |                   | (16,749   | ) |                                             |           |   |       |         |   |  | (16,858    | )
|Exercise of stock options                                                 |  | 37,171       |   |  |                           | 3,717   |   |                   | 218,500   |   |                                             |           |   |       |         |   |  | 222,217    |  
|Cash paid in lieu of fractional shares                                    |  |             |   |  |                           |        |   |                   | (1,069    | ) |                                             |           |   |       |         |   |  | (1,069     | )
|Cash dividends declared ($.22 per share)                                  |  |             |   |  |                           |        |   |                   |          |   |                                             | (445,636   | ) |       |         |   |  | (445,636   | )
|Unrealized losses on investment securities available-for-sale, net of tax |  |             |   |  |                           |        |   |                   |          |   |                                             |           |   |       | (233,479 | ) |  | (233,479   | )
|                                                                          |  |              |   |  |                           |         |   |                   |           |   |                                             |            |   |       |          |   |  |            |  
|Balance, December 31, 2004                                                |  | 2,239,019    |   |  |                           | 223,902 |   |                   | 9,158,182 |   |                                             | 12,587,130 |   |       | (31,382  | ) |  | 21,937,832 |  
|                                                                          |  |              |   |  |                           |         |   |                   |           |   |                                             |            |   |       |          |   |  |            |  







See accompanying notes to consolidated financial statements.



21



---

CCF HOLDING COMPANY AND SUBSIDIARY



Consolidated Statements of Cash Flows

For the Years Ended December 31, 2004 and 2003



|                                                                                                    |  |      |             |   |      |             |  
|--------------------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | ----------- | -
|                                                                                                    |  | 2004 |             |   | 2003 |            
|Cash flows from operating activities:                                                               |  |      |             |   |      |             |  
|Net earnings                                                                                        |  | $    | 2,746,658   |   |      | 2,363,244   |  
|Adjustments to reconcile net earnings to net cash provided by operating activities:                 |  |      |             |   |      |             |  
|Provision for loan losses                                                                           |  |      | 905,000     |   |      | 540,000     |  
|Depreciation, amortization and accretion                                                            |  |      | 718,576     |   |      | 899,880     |  
|Deferred income tax expense (benefit)                                                               |  |      | 2,103       |   |      | (106,736    | )
|Net gain on sale of investment securities available-for-sale                                        |  |      | (645        | ) |      | (61,985     | )
|Net gain on sale of loans                                                                           |  |      | (573,168    | ) |      | (104,291    | )
|Net loss on sale of real estate                                                                     |  |      | 81,968      |   |      | 64,971      |  
|Net gain on sale of premises and equipment                                                          |  |      | (13,291     | ) |      | (25,379     | )
|Increase in cash surrender value of life insurance                                                  |  |      | (264,082    | ) |      | (278,847    | )
|Change in:                                                                                          |  |      |             |   |      |             |  
|Accrued interest receivable and other assets                                                        |  |      | (67,905     | ) |      | 145,500     |  
|Accrued interest payable and other liabilities                                                      |  |      | (1,721,993  | ) |      | 2,808,267   |  
|                                                                                                    |  |      |             |   |      |             |  
|Net cash provided by operating activities                                                           |  |      | 1,813,221   |   |      | 6,244,624   |  
|                                                                                                    |  |      |             |   |      |             |  
|Cash flows from investing activities:                                                               |  |      |             |   |      |             |  
|Net change in interest-bearing deposits in other financial institutions                             |  |      | 1,287,075   |   |      | (1,386,075  | )
|Proceeds from maturities and calls of investment securities available-for-sale                      |  |      | 16,873,239  |   |      | 28,902,854  |  
|Proceeds from sales of investment securities available-for-sale                                     |  |      | 2,905,520   |   |      | 18,592,328  |  
|Purchases of investment securities available-for-sale                                               |  |      | (25,299,582 | ) |      | (50,860,799 | )
|Proceeds from redemption of Federal Home Loan Bank stock                                            |  |      | 750,000     |   |      |            |  
|Purchases of Federal Home Loan Bank stock                                                           |  |      | (1,265,000  | ) |      |            |  
|Net increase in loans                                                                               |  |      | (54,711,212 | ) |      | (60,870,823 | )
|Proceeds from sale of foreclosed property                                                           |  |      | 252,400     |   |      | 181,033     |  
|Proceeds from sale of loans                                                                         |  |      | 22,042,440  |   |      | 22,737,376  |  
|Purchases of premises and equipment                                                                 |  |      | (2,326,034  | ) |      | (1,347,340  | )
|Proceeds from sale of premises and equipment                                                        |  |      | 575,376     |   |      | 426,512     |  
|                                                                                                    |  |      |             |   |      |             |  
|Net cash used in investing activities                                                               |  |      | (38,915,778 | ) |      | (43,624,934 | )
|                                                                                                    |  |      |             |   |      |             |  
|Cash flows from financing activities:                                                               |  |      |             |   |      |             |  
|Net increase in deposits                                                                            |  |      | 39,641,072  |   |      | 17,849,366  |  
|Change in securities sold under agreements to repurchase                                            |  |      | (517,191    | ) |      | 1,136,194   |  
|Proceeds from Federal Home Loan Bank advances                                                       |  |      | 5,000,000   |   |      | 10,000,000  |  
|Repayments of Federal Home Loan Bank advances                                                       |  |      | (5,000,000  | ) |      |            |  
|Proceeds from issuance of junior subordinated debentures                                            |  |      | 4,640,000   |   |      |            |  
|Dividends paid                                                                                      |  |      | (399,412    | ) |      | (322,880    | )
|Proceeds from exercise of stock options                                                             |  |      | 222,217     |   |      | 37,436      |  
|Retirement of common stock                                                                          |  |      | (17,927     | ) |      | (12,265     | )
|                                                                                                    |  |      |             |   |      |             |  
|Net cash provided by financing activities                                                           |  |      | 43,568,759  |   |      | 28,687,851  |  
|                                                                                                    |  |      |             |   |      |             |  
|Change in cash and cash equivalents                                                                 |  |      | 6,466,202   |   |      | (8,692,459  | )
|Cash and cash equivalents at beginning of period                                                    |  |      | 14,005,728  |   |      | 22,698,187  |  
|                                                                                                    |  |      |             |   |      |             |  
|Cash and cash equivalents at end of period                                                          |  | $    | 20,471,930  |   |      | 14,005,728  |  
|                                                                                                    |  |      |             |   |      |             |  
|Supplemental disclosures for cash flow information and noncash, investing and financing activities: |  |      |             |   |      |             |  
|Interest paid                                                                                       |  | $    | 5,449,122   |   |      | 5,011,138   |  
|                                                                                                    |  |      |             |   |      |             |  
|Income taxes paid                                                                                   |  | $    | 1,490,000   |   |      | 1,041,070   |  
|                                                                                                    |  |      |             |   |      |             |  
|Transfer of loans to other real estate owned                                                        |  | $    | 3,900,725   |   |      | 332,180     |  
|                                                                                                    |  |      |             |   |      |             |  
|Changes in dividends payable                                                                        |  | $    | 46,224      |   |      | 14,779      |  
|                                                                                                    |  |      |             |   |      |             |  
|Unrealized losses on investment securities available for sale, net of tax                           |  | $    | (233,479    | ) |      | (124,987    | )
|                                                                                                    |  |      |             |   |      |             |  



See accompanying notes
to consolidated financial statements.



22



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements



|(1) | Summary of Significant Accounting Policies
|--- | ------------------------------------------

Organization

CCF Holding Company (the Company) is incorporated in the State of Georgia as a state
chartered bank holding company whose business is conducted by its wholly owned bank subsidiary, Heritage Bank (the Bank). The Bank converted its charter effective September 1, 1998 from a federally chartered stock savings and loan
association to a state chartered commercial bank. The Company and the Bank are primarily regulated by the State of Georgia Department of Banking and Finance (the DBF) and the Federal Deposit Insurance Corporation (the FDIC)
and are subject to periodic examinations by these regulatory authorities.



The Bank provides a full range of banking services to individual and corporate customers through its main office in Jonesboro, Georgia and seven Georgia branch offices located in Clayton, Fayette and Henry Counties.
The Bank primarily competes with other financial institutions in its market area, which it considers to be south metropolitan Atlanta.



Basis of Presentation

The
consolidated financial statements include the accounts of CCF Holding Company and its wholly owned subsidiary, the Bank. All inter-company accounts and transactions have been eliminated in consolidation. Certain 2003 amounts have been reclassified
to conform to the 2004 presentation.



