UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

              [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended March 31, 2004

                                       OR

             [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the Transition Period from _____ to

                        Commission file number 333-34908
                                               ---------


                 North Georgia Community Financial Partners, Inc
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         Georgia                                        58-2585603
------------------------                   ------------------------------------
(State of Incorporation)                   (I.R.S. Employer Identification No.)

                              350 W. Belmont Drive
                            Calhoun,  Georgia  30701
                            ------------------------
                    (Address of principal executive offices)


                                  706-629-6499
                                  ------------
                (Issuer's Telephone Number, Including Area Code)


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

                   Common stock, no par value; 912,167 shares
                        outstanding as of May ___, 2004.


                                        1
<PAGE>
<TABLE>
<CAPTION>
                            NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                                                 INDEX


                                                                                               Page No.
                                                                                               --------
<S>           <C>                                                                              <C>
PART I        FINANCIAL INFORMATION

   Item 1.    Consolidated Financial Statements

              Consolidated Balance Sheet (unaudited) at March 31, 2004                           3

              Consolidated Statements of Earnings (unaudited) for the Three
                Months Ended March 31, 2004 and 2003                                             4

              Consolidated Statements of Comprehensive Income (Loss) (unaudited)
                for the Three Months Ended March 31, 2004 and 2003                               5

              Consolidated Statements of Cash Flows (unaudited) for the
                Three Months Ended March 31, 2004 and 2003                                       6

              Notes to Consolidated Financial Statements (unaudited)                             7 - 8

   Item 2.    Management's Discussion and Analysis of Financial Condition and
                Results of Operations                                                            9 - 10

   Item 3.    Controls and Procedures                                                            11

PART II.      OTHER INFORMATION

   Item 1.    Legal Proceedings                                                                  11

   Item 2.    Changes in Securities and Small Business Issuer Purchases of Equity Securities     11

   Item 3.    Defaults Upon Senior Securities                                                    11

   Item 4.    Submission of Matters to a Vote of Security Holders                                11

   Item 5.    Other Information                                                                  11

   Item 6.    Exhibits and Reports on Form 8-K                                                   11
</TABLE>


                                        2
<PAGE>
                         PART I.  FINANCIAL INFORMATION

Item  1.  FINANCIAL  STATEMENTS

<TABLE>
<CAPTION>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                           Consolidated Balance Sheet

                                 March 31, 2004
                                   (Unaudited)


                                     Assets
                                     ------
<S>                                                            <C>
Cash and due from banks                                        $  2,870,827
Interest-bearing deposits in banks                                   52,978
Federal funds sold                                                2,400,000
                                                               ------------

        Cash and cash equivalents                                 5,323,805

Investment securities available for sale                         28,387,575
Other investments                                                   607,800
Loans                                                            71,779,145
  Less: Allowance for loan losses                                   899,621
                                                               ------------

        Loans, net                                               70,879,524

Premises and equipment, net                                       2,401,009
Accrued interest receivable and other assets                      1,988,500
                                                               ------------

                                                               $109,588,213
                                                               ============

                      Liabilities and Stockholders' Equity
                      ------------------------------------
Liabilities:
  Deposits:
    Noninterest-bearing                                        $  5,485,256
    Interest-bearing                                             87,565,811
                                                               ------------

        Total deposits                                           93,051,067

Other borrowings                                                  4,900,000
Securities sold under repurchase agreements                       1,647,048
Accrued interest payable and other liabilities                      418,015
                                                               ------------

        Total liabilities                                       100,016,130
                                                               ------------

Stockholders' equity:
  Preferred stock, no par value; authorized 2,000,000 shares;
    None issued and outstanding                                           -
  Common stock, no par value; authorized 10,000,000 shares;
    912,167 shares issued and outstanding                         9,417,401
Retained earnings                                                    17,834
Accumulated other comprehensive income                              136,848
                                                               ------------

        Total stockholders' equity                                9,572,083
                                                               ------------

                                                               $109,588,213
                                                               ============
<FN>
See  accompanying  notes  to  unaudited  consolidated  financial  statements.
</TABLE>


