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U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 10-QSB

|(Mark One)                                                       
|-----------------------------------------------------------------
|x                                                                
|                                                                 
|For the quarterly period ended:  March 31, 2003                  
|                                                                 
|o                                                                
|                                                                 
|For the transition period from __________ to __________          
|                                                                 
|Commission file number: 0-25846                                  
|                                                                 
|CCF HOLDING COMPANY                                              
|                                                                 
|(Exact name of Small Business Issuer as Specified in Its Charter)
|                                                                 
|Georgia                                                          
|                                                                 
|(State or Other Jurisdiction of Incorporation or Organization)   
|                                                                 
|101 North Main StreetJonesboro, Georgia 30236                    
|                                                                 
|(Address of Principal Executive Offices)                         
|                                                                 
|(770) 478-8881                                                   
|                                                                 
|(Issuers Telephone Number, Including Area Code)                 
|                                                                 

State the number of shares outstanding of each of the issuers classes of common equity:  At May 9, 2003, 1,467,127 shares of the registrants common stock
were outstanding.

Transitional Small Business Disclosure Format (check one):

|Yes o | No x
|----- | ----

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##### Table of Contents

FORM 10-QSB

INDEX

|                                | Page                                                             
|------------------------------- | -----------------------------------------------------------------
|                                |                                                                  
|PART I.  
FINANCIAL INFORMATION |                                                                  
|                                |                                                                  
|                                | Item 1.
Financial Statements:                                    
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                |                                                                  
|                                | Item 2.
Managements Discussion and Analysis or Plan of Operation
|                                |                                                                  
|                                | Item 3.
Controls and Procedures                                  
|                                |                                                                  
|PART II.  
OTHER INFORMATION    |                                                                  
|                                |                                                                  
|                                | Item 1. Legal Proceedings                                        
|                                |                                                                  
|                                | Item 2. Changes in Securities and Use of Proceeds                
|                                |                                                                  
|                                | Item 3. Defaults Upon Senior Securities                          
|                                |                                                                  
|                                | Item 4. Submission of Matters to a Vote of Security Holders      
|                                |                                                                  
|                                | Item 5. Other Information                                        
|                                |                                                                  
|                                | Item 6.
Exhibits and Reports on Form 8-K                         
|                                |                                                                  
|Signatures                      | 11                                                               
|                                |                                                                  
|Certificates                    | 12                                                               



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PART I.     FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

