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U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, 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 June 30, 2003
| |  | --------------------------------------------

| | o | 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: 333-13583

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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 August 1, 2003: 930,208; $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 - June 30, 2003                                                                                                         | 3   
|           |    |                       |  |                                                                                                                                                    |     
|           |    |                       |  | Consolidated Statements of Income and Comprehensive Income - Three Months Ended June 30, 2003 and 2002 and Six Months Ended June 30, 2003 and 2002 | 4   
|           |    |                       |  |                                                                                                                                                    |     
|           |    |                       |  | Consolidated Statements of Cash Flows - Six Months Ended June 30, 2003 and 2002                                                                    | 5   
|           |    |                       |  |                                                                                                                                                    |     
|           |    |                       |  | Notes to Consolidated Financial Statements                                                                                                         | 6   
|           |    |                       |  |                                                                                                                                                    |     
|           |    | Item 2.               |  | Managements Discussion and Analysis of Financial Condition and Results of Operations                                                              | 9   
|           |    |                       |  |                                                                                                                                                    |     
|           |    | Item 3.               |  | Controls and Procedures                                                                                                                            | 15  
|           |    |                       |  |                                                                                                                                                    |     
|PART II.   |    | OTHER INFORMATION     | 
|           |    |                       |  |                                                                                                                                                    |     
|           |    | Item 4                |  | Submission of Matters to a Vote of Security Holders                                                                                                | 16  
|           |    |                       |  |                                                                                                                                                    |     
|           |    | Item 6                |  | Exhibits and Reports on Form 8-K                                                                                                                   | 16  
|           |    |                       |  |                                                                                                                                                    |     
|SIGNATURES | 17





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PART I - FINANCIAL INFORMATION

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

FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETJUNE 30, 2003(Unaudited)



|                                                                                                |  |   |             | 
|----------------------------------------------------------------------------------------------- |  | - | ----------- | 
|Assets                                                                                          |  |   |             | 
|                                                                                                |  |   |             | 
|Cash and due from banks                                                                         |  | $ | 3,175,119   | 
|Interest-bearing deposits in banks                                                              |  |   | 2,316,875   | 
|Federal funds sold                                                                              |  |   | 13,415,000  | 
|Securities available-for-sale, at fair value                                                    |  |   | 19,901,616  | 
|Restricted equity securities, at cost                                                           |  |   | 1,281,600   | 
|Loans held for sale                                                                             |  |   | 1,459,067   | 
|Loans                                                                                           |  |   | 105,458,669 | 
|Less allowance for loan losses                                                                  |  |   | 2,052,805   | 
|                                                                                                |  |   |             | 
|Loans, net                                                                                      |  |   | 103,405,864 | 
|                                                                                                |  |   |             | 
|Premises and equipment                                                                          |  |   | 2,561,255   | 
|Other assets                                                                                    |  |   | 7,936,336   | 
|                                                                                                |  |   |             | 
|Total assets                                                                                    |  | $ | 155,452,733 | 
|                                                                                                |  |   |             | 
|                                                                                                |  |   |             | 
|Liabilities and Stockholders Equity                                                            |  |   |             | 
|Deposits                                                                                        |  |   |             | 
|Noninterest-bearing                                                                             |  | $ | 10,760,821  | 
|Interest-bearing                                                                                |  |   | 100,286,323 | 
|                                                                                                |  |   |             | 
|Total deposits                                                                                  |  |   | 111,047,144 | 
|Other borrowings                                                                                |  |   | 31,100,344  | 
|Other liabilities                                                                               |  |   | 1,351,902   | 
|                                                                                                |  |   |             | 
|Total liabilities                                                                               |  |   | 143,499,390 | 
|                                                                                                |  |   |             | 
|Commitments and contingencies                                                                   |  |   |             | 
|Stockholders equity                                                                            |  |   |             | 
|Common stock, par value $5; 10,000,000 shares authorized; 930,208 shares issued and outstanding |  |   | 4,651,040   | 
|Capital surplus                                                                                 |  |   | 5,123,652   | 
|Retained earnings                                                                               |  |   | 1,895,329   | 
|Accumulated other comprehensive income                                                          |  |   | 283,322     | 
|                                                                                                |  |   |             | 
|Total stockholders equity                                                                      |  |   | 11,953,343  | 
|                                                                                                |  |   |             | 
|Total liabilities and stockholders equity                                                      |  | $ | 155,452,733 | 
|                                                                                                |  |   |             | 

See Notes to Consolidated Financial Statements.