                                        3
<PAGE>
<TABLE>
<CAPTION>
                     NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                           Consolidated Statements of Earnings

                    For the Three Months Ended March 31, 2004 and 2003
                                       (Unaudited)


                                                                   2004           2003
                                                              ---------------  ----------
<S>                                                           <C>              <C>
Interest income:
  Interest on loans                                           $    1,073,111     863,822
  Interest on investment securities                                  238,584     207,665
  Interest on federal funds sold                                       2,314      11,277
  Interest on deposits in other banks                                      8         936
                                                              ---------------  ----------

    Total interest income                                          1,314,097   1,083,700
                                                              ---------------  ----------

Interest expense:
  Deposits                                                           395,950     360,272
  Other borrowings                                                    26,806      12,693
  Securities sold under repurchase agreements                          3,890      17,421
                                                              ---------------  ----------

    Total interest expense                                           426,646     390,386
                                                              ---------------  ----------

    Net interest income                                              887,451     693,314

Provision for loan losses                                             30,000      30,000
                                                              ---------------  ----------

    Net interest income after provision for loan losses              857,451     663,314
                                                              ---------------  ----------
Other income:
  Service charges on deposit accounts                                108,344      77,289
  Gains on sales of investment securities available for sale          68,045     159,736
  Gains on sales of other investments                                112,112           -
  Gains on sales of other real estate                                 49,009           -

  Other operating income                                              51,005      62,358
                                                              ---------------  ----------

    Total other income                                               388,515     299,383
                                                              ---------------  ----------

Other expense:
  Salaries and employee benefits                                     360,853     335,923
  Equipment and occupancy expense                                     91,216      88,495
  Capitalized loan origination costs                                 (83,417)    (51,090)
  Other operating expense                                            273,919     242,419
                                                              ---------------  ----------

    Total other expenses                                             642,570     615,747
                                                              ---------------  ----------

    Earnings before income taxes                                     603,395     346,950

Income tax expense                                                   231,290           -
                                                              ---------------  ----------

    Net earnings                                              $      372,105     346,950
                                                              ===============  ==========

Basic earnings per share                                      $          .41         .38
                                                              ===============  ==========
Diluted earnings per share                                    $          .40         .37
                                                              ===============  ==========
<FN>
See  accompanying  notes  to  unaudited  consolidated  financial  statements.
</TABLE>


                                        4
<PAGE>
<TABLE>
<CAPTION>
                             NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                          Consolidated Statements of Comprehensive Income (Loss)

                            For the Three Months Ended March 31, 2004 and 2003
                                                (Unaudited)


                                                                                          Three Months
                                                                                             Ended
                                                                                        2004       2003
                                                                                      ---------  ---------
<S>                                                                                   <C>        <C>
Net earnings                                                                          $372,105    346,950
                                                                                      ---------  ---------
Other comprehensive income (loss), net of tax:
  Unrealized holding gains (losses) on investment securities available for sale        228,849    (94,082)
  Reclassification adjustment for gains on investment securities available for sale    (68,045)  (159,736)
                                                                                      ---------  ---------

    Total other comprehensive income (loss), before tax                                160,804   (253,818)
                                                                                      ---------  ---------
Income taxes related to other comprehensive income (loss):
  Unrealized holding gains on investment securities available for sale                 (86,958)         -
  Reclassification adjustment for gains on investment securities available for sale     25,857          -
                                                                                      ---------  ---------
    Total income taxes related to other comprehensive income (loss)                    (61,101)         -
                                                                                      ---------  ---------

    Total other comprehensive income(loss), net of tax                                  99,703   (253,818)
                                                                                      ---------  ---------
    Comprehensive income                                                              $471,808     93,132
                                                                                      =========  =========
<FN>
See  accompanying  notes  to  unaudited  consolidated  financial  statements.
</TABLE>


                                        5
<PAGE>
<TABLE>
<CAPTION>
                                 NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                                      Consolidated Statements of Cash Flows

                                For the Three Months Ended March 31, 2004 and 2003
                                                   (Unaudited)