CCF HOLDING COMPANY AND SUBSIDIARY
Consolidated Balance Sheets

|                                                                                                                                                      |  | March 31, 2003 |             | December 31, 2002 | 
|----------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ----------- | ----------------- | 
|                                                                                                                                                      |  |                |             |                   | 
|                                                                                                                                                      |  |                | (Unaudited) |                   | 
|Assets                                                                                                                                                |  |                |             |                   | 
|Cash and due from banks                                                                                                                               |  | $              | 8,638,210   |                   | 
|Interest-bearing deposits in other financial institutions                                                                                             |  |                | 4,313,762   |                   | 
|Federal funds sold                                                                                                                                    |  |                | 9,561,747   |                   | 
|                                                                                                                                                      |  |                |             |                   | 
|Cash and cash equivalents                                                                                                                             |  |                | 22,513,719  |                   | 
|Investment securities available for sale                                                                                                              |  |                | 28,980,392  |                   | 
|Loans, net                                                                                                                                            |  |                | 199,210,569 |                   | 
|Premises and equipment, net                                                                                                                           |  |                | 6,589,590   |                   | 
|Federal Home Loan Bank stock, at cost                                                                                                                 |  |                | 750,000     |                   | 
|Accrued interest receivable                                                                                                                           |  |                | 1,106,739   |                   | 
|Cash surrender value of life insurance                                                                                                                |  |                | 4,411,301   |                   | 
|Other assets                                                                                                                                          |  |                | 1,752,140   |                   | 
|                                                                                                                                                      |  |                |             |                   | 
|Total assets                                                                                                                                          |  | $              | 265,314,450 |                   | 
|                                                                                                                                                      |  |                |             |                   | 
|Liabilities and Stockholders Equity                                                                                                                  |  |                |             |                   | 
|Deposits:                                                                                                                                             |  |                |             |                   | 
|Noninterest-bearing deposits                                                                                                                          |  | $              | 24,004,383  |                   | 
|Interest bearing demand deposits                                                                                                                      |  |                | 86,517,931  |                   | 
|Savings accounts                                                                                                                                      |  |                | 7,250,953   |                   | 
|Time deposits less than $100,000                                                                                                                      |  |                | 87,874,605  |                   | 
|Time deposits greater than $100,000                                                                                                                   |  |                | 28,735,066  |                   | 
|                                                                                                                                                      |  |                |             |                   | 
|Total deposits                                                                                                                                        |  |                | 234,382,938 |                   | 
|Securities sold under agreement to repurchase                                                                                                         |  |                | 1,879,334   |                   | 
|Federal Home Loan Bank advances                                                                                                                       |  |                | 5,000,000   |                   | 
|Subordinated debentures                                                                                                                               |  |                | 4,000,000   |                   | 
|Other liabilities                                                                                                                                     |  |                | 1,856,501   |                   | 
|                                                                                                                                                      |  |                |             |                   | 
|Total liabilities                                                                                                                                     |  |                | 247,118,773 |                   | 
|                                                                                                                                                      |  |                |             |                   | 
|Commitments Stockholders 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; 1,467,125 issued and outstanding in 2003; 1,466,767
shares issued and outstanding in 2002. |  |                | 146,712     |                   | 
|Additional paid-in capital                                                                                                                            |  |                | 9,013,273   |                   | 
|Retained earnings                                                                                                                                     |  |                | 8,748,071   |                   | 
|Accumulated other comprehensive income                                                                                                                |  |                | 287,621     |                   | 
|                                                                                                                                                      |  |                |             |                   | 
|Total stockholders equity                                                                                                                            |  |                | 18,195,677  |                   | 
|                                                                                                                                                      |  |                |             |                   | 
|Total liabilities & stockholders equity                                                                                                              |  | $              | 265,314,450 |                   | 
|                                                                                                                                                      |  |                |             |                   | 

See accompanying notes to consolidated financial statements.

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CCF HOLDING COMPANY AND SUBSIDIARY
Consolidated Statements of Earnings (Unaudited)

|                                                          |  | Three Months Ended March 31, |          
|--------------------------------------------------------- |  | ---------------------------- | ---------
|                                                          |  |                              |          
|                                                          |  | 2003                         |          
|                                                          |  |                              |          
|Interest and dividend income:                             |  |                              |          
|Interest and fees on loans                                |  | $                            | 3,581,042
|Interest bearing deposits in other financial institutions |  |                              | 46,693   
|Interest and dividends on taxable investment securities   |  |                              | 229,712  
|Interest on nontaxable investment securities              |  |                              | 44,193   
|                                                          |  |                              |          
|Total interest and dividend income                        |  |                              | 3,901,640
|                                                          |  |                              |          
|Interest expense:                                         |  |                              |          
|Deposit accounts                                          |  |                              | 1,199,966
|Other borrowings                                          |  |                              | 96,425   
|                                                          |  |                              |          
|Total interest expense                                    |  |                              | 1,296,391
|                                                          |  |                              |          
|Net interest income                                       |  |                              | 2,605,249
|Provision for loan losses                                 |  |                              | 135,000  
|                                                          |  |                              |          
|Net interest income after provision for loan losses       |  |                              | 2,470,249
|                                                          |  |                              |          
|Other income:                                             |  |                              |          
|Service charges on deposit accounts                       |  |                              | 216,408  
|Gain (loss) on sale of loans                              |  |                              | 16,433   
|Gain on sale of investment securities                     |  |                              | 34,468   
|Gain on sale of fixed assets                              |  |                              | 4,700    
|Gain on sale of other real estate owned                   |  |                              |         
|Other                                                     |  |                              | 161,635  
|                                                          |  |                              |          
|Total other income                                        |  |                              | 433,644  
|                                                          |  |                              |          
|Other expenses:                                           |  |                              |          
|Salaries and employee benefits                            |  |                              | 1,208,932
|Occupancy                                                 |  |                              | 398,110  
|Other                                                     |  |                              | 470,434  
|                                                          |  |                              |          
|Total other expenses                                      |  |                              | 2,077,476
|Income before income taxes                                |  |                              | 826,417  
|Income tax expense                                        |  |                              | 265,480  
|                                                          |  |                              |          
|Net income                                                |  | $                            | 560,937  
|                                                          |  |                              |          
|Basic earnings per share                                  |  | $                            | 0.38     
|Diluted earnings per share                                |  | $                            | 0.35     
|Weighted average shares outstanding  basic               |  |                              | 1,466,957
|                                                          |  |                              |          
|Weighted average shares outstanding  diluted             |  |                              | 1,586,650
|                                                          |  |                              |          

