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 June 30, 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)

Check  whether  the  issuer  (1)  has  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
equity, as of the latest practicable date: Common stock, no par value; 912,167
shares outstanding as of August 13, 2004.

Transitional Small Business Disclosure Format.  YES [ ]  NO [X]


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

                                              INDEX

<S>         <C>                                                                    <C>
                                                                                   Page No.
                                                                                   --------

PART I      FINANCIAL INFORMATION

   Item 1.  Financial Statements

            Consolidated Balance Sheet (Unaudited) at June 30, 2004                       3

            Consolidated Statements of Earnings (Unaudited) for the Three
              Months and the Six Months Ended June 30, 2004 and 2003                      4

            Consolidated Statements of Comprehensive Income (Unaudited)
              for the Three Months and the Six Months Ended June 30, 2004 and 2003        5

            Consolidated Statements of Cash Flows (Unaudited) for the Six
              Months Ended June 30, 2004 and 2003                                         6

            Notes to Consolidated Financial Statements (Unaudited)                        7

   Item 2.  Management's Discussion and Analysis or Plan of Operation                    10

   Item 3.  Controls and Procedures                                                      13

PART II.    OTHER INFORMATION

   Item 1.  Legal Proceedings                                                            14

   Item 2.  Changes in Securities and Repurchases of Equity Securities                   14

   Item 3.  Defaults Upon Senior Securities                                              14

   Item 4.  Submission of Matters to a Vote of Security Holders                          14

   Item 5.  Other Information                                                            14

   Item 6.  Exhibits and Reports on Form 8-K                                             14

SIGNATURES                                                                               15
</TABLE>


                                      -2-
<PAGE>
<TABLE>
<CAPTION>
                          PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                           Consolidated Balance Sheet

                                  June 30, 2004
                                   (Unaudited)


<S>                                                             <C>
Cash and due from banks                                         $  3,098,203
Interest-bearing deposits in banks                                    27,457
Federal funds sold                                                 4,550,000
                                                                -------------

      Cash and cash equivalents                                    7,675,660

Investment securities available for sale                          27,071,868
Other investments                                                    610,600

Loans                                                             75,252,655
  Less:   Allowance for loan losses                                  957,292
                                                                -------------

      Loans, net                                                  74,295,363

Premises and equipment, net                                        2,396,157
Accrued interest receivable and other assets                       2,288,421
                                                                -------------

                                                                $114,338,069
                                                                =============

                      Liabilities and Stockholders' Equity
                      ------------------------------------

Liabilities:
  Deposits:
  Noninterest-bearing                                           $  5,515,517
  Interest-bearing                                                87,522,552
                                                                -------------

      Total deposits                                              93,038,069

Other borrowings                                                   5,900,000
Securities sold under repurchase agreements                        1,424,441
Junior subordinated debentures                                     4,124,000
Accrued interest payable and other liabilities                       625,256
                                                                -------------

      Total liabilities                                          105,111,766
                                                                -------------

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                                                    221,849
Accumulated other comprehensive income (loss)                       (412,947)
                                                                -------------

      Total stockholders' equity                                   9,226,303
                                                                -------------

                                                                $114,338,069
                                                                =============
</TABLE>

See accompanying notes to unaudited consolidated financial statements.


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

                                     Consolidated Statements of Earnings

                    For the Three Months and the Six Months Ended June 30, 2004 and 2003
                                                 (Unaudited)


                                                                   Three Months             Six Months
                                                                      Ended                   Ended
                                                                     June 30,                June 30,
                                                                2004         2003        2004        2003
                                                             -----------  ----------  ----------  ----------
<S>                                                          <C>          <C>         <C>         <C>
Interest income:
  Interest and fees on loans                                 $1,115,771     939,756   2,188,882   1,803,578
  Interest on investment securities                             242,991     199,422     481,575     407,087
  Interest on federal funds sold                                  2,078       2,194       4,392      13,471
  Interest on deposits with other banks                             199         684         287       1,620
                                                             -----------  ----------  ----------  ----------

      Total interest income                                   1,361,039   1,142,056   2,675,136   2,225,756
                                                             -----------  ----------  ----------  ----------

Interest expense:
  Deposits                                                      383,948     384,144     779,898     744,416
  Other borrowings                                               29,229      13,295      56,035      25,988
  Securities sold under repurchase agreements                     3,832      12,965       7,722      30,386
                                                             -----------  ----------  ----------  ----------