                                                                                            2004         2003
                                                                                        ------------  -----------
<S>                                                                                     <C>           <C>
Cash flows from operating activities:
  Net earningss                                                                         $   372,105      346,950
  Adjustments to reconcile net earnings to net cash provided by operating activities:
  Provision for loan losses                                                                  30,000       30,000
  Deferred income tax benefit                                                               (74,860)           -
  Depreciation, amortization and accretion                                                  102,390       76,944
  Gain on sale of investment securities available for sale                                  (68,045)    (159,736)
  Gain on sale of other investments                                                        (112,112)           -
  Gain on sale of other real estate                                                         (49,009)           -
  Change in::
   Accrued interest receivable and other assets                                             (15,160)      22,848
   Accrued interest payable and other liabilities                                            13,769       45,070
                                                                                        ------------  -----------

     Net cash provided by operating activities                                              199,078      362,076
                                                                                        ------------  -----------

Cash flows from investing activities:
  Net increase in interest-bearing deposits in other financial institutions                 (30,325)     (79,071)
  Net increase in federal funds soldd                                                    (2,400,000)  (3,000,000)
  Proceeds from sales of investment securities available for sale                         1,992,347    6,285,101
  Proceeds from maturities and paydowns of investment securities available for sale       1,675,234    1,624,348
  Purchases of investment securities available for sale                                  (7,526,624)  (1,781,040)
  Purchases of other investments                                                            (44,500)    (174,600)
  Proceeds from sales of other investments                                                  381,687            -
  Net change in loans                                                                       (43,425)  (3,224,424)
  Purchases of premises and equipment                                                       (45,205)     (70,005)
  Proceeds from sales of other real estate                                                  125,000       19,600
                                                                                        ------------  -----------

     Net cash provided (used) by investing activities                                    (5,915,811)   2,678,980
                                                                                        ------------  -----------

Cash flows from financing activities:
  Net increase in deposits                                                                5,478,798      683,749
  Repayments of other borrowings                                                           (100,000)           -
  Net increase in securities sold under repurchase agreements                               373,504       74,134
                                                                                        ------------  -----------

  Net cash provided by financing activities                                               5,752,302      757,883
                                                                                        ------------  -----------

  Net change in cash and cash equivalents                                                    35,569    3,798,939

Cash and cash equivalents at beginning of the period                                      2,835,258    3,606,324
                                                                                        ------------  -----------

Cash and cash equivalents at end of period                                              $ 2,870,827    7,405,263
                                                                                        ============  ===========

Supplemental disclosure for cash flow information:

  Change in unrealized loss on securities available for sale                            $   160,804     (253,818)
  Loans transferred to other real estate owned                                          $         -      192,704
  Financed sales of other real estate owned                                             $   100,000      176,991
<FN>
See  accompanying  notes  to  unaudited  consolidated  financial  statements.
</TABLE>


                                        6
<PAGE>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                   Notes to Consolidated Financial Statements
                                   (Unaudited)

(1)  Basis of Presentation
     ---------------------
     The consolidated financial statements include the accounts of North Georgia
     Community Financial Partners, Inc. (the "Company") and its wholly owned
     subsidiary, North Georgia National Bank (the "Bank").

     The Bank is a community oriented commercial bank with emphasis on retail
     banking and offers such customary banking services as consumer and
     commercial checking accounts, savings accounts, certificates of deposit,
     commercial and consumer loans, money transfers and a variety of other
     banking services.

     The accounting principles followed by the Company and the Bank 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
     determinations of the allowance for loan losses, the valuation of real
     estate acquired in connection with or in lieu of foreclosure on loans, and
     valuation allowances associated with deferred tax assets, the recognition
     of which are based on future taxable income.

     The unaudited financial information furnished herein reflects all
     adjustments, which in the opinion of management, are necessary to present a
     fair statement of the results of operations and financial position for the
     periods covered herein. All such adjustments are of a normal recurring
     nature. The results of operations for the three-month period ended March
     31, 2004, are not necessarily indicative of the results expected for the
     entire year. For further information, readers should refer to Form 10-KSB
     for the year ended December 31, 2003.