The accounting
principles followed by the Company and the methods of applying these principles, conform with accounting principles generally accepted in the United States of America (GAAP) and with general practices within the banking industry. In
preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ significantly from those estimates. Material
estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses and the valuation of real estate acquired in
connection with or in lieu of foreclosure on loans.



Cash
and Cash Equivalents

For purposes of the consolidated statements of cash flows, the Company considers amounts due from banks,
interest-bearing deposits in other financial institutions with maturities less than 90 days, and federal funds sold to be cash equivalents.



Investment Securities

The Company
classifies its securities in one of three categories: trading, available-for-sale, or held-to-maturity. Trading securities are bought and held principally for sale in the near term. Held-to-maturity securities are those securities for which the
Company has the ability and intent to hold until maturity. All other securities not included in trading or held-to-maturity are classified as available-for-sale. The Companys current investment policy prohibits trading activity. At December
31, 2004, and December 31, 2003, the Company classified all of its investment securities as available-for-sale.



Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Transfers of securities between
categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from held-to-maturity to available-for-sale are recorded as a separate component of shareholders equity.



Available-for-sale securities consist of investment
securities not classified as trading securities or held-to-maturity securities and are recorded at fair value. Unrealized holding gains and losses on securities available-for-sale are excluded from earnings and are reported as a separate component
of shareholders equity until realized. A decline in the market value of any available-for-sale or held-to-maturity investment below cost that is deemed other than temporary is charged to earnings and establishes a new cost basis for the
security.



23



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(1) | Summary of Significant Accounting Policies, continued
|--- | -----------------------------------------------------



Premiums and discounts are amortized or accreted over the life of the related security as an
adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in earnings and are derived using the specific identification method for determining the cost of securities sold.



Federal Home Loan Bank Stock

Investment in Federal Home Loan Bank (FHLB) stock is required of federally insured financial institutions that utilize its services. No ready
market exists for the stock and it has no quoted market value.



Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity are reported at
the principal amount outstanding, net of the allowance for loan losses and any deferred fees or costs on originated loans. Interest on all loans is calculated using the simple interest method on the daily balance of the principal amount outstanding.



Loan origination fees collected, net of certain direct loan
origination costs, are deferred and recognized into income using the interest method as an adjustment of the yield over the lives of the underlying loans.



The accrual of interest income is discontinued on loans, which become contractually past due by 90 days. Interest previously accrued but not collected is
reversed against current period interest income when such loans are placed on nonaccrual status. Interest accruals are recorded on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment
of management, the loans are estimated to be fully collectible as to both principal and interest.



A loan is considered impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the
loan agreement will not be collected. Impaired loans are measured based on the present value of expected future cash flows discounted at the loans effective interest rate, or at the loans observable market price, or at the fair value of
the collateral of the loan if the loan is collateral dependent. Interest income from impaired loans is recognized using a cash basis method of accounting.



Allowance for Loan Losses

The
allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes that the collection of principal is unlikely. The Bank has established
a loan grading system whose classifications are consistent with those used by the Banks regulators. Management utilizes this system to evaluate the adequacy of its allowance for loan losses. Allocations of loss are calculated based on expected
loss ratios for each loan classification. These ratios have been determined considering the Banks historical loss rates and losses experienced by its peer group. For individually significant loans deemed to be impaired, a specific allowance is
established based on the expected collectibility considering the borrowers cash flow and the adequacy of the collateral coverage. The results of the Banks evaluation are compared to the recorded allowance for loan losses and significant
deviations are adjusted by increasing or decreasing the provision for loan losses. Additionally, management utilizes the services of an independent third party loan reviewer to validate its internal grading system and to provide additional analysis
in determining the adequacy of the allowance.



Management
believes the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory
agencies, as an integral part of their examination process, periodically review the allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance based on their judgment of information available to them at the
time of their examination.



24



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(1) | Summary of Significant Accounting Policies, continued
|--- | -----------------------------------------------------



Premises and Equipment

Premises and equipment are stated at cost less accumulated depreciation. Major additions and improvements are charged to the asset accounts while
maintenance and repairs that do not improve or extend the useful lives of the assets are expensed. When assets are retired or otherwise disposed, the cost and related accumulated depreciation are removed from the accounts, and any gain or loss is
reflected in earnings for the period. Depreciation is recorded on a straight-line basis over the following estimated useful lives of the related assets:



|                          |  |            
|------------------------- |  | -----------
|Building and improvements |  | 5 40 years
|Furniture and equipment   |  | 2 20 years
|Leasehold improvements    |  | 7 25 years



Securities Sold
Under Agreements to Repurchase

Securities sold under agreement to repurchase are secured borrowings from customers and are treated as
financing activities and are carried at the amounts at which the securities will be subsequently reacquired as specified in the respective agreements.



Income Taxes

Deferred tax assets and
liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
tax expense in the period that includes the enactment date.



In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Companys assets and liabilities result in deferred tax assets, an evaluation of the probability of being able to
realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In
assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies.



Stock Compensation Plans

Statement of Financial Accounting Standards (SFAS) No. 123, Accounting for Stock-Based Compensation, encourages all entities to
adopt a fair value based method of accounting for employee stock compensation plans, whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting
period. However, it also allows an entity to continue to measure compensation cost for those plans using the intrinsic value based method of accounting prescribed by Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to
Employees, whereby compensation cost is the excess, if any, of the quoted market price of the stock at the grant date (or other measurement date) over the amount an employee must pay to acquire the stock. Under Opinion No. 25, stock options
issued under the Companys stock option plan have no intrinsic value at the grant date and, as such, no compensation cost is recognized. The Company has elected to continue with the accounting methodology in Opinion No. 25 and, as such, has
provided pro forma disclosures of net earnings and earnings per share and other disclosures, as if the fair value method of accounting had been applied. Had compensation cost for the plan been determined based upon the fair value of the options at
the grant



25



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(1) | Summary of Significant Accounting Policies, continued
|--- | -----------------------------------------------------



dates, the Companys net earnings and net earnings per share would have been reduced to the pro forma amounts indicated below:



|                                                                                                                            |  |                         |           |   |      |           |  
|--------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | --------- | - | ---- | --------- | -
|                                                                                                                            |  | Year Ended December 31, |          
|                                                                                                                            |  | 2004                    |           |   | 2003 |          
|Net earnings as reported                                                                                                    |  | $                       | 2,746,658 |   |      | 2,363,244 |  
|Deduct: Total stock-based employee compensation expense determined under fair-value based method for all awards, net of tax |  |                         | (71,379   | ) |      | (74,692   | )
|                                                                                                                            |  |                         |           |   |      |           |  
|Pro forma net earnings                                                                                                      |  | $                       | 2,675,279 |   |      | 2,288,552 |  
|                                                                                                                            |  |                         |           |   |      |           |  
|Basic earnings per share:                                                                                                   |  |                         |           |   |      |           |  
|As reported                                                                                                                 |  | $                       | 1.24      |   |      | 1.07      |  
|                                                                                                                            |  |                         |           |   |      |           |  
|Pro forma                                                                                                                   |  | $                       | 1.20      |   |      | 1.04      |  
|                                                                                                                            |  |                         |           |   |      |           |  
|Diluted earnings per share:                                                                                                 |  |                         |           |   |      |           |  
|As reported                                                                                                                 |  | $                       | 1.12      |   |      | 0.98      |  
|                                                                                                                            |  |                         |           |   |      |           |  
|Pro forma                                                                                                                   |  | $                       | 1.09      |   |      | 0.95      |  
|                                                                                                                            |  |                         |           |   |      |           |  



The weighted average
fair value of options granted was $6.71 and $8.45 for the years ended December 31, 2004 and 2003, respectively, based on estimates as of the date of grant using the Black Scholes pricing model. The following weighted average assumptions were
used for grants in 2004 and 2003, respectively: dividend yield of 1.27% and 1.10%; a risk free interest rate of 4.30% and 4.20%, expected volatility of 0.21 and 0.32, respectively; and an expected life of seven years. The difference between the net
earnings as reported and pro forma is the expense associated with the grants, which would have vested in the period.



Comprehensive Income

GAAP generally
requires that recognized revenues, expenses, gains and losses be included in net earnings. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component
of the equity section of the consolidated balance sheets, such items along with net earnings, are components of comprehensive income. The Company presents comprehensive income in a separate consolidated statement of comprehensive income.



Net Earnings Per Share

During 2004, the Company announced a three-for-two stock split in the form of a stock dividend for shareholders of record on July 1, 2004. All financial
statements and per share amounts included in the financial statements and accompanying notes have been restated to reflect the change in the number of shares outstanding as of the beginning of the earliest period presented.