      Total interest expense                                    417,009     410,404     843,655     800,790
                                                             -----------  ----------  ----------  ----------

      Net interest income                                       944,030     731,652   1,831,481   1,424,966

Provision for loan losses                                        95,000     100,000     125,000     130,000
                                                             -----------  ----------  ----------  ----------

      Net interest income after provision for loan losses       849,030     631,652   1,706,481   1,294,966
                                                             -----------  ----------  ----------  ----------

Other operating income:
  Service charges on deposit accounts                            98,330      76,024     206,674     153,313
  Gain on sales of investment securities available for sale         568      69,458      68,613     229,194
  Gain on sales of other investments                                  -           -     112,112           -
  Gains on sales of other real estate                            29,366           -      78,375           -
  Other operating income                                         62,308      83,349     113,313     145,707
                                                             -----------  ----------  ----------  ----------

      Total other income                                        190,572     228,831     579,087     528,214
                                                             -----------  ----------  ----------  ----------

Other operating expense:
  Salaries and employee benefits                                379,294     376,559     740,147     712,482
  Equipment and occupancy expense                                81,248      92,024     172,464     180,519
  Capitalized loan origination costs                            (80,022)    (62,180)   (163,439)   (113,270)
  Other operating expense                                       330,857     252,659     604,776     495,078
                                                             -----------  ----------  ----------  ----------

      Total other operating expense                             711,377     659,062   1,353,948   1,274,809
                                                             -----------  ----------  ----------  ----------

      Earnings before income taxes                              328,225     201,421     931,620     548,371

Income tax (expense) benefit                                   (124,210)    355,029    (355,500)    355,029
                                                             -----------  ----------  ----------  ----------

      Net earnings                                           $  204,015     556,450     576,120     903,400
                                                             ===========  ==========  ==========  ==========

Basic earnings per share                                     $     . 22         .61         .63         .99
                                                             ===========  ==========  ==========  ==========

Diluted earnings per share                                   $      .22         .59         .61         .97
                                                             ===========  ==========  ==========  ==========
</TABLE>

See accompanying notes to unaudited consolidated financial statements.


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

                                  Consolidated Statements of Comprehensive Income

                          For the Three Months and the Six Months Ended June 30, 2004 and 2003
                                                      (Unaudited)


                                                                           Three Months           Six Months
                                                                               Ended                 Ended
                                                                              June 30,              June 30,
                                                                          2004       2003       2004       2003
                                                                       ----------  ---------  ---------  ---------
<S>                                                                    <C>         <C>        <C>        <C>

Net earnings                                                           $ 204,015    556,450    576,120    903,400

Other comprehensive income (loss), net of tax:

  Unrealized holding gains (losses) on investment securities
    available for sale                                                  (886,198)   120,236   (657,342)    26,154

  Reclassification adjustment for gains on investment securities
    available for sale                                                      (568)   (69,458)   (68,613)  (229,194)
                                                                       ----------  ---------  ---------  ---------

      Total other comprehensive income (loss), before tax               (886,766)    50,778   (725,955)  (203,040)
                                                                       ----------  ---------  ---------  ---------

Income taxes related to other comprehensive income:
  Unrealized holding gains (losses) on investment securities
    available for sale                                                   336,755   (134,300)   249,790   (195,000)
  Reclassification adjustment for gains on investment securities
    available for sale                                                       216     26,394     26,073     87,094
                                                                       ----------  ---------  ---------  ---------

      Total income taxes related to other comprehensive income (loss)    336,971   (107,906)   275,863   (107,906)
                                                                       ----------  ---------  ---------  ---------

      Total other comprehensive income (loss), net of tax               (549,795)   (57,128)  (450,092)  (310,946)
                                                                       ----------  ---------  ---------  ---------

      Comprehensive income (loss)                                      $(345,780)   499,322    126,028    592,454
                                                                       ==========  =========  =========  =========
</TABLE>

See accompanying notes to unaudited consolidated financial statements.