(2)  Income Taxes
     ------------
     The Company uses the liability method of accounting for income taxes, which
     requires the recognition of deferred tax assets and liabilities for the
     future tax consequences attributable to differences between the financial
     statement carrying amounts of existing assets and liabilities and their
     respective tax basis. Additionally, this method requires the recognition of
     future tax benefits, such as net operating loss carryforwards, to the
     extent that realization of such benefits is more likely than not. 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 realization of
     the deferred tax assets, management considers the scheduled reversals of
     deferred tax liabilities, projected future taxable income, and tax planning
     strategies.

(3)  Earnings Per Share
     ------------------
     Earnings per common share are based on the weighted average number of
     common shares outstanding during the period. The effects of potential
     common shares outstanding during the period are included in diluted
     earnings per share. The average market price during the period is used to
     compute equivalent shares. The reconciliation of the amounts used in the
     computation of both basic and diluted earnings per share for the three
     months ended March 31, 2004 are as follows:


                                        7
<PAGE>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

              Notes to Consolidated Financial Statements, continued
                                   (Unaudited)


<TABLE>
<CAPTION>
(3)  Earnings  Per  Share,  continued
                                              NET     COMMON    PER SHARE
     FOR THE QUARTER ENDED MARCH 31, 2004  EARNINGS   SHARES     AMOUNT
     ------------------------------------  ---------  -------  -----------
<S>                                        <C>        <C>      <C>
     Earnings per common share             $ 372,105  912,167  $      .41
     Effect of dilutive stock options              -   28,618        (.01)
                                           ---------  -------  -----------

     Diluted earnings per common share     $ 372,105  940,785  $      .40
                                           =========  =======  ===========

     FOR THE QUARTER ENDED MARCH 31, 2003
     ------------------------------------
     Earnings per common share             $ 346,950  912,167  $      .38
     Effect of dilutive stock options              -   24,462        (.01)
                                           ---------  -------  -----------

     Diluted earnings per common share     $ 346,950  936,629  $      .37
                                           =========  =======  ===========
</TABLE>

(4)  Stock Based Compensation
     ------------------------
     Statement of Financial Accounting Standards (SFAS) No. 123, "Accounting for
     Stock-Based Compensation," encourages, but does not require, entities to
     compute the fair value of options at the date of grant and to recognize
     such costs as compensation expense immediately if there is no vesting
     period or ratably over the vesting period of the options. The Company has
     chosen not to adopt the cost recognition principles of this statement and
     accounts for stock options under Accounting Principles Board Opinion No. 25
     and its related interpretations. Had compensation costs been determined
     based upon the fair value of the options at the grant dates consistent with
     the method of SFAS No. 123, the Company's net earnings and earnings per
     share would have reflected the proforma amounts below:

<TABLE>
<CAPTION>
                                                                                      March 31,
                                                                                  2004        2003
                                                                              ------------  --------
<S>                                                                           <C>           <C>
          Net earnings, as reported                                           $   372,105   346,950
          Proforma stock-based compensation cost adjustments associated with
            previous grants vesting                                                 6,713    11,629
                                                                              ------------  --------

          Proforma net earnings                                               $   365,392   335,321
                                                                              ============  ========

          Basic earnings per share, as reported                               $       .41       .38

          Proforma stock-based compensation cost adjustments associated with
            previous grants vesting                                                  (.01)     (.01)
                                                                              ------------  --------

          Basic proforma earnings, per share                                  $       .40       .37
                                                                              ============  ========

          Diluted earnings per share, as reported                             $       .40       .37

          Proforma stock-based compensation cost adjustments associated with
            previous grants vesting                                                  (.01)     (.01)
                                                                              ------------  --------

          Diluted proforma earnings, per share                                $       .39       .36
                                                                              ============  ========
</TABLE>


                                        8
<PAGE>
Item  2.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

               For the Three Months Ended March 31, 2004 and 2003

The following analysis compares North Georgia Community Financial Partners,
Inc.'s (the "Company") results of operations for the three month periods ended
March 31, 2004 and 2003 and reviews important factors affecting the Company's
financial condition at March 31, 2004, compared to December 31, 2003.  These
comments should be read in conjunction with the Company's consolidated financial
statements and accompanying notes appearing in this report.