26



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(1) | Summary of Significant Accounting Policies, continued
|--- | -----------------------------------------------------



Basic earnings per share are based on the weighted average number of common shares outstanding during
the period while the effects of potential shares outstanding during the period are included in diluted earnings per share. The reconciliation of the amounts used in the computation of both basic earnings per share and diluted
earnings per share for each period is presented as follows:



|                                     |  |             |           |              |           |                 |   |      |  
|------------------------------------ |  | ----------- | --------- | ------------ | --------- | --------------- | - | ---- | -
|For the year ended December 31, 2004 |  | NetEarnings |           | CommonShares |           | Per ShareAmount |  
|Basic earnings per share             |  | $           | 2,746,658 |              | 2,223,191 |                 | $ | 1.24 |  
|Effect of stock options              |  |             |          |              | 222,414   |                 |   | (.12 | )
|                                     |  |             |           |              |           |                 |   |      |  
|Diluted earnings per share           |  | $           | 2,746,658 |              | 2,445,605 |                 | $ | 1.12 |  
|                                     |  |             |           |              |           |                 |   |      |  
|                                     |  |             |          
|For the year ended December 31, 2003 |  |             |           |              |           |                 |  
|Basic earnings per share             |  | $           | 2,363,244 |              | 2,200,871 |                 | $ | 1.07 |  
|Effect of stock options              |  |             |          |              | 210,944   |                 |   | (.09 | )
|                                     |  |             |           |              |           |                 |   |      |  
|Diluted earnings per share           |  | $           | 2,363,244 |              | 2,411,815 |                 | $ | 0.98 |  
|                                     |  |             |           |              |           |                 |   |      |  



Recent Accounting
Pronouncements

In December 2004, the Financial Accounting Standards Board (FASB) published FASB Statement No. 123 (revised
2004), Share-Based Payment (FAS 123(R) or the Statement). FAS 123(R) requires that the compensation cost relating to share-based payment transactions, including grants of employee stock options, be recognized in
financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. FAS 123(R) covers a wide range of share-based compensation arrangements including stock options, restricted share plans,
performance-based awards, share appreciation rights, and employee share purchase plans. FAS 123(R) is a replacement of FASB Statement No. 123, Accounting for Stock-Based Compensation, and supersedes APB Opinion No. 25, Accounting for Stock
Issued to Employees, and its related interpretive guidance (APB 25).



The effect of the Statement will be to require entities to measure the cost of employee services received in exchange for stock options based on the grant-date fair value of the award, and to recognize the cost over
the period the employee is required to provide services for the award. FAS 123(R) permits entities to use any option-pricing model that meets the fair value objective in the Statement. The Company will be required to apply FAS 123(R) as of the
beginning of its first interim period that begins after December 15, 2005.



During March 2004, the SEC issued Staff Accounting Bulletin No. 105, Application of Accounting Principles to Loan Commitments(SAB 105). SAB 105 addresses the accounting for loan commitments and provides that
the required fair value measurement include only differences between the guaranteed interest rate in the loan commitment and a market interest rate excluding any expected future cash flows related to the customer relationship of loan servicing. SAB
105 applies to mortgage loan commitments accounted for as derivatives and entered into after March 31, 2004. Substantially all of the Companys mortgage loan commitments are based on rates provided by third party correspondents, who have agreed
to purchase resulting loans at those rates. As a result, the Company is protected from interest rate risk, and the adoption of SAB 105 did not have a material impact on its consolidated financial statements.



In March 2004, the Emerging Issues Task Force (EITF) released
EITF Issue 03-01, The Meaning of Other-Than-Temporary Impairment and its Application to Certain Investments(the Issue). The Issue requires certain expanded disclosure and provides guidance for determining whether an investment is
other-than-temporarily impaired and requires certain disclosures with respect to these investments. The disclosure requirements became fully effective for the Company in 2004, and the recognition and measurement



27



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(1) | Summary of Significant Accounting Policies, continued
|--- | -----------------------------------------------------



guidance for other-than-temporary impairment has been delayed by the issuance of FASB Staff Position EITF 03-1-1 on September 30, 2004. The Company did not
recognize any impairment loss on any investment in 2004 or 2003.



In December 2003, the American Institute of Certified Public Accountants (the AICPA) issued Statement of Position (SOP) 03-3, Accounting for Loans or Certain Debt Securities Acquired in a Transfer. The SOP addresses
accounting for differences between contractual cash flows and cash flows expected to be collected from an investors initial investment in loans or debt securities acquired in a transfer if those differences relate to a deterioration of credit
quality. The SOP also prohibits companies from carrying over or creating a valuation allowance in the initial accounting for loans acquired that meet the scope criteria of the SOP. The SOP is effective for loans acquired in fiscal years
beginning after December 15, 2004. The adoption of this SOP did not have a material impact on the Companys financial position or results of operations.



|(2) | Investment Securities Available-for-Sale
|--- | ----------------------------------------

At
December 31, 2004 and 2003, investment securities available-for-sale consisted of the following:



|                                                     |  |                   |            |                       |         |                         |         |            |           
|---------------------------------------------------- |  | ----------------- | ---------- | --------------------- | ------- | ----------------------- | ------- | ---------- | ----------
|                                                     |  | December 31, 2004
|                                                     |  | Amortized Cost    |            | Gross UnrealizedGains |         | Gross Unrealized Losses |         | Fair Value
|U.S. Treasury and U.S. Government agency obligations |  | $                 | 29,478,196 |                       | 24,635  |                         | 275,089 |            | 29,227,742
|Municipal securities                                 |  |                   | 4,088,522  |                       | 263,553 |                         | 277     |            | 4,351,798 
|Mortgage-backed securities                           |  |                   | 8,120,120  |                       | 1,618   |                         | 62,720  |            | 8,059,018 
|                                                     |  |                   |            |                       |         |                         |         |            |           
|                                                     |  | $                 | 41,686,838 |                       | 289,806 |                         | 338,086 |            | 41,638,558
|                                                     |  |                   |            |                       |         |                         |         |            |           



|                                                     |  |                   |            |                        |         |                         |         |            |           
|---------------------------------------------------- |  | ----------------- | ---------- | ---------------------- | ------- | ----------------------- | ------- | ---------- | ----------
|                                                     |  | December 31, 2003
|                                                     |  | Amortized Cost    |            | Gross Unrealized Gains |         | Gross Unrealized Losses |         | Fair Value
|U.S. Treasury and U.S. Government agency obligations |  | $                 | 26,074,504 |                        | 142,581 |                         | 71,231  |            | 26,145,854
|Municipal securities                                 |  |                   | 3,207,233  |                        | 281,049 |                         |        |            | 3,488,282 
|Mortgage-backed securities                           |  |                   | 6,931,550  |                        | 7,732   |                         | 49,213  |            | 6,890,069 
|                                                     |  |                   |            |                        |         |                         |         |            |           
|                                                     |  | $                 | 36,213,287 |                        | 431,362 |                         | 120,444 |            | 36,524,205
|                                                     |  |                   |            |                        |         |                         |         |            |           



Unrealized losses and
fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2004 are summarized as follows:



|                                             |  |                     |            |                   |         |            |           |                  |        |            |            |                  |        
|-------------------------------------------- |  | ------------------- | ---------- | ----------------- | ------- | ---------- | --------- | ---------------- | ------ | ---------- | ---------- | ---------------- | -------
|                                             |  | Less than 12 Months |            | 12 Months or More |         | Total     
|                                             |  | Fair Value          |            | UnrealizedLosses  |         | Fair Value |           | UnrealizedLosses |        | Fair Value |            | UnrealizedLosses
|U.S. Treasuries and U.S. Government agencies |  | $                   | 23,246,797 |                   | 245,155 |            | 970,066   |                  | 29,934 |            | 24,216,863 |                  | 275,089
|Municipal securities                         |  |                     | 101,983    |                   | 277     |            |          |                  |       |            | 101,983    |                  | 277    
|Mortgage-backed securities                   |  |                     | 7,109,629  |                   | 42,458  |            | 757,404   |                  | 20,262 |            | 7,867,033  |                  | 62,720 
|                                             |  |                     |            |                   |         |            |           |                  |        |            |            |                  |        
|                                             |  | $                   | 30,458,409 |                   | 287,890 |            | 1,727,470 |                  | 50,196 |            | 32,185,879 |                  | 338,086
|                                             |  |                     |            |                   |         |            |           |                  |        |            |            |                  |        



28



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(2) | Investment Securities Available-for-Sale, continued
|--- | ---------------------------------------------------



At December 31, 2004, the unrealized losses on the debt securities arose due to changing interest
rates and market conditions and are considered to be temporary because of acceptable investment grades where the repayment sources of principal and interest are largely backed by the U.S. Government. At December 31, 2004, there was one out of 25
securities issued by state and political subdivisions containing unrealized losses, while 35 out of 61 securities issued by U.S. Government agencies and U. S. Government sponsored corporations, including mortgage-backed securities, contained
unrealized losses.