See accompanying notes to consolidated financial statements.

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CCF HOLDING COMPANY AND SUBSIDIARY
Consolidated Statements of Comprehensive Income (Unaudited)

|                                                            |  | Three Months Ended March 31, |        
|----------------------------------------------------------- |  | ---------------------------- | -------
|                                                            |  |                              |        
|                                                            |  | 2003                         |        
|                                                            |  |                              |        
|Net income                                                  |  | $                            | 560,937
|Other comprehensive income:                                 |  |                              |        
|Unrealized holding losses on investments available for sale |  |                              | (27,695
|Associated benefit                                          |  |                              | 9,958  
|Reclassification adjustment for gains included in earnings  |  |                              | (34,468
|Associated taxes                                            |  |                              | 12,742 
|                                                            |  |                              |        
|Total other comprehensive loss                              |  |                              | (39,463
|                                                            |  |                              |        
|Total comprehensive income                                  |  | $                            | 521,474
|                                                            |  |                              |        

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CCF HOLDING COMPANY AND SUBSIDIARY
Consolidated Statements of Cash Flows (Unaudited)

|                                                                                  |  | Three Months Ended March 31, |            
|--------------------------------------------------------------------------------- |  | ---------------------------- | -----------
|                                                                                  |  |                              |            
|                                                                                  |  | 2003                         |            
|                                                                                  |  |                              |            
|Cash flows from operating activities:                                             |  |                              |            
|Net earnings                                                                      |  | $                            | 560,937    
|Adjustments to reconcile net income to net cash provided by operating activities: |  |                              |            
|Provision for loan losses                                                         |  |                              | 135,000    
|Depreciation, amortization, and accretion, net                                    |  |                              | 210,244    
|Net (gain) loss on sale of investment securities                                  |  |                              | (34,468    
|Net gain on sale of other real estate                                             |  |                              |           
|Net (gain) loss on sale of loans                                                  |  |                              | (16,434    
|Net gain on sale of premises and equipment                                        |  |                              | (4,700     
|Increase in cash surrender value of life insurance                                |  |                              | (69,711    
|Decrease in accrued interest receivable                                           |  |                              | 21,250     
|Increase in other assets                                                          |  |                              | (176,269   
|Increase in other liabilities                                                     |  |                              | 487,987    
|                                                                                  |  |                              |            
|Net cash provided by operating activities                                         |  |                              | 1,113,836  
|                                                                                  |  |                              |            
|Cash flows from investing activities:                                             |  |                              |            
|Proceeds from maturing investment securities- available for sale                  |  |                              | 17,173,106 
|Purchases of investment securities-available for sale                             |  |                              | (13,156,681
|Proceeds from sales of investment securities-available for sale                   |  |                              | 505,766    
|Proceeds from sales of real estate owned                                          |  |                              | 386,770    
|Loan originations, net                                                            |  |                              | (13,689,773
|Proceeds from sale of other assets owned                                          |  |                              | 199,025    
|Proceeds from sale of loans                                                       |  |                              | 5,232,245  
|Proceeds invested in life insurance contracts                                     |  |                              |           
|Purchases of premises and equipment                                               |  |                              | (261,161   
|                                                                                  |  |                              |            
|Net cash (used in) provided by investing activities                               |  |                              | (3,610,703 
|                                                                                  |  |                              |            
|Cash flows from financing activities:                                             |  |                              |            
|Net increase in savings and demand deposit accounts                               |  |                              | 3,333,302  
|Net decrease in certificates of deposit                                           |  |                              | (737,820   
|Net decrease in securities sold under agreements to repurchase                    |  |                              | (205,270   
|Repayment of line of credit                                                       |  |                              |           
|Repayment of Federal Home Loan Bank advances                                      |  |                              |           
|Proceeds from the issuance of trust preferred securities                          |  |                              |           
|Dividends paid                                                                    |  |                              | (73,338    
|Common stock issued through exercise of options                                   |  |                              | 7,773      
|Common stock repurchased                                                          |  |                              | (12,248    
|                                                                                  |  |                              |            
|Net cash provided by financing activities                                         |  |                              | 2,312,399  
|                                                                                  |  |                              |            
|Increase (decrease) in cash and cash equivalents                                  |  |                              | (184,468   
|Cash and cash equivalents at beginning of period                                  |  |                              | 22,698,187 
|                                                                                  |  |                              |            
|Cash and cash equivalents at end of period                                        |  | $                            | 22,513,719 
|                                                                                  |  |                              |            
|Supplemental disclosure of cash flow information:                                 |  |                              |            
|Interest paid                                                                     |  | $                            | 1,217,724  
|                                                                                  |  |                              |            
|Income taxes paid                                                                 |  | $                            | 27,500     
|                                                                                  |  |                              |            