                                      -5-
<PAGE>
<TABLE>
<CAPTION>
                                 NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.
                                       Consolidated Statements of Cash Flows
                                    For the Six Months Ended June 30, 2004 and 2003
                                                    (Unaudited)


                                                                                             Six Months Ended
                                                                                                 June 30,
                                                                                           2004           2003
                                                                                       -------------  ------------
<S>                                                                                    <C>            <C>
Cash flows from operating activities:
  Net earnings                                                                         $    576,120       903,400
  Adjustments to reconcile net earnings to net cash provided by operating activities:
    Provision for loan losses                                                               125,000       130,000
    Deferred income tax benefit                                                              13,750      (355,029)
    Depreciation, amortization and accretion, net                                           185,494       167,108
    Gain on sale of investment securities available-for-sale                                (68,613)     (229,194)
    Gain on sales of other investments                                                     (112,112)            -
    Gain on sales of other real estate                                                      (78,375)            -
  Change in:
    Accrued interest receivable and other assets                                           (128,615)      (24,819)
    Accrued interest payable and other liabilities                                          207,260       117,402
                                                                                       -------------  ------------

      Net cash provided by operating activities                                             719,909       708,868
                                                                                       -------------  ------------

Cash flows from investing activities:
  Net increase in interest-bearing deposits in other financial institutions                  (4,804)            -
  Net increase in federal fund sold                                                      (4,550,000)            -
  Proceeds from sales of investment securities available for sale                         1,992,914     8,418,449
  Proceeds from maturities of investment securities available for sale                    4,048,646    11,344,555
  Purchases of investment securities available- for-sale                                 (9,526,624)  (22,130,366)
  Proceeds from sales of other investments                                                  381,687             -
  Purchases of other investments                                                            (47,300)     (190,600)
  Net change in loans                                                                    (3,554,264)  (11,951,743)
  Purchases of premises and equipment                                                       (87,916)     (483,378)
  Proceeds from sales of other real estate                                                  250,000        19,600
                                                                                       -------------  ------------

      Net cash used by investing activities                                             (11,097,661)  (14,973,483)
                                                                                       -------------  ------------

Cash flows from financing activities:
  Net change in deposits                                                                  5,465,800    17,275,451
  Net change in securities sold under repurchase agreements                                (100,000)     (913,998)
  Proceeds from other borrowings                                                          1,000,000             -
  Net change in securities sold under repurchase agreements                                 150,897             -
  Proceeds from issuance of junior subordinated debentures                                4,124,000             -
                                                                                       -------------  ------------

      Net cash provided by financing activities                                          10,640,697    16,361,453
                                                                                       -------------  ------------

      Net change in cash and cash equivalents                                               262,945     2,096,838

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

Cash and cash equivalents at end of period                                             $  3,098,203     5,703,162
                                                                                       =============  ============

Supplemental disclosures of cash flow information:

  Change in unrealized (loss) gain on securities available for sale, net of tax        $   (450,092)     (310,946)
  Loans transferred to other real estate owned                                         $          -       240,704
  Financed sales of other real estate owned                                            $    100,000       176,991
</TABLE>

See accompanying notes to unaudited consolidated financial statements.


                                      -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 six-month period ended June 30,
     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)  Due  from  Banks  and  Cash  Flows
     ----------------------------------
     For purposes of reporting cash flows, cash and due from banks include cash
     on hand, cash items in process of collection and amounts due from banks.
     Cash flows from loans, interest-bearing deposits in banks, federal funds
     sold, deposits and securities sold under repurchase agreements are reported
     net.

(3)  Trust  Preferred  Securities
     ----------------------------
     In June 2004, the Company issued, through a wholly owned Delaware statutory
     business trust, North Georgia Community Statutory Trust I, $4,000,000 of
     Floating Rate Junior Subordinated Deferrable Interest Debentures (the
     "Trust Preferred Securities"). These debentures qualify as Tier 1 capital
     under Federal Reserve Guidelines. All of the common securities of North
     Georgia Community Statutory Trust I are owned by the Company. The proceeds
     from the issuance of the common securities and the Trust Preferred
     Securities were used by North Georgia Community Statutory Trust I to
     purchase $4,124,000 of junior subordinated debentures of the Company, which
     carry a floating interest rate equal to the three-month LIBOR rate plus
     2.65%. At June 30, 2004, this rate was 4.0775%. The proceeds received by
     the Company from the sale of the junior subordinated debentures were used
     to strengthen the capital position of the Company and the Bank and to
     accommodate future growth. The debentures and related accrued interest
     represent the sole assets of North Georgia Community Statutory Trust I.

     The Trust Preferred Securities accrue and pay quarterly distributions equal
     to the three-month LIBOR rate plus 2.65% per annum of the stated
     liquidation value of $1,000 per capital security. The Company has entered
     into contractual arrangements under which, taken collectively, the Company
     has fully and unconditionally guaranteed payment of: (i) accrued and unpaid
     distributions required to be paid on the Trust Preferred Securities; (ii)
     the redemption price with respect to any Trust Preferred Securities called
     for redemption by North Georgia Community Statutory Trust I; and (iii)
     payments due upon a voluntary or involuntary dissolution, winding up, or
     liquidation of North Georgia Community Statutory Trust I.