Unrealized losses and fair value,
aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2004, are summarized as follows:



|                                             |  |                     |            |                   |         |           |   |                  |   |            |            |                  |        
|-------------------------------------------- |  | ------------------- | ---------- | ----------------- | ------- | --------- | - | ---------------- | - | ---------- | ---------- | ---------------- | -------
|                                             |  | Less than 12 Months |            | 12 Months or More |         | Total    
|                                             |  | Fair Value          |            | UnrealizedLosses  |         | FairValue |   | UnrealizedLosses |   | Fair Value |            | UnrealizedLosses
|U.S. Treasuries and U.S. Government agencies |  | $                   | 8,429,168  |                   | 71,231  |           |  |                  |  |            | 8,429,168  |                  | 71,231 
|Mortgage-backed securities                   |  |                     | 4,648,190  |                   | 49,213  |           |  |                  |  |            | 4,648,190  |                  | 49,213 
|                                             |  |                     |            |                   |         |           |   |                  |   |            |            |                  |        
|                                             |  | $                   | 13,077,358 |                   | 120,444 |           |  |                  |  |            | 13,077,358 |                  | 120,444
|                                             |  |                     |            |                   |         |           |   |                  |   |            |            |                  |        



For the years ended
December 31, 2004 and 2003, the Company sold investment securities available-for-sale for $2,905,520 and $18,592,328, respectively, with the following gross gains and losses recognized:



|             |  |      |       |      |       
|------------ |  | ---- | ----- | ---- | ------
|             |  | 2004 |       | 2003
|Gross gains  |  | $    | 4,645 |      | 74,636
|Gross losses |  |      | 4,000 |      | 12,651
|             |  |      |       |      |       
|Net gain     |  | $    | 645   |      | 61,985
|             |  |      |       |      |       



The amortized cost
and fair values of securities available-for-sale at December 31, 2004, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or
without call or prepayment penalties.



|                                      |  |               |            |            |           
|------------------------------------- |  | ------------- | ---------- | ---------- | ----------
|                                      |  | AmortizedCost |            | Fair Value
|Due within one year                   |  | $             | 7,499,902  |            | 7,444,198 
|Due after one year through five years |  |               | 20,504,604 |            | 20,401,717
|Due after five years                  |  |               | 5,562,212  |            | 5,733,625 
|Mortgage-backed securities            |  |               | 8,120,120  |            | 8,059,018 
|                                      |  |               |            |            |           
|                                      |  | $             | 41,686,838 |            | 41,638,558
|                                      |  |               |            |            |           



Investment securities
with approximate aggregate carrying amounts of $32,480,000 and $21,182,000 at December 31, 2004 and December 31, 2003, respectively, were pledged to secure public deposits and securities sold under agreements to repurchase.



29



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(3) | Loans
|--- | -----



Major classifications of loans at December 31, 2004 and 2003 are presented below:



|                               |  |      |             |      |            
|------------------------------ |  | ---- | ----------- | ---- | -----------
|                               |  | 2004 |             | 2003
|Commercialreal estate secured |  | $    | 138,987,687 |      | 124,012,412
|Commercial                     |  |      | 18,971,923  |      | 20,407,477 
|Real estatemortgage           |  |      | 8,886,162   |      | 8,158,084  
|Real estateconstruction       |  |      | 82,241,240  |      | 63,151,324 
|Installment and other consumer |  |      | 11,256,314  |      | 15,873,030 
|                               |  |      |             |      |            
|Total loans                    |  |      | 260,343,326 |      | 231,602,327
|Less: Unearned fees            |  |      | 412,230     |      | 575,048    
|Allowance for loan losses      |  |      | 3,160,515   |      | 2,692,913  
|                               |  |      |             |      |            
|Total loans, net               |  | $    | 256,770,581 |      | 228,334,366
|                               |  |      |             |      |            



The Company extends
credit to customers throughout its market area, which includes the Georgia counties of Clayton, Fayette and Henry. Most of the Companys loans are collateralized by real estate in these Georgia counties and a substantial portion of its
borrowers ability to repay such loans is dependent upon the economy in the Companys market area. As of December 31, 2004 and 2003, loans outstanding totaling approximately $50,796,000 and $34,558,000, respectively, were pledged to the
FHLB as collateral for outstanding borrowings.



An analysis of
the activity in the allowance for loan losses is presented below:



|                               |  |      |           |   |      |           |  
|------------------------------ |  | ---- | --------- | - | ---- | --------- | -
|                               |  | 2004 |           |   | 2003 |          
|Balance at beginning of period |  | $    | 2,692,913 |   |      | 2,853,750 |  
|Provision for losses on loans  |  |      | 905,000   |   |      | 540,000   |  
|Loan charge-offs               |  |      | (508,992  | ) |      | (813,511  | )
|Loan recoveries                |  |      | 71,594    |   |      | 112,674   |  
|                               |  |      |           |   |      |           |  
|Balance at end of period       |  | $    | 3,160,515 |   |      | 2,692,913 |  
|                               |  |      |           |   |      |           |  



As of December 31,
2004 and 2003, the Bank serviced loans for others with approximate outstanding balances of $24,713,000 and $30,486,000, respectively. At December 31, 2004 and 2003, the mortgage servicing asset had balances of approximately $80,000 and $136,000,
respectively.



|(4) | Premises and Equipment
|--- | ----------------------

A summary of premises and
equipment at December 31, 2004 and 2003, is as follows:



|                               |  |      |            |      |           
|------------------------------ |  | ---- | ---------- | ---- | ----------
|                               |  | 2004 |            | 2003
|Land                           |  | $    | 1,607,882  |      | 1,809,183 
|Buildings and improvements     |  |      | 5,374,820  |      | 4,161,412 
|Furniture and equipment        |  |      | 4,321,232  |      | 3,803,332 
|Construction in progress       |  |      | 34,599     |      | 394,154   
|Leasehold improvements         |  |      | 484,277    |      | 327,556   
|                               |  |      |            |      |           
|                               |  |      | 11,822,810 |      | 10,495,637
|Less: Accumulated depreciation |  |      | 3,543,764  |      | 3,309,881 
|                               |  |      |            |      |           
|                               |  | $    | 8,279,046  |      | 7,185,756 
|                               |  |      |            |      |           



30



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(4) | Premises and Equipment, continued
|--- | ---------------------------------



Depreciation expense for the years ended December 31, 2004 and 2003 was approximately $671,000 and
$619,000, respectively.



|(5) | Deposits
|--- | --------

At December 31, 2004, the scheduled
maturities of time deposits are as follows:



|     |  |   |            
|---- |  | - | -----------
|2005 |  | $ | 110,589,803
|2006 |  |   | 14,958,010 
|2007 |  |   | 3,213,307  
|2008 |  |   | 5,859,289  
|2009 |  |   | 3,968,678  
|     |  |   |            
|     |  | $ | 138,589,087
|     |  |   |            



|(6) | Income Taxes
|--- | ------------

The components of
income tax expense are as follows:



|                           |  |      |           |      |           |  
|-------------------------- |  | ---- | --------- | ---- | --------- | -
|                           |  | 2004 |           | 2003 |          
|Current expense            |  | $    | 1,292,908 |      | 1,244,921 |  
|Deferred expense (benefit) |  |      | 2,102     |      | (106,736  | )
|                           |  |      |           |      |           |  
|                           |  | $    | 1,295,010 |      | 1,138,185 |  
|                           |  |      |           |      |           |  



The differences
between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings before taxes for the years ended December 31, 2004 and 2003, are as follows:



|                                                   |  |      |           |   |      |           |  
|-------------------------------------------------- |  | ---- | --------- | - | ---- | --------- | -
|                                                   |  | 2004 |           |   | 2003 |          
|Pretax income at statutory rate                    |  | $    | 1,374,185 |   |      | 1,190,486 |  
|Add (deduct):                                      |  |      |           |   |      |           |  
|State income taxes, net of federal effect          |  |      | 61,479    |   |      | 87,868    |  
|Tax exempt interest                                |  |      | (60,929   | ) |      | (58,649   | )
|Increase in cash surrender value of life insurance |  |      | (89,788   | ) |      | (94,808   | )
|Other                                              |  |      | 10,063    |   |      | 13,288    |  
|                                                   |  |      |           |   |      |           |  
|                                                   |  | $    | 1,295,010 |   |      | 1,138,185 |  
|                                                   |  |      |           |   |      |           |  



31



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(6) | Income Taxes, continued
|--- | -----------------------