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FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOMEAND COMPREHENSIVE
INCOMETHREE MONTHS ENDED JUNE 30, 2003 AND 2002AND SIX MONTHS ENDED JUNE 30, 2003 AND 2002(Unaudited)



|                                                                                 |  | Three Months EndedJune 30, |           | Six Months EndedJune 30, |  
|-------------------------------------------------------------------------------- |  | -------------------------- | --------- | ------------------------ | -
|                                                                                 |  |                            |           |                          |  
|                                                                                 |  | 2003                       |           | 2002                     |  
|                                                                                 |  |                            |           |                          |  
|Interest income                                                                  |  |                            |           |                          |  
|Loans                                                                            |  | $                          | 1,925,914 |                          | $
|Taxable securities                                                               |  |                            | 164,405   |                          |  
|Nontaxable securities                                                            |  |                            | 29,270    |                          |  
|Deposits in banks                                                                |  |                            | 2,112     |                          |  
|Federal funds sold                                                               |  |                            | 55,546    |                          |  
|                                                                                 |  |                            |           |                          |  
|Total interest income                                                            |  |                            | 2,177,247 |                          |  
|                                                                                 |  |                            |           |                          |  
|Interest expense                                                                 |  |                            |           |                          |  
|Deposits                                                                         |  |                            | 702,675   |                          |  
|Other borrowings                                                                 |  |                            | 309,083   |                          |  
|                                                                                 |  |                            |           |                          |  
|Total interest expense                                                           |  |                            | 1,011,758 |                          |  
|                                                                                 |  |                            |           |                          |  
|Net interest income                                                              |  |                            | 1,165,489 |                          |  
|Provision for loan losses                                                        |  |                            |          |                          |  
|                                                                                 |  |                            |           |                          |  
|Net interest income after provision for loan losses                              |  |                            | 1,165,489 |                          |  
|                                                                                 |  |                            |           |                          |  
|Other income                                                                     |  |                            |           |                          |  
|Service charges on deposit accounts                                              |  |                            | 197,657   |                          |  
|Other operating income                                                           |  |                            | (40,629   | )                        |  
|                                                                                 |  |                            |           |                          |  
|Total other income                                                               |  |                            | 157,028   |                          |  
|                                                                                 |  |                            |           |                          |  
|Other expenses                                                                   |  |                            |           |                          |  
|Salaries and employee benefits                                                   |  |                            | 471,123   |                          |  
|Occupancy and equipment expenses                                                 |  |                            | 109,082   |                          |  
|Other operating expenses                                                         |  |                            | 563,856   |                          |  
|                                                                                 |  |                            |           |                          |  
|Total other expenses                                                             |  |                            | 1,144,061 |                          |  
|                                                                                 |  |                            |           |                          |  
|Net income before income taxes                                                   |  |                            | 178,456   |                          |  
|Income tax expense                                                               |  |                            | 67,545    |                          |  
|                                                                                 |  |                            |           |                          |  
|Net income                                                                       |  |                            | 110,911   |                          |  
|                                                                                 |  |                            |           |                          |  
|Other comprehensive income:                                                      |  |                            |           |                          |  
|Unrealized gains (losses) on securities available-for-sale arising during period |  |                            | 8,304     |                          |  
|                                                                                 |  |                            |           |                          |  
|Comprehensive income                                                             |  | $                          | 119,215   |                          | $
|                                                                                 |  |                            |           |                          |  
|Basic earnings per share                                                         |  | $                          | 0.12      |                          | $
|                                                                                 |  |                            |           |                          |  
|Diluted earnings per share                                                       |  | $                          | 0.12      |                          | $
|                                                                                 |  |                            |           |                          |  
|Cash dividends per share                                                         |  | $                          |          |                          | $
|                                                                                 |  |                            |           |                          |  

See Notes to Consolidated Financial Statements.