                                      -7-
<PAGE>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.
              Notes to Consolidated Financial Statements, continued
                                   (Unaudited)

(3)  Trust  Preferred  Securities,  continued
     ----------------------------------------
     The Trust Preferred Securities are mandatorily redeemable upon maturity of
     the debentures on June 17, 2034, or upon earlier redemption as provided in
     the indenture. The Company has the right to redeem the debentures purchased
     by North Georgia Community Statutory Trust I in whole or in part, on or
     after June 17, 2009. As specified in the indenture, if the debentures are
     redeemed prior to maturity, the redemption price will be the unpaid
     principal amount, plus any accrued unpaid interest.

(4)  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.

(5)  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 six months
     ended June 30, 2004 and 2003 is as follows:

<TABLE>
<CAPTION>
                                       For the three months            For the six months
                                          Ended June 30,                  Ended June 30,
                                    ----------------------------  ----------------------------
                                                          Per                           Per
                                       Net     Common    Share       Net     Common    Share
FOR THE PERIOD ENDED JUNE 30, 2004  Earnings   Shares    Amount   Earnings   Shares    Amount
----------------------------------  ---------  -------  --------  ---------  -------  --------
<S>                                 <C>        <C>      <C>       <C>        <C>      <C>

Earnings per common share           $ 204,015  912,167  $   .22   $ 576,120  912,167  $   .63
Effect of dilutive stock options            -   28,777        -           -   28,585     (.02)
                                    ---------  -------  --------  ---------  -------  --------

Diluted earnings per common share   $ 204,015  940,944  $   .22   $ 576,120  940,752  $   .61
                                    =========  =======  ========  =========  =======  ========

FOR THE PERIOD ENDED JUNE 30, 2003
----------------------------------

Earnings per common share           $ 556,450  912,167  $   .61   $ 903,400  912,167  $   .99
Effect of dilutive stock options            -   23,872     (.02)          -   23,872     (.02)
                                    ---------  -------  --------  ---------  -------  --------

Diluted earnings per common share   $ 556,450  936,039  $   .59   $ 903,400  936,039  $   .97
                                    =========  =======  ========  =========  =======  ========
</TABLE>


                                      -8-
<PAGE>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

              Notes to Consolidated Financial Statements, continued
                                   (Unaudited)

(6)  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 pro forma amounts below:

<TABLE>
<CAPTION>
                                                  For the three months      For the six months
                                                     Ended June 30,            Ended June 30,
                                               -------------------------  ----------------------
                                                   2004          2003        2004        2003
                                               -------------  ----------  -----------  ---------
<S>                                            <C>            <C>         <C>          <C>

Net earnings, as reported                      $    204,015     556,450      576,120    903,400
Pro forma stock-based compensation cost
  adjustments associated with previous grants
  vesting and cancellations, net of tax             (28,667)    (14,495)     (35,380)   (26,124)
                                               -------------  ----------  -----------  ---------

Pro forma net earnings                         $    175,348     541,955      540,740    877,276
                                               =============  ==========  ===========  =========

Basic earnings per share, as reported          $        .22         .61          .63        .99

Pro forma stock-based compensation cost
  adjustments associated with previous grants
  vesting and cancellations, net of tax                (.03)       (.02)        (.04)      (.03)
                                               -------------  ----------  -----------  ---------

Basic pro forma earnings, per share            $        .19         .59          .59        .96
                                               =============  ==========  ===========  =========

Diluted earnings per share, as reported        $        .22         .59          .61        .97

Pro forma stock-based compensation cost
  adjustments associated with previous grants
  vesting and cancellations, net of tax                (.03)       (.01)        (.04)      (.03)
                                               -------------  ----------  -----------  ---------

Diluted pro forma earnings, per share          $        .19         .58          .57        .94
                                               =============  ==========  ===========  =========
</TABLE>


                                      -9-
<PAGE>
Item  2.
            MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

                       For the Six Months in the Periods Ended
                                June 30, 2004 and 2003

The following analysis compares the results of operations of North Georgia
Community Financial Partners, Inc. (the "Company") for the three- and six-month
periods ended June 30, 2004 and 2003 and reviews important factors affecting the
Company's financial condition at June 30, 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; and

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

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. The Company has determined that
its policy regarding the determination of its allowance for loan losses is a
critical accounting policy in that it requires significant judgments and
involves complex estimates and the application of the policy has a significant
impact on the Company's financial statements.

