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U.S. SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

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FORM 10-QSB

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| | x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ---------------------------------------------------------------------------------------

| |  | For the quarterly period ended September 30, 2002
| |  | -------------------------------------------------

| | o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------

| |  | For the transition period fromto
| |  | --------------------------------

Commission File Number: 333-13583

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First Georgia Community
Corp.(Exact name of small business issuer as specified in its charter)

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| | Georgia(State or other jurisdiction ofincorporation or organization) |  | 58-2261088(IRS EmployerIdentification No.) | 
| | -------------------------------------------------------------------- |  | ------------------------------------------ | 

150 Covington Street, Jackson, Georgia 30233(Address of principal executive offices)

(770)
504-1090(Issuers telephone number)

N/A(Former name, former address and former fiscal year, if changed since last
report)

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

State the number of
shares outstanding of each of the issuers classes of common equity, as of November 1, 2002: 925,708; $5 par value

Transitional Small Business Disclosure Format Yes o No x

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FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

INDEX

|         |  |                       |  |                                                                                                                                                                   | Page
|-------- |  | --------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|         |  |                       |  |                                                                                                                                                                   |     
|PART I.  |  | FINANCIAL INFORMATION | 
|         |  |                       |  |                                                                                                                                                                   |     
|         |  | Item 1.               |  | Financial Statements                                                                                                                                              |     
|         |  |                       |  |                                                                                                                                                                   |     
|         |  |                       |  | Consolidated Balance Sheet - September 30, 2002                                                                                                                   | 3   
|         |  |                       |  |                                                                                                                                                                   |     
|         |  |                       |  | Consolidated Statements of Operations and Comprehensive Income - Three Months Ended September 30, 2002 and 2001 and Nine Months Ended September 30, 2002 and 2001 | 4   
|         |  |                       |  |                                                                                                                                                                   |     
|         |  |                       |  | Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2002 and 2001                                                                             | 5   
|         |  |                       |  |                                                                                                                                                                   |     
|         |  |                       |  | Notes to Consolidated Financial Statements                                                                                                                        | 6   
|         |  |                       |  |                                                                                                                                                                   |     
|         |  | Item 2.               |  | Managements Discussion and Analysis of Financial Condition and Results of Operations                                                                             | 7   
|         |  |                       |  |                                                                                                                                                                   |     
|         |  | Item 3.               |  | Controls and Procedures                                                                                                                                           | 13  
|         |  |                       |  |                                                                                                                                                                   |     
|PART II. |  | OTHER INFORMATION     | 
|         |  |                       |  |                                                                                                                                                                   |     
|         |  | Item 4.               |  | Submission of Matters to a Vote of Security Holders                                                                                                               | 14  
|         |  |                       |  |                                                                                                                                                                   |     
|         |  | Item 6.               |  | Exhibits and Reports on Form 8-K                                                                                                                                  | 14  

|SIGNATURES     | 15
|-------------- | --
|               |   
|CERTIFICATIONS | 16
|               |   
|               |   



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PART I - FINANCIAL INFORMATION

|ITEM I. | FINANCIAL STATEMENTS
|------- | --------------------

FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED BALANCE
SHEETSEPTEMBER 30, 2002(Unaudited)