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FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWSSIX MONTHS ENDED
JUNE 30, 2003 AND 2002(Unaudited)



|                                                                                            |  | 2003 |            | 2002 |  
|------------------------------------------------------------------------------------------- |  | ---- | ---------- | ---- | -
|                                                                                            |  |      |            |      |  
|OPERATING ACTIVITIES                                                                        |  |      |            |      |  
|Net income                                                                                  |  | $    | 181,669    |      | $
|Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |      |            |      |  
|Depreciation                                                                                |  |      | 113,640    |      |  
|Net (increase) decrease in loans held for sale                                              |  |      | (880,195   | )    |  
|Provision for loan losses                                                                   |  |      | 270,000    |      |  
|Loss on sale of other real estate owned                                                     |  |      | 3,396      |      |  
|(Increase) decrease in interest receivable                                                  |  |      | 132,222    |      |  
|Decrease in interest payable                                                                |  |      | (64,674    | )    |  
|Net other operating activities                                                              |  |      | 207,292    |      |  
|                                                                                            |  |      |            |      |  
|Net cash provided by (used in) operating activities                                         |  |      | (36,650    | )    |  
|                                                                                            |  |      |            |      |  
|INVESTING ACTIVITIES                                                                        |  |      |            |      |  
|Net increase in interest-bearing deposits in banks                                          |  |      | (949,179   | )    |  
|Purchases of securities available-for-sale                                                  |  |      | (7,395,000 | )    |  
|Proceeds from maturities of securities available-for-sale                                   |  |      | 4,980,042  |      |  
|Purchases of restricted equity securities                                                   |  |      | (100,000   | )    |  
|Net increase in federal funds sold                                                          |  |      | (580,000   | )    |  
|Net increase in loans                                                                       |  |      | (2,293,914 | )    |  
|Purchase of premises and equipment                                                          |  |      | (339,254   | )    |  
|                                                                                            |  |      |            |      |  
|Net cash used in investing activities                                                       |  |      | (6,677,305 | )    |  
|                                                                                            |  |      |            |      |  
|FINANCING ACTIVITIES                                                                        |  |      |            |      |  
|Net increase in deposits                                                                    |  |      | 4,398,893  |      |  
|Repayment of other borrowings                                                               |  |      |           |      |  
|Proceeds from other borrowings                                                              |  |      | 2,590,335  |      |  
|Proceeds from exercise of stock options                                                     |  |      | 55,710     |      |  
|                                                                                            |  |      |            |      |  
|Net cash provided by financing activities                                                   |  |      | 7,044,938  |      |  
|                                                                                            |  |      |            |      |  
|Net increase in cash and due from banks                                                     |  |      | 330,983    |      |  
|Cash and due from banks, beginning of period                                                |  |      | 2,844,136  |      |  
|                                                                                            |  |      |            |      |  
|Cash and due from banks, end of period                                                      |  | $    | 3,175,119  |      | $
|                                                                                            |  |      |            |      |  
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                                           |  |      |            |      |  
|Cash paid during period for:                                                                |  |      |            |      |  
|Interest                                                                                    |  | $    | 2,072,958  |      | $
|Income taxes                                                                                |  | $    | 83,556     |      | $
|NONCASH TRANSACTIONS                                                                        |  |      |            |      |  
|Principal balance of loans transferred to other real estate owned                           |  | $    | 4,327,581  |      | $
|Financed sale of other real estate owned                                                    |  | $    | 1,969,135  |      | $

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 six month periods ended June 30, 2003 are not necessarily indicative of the results to be expected for
the full year.

| | NOTE 2. | STOCK COMPENSATION PLAN
| | ------- | -----------------------

At June 30, 2003, the Company has a stock-based employee compensation plan. The Company
accounts for this plan under the recognition and measurement principles of APB Opinion No. 25,Accounting for Stock Issued to Employees, and related Interpretations. No stock-based employee compensation
cost is reflected in net income, as all options granted under the plan had an exercise price equal to the market value of the underlying stock on the date of grant. The following table illustrates the effect on net income and earnings per share if
the Company had applied the fair value recognition provisions of SFAS Statement No. 123,Accounting for Stock-Based Compensation, to stock-based employee compensation.