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

Certain of the statements made in this report and in documents incorporated by
reference herein, including matters discussed under the caption "Management's
Discussion and Analysis of Financial Condition and Results of Operations," as
well as oral statements made by the Company or its officers, directors or
employees, may constitute forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange
Act").  Such forward-looking statements are based on management's beliefs,
current expectations, estimates and projections about the financial services
industry, the economy and about the Company and the Bank in general.  The words
"expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and
similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the Company to differ materially from
historical results or from any results expressed or implied by such
forward-looking statements. The Company cautions readers that the following
important factors, among others, could cause the Company's actual results to
differ materially from the forward-looking statements contained in this Report:

     -    the effect of changes in laws and regulations, including federal and
          state banking laws and regulations, with which the Company or the Bank
          must comply, and the associated costs of compliance with such laws and
          regulations either currently or in the future as applicable;

     -    the effect of changes in accounting policies, standards, guidelines or
          principles, as may be adopted by the regulatory agencies as well as by
          the Financial Accounting Standards Board;

     -    the effect of changes in the Company's organization, compensation and
          benefit plans;

     -    the effect on the Company's competitive position within its market
          area of the increasing consolidation within the banking and financial
          services industries, including the increased competition from larger
          regional and out-of-state banking organizations as well as non-bank
          providers of various financial services;

     -    the effect of changes in interest rates;

     -    the effect of changes in the business cycle and downturns in local,
          regional or national economies;

     -    the matters described under Part I, Item 1, Business - Business Risks
          of the Company's Annual Report on Form 10-KSB for the year ended
          December 31, 2003.

The Company cautions that the foregoing list of important factors is not
exclusive.  The Company undertakes no obligation to publicly update or revise
any forward-looking statements.

CRITICAL ACCOUNTING POLICY

The accounting and financial reporting policies of the Company conform to
accounting principles generally accepted in the United States of America and to
general practices within the banking industry.  Following is a description of
the accounting policies applied by the Company, which are deemed "critical".  In
determining which accounting policies are "critical" in nature, the Company has
identified the policies that require significant judgment or involve complex
estimates.  The application of these policies has a significant impact on he
Company's financial statements.  Financial results could differ significantly if
different judgments or estimates are applied.


                                        9
<PAGE>
ALLOWANCE FOR LOAN LOSSES

The allowance for loan losses is established through a provision for loan losses
charged to expense.   Loan losses are charged against the allowance when
management believes the collectibility of the principal is unlikely.  Subsequent
recoveries, if any, are credited to the allowance.

The allowance is an amount that management believes will be adequate to absorb
estimated losses relating to specifically identified loans, as well as probably
credit losses inherent in the balance of the loan portfolio, based on an
evaluation of the collectibility of existing loans and prior loss experience.
This evaluation also takes into consideration such factors as changes in the
nature and volume of the loan portfolio, overall portfolio quality, reviews of
specific loan problems, concentrations and current economic conditions that may
affect the borrower's ability to pay.  This evaluation does not include the
effects of expected losses on specific loans or groups of loans that are related
to future events or expected changes in economic conditions.  While management
uses the best information available to make its evaluation, future adjustments
to the allowance may be necessary if there are significant changes in economic
conditions.  In addition, regulatory agencies, as an integral part of their
examination process, periodically review the Bank's allowance for loan losses,
and may require the Bank to make additions to the allowance based on their
judgment about information available to them at the time of their examinations.

The allowance consists of specific, general and unallocated components.  The
specific component relates to loans that are classified as either doubtful,
substandard or special mention.  For such loans that are also classified as
impaired, an allowance is established when the discounted cash flows (or
collateral value or observable market price) of the impaired loan is lower than
the carrying value of that loan.  The general component covers non-classified
loans and is based on historical loss experience adjusted for qualitative
factors.  An unallocated component is maintained to cover uncertainties that
could affect management's estimate of probable losses.  The unallocated
component of the allowance reflects the margin of imprecision inherent in the
underlying assumptions used in the methodologies for estimating specific and
general losses in the portfolio.