|Assets                                                                                                 |  |   |             | 
|------------------------------------------------------------------------------------------------------ |  | - | ----------- | 
|                                                                                                       |  |   |             | 
|Cash and due from banks                                                                                |  | $ | 5,824,597   | 
|Interest-bearing deposits in banks                                                                     |  |   | 1,077,633   | 
|Federal funds sold                                                                                     |  |   | 3,266,000   | 
|Securities available-for-sale, at fair value                                                           |  |   | 16,394,956  | 
|Restricted equity securities, at cost                                                                  |  |   | 890,000     | 
|Loans held for sale                                                                                    |  |   | 1,402,367   | 
|                                                                                                       |  |   |             | 
|Loans                                                                                                  |  |   | 107,474,732 | 
|Less allowance for loan losses                                                                         |  |   | 2,270,238   | 
|                                                                                                       |  |   |            
|Loans, net                                                                                             |  |   | 105,204,494 | 
|                                                                                                       |  |   |            
|                                                                                                       |  |   |             | 
|Premises and equipment                                                                                 |  |   | 2,353,303   | 
|Other assets                                                                                           |  |   | 3,606,667   | 
|                                                                                                       |  |   |            
|Total assets                                                                                           |  | $ | 140,020,017 | 
|                                                                                                       |  |   |            
|                                                                                                       |  |   |             | 
|Liabilities and Stockholders Equity                                                                   |  |   |             | 
|                                                                                                       |  |   |             | 
|Deposits                                                                                               |  |   |             | 
|Noninterest-bearing                                                                                    |  | $ | 11,472,433  | 
|Interest-bearing                                                                                       |  |   | 97,876,725  | 
|                                                                                                       |  |   |            
|Total deposits                                                                                         |  |   | 109,349,158 | 
|Other borrowings                                                                                       |  |   | 17,800,000  | 
|Other liabilities                                                                                      |  |   | 830,722     | 
|                                                                                                       |  |   |            
|Total liabilities                                                                                      |  |   | 127,979,880 | 
|                                                                                                       |  |   |            
|                                                                                                       |  |   |             | 
|Commitments and contingencies                                                                          |  |   |             | 
|                                                                                                       |  |   |             | 
|Stockholders equity                                                                                   |  |   |             | 
|Common stock, par value $5; 10,000,000 shares authorized; 925,708 shares issued and        outstanding |  |   | 4,628,540   | 
|Capital surplus                                                                                        |  |   | 5,090,442   | 
|Retained earnings                                                                                      |  |   | 1,978,865   | 
|Accumulated other comprehensive income                                                                 |  |   | 342,290     | 
|                                                                                                       |  |   |            
|Total stockholders equity                                                                             |  |   | 12,040,137  | 
|                                                                                                       |  |   |            
|                                                                                                       |  |   |             | 
|Total liabilities and stockholders equity                                                             |  | $ | 140,020,017 | 
|                                                                                                       |  |   |            

See Notes to Consolidated Financial Statements.



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FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONSAND COMPREHENSIVE INCOMETHREE MONTHS
ENDED SEPTEMBER 30, 2002 AND 2001AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001(Unaudited)

|                                                                               |  | Three Months EndedSeptember 30, |           | Nine Months EndedSeptember 30, |  
|------------------------------------------------------------------------------ |  | ------------------------------- | --------- | ------------------------------ | -
|                                                                               |  |                                 |           |                                |  
|                                                                               |  | 2002                            |           | 2001                           |  
|                                                                               |  |                                 |           |                                |  
|Interest income                                                                |  |                                 |           |                                |  
|Loans                                                                          |  | $                               | 2,032,817 |                                | $
|Taxable securities                                                             |  |                                 | 193,663   |                                |  
|Nontaxable securities                                                          |  |                                 | 22,161    |                                |  
|Deposits in banks                                                              |  |                                 | 4,502     |                                |  
|Federal funds sold                                                             |  |                                 | 10,627    |                                |  
|                                                                               |  |                                 |           |                                |  
|Total interest income                                                          |  |                                 | 2,263,770 |                                |  
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Interest expense                                                               |  |                                 |           |                                |  
|Deposits                                                                       |  |                                 | 785,161   |                                |  
|Other borrowings                                                               |  |                                 | 200,098   |                                |  
|                                                                               |  |                                 |           |                                |  
|Total interest expense                                                         |  |                                 | 985,259   |                                |  
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Net interest income                                                            |  |                                 | 1,278,511 |                                |  
|Provision for loan losses                                                      |  |                                 | 690,000   |                                |  
|                                                                               |  |                                 |           |                                |  
|Net interest income after provision for loan          losses                   |  |                                 | 588,511   |                                |  
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Other income                                                                   |  |                                 |           |                                |  
|Service charges on deposit accounts                                            |  |                                 | 97,881    |                                |  
|Other operating income                                                         |  |                                 | 54,908    |                                |  
|                                                                               |  |                                 |           |                                |  
|Total other income                                                             |  |                                 | 152,789   |                                |  
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Other expenses                                                                 |  |                                 |           |                                |  
|Salaries and employee benefits                                                 |  |                                 | 350,770   |                                |  
|Occupancy and equipment expenses                                               |  |                                 | 92,522    |                                |  
|Other operating expenses                                                       |  |                                 | 355,266   |                                |  
|                                                                               |  |                                 |           |                                |  
|Total other expenses                                                           |  |                                 | 798,558   |                                |  
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Net income (loss) before income taxes                                          |  |                                 | (57,258   | )                              |  
|                                                                               |  |                                 |           |                                |  
|Income tax expense (benefit)                                                   |  |                                 | (21,170   | )                              |  
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Net income (loss)                                                              |  |                                 | (36,088   | )                              |  
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Other comprehensive income :                                                   |  |                                 |           |                                |  
|Unrealized gains on securities available-for-sale        arising during period |  |                                 | 170,594   |                                |  
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Comprehensive income                                                           |  | $                               | 134,506   |                                | $
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Basic earnings (loss) per share                                                |  | $                               | (0.04     | )                              | $
|                                                                               |  |                                 |           |                                |  
|Diluted earnings (loss) per share                                              |  | $                               | (0.04     | )                              | $
|                                                                               |  |                                 |           |                                |  
|                                                                               |  |                                 |           |                                |  
|Cash dividends per share                                                       |  | $                               |          |                                | $
|                                                                               |  |                                 |           |                                |  