The tax effects of temporary differences that give rise to significant portions of the deferred tax
assets and deferred tax liabilities at December 31, 2004 and 2003 are presented below:



|                                                                  |  |      |           |      |          
|----------------------------------------------------------------- |  | ---- | --------- | ---- | ---------
|                                                                  |  | 2004 |           | 2003
|Deferred tax assets:                                              |  |      |           |      |          
|Allowance for loan losses                                         |  | $    | 1,199,731 |      | 1,022,230
|Deferred compensation                                             |  |      | 260,344   |      | 127,800  
|Net unrealized losses on investment securities available for sale |  |      | 16,898    |      |         
|Other                                                             |  |      | 24,745    |      | 27,214   
|                                                                  |  |      |           |      |          
|Total gross deferred tax assets                                   |  |      | 1,501,718 |      | 1,177,244
|                                                                  |  |      |           |      |          
|Deferred tax liabilities:                                         |  |      |           |      |          
|Deferred loan fees                                                |  |      | 333,698   |      | 192,335  
|Net unrealized gains on investment securities available-for-sale  |  |      |          |      | 108,821  
|Premises and equipment                                            |  |      | 425,944   |      | 284,221  
|FHLB stock dividends                                              |  |      | 147,095   |      | 147,095  
|Other                                                             |  |      | 63,085    |      | 36,493   
|                                                                  |  |      |           |      |          
|Total gross deferred tax liabilities                              |  |      | 969,822   |      | 768,965  
|                                                                  |  |      |           |      |          
|Net deferred tax assets                                           |  | $    | 531,896   |      | 408,279  
|                                                                  |  |      |           |      |          



Prior to January 1,
1996, the Company was permitted under the Internal Revenue Code (the Code) a special bad debt deduction related to additions to tax bad debt reserves established for the purpose of absorbing losses. The provisions of the Code permitted
the Company to deduct from taxable income an allowance for bad debts based on the greater of a percentage of taxable income before such deduction or actual loss experience. Retained earnings include approximately $675,000 for which no deferred
Federal income tax liability has been recognized. The amounts represent an allocation of income for bad debt deductions for tax purposes only. Reduction of amounts allocated for purposes other than tax bad debt losses or adjustments arising from
carryback of net operating losses would create income for tax purposes only, which would be subject to the current corporate income tax rate.



|(7) | Federal Home Loan Bank Advances and Lines of Credit
|--- | ---------------------------------------------------

At December 31, 2004, the Bank has $18,950,000 available under a $33,950,000 secured line of credit with the FHLB of Atlanta. Under the terms of the loan agreement, the FHLB will extend funding to the Bank up to 10% of the Banks
assets based on the total assets reported for the most recent quarter. The available amount is also subject to the availability of qualifying collateral. The total available line noted was based on the Banks total assets as of December 31,
2004. At December 31, 2003, the Bank had $14,000,000 available under a $29,000,000 secured line of credit with the FHLB.



32



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(7) | Federal Home Loan Bank Advances and Lines of Credit, continued
|--- | --------------------------------------------------------------



The following advances were outstanding at December 31, 2004 and 2003, and require quarterly interest
payments:



|                  |  |                      |  |             |   |  |                  
|----------------- |  | -------------------- |  | ----------- | - |  | -----------------
|Advance           |  | Interest Basis       |  | CurrentRate |   |  | Maturity         
|December 31, 2004 |  |                      |  |             |   |  |                  
|$5,000,000        |  | Overnight Funds Rate |  | 2.44        | % |  | January 2006     
|$10,000,000       |  | Fixed                |  | 1.98        | % |  | Callable May 2006
|December 31, 2003 |  |                      |  |             |   |  |                  
|$5,000,000        |  | Fixed                |  | 2.71        | % |  | July 2004        
|$10,000,000       |  | Fixed                |  | 1.98        | % |  | Callable May 2006



The Bank also had
unused lines of credit for overnight borrowing of $17,400,000 and $14,800,000 at December 31, 2004 and 2003, respectively. During 2002, the Company entered into an additional line of credit with a correspondent bank totaling $1,000,000. Under the
agreement, the line accrues interest at prime minus 100 basis points and matures January 1, 2014. The facility is collateralized by the stock of the Bank. The line of credit also includes certain covenants including requirements to maintain defined
levels of tangible net worth, net earnings and capital. Additionally, the note includes limitations on the Companys leveraging and dividend payments. As of December 31, 2004 and December 31, 2003, management believes the Company is in
compliance with stated covenants. There were no funds drawn on this line at December 31, 2004 and 2003.



|(8) | Junior subordinated debentures
|--- | ------------------------------

On March 30,
2004, the Company issued through a Delaware statutory trust subsidiary, CCF Capital Trust II, (Trust II), $4,000,000 of trust preferred securities that qualify as Tier I capital under Federal Reserve Board guidelines within certain
limitations. The Company owns all of the common securities of Trust II. The proceeds from the issuance of the common securities and the trust preferred securities were used by Trust II to purchase $4,640,000 of junior subordinated debentures of the
Company, which carry a floating rate of interest adjusted every three months to the Wall Street Journal prime plus .125%. At December 31, 2004, the Wall Street Journal prime rate was 5.25%. Of the proceeds received by the Company from the proceeds
of the sale of the junior subordinated debentures to Trust II, $140,000 was used for the common securities of Trust II and $4,500,000 was used to strengthen the capital position of the Bank to accommodate current and future growth. The debentures
and related accrued interest represent the sole assets of Trust II.



The trust preferred securities accrue and pay distributions quarterly, at an interest rate equal to the Wall Street Journal prime rate plus .125%. The Company has entered into contractual arrangements which, taken collectively, fully and
unconditionally guarantee payment of accrued and unpaid distributions required to be paid on the trust preferred securities, the redemption price with respect to any trust preferred securities called for redemption by Trust II, and payments dues
upon a voluntary or involuntary dissolution, winding up or liquidation of Trust II.



On January 29, 2002, the Company issued through a Delaware statutory trust subsidiary, CCF Capital Trust I, (the Trust), $4,000,000 of trust preferred securities that qualify as Tier I capital under
Federal Reserve Board guidelines within certain limitations. The Company owns all of the common securities of the Trust. The proceeds from the issuance of the common securities and the trust preferred securities were used by the Trust to purchase
$4,125,000 of junior subordinated debentures of the Company, which carry a floating rate of interest adjusted every three months to the Wall Street Journal prime plus 75 basis points. At December 31, 2004, the Wall Street Journal prime rate was
5.25%. Of the proceeds received by the Company from the proceeds from the sale of the junior subordinated debentures to the Trust, $125,000 was used for the common



33



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(8) | Junior subordinated debentures, continued
|--- | -----------------------------------------



securities of the Trust and $4,000,000 was used to strengthen the capital position of the Bank to accommodate current and future growth. The debentures and
related accrued interest represent the sole assets of the Trust.



The trust preferred securities accrue and pay distributions quarterly, at an interest rate equal to the Wall Street Journal prime rate plus 75 basis points. The Company has entered into contractual arrangements which, taken collectively,
fully and unconditionally guarantee payment of accrued and unpaid distributions required to be paid on the trust preferred securities, the redemption price with respect to any trust preferred securities called for redemption by the Trust, and
payments dues upon a voluntary or involuntary dissolution, winding up or liquidation of the Trust.



In accordance with FASB Interpretation No. 46, the Trust and Trust II (the Trusts) are not consolidated with the Company. Accordingly, the
Company does not report the securities issued by the Trusts as liabilities, and instead reports as liabilities the junior subordinated debentures issued by the Company and held by the Trusts, as these are no longer eliminated in consolidation. The
trust preferred securities are recorded as junior subordinated debentures on the balance sheets, but subject to certain limitations qualify for Tier 1 capital for regulatory capital purposes.



|(9) | Preferred Stock
|--- | ---------------

The Board of Directors of
the Company is authorized to issue preferred stock and to fix and state voting powers, designations, preferences, or other special rights of such shares and the qualifications, limitations, and restrictions thereof, subject to regulatory approval
but without stockholder approval.



|(10) | Employee Benefit Plans
|---- | ----------------------

401(k) Profit
Sharing Plan

The Company has a tax-qualified defined contribution profit sharing plan (the Plan) for the benefit of its
employees. All full-time employees and part-time employees who work 1,000 hours or more become eligible to participate under the Plan after completing one year of service. Under the Plan, employees may voluntarily elect to defer up to 15% of their
compensation, not to exceed applicable limits. Company contributions in 2004 and 2003 were $1.00 for each $1.00 of employee contribution up to 5% of the employees compensation. Such matching contributions begin to vest after the first year at
a rate of 20% per year with full vesting after five years. Additionally, the Company may contribute an annual discretionary contribution to the Plan based upon a number of factors, such as the Companys retained earnings, profits, regulatory
capital, and employee performance. Contributions by the Company to the Plan during the years ended December 31, 2004 and 2003 totaled approximately $132,000 and $121,000, respectively.