FINANCIAL CONDITION

Total assets at March 31, 2004, were $109,588,213 representing a $6,237,879
(6.0%) increase from December 31, 2003.   Deposits increased $5,478,798 (6.26%)
from December 31, 2003.   Net loans increased $113,425 (0.16%). The allowance
for loan losses at March 31, 2004, totaled $899,621, representing 1.25% of total
loans compared to December 31, 2003, totals of $873,650, which represented 1.22%
of total loans. Cash and due from banks increased $35,569 from December 31,
2003.

RESULTS OF OPERATIONS

Net earnings for the three months ended March 31, 2003, were $372,105, $.40 per
diluted share, compared to March 31, 2003, net earnings of $346,950, $.37 per
diluted share.

For the three months ended March 31, 2004, the Bank's yield on earning assets
was 5.57% while the cost of funding sources was 1.86%.  While net interest
spread was 3.71%, net interest margin was 3.87%, an increase of 11 basis points
as compared to the same period in the prior year.  Net interest margin increased
slightly resulting from a larger decrease in the average interest rate paid on
liabilities compared to the decrease in the average interest rate earned on
assets.  Net interest income in the aggregate increased for the three months
ended March 31, 2004, over the same period for 2003 primarily due to the
increase in loans.  Management monitors the rate sensitivity of earning assets
and interest-bearing liabilities over the entire life of these instruments, but
places particular emphasis on the first year.

The provision for loan losses was $30,000 first quarter of 2004 and 2003.  Based
upon an evaluation of the loan portfolio, the Company believes the allowance for
loan losses is adequate to absorb losses on existing loans that may become
uncollectible.

As of March 31, 2004, non-performing assets totaled $258,600 compared to
$278,000 at December 31, 2003, a decrease of $19,400 or 7%.  Non-accrual loans
at March 31, 2004 was comprised of one consumer loan in the amount of $62,946.
Other real estate at March 31, 2004 totaled $195,600 compared to $271,600 at
December 31, 2003.  One of the properties was sold in the first quarter of 2004
resulting in a gain of $49,009.  The remaining property is expected to be sold
in 2004.  The Company does not expect to incur any losses on the sale of the
property.


                                       10
<PAGE>
The Bank has $62,900 of loans on non-accrual status at March 31, 2004 compared
to $5,500 at December 31, 2003.   While there may be additional loans in the
portfolio that may become classified as conditions indicate, management is not
aware of any potential problem or restructured loans.

Other income increased $89,132 for the three months ended March 31, 2004,
compared to the same period for 2003.  The increase is primarily due to gains on
sales of other investments of $112,112 and gain on sale of other real estate of
$49,009.  Gains on sales of securities available for sale decreased $91,691.

Other expense increased $26,824 for the three months ended March 31, 2004,
compared to the same period for 2003.  The increase is primarily attributable to
an increase in other operating expenses and salaries and employee benefits. The
increase in other operating expenses is primarily attributable to an increase in
data processing expenses of $13,000.  The increase in salaries and employees
benefits is due to an increase in full-time employees as well as general salary
increases.

For the three months ended March 31, 2004, the Company provided $231,290 for
income taxes.  The Bank had no income tax expense or benefit for the period
ended March 31, 2003, as net operating losses were incurred and financial
statement deferred tax benefits remained unrecorded as their realization was
heavily dependent on future income.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2004, the liquidity ratio, as determined under guidelines
established by regulatory authorities, was satisfactory to meet operating and
loan funding requirements.  The liquidity ratio (i.e. cash, short-term assets,
and marketable assets divided by deposits and other borrowings) was
approximately 34%.  The Company will continue to monitor liquidity and make
adjustments as deemed necessary.