|                                                                                                                            |  | ThreeMonthsEndedJune30, |        
|--------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | -------
|                                                                                                                            |  |                         |        
|                                                                                                                            |  | 2003                    |        
|                                                                                                                            |  |                         |        
|Net income, as reported                                                                                                     |  | $                       | 110,911
|Deduct: Total stock-based employee compensation Expense determined under fair value based method for all awards, net of tax |  |                         | 0      
|                                                                                                                            |  |                         |        
|Pro forma net income                                                                                                        |  | $                       | 110,911
|                                                                                                                            |  |                         |        
|Earnings per share:                                                                                                         |  |                         |        
|Basic - as reported                                                                                                         |  | $                       | .12    
|                                                                                                                            |  |                         |        
|Basic  pro forma                                                                                                           |  | $                       | .12    
|                                                                                                                            |  |                         |        
|Diluted - as reported                                                                                                       |  | $                       | .12    
|                                                                                                                            |  |                         |        
|Diluted - pro forma                                                                                                         |  | $                       | .12    
|                                                                                                                            |  |                         |        

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

| | NOTE 2. | STOCK COMPENSATION PLAN (Continued)
| | ------- | -----------------------------------



|                                                                                                                            |  | SixMonthsEndedJune30, |        
|--------------------------------------------------------------------------------------------------------------------------- |  | --------------------- | -------
|                                                                                                                            |  |                       |        
|                                                                                                                            |  | 2003                  |        
|                                                                                                                            |  |                       |        
|Net income, as reported                                                                                                     |  | $                     | 181,669
|Deduct: Total stock-based employee compensation expense determined under fair value based method for all awards, net of tax |  |                       | 4,902  
|                                                                                                                            |  |                       |        
|Pro forma net income                                                                                                        |  | $                     | 176,767
|                                                                                                                            |  |                       |        
|Earnings per share:                                                                                                         |  |                       |        
|Basic - as reported                                                                                                         |  | $                     | .20    
|                                                                                                                            |  |                       |        
|Basic - pro forma                                                                                                           |  | $                     | .19    
|                                                                                                                            |  |                       |        
|Diluted - as reported                                                                                                       |  | $                     | .20    
|                                                                                                                            |  |                       |        
|Diluted - pro forma                                                                                                         |  | $                     | .19    
|                                                                                                                            |  |                       |        

| | NOTE 3. | EARNINGS PER SHARE
| | ------- | ------------------

Presented below is a summary of the components used to calculate basic and diluted earnings
per common share.



|                                                                                                                            |  | ThreeMonthsEndedJune30, |        
|--------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | -------
|                                                                                                                            |  |                         |        
|                                                                                                                            |  | 2003                    |        
|                                                                                                                            |  |                         |        
|Basic Earnings Per Share:                                                                                                   |  |                         |        
|Weighted average common shares outstanding                                                                                  |  |                         | 928,854
|                                                                                                                            |  |                         |        
|Net income                                                                                                                  |  | $                       | 110,911
|                                                                                                                            |  |                         |        
|Basic earnings per share                                                                                                    |  | $                       | .12    
|                                                                                                                            |  |                         |        
|Diluted Earnings Per Share:                                                                                                 |  |                         |        
|Weighted average common shares outstanding                                                                                  |  |                         | 928,854
|Net effect of the assumed exercise of stock options based on treasury stock method using average market prices for the year |  |                         | 2,407  
|                                                                                                                            |  |                         |        
|Total weighted average common shares and common stock equivalents outstanding                                               |  |                         | 931,261
|                                                                                                                            |  |                         |        
|Net income                                                                                                                  |  | $                       | 110,911
|                                                                                                                            |  |                         |        
|Diluted earnings per share                                                                                                  |  | $                       | .12    
|                                                                                                                            |  |                         |        

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

| | NOTE 3. | EARNINGS PER SHARE (Continued)
| | ------- | ------------------------------



|                                                                                                                                |  | SixMonthsEndedJune30, |        
|------------------------------------------------------------------------------------------------------------------------------- |  | --------------------- | -------
|                                                                                                                                |  |                       |        
|                                                                                                                                |  | 2003                  |        
|                                                                                                                                |  |                       |        
|Basic Earnings Per Share:                                                                                                       |  |                       |        
|Weighted average common shares outstanding                                                                                      |  |                       | 927,421
|                                                                                                                                |  |                       |        
|Net income                                                                                                                      |  | $                     | 181,669
|                                                                                                                                |  |                       |        
|Basic earnings per share                                                                                                        |  | $                     | .20    
|                                                                                                                                |  |                       |        
|Diluted Earnings Per Share:                                                                                                     |  |                       |        
|Weighted average common shares outstanding                                                                                      |  |                       | 927,421
|Net effect of the assumed exercise of stock options based on the treasury stock method using average market prices for the
year |  |                       | 2,588  
|                                                                                                                                |  |                       |        
|Total weighted average common shares and common stock equivalents outstanding                                                   |  |                       | 930,009
|                                                                                                                                |  |                       |        
|Net income                                                                                                                      |  | $                     | 181,669
|                                                                                                                                |  |                       |        
|Diluted earnings per share                                                                                                      |  | $                     | .20    
|                                                                                                                                |  |                       |        