See accompanying notes to consolidated financial statements.

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CCF HOLDING COMPANY AND SUBSIDIARY
Notes to Consolidated Financial Statements (Unaudited)

1.     Basis of Presentation

The consolidated financial statements for the three-month periods ended March 31, 2003 and 2002 are not audited and reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of
management, necessary for a fair presentation of the financial position, operating results, and cash flows for the interim periods.  Accordingly, they do not include all information and disclosures required by generally accepted accounting
principles for complete financial statements.

The results of operations for the three-month period ended March 31, 2003 are not necessarily indicative of the results for the entire year ending
December 31, 2003.

2.     Stock Compensation Plans

Statement of Financial Accounting Standards 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 dates, the Companys net earnings and net earnings per share for the period ended March 31, 2003 and 2002 would have been reduced to the
pro forma amounts indicated below:

|                           |  |  |             |  | 2003 |         | 2002 | 
|-------------------------- |  |  | ----------- |  | ---- | ------- | ---- | 
|                           |  |  |             |  |      |         |      | 
|Net earnings               |  |  | As reported |  | $    | 560,937 |      | 
|                           |  |  | Pro forma   |  | $    | 556,819 |      | 
|Basic earnings per share   |  |  | As reported |  | $    | .38     |      | 
|                           |  |  | Pro forma   |  | $    | .38     |      | 
|Diluted earnings per share |  |  | As reported |  | $    | .35     |      | 
|                           |  |  | Pro forma   |  | $    | .35     |      | 

The difference between the net earnings as reported and pro forma is the expense associated
with the grants which would have been earned in the period.  This expense was calculated based on the number of options vested during the period multiplied by the fair value at the time of grant, net of tax effect.  No options have been
granted since December 31, 2002.

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3.     Accounting Policies

Reference is made to the accounting policies of the Company
described in the notes to the consolidated financial statements contained in the Companys Annual Report on Form 10-KSB for the fiscal year ended December 31, 2002 filed with the Securities and Exchange Commission.

4.     Reclassification

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation used
in the current period consolidated financial statements.

5.     Earnings per share

Basic earnings per share
excludes dilution and is computed by dividing net income by weighted average shares outstanding which includes Management Stock Bonus Plan (MSBP) shares which have been awarded whether vested or not and excludes unallocated shares under the
Companys Employee Stock Ownership Plan (ESOP) until they are committed to be released for allocation.  Diluted earnings per share is computed by dividing net income by weighted average shares outstanding plus potential common stock
resulting from diluted stock options.