Capital ratios at March 31, 2004, were adequate based on regulatory minimum
capital requirements.  The capital ratios of the consolidated company
approximate those of the Bank.  The following tables present the Bank's
regulatory capital position at March 31, 2004:

<TABLE>
<CAPTION>
<S>                                                                     <C>
          RISK-BASED CAPITAL RATIOS
          -------------------------

            Tier 1 Capital, Actual                                      12.19%
            Tier 1 Capital minimum requirement                           4.00%
                                                                        ------

              Excess                                                     8.19%
                                                                        ======

            Total Capital, Actual                                       13.36%
            Total Capital minimum requirement                            8.00%
                                                                        ------

              Excess                                                     5.36%
                                                                        ======

          LEVERAGE RATIO
          --------------

            Tier 1 Capital to average total assets, ("Leverage Ratio")   8.56%
            Minimum leverage requirement                                 4.00%
                                                                        ------

              Excess                                                     4.56%
                                                                        ======
</TABLE>

These ratios may decline as asset growth continues, but are expected to exceed
the regulatory requirements.  Anticipated future earnings will assist in keeping
these ratios at satisfactory levels.

Management is not aware of any known trends, events or uncertainties, other than
the effect of events as described above, that will have or that are reasonably
likely to have a material effect on the liquidity, capital resources or
operations.  Management is also not aware of any current recommendations by the
regulatory authorities that would have such an effect, if they were implemented.

OFF-BALANCE SHEET ARRANGEMENTS
In the normal course of business, the Bank enters into certain off-balance sheet
transactions that are connected with meeting the financing needs of its
customers.  These off-balance sheet arrangements consist of letters of credit
and commitments to extend credit.  Letters of credit and commitments to extend
credit totaled $1,147,000 and $13,103,000 at


                                       11
<PAGE>
March 31, 2004 and 2003, respectively.  These off-balance sheet arrangements are
discussed in detail in note 12 of the December 31, 2003 consolidated financial
statements.

Item 3.   CONTROLS AND PROCEDURES
---------------------------------

At the end of the period covered by this report, the Company carried out an
evaluation, under the supervision and with the participation of the Company's
management, including the Company's Chief Executive Officer and Chief Financial
Officer, of the effectiveness of the design and operation of the Company's
disclosure controls and procedures pursuant to Exchange Act Rule 13a-14.  Based
upon that evaluation, the Company's Chief Executive Officer and Chief Financial
Officer concluded that the Company's disclosure controls and procedures are
effective in timely alerting them to material information relating to the
Company  (including its consolidated subsidiaries) that is required to be
included in the Company's periodic filings with the Securities and Exchange
Commission.  There have been no significant changes in the Company's internal
controls over financial reporting during the quarter ended March 31, 2004 that
have materially affected, or are reasonably likely to materially affect, the
Company's internal control over financial reporting.


                                       12
<PAGE>
                           PART II.  OTHER INFORMATION

                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.


Item 1.   Legal  Proceedings
          ------------------
          None

Item 2.   Changes  in  Securities and Small Business Issuer Purchases of Equity
          ---------------------------------------------------------------------
          Securities
          ----------
          None

Item 3.   Defaults  Upon  Senior  Securities
          ----------------------------------
          None

Item 4.   Submission  of  Matters  to  a  Vote  of  Security  Holders
          -----------------------------------------------------------
          None

Item 5.   Other  Information
          ------------------
          None

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

          a)   Exhibits
               31.1  Certification of the Chief Executive Officer pursuant to
                     Rule  15d-14(a)  of  the  Exchange  Act
               31.2  Certificate  of  the Chief Financial officer pursuant to
                     Rule  15d-14(a)  of  the  Exchange  Act
               32    Certification  of  Chief  Executive  Officer  and  Chief
                     Financial  Officer  pursuant  to  18  U.S.C. Section 350,
                     as adopted pursuant to Section  906  of  the
                     Sarbanes-Oxley  Act  of  2002

          b)   None


                                       13
<PAGE>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                                   SIGNATURES


     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
Registrant  has  duly  caused  this  Report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.


                    NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                              By:   /s/  DAVID  J.  LANCE
                                    ----------------------------------
                                    David J. Lance
                                    (Principal Executive Officer)


                              Date: May  14,  2004
                                    ----------------------------------



                              By:   /s/  RHONDA  C.  MASSENGILL
                                    ----------------------------------
                                    Rhonda C. Massengill
                                    (Principal Financial and Accounting Officer)


                              Date: May  14,  2004
                                    ----------------------------------


                                       14
<PAGE>