| | NOTE 4. | CURRENT ACCOUNTING DEVELOPMENTS
| | ------- | -------------------------------

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

8



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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, 2002 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.

9



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##### Table of Contents

Liquidity and Capital Resources

As of June 30, 2003, 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 23%. 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 $17 million as of June 30, 2003. These deposits are readily obtainable at rates not significantly different from rates that we pay on
deposits in our local market.

At June 30, 2003, 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    |  | 9.22         | % | 7.53  | %
|Risk-based capital ratios: |  |              |   |       |  
|Core capital               |  | 10.90        |   | 8.92  |  
|Total capital              |  | 13.68        |   | 10.17 |  

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:



|                             |  | June 30,2003 |           
|---------------------------- |  | ------------ | ----------
|                             |  |              |           
|Commitments to extend credit |  | $            | 9,765,000 
|Letters of credit            |  |              | 633,000   
|                             |  |              |           
|                             |  | $            | 10,398,000
|                             |  |              |           

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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##### Table of Contents

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:



|                                   |  | June 30,2003         |         | December 31,2002 |  
|---------------------------------- |  | -------------------- | ------- | ---------------- | -
|                                   |  |                      |         |                  |  
|                                   |  | (DollarsinThousands) |        
|Cash and due from banks            |  | $                    | 3,175   |                  | $
|Interest-bearing deposits in banks |  |                      | 2,317   |                  |  
|Federal funds sold                 |  |                      | 13,415  |                  |  
|Securities                         |  |                      | 21,184  |                  |  
|Loans, net                         |  |                      | 103,406 |                  |  
|Loans held for sale                |  |                      | 1,459   |                  |  
|Premises and equipment             |  |                      | 2,561   |                  |  
|Other assets                       |  |                      | 7,936   |                  |  
|                                   |  |                      |         |                  |  
|                                   |  | $                    | 155,453 |                  | $
|                                   |  |                      |         |                  |  
|Deposits                           |  | $                    | 111,048 |                  | $
|Other borrowings                   |  |                      | 31,100  |                  |  
|Other liabilities                  |  |                      | 1,352   |                  |  
|Stockholders equity               |  |                      | 11,953  |                  |  
|                                   |  |                      |         |                  |  
|                                   |  | $                    | 155,453 |                  | $
|                                   |  |                      |         |                  |  

Our assets increased by 5% during the first six months of 2003. Deposit growth of $4.4 million was
invested primarily in federal funds sold and securities. Our loan to deposit ratio has remained in the 95% 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 $182,000, the exercise of stock options totaling $56,000 and decreased by the change in unrealized gains on securities available-for-sale, net of tax, of $46,000.

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##### Table of Contents

Results of Operations For The Three Months Ended June 30, 2003 and 2002 and for the Six Months Ended June 30, 2003 and 2002

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



|                          |  | ThreeMonthsEndedJune
30, |      
|------------------------- |  | ------------------------ | -----
|                          |  |                          |      
|                          |  | 2003                     |      
|                          |  |                          |      
|                          |  | (DollarsinThousands)     |      
|                          |  |                          |      
|Interest income           |  | $                        | 2,177
|Interest expense          |  |                          | 1,012
|                          |  |                          |      
|Net interest income       |  |                          | 1,165
|Provision for loan losses |  |                          |     
|Other income              |  |                          | 157  
|Other expense             |  |                          | 1,144
|                          |  |                          |      
|Pretax income             |  |                          | 178  
|Income taxes              |  |                          | 67   
|                          |  |                          |      
|Net income                |  | $                        | 111  
|                          |  |                          |      