See Notes to Consolidated Financial Statements.



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FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWSNINE MONTHS ENDED SEPTEMBER 30, 2002 AND
2001(Unaudited)

|                                                                                         |  | 2002 |             | 2001 |  
|---------------------------------------------------------------------------------------- |  | ---- | ----------- | ---- | -
|                                                                                         |  |      |             |      |  
|OPERATING ACTIVITIES                                                                     |  |      |             |      |  
|Net income                                                                               |  | $    | 466,399     |      | $
|Adjustments to reconcile net income to net cash provided by operating        activities: |  |      |             |      |  
|Depreciation                                                                             |  |      | 139,795     |      |  
|Net increase in loans held for sale                                                      |  |      | (1,099,824  | )    |  
|Provision for loan losses                                                                |  |      | 944,000     |      |  
|Increase in interest receivable                                                          |  |      | (62,054     | )    |  
|Increase in interest payable                                                             |  |      | 66,438      |      |  
|Net other operating activities                                                           |  |      | (271,548    | )    |  
|                                                                                         |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|Net cash provided by operating activities                                                |  |      | 183,206     |      |  
|                                                                                         |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|INVESTING ACTIVITIES                                                                     |  |      |             |      |  
|Net increase in interest-bearing deposits in banks                                       |  |      | (3,130      | )    |  
|Purchases of securities available-for-sale                                               |  |      | (2,501,393  | )    |  
|Proceeds from maturities of securities available-for-sale                                |  |      | 2,648,363   |      |  
|Purchases of restricted equity securities                                                |  |      | (250,000    | )    |  
|Net (increase) decrease in federal funds sold                                            |  |      | (184,000    | )    |  
|Net increase in loans                                                                    |  |      | (19,517,390 | )    |  
|Purchase of premises and equipment                                                       |  |      | (120,569    | )    |  
|                                                                                         |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|Net cash used in investing activities                                                    |  |      | (19,928,119 | )    |  
|                                                                                         |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|FINANCING ACTIVITIES                                                                     |  |      |             |      |  
|Net increase in deposits                                                                 |  |      | 16,609,790  |      |  
|Repayment of other borrowings                                                            |  |      | (500,000    | )    |  
|Proceeds from other borrowings                                                           |  |      | 5,000,000   |      |  
|Proceeds from exercise of stock options                                                  |  |      | 2,042,700   |      |  
|                                                                                         |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|Net cash provided by financing activities                                                |  |      | 23,152,490  |      |  
|                                                                                         |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|Net increase in cash and due from banks                                                  |  |      | 3,407,577   |      |  
|                                                                                         |  |      |             |      |  
|Cash and due from banks, beginning of period                                             |  |      | 2,417,020   |      |  
|                                                                                         |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|Cash and due from banks, end of period                                                   |  | $    | 5,824,597   |      | $
|                                                                                         |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                                        |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|Cash paid during period for:                                                             |  |      |             |      |  
|                                                                                         |  |      |             |      |  
|Interest                                                                                 |  | $    | 2,837,973   |      | $
|                                                                                         |  |      |             |      |  
|Income taxes                                                                             |  | $    | 527,312     |      | $

See Notes to Consolidated Financial Statements.