Stock Option Plan

The Company sponsors a stock option plan (the 1995 Option Plan) whereby 324,045 authorized shares of common stock were reserved for issuance by the Company upon exercise of stock options granted to
officers, directors and employees of the Company from time to time. Options constitute both incentive stock options and non-qualified stock options. Options awarded to officers and directors are exercisable at a rate of 20% annually with the first
20% exercisable on the one-year anniversary of the date of grant. Any shares subject to an award, which expire or is terminated unexercised will again be available for issuance. The 1995 Option Plan has a term of ten years, unless terminated
earlier. The exercise price per share for non-qualified and incentive stock options shall be the price as determined by an option committee, but not less than the fair market value of the common stock on the date of grant.



In 2000, the Company approved a second stock option plan (the 2000
Option Plan) whereby 180,000 shares of common stock (either authorized shares or shares purchased in the market) were available to be granted to officers, directors, and employees of the Company from time to time. Options constitute both



34



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(10) | Employee Benefit Plans, continued
|---- | ---------------------------------



incentive stock options and non-qualified stock options. Terms of the 2000 Option Plan are similar to that of the 1995 Option Plan with the exception that
all options granted under this plan vest six months following the date of the grant. At December 31, 2004, there were an aggregate of 60,527 shares of common stock available for grant under the 1995 Option Plan and the 2000 Option Plan.



Stock option activity is as follows:



|                                           |  |      |         |   |      |         |  
|------------------------------------------ |  | ---- | ------- | - | ---- | ------- | -
|                                           |  | 2004 |         |   | 2003 |        
|Options outstanding at beginning of period |  |      | 390,550 |   |      | 370,000 |  
|Options granted                            |  |      | 32,900  |   |      | 24,412  |  
|Options exercised                          |  |      | (37,171 | ) |      | (3,862  | )
|Options forfeited                          |  |      | (1,350  | ) |      |        |  
|                                           |  |      |         |   |      |         |  
|Options outstanding at end of period       |  |      | 384,929 |   |      | 390,550 |  
|                                           |  |      |         |   |      |         |  
|Options exercisable at end of period       |  |      | 343,209 |   |      | 368,410 |  
|                                           |  |      |         |   |      |         |  
|Weighted-average option prices per share:  |  |      |         |   |      |         |  
|Options granted during the period          |  | $    | 19.42   |   |      | 15.29   |  
|                                           |  |      |         |   |      |         |  
|Options exercised during the period        |  | $    | 7.07    |   |      | 6.63    |  
|                                           |  |      |         |   |      |         |  
|Options forfeited during the period        |  | $    | 14.97   |   |      |        |  
|                                           |  |      |         |   |      |         |  
|Options outstanding at end of period       |  | $    | 7.59    |   |      | 6.60    |  
|                                           |  |      |         |   |      |         |  



A summary of options
and warrants outstanding as of December 31, 2004 is presented below:



|                   |  |                                  |  |                                          |  |                 |  |                              |  |                                        
|------------------ |  | -------------------------------- |  | ---------------------------------------- |  | --------------- |  | ---------------------------- |  | ---------------------------------------
|OptionsOutstanding |  | Range of ExercisePrice per Share |  | Weighted Average ExercisePrice Per Share |  | Years Remaining |  | Options CurrentlyExercisable |  | Weighted AverageExercise Price PerShare
|249,626            |  | $  4.45    6.33                 |  | $  4.77                                  |  | .5-2.5          |  | 241,571                      |  | $  4.74                                
|55,988             |  | 6.76    9.66                    |  | 8.46                                     |  | 3.5             |  | 55,223                       |  | 8.46                                   
|46,415             |  | 11.40  15.29                    |  | 13.27                                    |  | 7.5             |  | 46,415                       |  | 13.27                                  
|32,900             |  | 17.02  19.85                    |  | 19.42                                    |  | 9.5             |  |                             |  |                                       
|                   |  |                                  |  |                                          |  |                 |  |                              |  |                                        
|384,929            |  | $  4.45   19.85                 |  | $  7.59                                  |  | 5.2             |  | 343,209                      |  | $  6.49                                
|                   |  |                                  |  |                                          |  |                 |  |                              |  |                                        



Life Insurance
Policies



The Company adopted a defined contribution post
retirement benefit plan to provide retirement benefits to certain of the Companys executive officers and to provide death benefits for the designated beneficiaries. Under this plan, single-premium, split-dollar, whole-life insurance contracts
were purchased on certain executive officers. For the years ended December 31, 2004 and 2003, the Company incurred expenses of $349,000 and $189,000, respectively, in connection with this plan.



|(11) | Commitments
|---- | -----------

The Company is a party to financial
instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include standby letters of credit and commitments to extend credit. These instruments involve, to
varying degrees, elements of credit and



35



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(11) | Commitments, continued
|---- | ----------------------



interest rate risk in excess of the amount recognized in the consolidated financial statements. The contract or notional amounts of those instruments reflect
the extent of involvement the Company has in particular classes of financial instruments.



Standby letters of credit are conditional commitments issued by the Company guaranteeing the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing
arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral supporting these commitments, as deemed necessary.



The Companys exposure to credit loss, in the event of nonperformance
by the customer for commitments to extend credit and standby letters of credit is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as
it does for recorded loans.



The following summarizes
commitments as of December 31, 2004 and 2003:



|                                                                    |  |                            |        |      |       
|------------------------------------------------------------------- |  | -------------------------- | ------ | ---- | ------
|                                                                    |  | ApproximateContract Amount
|                                                                    |  | 2004                       |        | 2003
|                                                                    |  | (in thousands)            
|Financial instruments whose contract amounts represent credit risk: |  |                            |        |      |       
|Commitments to extend credit                                        |  | $                          | 50,492 |      | 46,197
|Standby letters of credit                                           |  | $                          | 1,771  |      | 2,101 



Commitments to extend
credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some
of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customers creditworthiness on a case-by-case basis. The amount
of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on managements credit evaluation of the borrower.



The Company has entered into contracts with certain members of management which stipulate a term and annual base salary. The contracts include provisions
to terminate the agreements for just cause which is defined in the contracts. If such members of management are relieved of their position without just cause, the employee is entitled to a continuation of salary from the termination date
through the remaining term of the agreement. Certain of these employment agreements contain a provision stating that in the event of any change in control of the Company which results in voluntary or involuntary termination of employment within one
year, the officer will be paid a lump sum distribution equal to 2.99 times the individuals base compensation.



|(12) | Fair Values of Financial Instruments
|---- | ------------------------------------

The Company is required to disclose the fair value of its financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair
values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair
value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. These estimates are subjective in nature and involve uncertainties and matters of
significant judgment and, therefore, cannot be determined with precision. Changes in assumptions would significantly affect the estimates.



36



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(12) | Fair Values of Financial Instruments, continued
|---- | -----------------------------------------------



Fair value estimates are based on existing on- and off-balance-sheet financial instruments and other
recorded assets and liabilities without attempting to estimate the fair value of anticipated future business. In addition, tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value
estimates and have not been considered in any of the estimates. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.



The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial
instruments and certain other assets and liabilities:



Cash
and cash equivalents

The carrying amounts of cash and cash equivalents approximate fair values.



Interest-bearing deposits in other financial institutions

The carrying amounts of interest-bearing deposits in other financial institutions approximate fair values.



Investment securities available-for-sale

Fair values for investment securities available-for-sale are based on quoted market prices.



FHLB stock

The carrying amount is considered a reasonable estimate of fair value.



Loans

For variable-rate loans that reprice frequently and with no significant change in credit risk,
fair values are based on carrying values. The fair values for all other loans are estimated based upon a discounted cash flow analysis, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality.



Cash surrender value of life insurance

The carrying value of this asset approximates its fair value.



Deposits

Fair values for fixed-rate
time deposits are estimated using a discounted cash flow analysis that applies interest rates currently being offered on deposits of similar terms of maturity. The carrying amounts of all other deposits, due to their short-term nature, approximate
their fair values.



Securities sold under agreements to
repurchase

Fair value approximates the carrying value of such liabilities due to their short-term nature.



FHLB advances

The fair value of the FHLB fixed rate borrowing is estimated using discounted cash flows, based on the current incremental borrowing rates for similar
types of borrowing arrangements. The fair value of the FHLB variable rate borrowing approximates the carrying amount.