|                          |  | SixMonthsEndedJune
30, |      
|------------------------- |  | ---------------------- | -----
|                          |  |                        |      
|                          |  | 2003                   |      
|                          |  |                        |      
|                          |  | (DollarsinThousands)   |      
|                          |  |                        |      
|Interest income           |  | $                      | 4,215
|Interest expense          |  |                        | 2,008
|                          |  |                        |      
|Net interest income       |  |                        | 2,207
|Provision for loan losses |  |                        | 270  
|Other income              |  |                        | 408  
|Other expense             |  |                        | 2,061
|                          |  |                        |      
|Pretax income             |  |                        | 284  
|Income taxes              |  |                        | 102  
|                          |  |                        |      
|Net income                |  | $                      | 182  
|                          |  |                        |      

Our net interest income has decreased by $73,000 and $45,000 for the second quarter and first six
months of 2003, respectively, as compared to the same periods in 2002. Our net interest margin decreased to 3.11% during the first six months of 2003 as compared to 3.77% for the first six months of 2002 and 3.69% for the entire year of 2002. The
decreases in net interest income and net interest margin are due to the decrease in yields on loans that have decreased to 6.99% in the first six months of 2003 as compared to 7.59% in the first six months of 2002. The cost of funds has decreased as
well as deposits have been able to be repriced as they have matured. Our cost of funds decreased to 2.95% in the first six months of 2003 as compared to 3.60% in the first six months of 2002.

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##### Table of Contents

The provision for loan losses decreased by 164,000 and increased by $16,000 in the second quarter and first six months of 2003, respectively, when compared
to the same periods in 2002. The amounts provided are due in part to loan growth, but are due primarily to the increase in the amount of non-performing loans during the first quarter of 2003. The allowance for loan losses as a percentage of total
loans was 1.95% at June 30, 2003 compared to 2.63% at December 31, 2002. Net charge offs for the first six months of 2003 were $1,019,000 as compared to $18,000 in 2002. As of June 30, 2003, we had nonperforming loans and assets of $3.5 million as
compared to $3.8 million at December 31, 2002. The level of nonperforming loans and assets at June 30, 2003 is attributed to the foreclosure of a residential construction relationship totaling $1.8 million. This increase in nonperforming loans and
assets was offset by the sale of previously held other real estate of $1.1 million and the subsequent write down of other parcels of other real in the amount of $375,000. Of the $1.025 million charged off during the first six months of 2003,
approximately $797,000 was attributed to the residential construction relationship, as the properties were written down to the lower of their book value or fair market value (less cost to sell), prior to foreclosure. 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. Our evaluation considers significant factors relative to the credit risk and loss exposure 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.

Information with respect to nonaccrual, past due and restructured loans at June 30, 2003 and 2002 is as follows:



|                                                                                                         |  | June 30,             |      
|-------------------------------------------------------------------------------------------------------- |  | -------------------- | -----
|                                                                                                         |  |                      |      
|                                                                                                         |  | 2003                 |      
|                                                                                                         |  |                      |      
|                                                                                                         |  | (DollarsinThousands) |      
|                                                                                                         |  |                      |      
|Nonaccrual loans                                                                                         |  | $                    | 0    
|Loans contractually past due ninety days or more as to interest or principal payments and still accruing |  |                      | 0    
|Restructured loans                                                                                       |  |                      | 0    
|Potential problem loans                                                                                  |  |                      | 2,903
|Interest income that would have been recorded on nonaccrual and restructured loans under original terms  |  |                      | 0    
|Interest income that was recorded on nonaccrual and restructured loans                                   |  |                      | 0    

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

Loans classified for regulatory purposes as loss, doubtful, substandard, or special mention that have not been included in the table above do not represent
or result from trends or uncertainties which management reasonably expects will materially impact future operating results, liquidity or capital resources. These classified loans do not represent material credits about which management is aware of
any information which causes management to have serious doubts as to the ability of such borrowers to comply with the loan repayment terms.