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FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARYNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

|NOTE 1. | BASIS OF PRESENTATION
|------- | ---------------------

| |  | The consolidated financial information for First Georgia Community Corp. (the Company) included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring
adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period.
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | The results of operations for the three and nine month periods ended September 30, 2002 are not necessarily indicative of the results to be expected for the full year.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|NOTE 2. | CURRENT ACCOUNTING DEVELOPMENTS
|------- | -------------------------------

| |  | There are no other accounting pronouncements that have had, or are expected to have, a material effect on the Companys financial statements.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------



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|ITEM 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------

The following is managements discussion and analysis of certain
significant factors which have affected the financial position and operating results of First Georgia Community Corp. and its bank subsidiary, First Georgia Community Bank, during the periods included in the accompanying consolidated financial
statements.

Special Cautionary Notice Regarding Forward Looking Statements

Certain of the statements made herein under the caption Managements Discussion
and Analysis of Financial Condition and Results of Operations (MD&A) are forward-looking statements for purposes of the Securities Act of 1933, as amended (the Securities Act) and the Securities Exchange Act of
1934, as amended (the Exchange Act), and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of First Georgia Community Corp. to be materially
different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward looking statements include statements using the words such as may, will, anticipate,
should, would, believe, contemplate, expect, estimate, continue, may, intend, or other similar words and expressions of the future. Our
actual results may differ significantly from the results we discuss in these forward-looking statements.

These forward-looking statements involve risks and uncertainties and may not be realized due to a variety
of factors, including, without limitation: the effects of future economic conditions; governmental monetary and fiscal policies, as well as legislative and regulatory changes; the risks of changes in interest rates on the level and composition of
deposits, loan demand, and the values of loan collateral, securities, and other interest-sensitive assets and liabilities; interest rate risks; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance
companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating regionally, nationally, and
internationally, together with such competitors offering banking products and services by mail, telephone, computer, and the Internet.

Critical Accounting Policies

We
have adopted various accounting policies which govern the application of accounting principles generally accepted in the United States of America in the preparation of our financial statements. Our significant accounting policies are described in
the footnotes to the consolidated financial statements at December 31, 2001 as filed on our annual report on Form 10-KSB.

Certain accounting policies involve significant judgments and assumptions by us which
have a material impact on the carrying value of certain assets and liabilities. We consider these accounting policies to be critical accounting policies. The judgments and assumptions we use are based on historical experience and other factors,
which we believe to be reasonable under the circumstances. Because of the nature of the judgments and assumptions we make, actual results could differ from these judgments and estimates which could have a material impact on our carrying values of
assets and liabilities and our results of operations.

We believe the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in preparation of
our consolidated financial statements. Refer to the portion of this discussion that addresses our allowance for loan losses for a description of our processes and methodology for determining our allowance for loan losses.



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Liquidity and Capital Resources

As of September 30, 2002, our liquidity ratio, as determined under guidelines
established by regulatory authorities, was satisfactory. We consider our liquidity to be adequate to meet operating and loan funding requirements. Our liquidity ratio (i.e. cash, short-term assets and marketable assets divided by deposits and other
borrowings) was approximately 21%. As we grow, we will continue to monitor liquidity and make adjustments as deemed necessary.

As our loan demand has continued to increase, we have used brokered deposits as a
funding source. Total brokered deposits amounted to $19 million, or approximately 17% of total deposits, as of September 30, 2002. These deposits are readily obtainable at rates not significantly different from rates that we pay on deposits in our
local market.