For the three-months ended March 31, 2003

|                                           |  | Net Earnings |         | Common Shares |  | Per Share Amount | 
|------------------------------------------ |  | ------------ | ------- | ------------- |  | ---------------- | 
|                                           |  |              |         |               |  |                  | 
|Basic earnings per share                   |  | $            | 560,937 |               |  | 1,467,957        | 
|Effect of dilutive common stock issuances: |  |              |         |               |  |                  | 
|Stock options                              |  |              |         |               |  | 119,693          | 
|                                           |  |              |         |               |  |                  | 
|Diluted earnings per share                 |  | $            | 560,937 |               |  | 1,586,650        | 
|                                           |  |              |         |               |  |                  | 

For the three-months ended March 31, 2002

|                                           |  | Net Earnings |         | Common Shares |  | Per Share Amount | 
|------------------------------------------ |  | ------------ | ------- | ------------- |  | ---------------- | 
|                                           |  |              |         |               |  |                  | 
|Basic loss per share                       |  | $            | 364,294 |               |  | 1,468,926        | 
|Effect of dilutive common stock issuances: |  |              |         |               |  |                  | 
|Stock options                              |  |              |         |               |  | 95,100           | 
|                                           |  |              |         |               |  |                  | 
|Diluted loss per share                     |  | $            | 364,294 |               |  | 1,564,026        | 
|                                           |  |              |         |               |  |                  | 

6.     Dividends Payable

On March 19, 2003, the Company declared a $0.05 dividend to shareholders of record on April 4, 2003, with a payment date of April 21, 2003.

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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

CCF Holding Company (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 (including this report on Form 10-QSB), in its reports to stockholders
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, estimates, and intentions, that 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; 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.

Comparison of Financial Condition at March 31, 2003 and December 31, 2002

Assets - The Companys total assets increased by 1.3%, or $3.3 million, between December 31, 2002 and March 31, 2003.  Net loans receivable increased 4.3% to $199.2 million at March 31, 2003, up $8.2 million
from $191.0 million at December 31, 2002.  The Companys loan growth includes approximately $9.1 million in commercial and commercial real estate loans and $1.7   million in construction real estate loans, partially offset by a
decrease in the outstanding balances of indirect and other consumer loans of  $1.8 million.

Liabilities - Total deposits during the three-months ended March 31, 2003, grew to
$234.4 million, an increase of $2.6 million, or 1.1%, from $231.8 million at December 31, 2002.  Deposit growth in transaction accounts, which include non-interest bearing demand deposit accounts, NOW accounts and money market accounts,
increased to $110.5 million, an increase of $3.0 million or 2.8% from $107.5 million at December 31, 2003. Heritage Bank, a commercial bank chartered by the State of Georgia and wholly owned subsidiary of the Company (the Bank),
continues to stress transaction account growth in its marketing strategy.  Time deposits and savings accounts decreased during the three-month period from $124.3 million at December 31, 2002, to $123.9 million at March 31, 2003, a decrease of
0.34% or $425,000.

Stockholders Equity - Stockholders equity increased $455,000, or 2.6%, from $17.7 million at December 31, 2002 to $18.2 million at March 31,
2003.  This increase was the result of the net income of $561,000 in the first quarter of 2003, partially offset by a decrease in the accumulated other comprehensive income of $39,500 and declaration of a $0.05 per share dividend which

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required $79,000.  The ratio of stockholders equity as a percentage of total assets was 6.9% at March 31, 2003. At December 31, 2002 the ratio was 6.8%.  Book
value per share increased from $12.09 at December 31, 2002 to $12.40 at March 31, 2003.  This increase is attributable to the net income for the first quarter of 2003.

Comparison of
Operating Results for the Three-months Ended March 31, 2003 and March 31, 2002

Net Income- The Company had net income of $364,000 for the three-month period ended March 31, 2002,
compared to net income of $561,000 in the same three-month period in 2003.  This represents an increase in net income of $197,000, or 54.0%.