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.


                                      -10-
<PAGE>
The allowance is an amount that management believes will be adequate to absorb
estimated losses relating to specifically identified loans, as well as probable
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.

RESULTS OF OPERATIONS

Net earnings for the six months ended June 30, 2004 were $576,120, or $.61 per
diluted share, compared to $903,400, or $.97 per diluted share, for the same
period in 2003. Net earnings for the three months ended June 30, 2004 decreased
$352,435, or 63.3%, compared to the same period in 2003. The decrease is due to
the recognition in 2003 of the Company's deferred tax asset from accumulated
losses.

For the six months ended June 30, 2004, the Bank's yield on earning assets was
5.56% while the cost of interest bearing liabilities was 1.81%. While net
interest spread was 3.75%, net interest margin was 3.91%, an increase of 27
basis points as compared to the same period in the prior year. Net interest
margin increased slightly resulting from continued low deposit rates and a
slight increase in loan rates. Net interest income in the aggregate increased
$406,515 for the six months ended June 30, 2004, over the same period for 2003
primarily due to increased volume and effective interest rate management.
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 at June 30, 2004 was $125,000 as compared to
$130,000 in the same period in 2003. Based on 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.

During the second quarter of 2004, the Bank began construction of its downtown
Calhoun branch. The Company acquired land for the branch in 2003 at a cost of
$409,835. As of June 30, 2004, total costs of $4,592 have been incurred. The
costs are being capitalized in premises and equipment on the balance sheet and
will be amortized over the life of the assets once placed in service. The
construction of the branch is expected to be completed by the end of 2004 with
total construction costs estimated at approximately $1,135,000.

At December 31, 2003, other real estate owned totaled $271,600. One of the
properties was sold in the first quarter of 2004 resulting in a gain of $49,009.
The remaining property was sold during the second quarter of 2004 resulting in a
gain of $29,366.

Other income increased $50,873 for the six months ended June 30, 2004 compared
to the same period for 2003. The increase is primarily due to gains of $78,375
realized on the sales of other real estate and offset by $48,469 fewer gains on
the sales of investment securities. In addition, service charges on deposit
accounts increased $53,361 as a result of an increase in the number of deposit
accounts.

Other expense increased $79,139 for the six months ended June 30, 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 salaries and employees benefits of $27,665 is due to an increase in
full-time employees as well as general


                                      -11-
<PAGE>
salary increases. The increase in other operating expenses is primarily
attributable to an increase in data processing expenses of $39,604.

For the six months ended June 30, 2004, the Company provided $355,000 for income
taxes. During 2003, the Bank reversed the deferred tax valuation allowance
outstanding at December 31, 2002 of $575,000 because it became more likely than
not that future taxable income will be sufficient to realize the tax benefits
for deductible temporary differences including loss carryforwards. For the six
months ended June 30, 2003 the Company provided $220,000 for income taxes.

FINANCIAL CONDITION

General

Total assets at June 30, 2004, were $114,338,069, representing a $10,987,735
(10.6%) increase from December 31, 2003. Deposits increased $5,465,800 (6.2%)
from December 31, 2003. Net loans increased $3,529,264 (5.0%). The allowance for
loan losses at June 30, 2004, totaled $957,292, representing 1.27% of total
loans, compared to $873,650 at December 31, 2003, which represented 1.22% of
total loans. Cash and due from banks increased $262,945 from December 31, 2003.

Asset Quality

As of June 30, 2004, non-performing assets totaled $65,900 compared to $278,000
at December 31, 2003, a decrease of $212,000, or 76%. One non-accrual consumer
loan makes up the entire balance in non-performing assets at June 30, 2004.

The Bank had $65,900 of loans on non-accrual status at June 30, 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.

The reduction and disposition of non-performing assets is a management priority.

Allowance for Loan Losses

Additions to the allowance for loan losses are made periodically to maintain the
allowance at an appropriate level based upon management's analysis of potential
risk in the loan portfolio, as described above under the heading "Critical
Accounting Policies." During the quarter ended June 30, 2004, management
determined that the allowance for loan losses should be increased through a
provision for loan losses of $95,000. The ratio of the allowance for loan losses
total gross loans was 1.27% at June 30, 2004 and 1.22% at December 31, 2003.
Management considers the current allowance for loan losses appropriate based
upon its analysis of the potential risk in the portfolio; however, there can be
no assurance that charge-offs in future periods will not exceed the allowance
for loan losses or that additional provisions will not be required.