At September 30, 2002, our capital ratios were adequate based on regulatory minimum capital requirements. The minimum capital requirements and the actual capital ratios on a consolidated and
bank-only basis are as follows:

|                           |  | Actual       |       |      | 
|-------------------------- |  | ------------ | ----- | ---- | 
|                           |  |              |       |      | 
|                           |  | Consolidated |       | Bank | 
|                           |  |              |       |      | 
|Leverage capital ratios    |  |              | 8.48  | %    | 
|Risk-based capital ratios: |  |              |       |      | 
|Core capital               |  |              | 9.86  |      | 
|Total capital              |  |              | 11.12 |      | 

Off-Balance Sheet Risk

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet
the financing needs of our customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit risk and interest rate risk in excess of the
amount recognized in the balance sheets.

Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit
is represented by the contractual amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. A summary of our commitments is as follows:

|                             |  | September 30,2002 |          
|---------------------------- |  | ----------------- | ---------
|                             |  |                   |          
|                             |  |                   |          
|Commitments to extend credit |  | $                 | 9,096,000
|Letters of credit            |  |                   | 335,000  
|                             |  |                   |          
|                             |  | $                 | 9,431,000
|                             |  |                   |          

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are
expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by us upon extension of credit, is based on our credit evaluation
of the customer.



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Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party. Those letters of credit are
primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances which we deem
necessary.

Financial Condition

Following is a summary of our balance sheets for the periods indicated:

|                                   |  | September 30,2002      |         | December 31,2001 |  
|---------------------------------- |  | ---------------------- | ------- | ---------------- | -
|                                   |  |                        |         |                  |  
|                                   |  | (Dollars in Thousands) |        
|                                   |  |                        |        
|Cash and due from banks            |  | $                      | 5,825   |                  | $
|Interest-bearing deposits in banks |  |                        | 1,078   |                  |  
|Federal funds sold                 |  |                        | 3,266   |                  |  
|Securities                         |  |                        | 17,285  |                  |  
|Loans, net                         |  |                        | 105,204 |                  |  
|Loans held for sale                |  |                        | 1,402   |                  |  
|Premises and equipment             |  |                        | 2,353   |                  |  
|Other assets                       |  |                        | 3,607   |                  |  
|                                   |  |                        |         |                  |  
|                                   |  | $                      | 140,020 |                  | $
|                                   |  |                        |         |                  |  
|                                   |  |                        |         |                  |  
|Deposits                           |  | $                      | 109,349 |                  | $
|Other borrowings                   |  |                        | 17,800  |                  |  
|Other liabilities                  |  |                        | 831     |                  |  
|Stockholders equity               |  |                        | 12,040  |                  |  
|                                   |  |                        |         |                  |  
|                                   |  | $                      | 140,020 |                  | $
|                                   |  |                        |         |                  |  

Our assets increased by 21% during the first nine months of 2002. Deposit growth of $17 million and proceeds from the exercise of stock options of $2.0 million, along with an increase
in Federal Home Loan Bank Advances of $5 million were used to fund loan growth with the remainder invested primarily in federal funds sold and securities. Also, a $500,000 line of credit at the holding company level was repaid. Our loan to available
funds ratio has remained in the 85% range indicating continued strong loan demand in our primary market area of Butts County and surrounding counties. Our total equity has increased by year-to-date net income of $466,000, proceeds from the exercise
of stock options of $2.0 million, income tax benefits associated with the exercise of the stock options of $101,000, and increased unrealized gains on securities available-for-sale, net of tax, of $345,000.

During the third quarter of 2002, we signed a Letter of Intent to participate in a Trust Preferred Pool for the purpose of issuing $5 million of Trust Preferred Securities. The issuance will provide us the ability to maintain adequate levels
of capital as our balance sheet continues to grow as well as providing a source of strength for our banking subsidiary. The issuance is anticipated to fund during the fourth quarter of 2002.



