<PAGE>   1
                      U.S. SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C. 20549

                                  FORM 10-Q/A

[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
         ACT OF 1934 For the quarterly period ended June 30, 1999


[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 For the transition period from      to
                                                            -----    -----
                         Commission file number 0-13153


                                HABERSHAM BANCORP
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

<TABLE>
<CAPTION>
             Georgia                                                58-1563165
--------------------------------------------------------------------------------
<S>                                                             <C>
  (State or other jurisdiction of                                (I.R.S. Employer
   incorporation or organization)                               Identification No.)

  282 Historic HWY 441  P.O. Box 1980, Cornelia, Georgia              30531
--------------------------------------------------------------------------------
        (Address of principal executive offices)                    (Zip code)
</TABLE>


                                 (706) 778-1000
--------------------------------------------------------------------------------
                (Issuer's telephone number, including area code)



--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

         Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
                                                 Yes [X]    No [ ]

State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date:

2,693,851 shares, common stock, $1.00 par value, as of July 31, 1999



<PAGE>   2

HABERSHAM BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) For the Six-Month Periods Ended June 30, 1999 and 1998
(dollars in thousands)

<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES:                        1999                     1998
                                                           ---------                ---------
<S>                                                        <C>                      <C>
  Net income                                               $     752                $     862
  Adjustments to reconcile net income to net cash
   provided by (used in) operating activities:
      Provision for loan losses                                  452                      318
      Depreciation                                               691                      648
      Gain on sale of investment securities                      (16)                     (34)
      Unrealized holding loss on trading securities              456                        -
      Gain on sale of other real estate                          (11)                      (9)
      Net gain on sale of loans                               (5,088)                  (3,810)
      Amortization of intangible assets                          169                      137
      Deferred income tax benefit                                (16)                     (16)
      Proceeds from sale of loans held for sale              318,554                  139,910
      Net increase in loans held for sale                   (296,336)                (164,125)

  Changes in assets and liabilities:
     Increase in interest receivable                             (88)                     (97)
     Increase in other assets                                   (228)                    (207)
     Decrease in interest payable                               (848)                    (149)
     (Decrease) increase in other liabilities                 (1,392)                   8,380
                                                           ---------                ---------
  Net cash provided by (used in) operating activities         17,051                  (18,192)
                                                           ---------                ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Investment securities available for sale:
    Proceeds from maturity                                     6,163                    4,537
    Proceeds from sale                                         5,016                    2,564
    Purchases                                                 (6,152)                 (12,758)
  Investment securities held to maturity:
    Proceeds from maturity                                     2,487                    1,075
    Purchases                                                 (1,483)                  (3,211)
  Other investments:
    Proceeds from sale                                         5,450                    1,247
    Purchases                                                 (3,938)                  (1,675)
  Net cash paid for purchase of CB Financial Corp
     common stock                                               (216)                       -
  Loans:
    Proceeds from sale                                        19,901                   21,950
    Net increase in loans                                    (62,300)                 (30,991)
  Purchases of premises and equipment                           (403)                    (538)
  Proceeds from sale of premises and equipment                     -                       62
  Proceeds from sale of other real estate                         42                      103
                                                           ---------                ---------
    Net cash used in investing activities                    (35,433)                 (17,635)
                                                           ---------                ---------
</TABLE>



<PAGE>   3



                                   SIGNATURES

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

                                HABERSHAM BANCORP
                                  (Registrant)


Date September 7, 1999               /s/ David D. Stovall
                                     -------------------------------------
                                     President and
                                     Chief Financial Officer
                                     (for the Registrant and as the
                                     Registrant's principal financial and
                                     accounting officer)