Information regarding certain loans
and allowance for loan loss data through June 30, 2003 and 2002 is as follows:



|                                                                              |  | SixMonthsEndedJune
30, |        
|----------------------------------------------------------------------------- |  | ---------------------- | -------
|                                                                              |  |                        |        
|                                                                              |  | 2003                   |        
|                                                                              |  |                        |        
|                                                                              |  | (Dollars in Thousands) |        
|                                                                              |  |                        |        
|Average amount of loans outstanding                                           |  | $                      | 105,827
|                                                                              |  |                        |        
|Balance of allowance for loan losses at beginning of period                   |  | $                      | 2,802  
|                                                                              |  |                        |        
|Loans charged off                                                             |  |                        |        
|Commercial and financial                                                      |  | $                      | 1,025  
|Real estate mortgage                                                          |  |                        |       
|Installment                                                                   |  |                        |       
|                                                                              |  |                        |        
|                                                                              |  |                        | 1,025  
|                                                                              |  |                        |        
|Loans recovered                                                               |  |                        |        
|Commercial and financial                                                      |  |                        |       
|Real estate mortgage                                                          |  |                        |       
|Installment                                                                   |  |                        | 6      
|                                                                              |  |                        |        
|                                                                              |  |                        | 6      
|                                                                              |  |                        |        
|Net charge-offs                                                               |  |                        | 1,019  
|                                                                              |  |                        |        
|Additions to allowance charged to operating expense during period             |  |                        | 270    
|                                                                              |  |                        |        
|Balance of allowance for loan losses at end of period                         |  | $                      | 2,053  
|                                                                              |  |                        |        
|Ratio of net loans charged off during the period to average loans outstanding |  |                        | .96    
|                                                                              |  |                        |        

Other income increased by $13,000 and $120,000 for the second quarter and first six months of 2003,
respectively, as compared to the same periods in 2002 due primarily to an increase in overdraft fees collected on demand deposit accounts. The increase in overdraft fees of $103,000 during the second quarter of 2003 were substantially offset by
losses incurred on the sale of other real estate totaling $95,000.

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##### Table of Contents

Other expenses have increased by $367,000 and $539,000 for the second quarter and first six months of 2003, respectively, as compared to the same periods in
2002. 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 39
at June 30, 2003 from 31 at June 30, 2002, primarily as a result of opening a new branch facility in February of 2003. Occupancy and equipment expenses have also increased due to increases in depreciation expense and occupancy expense attributed to
the opening of the new branch facility. Other operating expenses have increased due to increases in legal and professional fees and other costs associated with maintaining foreclosed properties.

We have provided for income taxes at an effective rate of 36% and 34% including state income taxes for the first six months of 2003 and 2002, respectively.

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
| | ------- | -----------------------

As of the end of the period covered by 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. Based on this evaluation, our Chief Executive 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. In connection with the new rules, 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 in other factors that could significantly affect internal controls subsequent to the date of this evaluation.

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##### Table of Contents

PART II - OTHER INFORMATION

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

| | (a) | The annual meeting of the stockholders of the Company was held on April 24, 2003.
| | --- | ---------------------------------------------------------------------------------

| | (b) | The following directors were selected at the meeting to serve terms for the upcoming year:
| | --- | ------------------------------------------------------------------------------------------



|Richard Ballard      |  | Joey McClelland   | 
|-------------------- |  | ----------------- | 
|Charles W. Carter    |  | Alexander Pollack | 
|John L. Coleman      |  | Robert Ryan       | 
|Alfred D. Fears, Jr. |  | James H. Warren   | 
|William B. Jones     |  | George L. Weaver  | 
|Harry Lewis          |  |                   | 

The shares represented at the meeting (650,808 or 70.30%) voted as
follows:



|          |  | Item (b)# ofShares | 
|--------- |  | ------------------ | 
|          |  |                    | 
|For       |  | 644,858            | 
|Against   |  |                   | 
|Abstained |  | 5,950              | 
|          |  |                    | 
|Total     |  | 650,808            | 
|          |  |                    | 

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

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



|31.1 | Certification of Chief Executive Officer, Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.                                                        
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                    
|31.2 | Certification of Chief Financial Officer, Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.                                                        
|     |                                                                                                                                                                                    
|32   | Certification of the Chief Executive Officer and 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: August 12, 2003 |  | BY:                                                               
|                      |  |                                                                   
|                      |  | John L. Coleman, President and C.E.O.(Principal Executive Officer)



|                      |  |                                                                                        
|--------------------- |  | ---------------------------------------------------------------------------------------
|DATE: August 12, 2003 |  | BY:                                                                                    
|                      |  |                                                                                        
|                      |  | Elaine S. Kendrick, Secretary and Treasurer(Principal Financial and Accounting Officer)



17