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Results of Operations For The Three Months Ended September 30, 2002 and 2001 and for the Nine Months Ended September 30, 2002 and 2001

Following is a summary of our operations for the periods indicated.

|                          |  | Three Months EndedSeptember 30, |      
|------------------------- |  | ------------------------------- | -----
|                          |  |                                 |      
|                          |  | 2002                            |      
|                          |  |                                 |      
|                          |  | (Dollars in Thousands)          |      
|                          |  |                                 |      
|Interest income           |  | $                               | 2,264
|Interest expense          |  |                                 | 985  
|                          |  |                                 |      
|Net interest income       |  |                                 | 1,279
|Provision for loan losses |  |                                 | 690  
|Other income              |  |                                 | 153  
|Other expense             |  |                                 | 799  
|                          |  |                                 |      
|Pretax income (loss)      |  |                                 | (57  
|Income taxes (benefit)    |  |                                 | (21  
|                          |  |                                 |      
|Net income (loss)         |  | $                               | (36  
|                          |  |                                 |      

|                          |  | Nine Months EndedSeptember 30, |      
|------------------------- |  | ------------------------------ | -----
|                          |  |                                |      
|                          |  | 2002                           |      
|                          |  |                                |      
|                          |  | (Dollars in Thousands)         |      
|                          |  |                                |      
|Interest income           |  | $                              | 6,435
|Interest expense          |  |                                | 2,904
|                          |  |                                |      
|Net interest income       |  |                                | 3,531
|Provision for loan losses |  |                                | 944  
|Other income              |  |                                | 441  
|Other expense             |  |                                | 2,322
|                          |  |                                |      
|Pretax income             |  |                                | 706  
|Income taxes              |  |                                | 240  
|                          |  |                                |      
|Net income                |  | $                              | 466  
|                          |  |                                |      

Our net interest income has increased by $266,000 and $682,000 for the third quarter and first nine months of 2002, respectively, as compared to the same periods in 2001. Our net
interest margin decreased to 3.81% during the first nine months of 2002 as compared to 3.97% for the first nine months of 2001 and 3.93% for the entire year of 2001. The increase in net interest income is due primarily to the increased volume of
average loans. The decrease in net interest margin is due to the decrease in yields on loans that have decreased to 7.48% in the first nine months of 2002 as compared to 9.71% in the first nine months of 2001. The cost of funds has decreased as well
as deposits have been able to be repriced at lower rates as they have matured. Our cost of funds decreased to 3.54% in the first nine months of 2002 as compared to 5.56% in the first nine months of 2001.



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##### Table of Contents

The provision for loan losses increased by $583,000 and $586,000 in the third quarter and first nine months of 2002, respectively, when compared to the same periods
in 2001. The increased provisions are due primarily to an increase in the amount of nonaccrual and potential problem loans. As of September 30, 2002, we had two lines on a nonaccrual status totaling $2.8 million and two other lines totaling $4.9
million that we consider to be potential problem loans. As a result of the increase in and individual analysis of these classified loans, overall loan growth and our assessment of the inherent risk in the remainder of the loan portfolio, the
allowance for loan losses as a percentage of total loans was increased to 2.10% as compared to 1.54% at December 31, 2001. Net charge offs for the first nine months of 2002 were $26,000 as compared to $14,000 in 2001.

Our evaluation of the adequacy of the allowance for loan losses considers factors relative to the credit risk in the loan portfolio, including past due and classified loans, historical experience, underlying collateral values and current
economic conditions that may affect the borrowers ability to repay. The allowance for loan losses is evaluated by segmenting the loan portfolio into unclassified and classified loans. An allowance percentage is applied to the unclassified
loans to establish a general allowance for loan losses. The allowance percentage is determined based upon our experience specifically and the historical experience of the banking industry generally. The classified loans, including impaired loans,
are analyzed individually in order to establish a specific allowance for loan losses. Based upon our evaluation of the loan portfolio, we believe the allowance for loan losses to be adequate to absorb losses on existing loans that may become
uncollectible.