Junior subordinated debentures

Junior
subordinated debentures bear interest on a floating basis, and as such, the carrying amount approximates fair value.



37



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(12) | Fair Values of Financial Instruments, continued
|---- | -----------------------------------------------



Commitments to extend credit, standby letters of credit

Off-balance-sheet instruments (commitments to extend credit and standby letters of credit) are generally short-term and are issued at variable interest
rates. Therefore, both the carrying value and estimated fair value associated with these instruments are immaterial.



Limitations

Fair value estimates are
made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Companys
entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Companys financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and
involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.



Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the
value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises
and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.



The estimated fair value of the Companys financial instruments as of
December 31, 2004 and 2003 are as follows:



|                                               |  |                |         |           |         |               |         |           |        
|---------------------------------------------- |  | -------------- | ------- | --------- | ------- | ------------- | ------- | --------- | -------
|                                               |  | 2004           |         | 2003     
|                                               |  | CarryingValue  |         | FairValue |         | CarryingValue |         | FairValue
|                                               |  | (in thousands)
|Assets:                                        |  |                |         |           |         |               |         |           |        
|Cash and cash equivalents                      |  | $              | 20,472  |           | 20,472  |               | 14,006  |           | 14,006 
|Interest-bearing deposit accounts              |  |                | 99      |           | 99      |               | 1,386   |           | 1,386  
|Investment securities available-for-sale       |  |                | 41,639  |           | 41,639  |               | 36,524  |           | 36,524 
|FHLB stock                                     |  |                | 1,265   |           | 1,265   |               | 750     |           | 750    
|Loans, net                                     |  |                | 256,771 |           | 259,221 |               | 228,334 |           | 231,000
|Cash surrender value of life insurance         |  |                | 4,885   |           | 4,885   |               | 4,620   |           | 4,620  
|                                               |  |                |         |          
|Liabilities:                                   |  |                |         |           |         |               |         |           |        
|Deposits                                       |  |                | 289,278 |           | 290,192 |               | 249,637 |           | 252,212
|Securities sold under agreements to repurchase |  |                | 2,704   |           | 2,704   |               | 3,221   |           | 3,221  
|FHLB advances                                  |  |                | 15,000  |           | 14,392  |               | 15,000  |           | 14,445 
|Junior subordinated debentures                 |  |                | 8,765   |           | 8,765   |               | 4,125   |           | 4,125  



38



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(13) | Related Party Transactions
|---- | --------------------------



It is the Banks policy to make loans to officers, directors, and their associates in the
ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons. The following is a summary of activity during the year ended December 31, 2004 with respect to such aggregate
loans to these individuals and their associates:



|                                                 |  |   |            |  
|------------------------------------------------ |  | - | ---------- | -
|Related party loan balances at beginning of year |  | $ | 2,620,324  |  
|New loans                                        |  |   | 1,500,655  |  
|Principal repayments                             |  |   | (1,287,807 | )
|                                                 |  |   |            |  
|Related party loan balances at end of year       |  | $ | 2,833,172  |  
|                                                 |  |   |            |  



Deposits from related
parties totaled approximately $1,162,000 and $1,063,000, at December 31, 2004 and 2003, respectively.



|(14) | Parent Company Financial Information
|---- | ------------------------------------

The following represents condensed financial information of the holding company:



Condensed Balance Sheets



December 31, 2004 and 2003



|                                     |  |      |            |      |           
|------------------------------------ |  | ---- | ---------- | ---- | ----------
|                                     |  | 2004 |            | 2003
|Assets                               |  |      |            |      |           
|Cash                                 |  | $    | 2,263,650  |      | 289,241   
|Investment in subsidiary             |  |      | 27,881,791 |      | 22,997,740
|Other assets                         |  |      | 833,106    |      | 670,734   
|                                     |  |      |            |      |           
|                                     |  | $    | 30,978,547 |      | 23,957,715
|                                     |  |      |            |      |           
|Liabilities and Shareholders Equity |  |      |            |      |           
|Junior subordinated debentures       |  | $    | 8,765,000  |      | 4,125,000 
|Dividends payable                    |  |      | 134,341    |      | 88,117    
|Other liabilities                    |  |      | 141,374    |      | 78,599    
|                                     |  |      |            |      |           
|Total liabilities                    |  |      | 9,040,715  |      | 4,291,716 
|Total shareholders equity           |  |      | 21,937,832 |      | 19,665,999
|                                     |  |      |            |      |           
|                                     |  | $    | 30,978,547 |      | 23,957,715
|                                     |  |      |            |      |           



Condensed Statements of
Earnings



For the Years Ended December 31, 2004 and 2003



|                                                               |  |      |           |   |      |           |  
|-------------------------------------------------------------- |  | ---- | --------- | - | ---- | --------- | -
|                                                               |  | 2004 |           |   | 2003 |          
|Dividends from subsidiary                                      |  | $    | 125,000   |   |      | 500,000   |  
|Interest expense                                               |  |      | (345,672  | ) |      | (200,393  | )
|Other operating expenses                                       |  |      | (185,576  | ) |      | (179,242  | )
|Income tax benefit                                             |  |      | 175,375   |   |      | 123,575   |  
|                                                               |  |      |           |   |      |           |  
|Earnings before equity in undistributed earnings of subsidiary |  |      | (230,873  | ) |      | 243,940   |  
|Equity in undistributed earnings of subsidiary                 |  |      | 2,977,531 |   |      | 2,119,304 |  
|                                                               |  |      |           |   |      |           |  
|Net earnings                                                   |  | $    | 2,746,658 |   |      | 2,363,244 |  
|                                                               |  |      |           |   |      |           |  



39



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(14) | Parent Company Financial Information, continued
|---- | -----------------------------------------------



Condensed Statements of Cash Flows



For the Years Ended December 31, 2004 and 2003



|                                                                                          |  |      |            |   |      |            |  
|----------------------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | ---------- | -
|                                                                                          |  | 2004 |            |   | 2003 |           
|Cash flows from operating activities:                                                     |  |      |            |   |      |            |  
|Net earnings                                                                              |  | $    | 2,746,658  |   |      | 2,363,244  |  
|Adjustment to reconcile net earnings to net cash (used) provided by operating activities: |  |      |            |   |      |            |  
|Equity in undistributed earnings of subsidiary                                            |  |      | (2,977,531 | ) |      | (2,119,304 | )
|Increase (decrease) in other assets / other liabilities                                   |  |      | (240,665   | ) |      | (153,364   | )
|                                                                                          |  |      |            |   |      |            |  
|Net cash (used) provided by operating activities                                          |  |      | (471,538   | ) |      | 90,576     |  
|                                                                                          |  |      |            |   |      |            |  
|Cash flows used by investing activities consisting of capital infusion in subsidiary      |  |      | (2,000,000 | ) |      |           |  
|                                                                                          |  |      |            |   |      |            |  
|Cash flows from financing activities:                                                     |  |      |            |   |      |            |  
|Dividends paid                                                                            |  |      | (399,412   | ) |      | (322,880   | )
|Exercise of stock options                                                                 |  |      | 222,217    |   |      | 37,436     |  
|Retirement of common stock                                                                |  |      | (16,858    | ) |      | (12,265    | )
|Proceeds from issuance of junior subordinated debentures                                  |  |      | 4,640,000  |   |      |           |  
|                                                                                          |  |      |            |   |      |            |  
|Net cash provided (used) by financing activities                                          |  |      | 4,455,947  |   |      | (297,709   | )
|                                                                                          |  |      |            |   |      |            |  
|Change in cash and cash equivalents                                                       |  |      | 1,974,409  |   |      | (207,133   | )
|Cash and cash equivalents at beginning of period                                          |  |      | 289,241    |   |      | 496,374    |  
|                                                                                          |  |      |            |   |      |            |  
|Cash and cash equivalents at end of period                                                |  | $    | 2,263,650  |   |      | 289,241    |  
|                                                                                          |  |      |            |   |      |            |  



|(15) | Regulatory Matters
|---- | ------------------



Dividends paid by the Bank are the primary source of funds available to the Company. Banking regulations limit the amount of dividends that may be paid
without prior approval of the regulatory authorities. These restrictions are based on the level of regulatory classified assets, the prior years net earnings, and the ratio of equity capital to total assets. At December 31, 2004, the Bank
could pay approximately $1,551,000 in dividends without obtaining prior regulatory approval.



The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly
additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Companys or Banks financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective
action, the Bank must meet specific capital guidelines that involve quantitative measures of the Banks assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Banks capital
amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.



Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of
total and Tier I capital to risk-weighted assets, and of Tier I capital to average assets. Management believes, as of December 31, 2004, that the Company and the Bank meet all capital adequacy requirements to which they are subject.