Net Interest Income - Net interest income
for the three-month period ended March 31, 2003 increased from $2.4 million in 2002 to $2.6 million for the same period in 2003. Interest expense decreased $398,000 from $1.6 million in the period ending March 31, 2002, to $1.2 million for the
three-month period ended March 31, 2003.  The decrease is due primarily to the overall decline in interest rates and the continuing repricing of certificates of deposit during 2002.   The secondary reason for the decline is a shift
from higher cost time deposits to lower cost transaction accounts.  The recovery from the declines in interest rates, when combined with the shift in deposit categories, increased the margin in the quarter ending March 31, 2003, to 4.25%, from
4.04% in the quarter ended March 31, 2002. In the short-term, due to a negative gap the bank would experience a decline in net interest income during a rising rate environment

Provision for
Loan Losses - The Banks provision for loan losses decreased for the three-month period ended March 31, 2003, to $135,000 from $386,250 in the period ending March 31, 2002.Management expects that the provision expense during
the period ending March 31, 2003, is adequate to cover the growth in the loan portfolio, as well as losses based on past experience levels.  The loan loss provision had been increased in the period ending March 31, 2002, in consideration of a
$305,000 charge-off of a commercial loan during the first quarter of 2002. At March 31, 2003, the allowance for loan losses as a percentage of the total loan portfolio was 1.41%.  Management periodically evaluates the adequacy of the allowance
for loan losses, including an evaluation of past loan loss experience, current and predicted future economic conditions, volume, growth and collateral of the loan portfolio.  Management also reviews classified assets, including those loans and
assets listed as non-performing.  Currently management believes that its allowance for loan losses is adequate, however, there can be no assurances that further additions will not be needed.  Management will continue to monitor and adjust
the allowance as necessary in future periods based on growth in the loan portfolio, loss experience, the continued expected changing mix of loans in the loan portfolio and economic conditions. Loans internally classified as substandard for the
periods ending March 31, 2003, totaled $1.2 million and for the period ending December 31, 2002, substandard loans totaled $1.4 million. There were no loans classified as doubtful for either period.  Non-accrual loans increased from $625,000 at
December 31, 2002 to $649,000 at March 31, 2003, net of specific allowances.  Net charge-offs during the period ending March 31, 2003, totaled $147,600, representing 0.07% of net loans outstanding.

Other Income - Service charges on deposit accounts increased 26.4% from $171,000 at March 31, 2002 to $216,000 for the same three-month period ending March 31, 2003.  Other income for the three-month period ending
March 31, 2003, includes a net gain of $34,000 on the sale of an investment security, additionally, a net gain of $16,000 was recognized on sale of loans and $4,700 was recognized on gain on sale of fixed assets.  For the period ending March
31, 2002, a net gain on sale of other real estate of $59,000 was recognized, attributable to a sale of property previously purchased for future branch expansion.  Additionally, other income includes income on bank owned life insurance of 
$70,000 for the period ending March 31, 2003, and $57,000 for the period ending March 31, 2002.

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Other Expenses - Other expenses for the three-month period ended March 31, 2003, increased $219,000, or 11.8%, from $1.9 million for the three-month period ended March
31, 2002 to $2.1 million for the same period in 2003. Salaries and employee benefits increased to $1.2 million for the three-month period ended March 31, 2003, compared to $1.0 million during the same three-month period in 2002, an increase of
$162,000.

Liquidity-The Banks short-term liquidity was 15.77% on March 31, 2003. The Bank is required to maintain minimum levels of liquid assets as defined by the
State of Georgia and the Federal Deposit Insurance Corporation regulations. 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, 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 Federal Home Loan Bank of Atlanta and other correspondent banks.  These commitments totaled $26.0 million at March 31, 2003, with $5.0 million drawn. 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.

Capital Ratios -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 1 capital to risk-weighted assets, and of Tier 1 capital to average assets.  As of March 31,
2003, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action.  There are no conditions or events since that notification
that management believes have changed the Banks capital category.