Information with respect to nonaccrual, past due, and restructured loans at September 30, 2002 and 2001 is as follows:

|                                                                                                             |  | September 30,          |      
|------------------------------------------------------------------------------------------------------------ |  | ---------------------- | -----
|                                                                                                             |  |                        |      
|                                                                                                             |  | 2002                   |      
|                                                                                                             |  |                        |      
|                                                                                                             |  | (Dollars in Thousands) |      
|Nonaccrual loans                                                                                             |  | $                      | 2,824
|Loans contractually past due ninety days or more as to interest or principal     payments and still accruing |  |                        | 0    
|Restructured loans                                                                                           |  |                        | 0    
|Potential problem loans                                                                                      |  |                        | 4,900
|Interest income that would have been recorded on nonaccrual and     restructured loans under original terms  |  |                        | 143  
|Interest income that was recorded on nonaccrual and restructured loans                                       |  |                        | 15   

Potential problem loans are defined as loans about which we have serious doubts as to the ability of the borrower to comply with the present loan repayment terms and which may
cause the loan to be placed on nonaccrual status, to become past due more than ninety days, or to be restructured.

It is our policy to discontinue the accrual of interest income when, in the opinion of
management, collection of interest becomes doubtful. This status is accorded interest when (1) there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not expected and (2) the
principal or interest is more than ninety days past due, unless the loan is both well-secured and in the process of collection.



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##### Table of Contents

Information regarding certain loans and allowance for loan loss data through September 30, 2002 and 2001 is as follows:

|                                                                                  |  | Nine Months EndedSeptember 30, |        
|--------------------------------------------------------------------------------- |  | ------------------------------ | -------
|                                                                                  |  |                                |        
|                                                                                  |  | 2002                           |        
|                                                                                  |  |                                |        
|                                                                                  |  | (Dollars in Thousands)         |        
|                                                                                  |  |                                |        
|Average amount of loans outstanding                                               |  | $                              | 101,423
|                                                                                  |  |                                |        
|                                                                                  |  |                                |        
|Balance of allowance for loan losses at beginning of period                       |  | $                              | 1,352  
|                                                                                  |  |                                |        
|                                                                                  |  |                                |        
|Loans charged off                                                                 |  |                                |        
|Commercial and financial                                                          |  | $                              |       
|Real estate mortgage                                                              |  |                                |       
|Installment                                                                       |  |                                | 33     
|                                                                                  |  |                                |        
|                                                                                  |  |                                | 33     
|                                                                                  |  |                                |        
|                                                                                  |  |                                |        
|Loans recovered                                                                   |  |                                |        
|Commercial and financial                                                          |  |                                |       
|Real estate mortgage                                                              |  |                                |       
|Installment                                                                       |  |                                | 7      
|                                                                                  |  |                                |        
|                                                                                  |  |                                | 7      
|                                                                                  |  |                                |        
|                                                                                  |  |                                |        
|Net charge-offs                                                                   |  |                                | 26     
|                                                                                  |  |                                |        
|                                                                                  |  |                                |        
|Additions to allowance charged to operating expense during period                 |  |                                | 944    
|                                                                                  |  |                                |        
|                                                                                  |  |                                |        
|Balance of allowance for loan losses at end of period                             |  | $                              | 2,270  
|                                                                                  |  |                                |        
|                                                                                  |  |                                |        
|Ratio of net loans charged off during the period to average loans     outstanding |  |                                | .03%   
|                                                                                  |  |                                |        

Other income increased by $9,000 and $43,000 for the third quarter and first nine months of 2002, respectively, as compared to the same periods in 2001 due primarily to increases in
service charges on deposit accounts.

Other expenses have increased by $145,000 and $394,000 for the third quarter and first nine months of 2002, respectively, as compared to the same periods in 2001. Increased
salaries and employee benefits and increased other operating expenses accounted for the majority of the increases. Salaries and employee benefits have increased due to an increase in the number of full time equivalent employees to 31 at September
30, 2002 from 25 at September 30, 2001 and to other annual salary increases. Overall deposit and asset growth have caused the increases in other operating expenses.

We have provided for income taxes at an
effective rate of 34% and 37% including state income taxes for the first nine months of 2002 and 2001, respectively.