40



---

CCF HOLDING COMPANY AND SUBSIDIARY



Notes to Consolidated Financial Statements, continued



|(15) | Regulatory Matters, continued
|---- | -----------------------------



As of December 31, 2004, the most recent notification from the FDIC categorized the Bank as well
capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below. There are
no conditions or events since that notification that management believes have changed the Banks capital category.



The actual capital amounts and ratios at December 31, 2004 and 2003, are presented in the table below (in thousands):



|                                                    |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|--------------------------------------------------- |  | ------ | ------ | ----- | --------------------------- | - | ------ | ------------------------------------------------------------ | ----- | - | - | ------ | ------ | ----- | --- | -
|                                                    |  | Actual |        |       | For CapitalAdequacyPurposes |   |        | To Be WellCapitalizedUnder PromptCorrectiveAction Provisions |      
|                                                    |  | Amount |        | Ratio |                             |   | Amount |                                                              | Ratio |   |   | Amount |        | Ratio |    
|As of December 31, 2004:                            |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|Total capitalrisk-based (to risk-weighted assets)  |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|Bank                                                |  | $      | 30,801 |       | 10.8                        | % |        | 22,776                                                       |       | 8 | % |        | 28,470 |       | 10  | %
|Consolidated                                        |  | $      | 33,622 |       | 11.8                        | % |        | 22,841                                                       |       | 8 | % |        | N/A    |       | N/A |  
|Tier I capitalrisk-based (to risk-weighted assets) |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|Bank                                                |  | $      | 27,640 |       | 9.7                         | % |        | 11,388                                                       |       | 4 | % |        | 17,082 |       | 6   | %
|Consolidated                                        |  | $      | 28,621 |       | 10.0                        | % |        | 11,420                                                       |       | 4 | % |        | N/A    |       | N/A |  
|Tier I capitalleverage (to average assets)         |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|Bank                                                |  | $      | 27,640 |       | 8.2                         | % |        | 13,528                                                       |       | 4 | % |        | 16,910 |       | 5   | %
|Consolidated                                        |  | $      | 28,621 |       | 8.5                         | % |        | 13,528                                                       |       | 4 | % |        | N/A    |       | N/A |  
|                                                    |  |        |        |       |                             |  
|As of December 31, 2003:                            |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|Total capitalrisk-based (to risk-weighted assets)  |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|Bank                                                |  | $      | 25,179 |       | 10.5                        | % |        | 19,248                                                       |       | 8 | % |        | 24,060 |       | 10  | %
|Consolidated                                        |  | $      | 25,973 |       | 10.8                        | % |        | 19,273                                                       |       | 8 | % |        | N/A    |       | N/A |  
|Tier I capitalrisk-based (to risk-weighted assets) |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|Bank                                                |  | $      | 22,656 |       | 9.4                         | % |        | 9,624                                                        |       | 4 | % |        | 14,436 |       | 6   | %
|Consolidated                                        |  | $      | 23,450 |       | 9.7                         | % |        | 9,636                                                        |       | 4 | % |        | N/A    |       | N/A |  
|Tier I capitalleverage (to average assets)         |  |        |        |       |                             |   |        |                                                              |       |   |   |        |        |       |     |  
|Bank                                                |  | $      | 22,656 |       | 7.7                         | % |        | 11,729                                                       |       | 4 | % |        | 14,661 |       | 5   | %
|Consolidated                                        |  | $      | 23,450 |       | 8.0                         | % |        | 11,730                                                       |       | 4 | % |        | N/A    |       | N/A |  



41



---

Directors and Officers

CCF Holding Company and Heritage Bank Board of Directors



|                          |  |             |  |                    |  |                 
|------------------------- |  | ----------- |  | ------------------ |  | ----------------
|John B. Lee, Jr. Chairman |  | Roy V. Hall |  | Edwin S. Kemp, Jr. |  | John T. Mitchell
|Leonard A. Moreland       |  |             |  | Charles S. Tucker  |  | David B. Turner 



---



Heritage Bank Officers



|                     |  |                                      
|-------------------- |  | -------------------------------------
|David B. Turner*     |  | Vice Chairman/Chief Executive Officer
|Leonard A. Moreland* |  | President                            



|                  |  |                          |  |                    |  |                         
|----------------- |  | ------------------------ |  | ------------------ |  | ------------------------
|Jack Bowdoin*     |  | Executive Vice President |  | Barbara Stevens    |  | Assistant Vice President
|John Westervelt*  |  | Executive Vice President |  | Cathy McDaniel     |  | Assistant Vice President
|Tommy Segers*     |  | Executive Vice President |  | Hilda Howington    |  | Assistant Vice President
|Dick Florin       |  | Senior Vice President    |  | Debbie Hudson      |  | Assistant Vice President
|Edith Stevens*    |  | Senior Vice President    |  | Lisa Jackson       |  | Assistant Vice President
|Kathy Zovlonsky   |  | Senior Vice President    |  | Kerry Arnold       |  | Assistant Vice President
|Mary Jo Rogers*   |  | Senior Vice President    |  | Kim Devine         |  | Assistant Vice President
|Shirley Etheridge |  | Group Vice President     |  | Luann Daniels      |  | Assistant Vice President
|Ben Freeman       |  | Vice President           |  | Rochelle Stalnaker |  | Assistant Vice President
|Bill Webb         |  | Vice President           |  | Sally Shankle      |  | Assistant Vice President
|Bob Finlay        |  | Vice President           |  | Stewart Esary      |  | Assistant Vice President
|Bob Zehnder       |  | Vice President           |  | Teresa Brazel      |  | Assistant Vice President
|Carol Colon       |  | Vice President           |  | Diann Edwards      |  | Administrative Officer  
|Lorrie Johnson    |  | Vice President           |  | Dee Dee Peppers    |  | Banking Officer         
|Mayra Barzaga     |  | Vice President           |  | Helen White-McNeil |  | Banking Officer         
|Michael Edmondson |  | Vice President           |  | Paige Shaddix      |  | Banking Officer         
|Mike Kerr         |  | Vice President           |  | Shalley Bishop     |  | Banking Officer         
|Mirna Smith       |  | Vice President           |  | Jonathan Haun      |  | Operations Officer      
|Sheri Dockweiler  |  | Vice President           |  |                    |  |                         
|Wade Atwood       |  | Vice President           |  |                    |  |                         

---

|* | Executive Officers
|- | ------------------



General Information and Shareholder Services



|                                                                                      |  |                                                                                      |  |                                                                                          |  |                                                                                                                                        
|------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------ |  | ---------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------
|Independent Auditors                                                                  |  | Corporate Counsel                                                                    |  | Transfer Agent and Registrar                                                             |  | Special Counsel                                                                                                                        
|Porter Keadle Moore, LLP 235 Peachtree Street, N.W. Suite 1800 Atlanta, Georgia 30303 |  | Edwin S. Kemp, Jr., Esquire 101 North Main Street Suite 203 Jonesboro, Georgia 30236 |  | Registrar & Transfer Company 10 Commerce Drive Cranford, New Jersey 07016 (908) 272-8511 |  | Morris Manning & Martin A Limited Liability Partnership 1600 Atlanta Financial Center 3343 Peachtree Road, N. E. Atlanta,
Georgia 30326



---



The Companys Annual Report for the year ended December, 31, 2004 on Form 10-KSB is available without charge upon
written request. For a copy of the Form 10-KSB or any other investor information, please write or call David B. Turner, Vice Chairman and Chief Executive Office at the Companys Office in Jonesboro, Georgia. The Annual Meeting of Stockholders
will be held on May 19, 2005 at 9:00 a.m. at the Fayetteville office.



42



---



Committed to the future

of the communities we serve

through a Tradition of Excellence.



Branch
Locations



|                                                                 |  |                                                            
|---------------------------------------------------------------- |  | -----------------------------------------------------------
|Jonesboro Office 101 N. Main St. Jonesboro GA 30236              |  | Forest Park Office 822 Main St. Forest Park, GA 30297      
|                                                                 | 
|Fayetteville Office 440 N. Jeff Davis Dr. Fayetteville, GA 30214 |  | Towne Center Office 855 Glynn St. S. Fayetteville, GA 30253
|                                                                 | 
|McDonough Office 203 Keys Ferry Street McDonough, GA 30253       |  | Heritage Plaza Office 860 Hwy. 20/81 W. McDonough, GA 30253



Eagles Landing
Office

1040 Eagles Landing Pkwy

Pinnacle 200 Building

Stockbridge, GA 30281



www.heritagebank.com

770-478-8881



CCF
Holding Company and Subsidiary

101 North Main St., Jonesboro, GA 30236



Member FDIC