Liquidity and Capital Resources

As of June 30, 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, other borrowings and floating rate
junior subordinated deferrable interest debentures) was approximately 33%. The
Company will continue to monitor liquidity and make adjustments as deemed
necessary.


                                      -12-
<PAGE>
<TABLE>
<CAPTION>
RISK-BASED CAPITAL RATIOS                                   Consolidated    Bank
=========================                                   -------------  ------
<S>                                                         <C>            <C>

Tier 1 Capital, Actual                                             14.66%  14.61%
Tier 1 Capital minimum requirement                                  4.00%   4.00%
                                                            -------------  ------

Excess                                                             10.66%  10.61%
                                                            =============  ======

Total Capital, Actual                                              15.82%  15.78%
Total Capital minimum requirement                                   8.00%   8.00%
                                                            -------------  ------

Excess                                                              7.82%   7.78%
                                                            =============  ======

LEVERAGE RATIO
==============
Tier 1 Capital to average total assets, ("Leverage Ratio")         10.92%  10.87%
Minimum leverage requirement                                        4.00%   4.00%
                                                            -------------  ------

Excess                                                              6.92%   6.87%
                                                            =============  ======
</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 $1,123,000 and $14,485,000 at June 30, 2004, 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

Management has developed and implemented a policy with accompanying procedures
for reviewing disclosure controls, disclosure procedures and internal controls
over financial reporting on a quarterly basis. Management, including the
principal executive and financial officers, evaluated the effectiveness of the
design and operation of disclosure controls and procedures as of June 30, 2004
and, based on their evaluation, the Company's principal executive and financial
officers have concluded that these controls and procedures are operating
effectively. Disclosure controls and procedures are the Company's controls and
other procedures that are designed to ensure that information required to be
disclosed by the Company in the reports that it files or submits under the
Securities Exchange Act of 1934 is recorded, processed, summarized and reported,
within the time periods specified in the Securities and Exchange Commission's
rules and forms. Disclosure controls and procedures include, without limitation,
controls and procedures designed to ensure that information required to be
disclosed by Company in the reports that it files under the Exchange Act is
accumulated and communicated to management, including the principal executive
and financial officers, as appropriate to allow timely decisions regarding
required disclosure.

There were no significant changes in the Company's internal control over
financial reporting during the Company's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
Company's internal control over financial reporting. Management noted no
significant deficiencies in the design or operation of the Company's internal
control over financial reporting and the Company's auditors were so advised.


                                      -13-
<PAGE>
PART II. OTHER INFORMATION

                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.



Item  1.  Legal  Proceedings
          ------------------

          Not  applicable.

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

          Not  applicable.

Item  3.  Defaults  Upon  Senior  Securities
          ----------------------------------

          Not  applicable.

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

The  2004  Annual Meeting of the stockholders of the Company was held on May 20,
2004.  The  following  directors  were  reelected  at the Meeting to serve for a
one-year  term: David J. Lance, Thomas M. Kinnamon, Ernest M. Acree, Jr. and Jim
Griffin.

There  were  726,697  shares  represented  at the meeting, reflecting 80% of the
issued  and  outstanding  shares,  of  which  721,497  shares  were  voted "For"
reelection of each of the directors named above, with the remaining 5,200 shares
being  withheld  as  to  the  reelection  of  each  of  the  directors.

Item  5.  Other  Information
          ------------------

          Not  applicable.

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

          (a)     Exhibits  - The following exhibits are filed with this report:

          Exhibit  No.  Description
          ------------  --------------

            31.1       Certification  of  Chief  Executive  Officer  pursuant to
                       Section  302  of  the  Sarbanes-Oxley  Act  of  2002
            31.2       Certification  of  Chief  Financial  Officer  pursuant to
                       Section  302  of  the  Sarbanes-Oxley  Act  of  2002
            32         Certification  Pursuant  to  18  U.S.C.  Section  1350 as
                       Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
                       of  2002

          (b) Reports on Form 8-K.  The Company did not file any reports on Form
8-K  during  the  second  quarter  of  2004.


                                      -14-
<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:  August  13,  2004



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


                                Date:  August  13,  2004


                                      -15-
<PAGE>