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##### Table of Contents

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

|ITEM 3. | CONTROLS AND PROCEDURES
|------- | -----------------------

Within 90 days prior to the date of filing of this report, we carried out an evaluation, under the supervision and with the participation of
our Chief Executive Officer and the Chief Financial Officer, of the design and operation of our disclosure controls and procedures pursuant to Rule 132-14 under the Securities Exchange Act of 1934, as amended (the Exchange Act). Based on
this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective for gathering, analyzing and disclosing the information that we are required to disclose in the reports we
file under the Securities Exchange Act of 1934, within the time periods specified in the SECs rules and forms. Our Chief Executive Officer and Chief Financial Officer also concluded that our disclosure controls and procedures are effective in
timely alerting them to material information relating to our company required to be included in our periodic SEC filings. We are in the process of further reviewing and documenting our disclosure controls and procedures, including our internal
controls and procedures for financial reporting, and may from time to time make changes designed to enhance their effectiveness and to ensure that our systems evolve with our business.

There have been no
significant changes in our internal controls or, to our knowledge, other factors that could significantly affect our internal controls subsequent to the date of this evaluation, and there have been no corrective actions with respect to significant
deficiencies or material weaknesses.



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##### Table of Contents

PART II - OTHER INFORMATION

|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|------- | ----------------------------------------------------

None.

|ITEM 6. | EXHIBITS AND REPORTS ON FORM 8-K.
|------- | ---------------------------------

| | (a)      Exhibits.
| | ------------------

| |  | 99.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
| |  | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------
| |  |      |                                                                                                                                                  
| |  | 99.2 | Certification of Chief Financial Officer 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.
| | -----------------------------

| |  | None.
| |  | -----



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##### Table of Contents

SIGNATURES

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

|                        |  | FIRST GEORGIA COMMUNITY CORP.(Registrant)
|----------------------- |  | -----------------------------------------
|Date: November 12, 2002 |  | By:                                      
|                        |  |                                          
|                        |  |                                          

|                        |  |    
|----------------------- |  | ---
|Date: November 12, 2002 |  | By:
|                        |  |    
|                        |  |    



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##### Table of Contents

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, John L. Coleman, President and C.E.O. of First Georgia Community Corp, certify that:

|1. |  | I have reviewed this quarterly report on Form 10-QSB of First Georgia Community Corp.                                                                                                                                                                                                                                         
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |  |                                                                                                                                                                                                                                                                                                                               
|2. |  | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this quarterly report;
|   |  |                                                                                                                                                                                                                                                                                                                               
|3. |  | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this quarterly report;                   
|   |  |                                                                                                                                                                                                                                                                                                                               
|4. |  | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
have:                                                                                                         

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

|5. |  | The registrants other certifying officer and I have disclosed, based on our most recent evaluation, to the registrants auditors and the audit committee of registrants board of
directors:
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



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##### Table of Contents

|6. |  | The registrants other certifying officer and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Date: November 12, 2002 |  |  |                                                                   
|----------------------- |  |  | ------------------------------------------------------------------
|                        |  |  | /s/ JOHNL.COLEMAN                                                 
|                        |  |  |                                                                   
|                        |  |  | John L. Coleman, President and C.E.O.(Principal Executive Officer)



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##### Table of Contents

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Thomas L. Redding, C.F.O., certify
that:

|1. |  | I have reviewed this quarterly report on Form 10-QSB of First Georgia Community Corp.                                                                                                                                                                                                                                         
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |  |                                                                                                                                                                                                                                                                                                                               
|2. |  | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this quarterly report;
|   |  |                                                                                                                                                                                                                                                                                                                               
|3. |  | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this quarterly report;                   
|   |  |                                                                                                                                                                                                                                                                                                                               
|4. |  | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
have:                                                                                                         

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

|5. |  | The registrants other certifying officer and I have disclosed, based on our most recent evaluation, to the registrants auditors and the audit committee of registrants board of
directors:
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



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##### Table of Contents

|6. |  | The registrants other certifying officer and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Date: November 12, 2002 |  |  |                                                                      
|----------------------- |  |  | ---------------------------------------------------------------------
|                        |  |  | /s/ THOMASL.REDDING                                                  
|                        |  |  |                                                                      
|                        |  |  | Thomas L. Redding, C.F.O.(Principal Financial and Accounting Officer)