As of March 31, 2003, total risk based capital ratios were 10.95% for the bank and 11.32% for the consolidated
company.  Tier 1 capital to risk weighted assets was 9.77% for the Bank and 10.14% for the consolidated company.  The Tier 1 capital to average asset ratio (leverage ratio) was 8.03% for the Bank and 8.37% for the consolidated
company.

ITEM 3. CONTROLS AND PROCEDURES

Within the 90-day period prior to the date of this report, the Company, under the supervision
and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Companys disclosure controls and
procedures.  Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective in ensuring that material information relating to the Company, including our
consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this quarterly report was being prepared.  There were no significant changes in our internal controls or in other factors
that could significantly affect these controls subsequent to the date of the evaluation.

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PART II.  OTHER INFORMATION

|Item 6.  Exhibits and Reports on Form 8-K
|-----------------------------------------
|                                         
|                                         
|                                         
|                                         
|                                         

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CCF HOLDING COMPANY AND SUBSIDIARY

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

CCF HOLDING COMPANY

|Date:  May 14, 2003 | BY: | /s/ DAVID B. TURNER                                          
|------------------- | --- | -------------------------------------------------------------
|                    |     |                                                              
|                    |     | David B. Turner President and Chief Executive Officer        
|                    |     |                                                              
|Date:  May 14, 2003 | BY: | /s/ MARY JO ROGERS                                           
|                    |     |                                                              
|                    |     | Mary Jo Rogers Sr. Vice President and Chief Financial Officer

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##### Table of Contents

CERTIFICATIONS

I, David B. Turner, President and Chief Executive
Officer of CCF Holding Company, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of CCF Holding Company;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-14 and 15d-14) for the registrant and have:

| | a) Designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this quarterly report is being prepared;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                   
| | b) Evaluated the effectiveness of the registrants disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the
Evaluation Date); and                                                                                                  
| |                                                                                                                                                                                                                                                                                                   
| | c) Presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation
Date;                                                                                                                        

5. The registrants other certifying officers and I have disclosed, based on our most recent evaluation,
to the registrants auditors and the audit committee of registrants board of directors (or persons performing the equivalent functions):

| | a) All significant deficiencies in the design or operation of internal controls which could adversely affect the registrants ability to record, process, summarize and
report financial data and have identified for the registrants auditors any material weaknesses in internal controls; and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                  
| | b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls; and                                                                                                                                        

6. The registrants other certifying officers and I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and
material weaknesses.

Date: May 14, 2003

| | /s/ DAVID B. TURNER                                   | 
| | ----------------------------------------------------- | 
| |                                                       | 
| | David B. Turner President and Chief Executive Officer | 

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CERTIFICATIONS

I, Mary Jo Rogers, Senior
Vice President and Chief Financial Officer of CCF Holding Company, certify that:

1. I have reviewed this quarterly report on Form 10-QSB
of CCF Holding Company;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-14 and 15d-14) for the registrant and have:

| | a) Designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this quarterly report is being prepared;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                   
| | b) Evaluated the effectiveness of the registrants disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the
Evaluation Date); and                                                                                                  
| |                                                                                                                                                                                                                                                                                                   
| | c) Presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation
Date;                                                                                                                        

5. The registrants other certifying officers and I have disclosed, based on our most recent evaluation,
to the registrants auditors and the audit committee of registrants board of directors (or persons performing the equivalent functions):

| | a) All significant deficiencies in the design or operation of internal controls which could adversely affect the registrants ability to record, process, summarize and
report financial data and have identified for the registrants auditors any material weaknesses in internal controls; and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                  
| | b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls; and                                                                                                                                        

6. The registrants other certifying officers and I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and
material weaknesses.

Date:  May 14, 2003

| | /s/ MARY JO ROGERS                                               | 
| | ---------------------------------------------------------------- | 
| |                                                                  | 
| | Mary Jo Rogers Senior Vice President and Chief Financial Officer | 

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