<PAGE>

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

             For the quarterly period ended      March 31, 2002
                                            -----------------------

[ ]  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

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

           Georgia                                    58-2261088
-------------------------------            ----------------------------------
(State or other jurisdiction of                     (IRS Employer
incorporation or organization)                    Identification 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
    -----       -------


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

Transitional Small Business Disclosure Format       Yes          No     X
                                                        -----        -------

<PAGE>

                  FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

-------------------------------------------------------------------------------

                                      INDEX
                                      -----
<TABLE>
<CAPTION>


                                                                                       Page
                                                                                       ----
<S>          <C>                                                                       <C>

PART I.      FINANCIAL INFORMATION

             Item 1.  Financial Statements

                Consolidated Balance Sheet - March 31, 2002............................   3

                Consolidated Statements of Income and
                 Comprehensive Income - Three Months Ended
                 March 31, 2002 and 2001...............................................   4

                Consolidated Statements of Cash Flows - Three
                 Months Ended March 31, 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


PART II.     OTHER INFORMATION

             Item 4 - Submission of Matters to a Vote of Security Holders..............  13

             Item 6 - Exhibits and Reports on Form 8-K.................................  13

             Signatures................................................................  14
</TABLE>



<PAGE>


                         PART I - FINANCIAL INFORMATION
                              FINANCIAL STATEMENTS

                  FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEET
                                 MARCH 31, 2002
                                   (Unaudited)
<TABLE>
<CAPTION>


                                 Assets
                                 ------
<S>                                                                                    <C>
Cash and due from banks                                                                $  2,055,378
Interest-bearing deposits in banks                                                        1,132,220
Federal funds sold                                                                        3,466,000
Securities available-for-sale, at fair value                                             16,892,695
Restricted equity securities, at cost                                                       640,000
Loans held for sale                                                                         513,117

Loans                                                                                    95,924,074
Less allowance for loan losses                                                            1,439,562
                                                                                       ------------
          Loans, net                                                                     94,484,512

Premises and equipment                                                                    2,374,800
Other assets                                                                              3,529,967
                                                                                       ------------

          Total assets                                                                 $125,088,689
                                                                                       ============


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

Deposits

    Noninterest-bearing                                                                $  8,678,411
    Interest-bearing                                                                     90,996,572
                                                                                       ------------
          Total deposits                                                                 99,674,983
Other borrowings                                                                         13,300,000
Other liabilities                                                                           733,296
                                                                                       ------------
          Total liabilities                                                             113,708,279
                                                                                       ------------

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                                                                     1,722,923
    Accumulated other comprehensive loss                                                    (61,495)
                                                                                       ------------
          Total stockholders' equity                                                     11,380,410
                                                                                       ------------

          Total liabilities and stockholders' equity                                   $125,088,689
                                                                                       ============
</TABLE>

See Notes to Consolidated Financial Statements.


                                       3

<PAGE>


                  FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                      2002                  2001
                                                                                   -----------           ----------
<S>                                                                                <C>                   <C>
Interest income
    Loans                                                                          $1,711,319            $1,786,717
    Taxable securities                                                                217,723               116,269
    Nontaxable securities                                                              16,460                 9,194
    Deposits in banks                                                                   6,330                    -
    Federal funds sold                                                                 22,011               102,237
                                                                                   ----------            ----------
              Total interest income                                                 1,973,843             2,014,417
                                                                                   ----------            ----------

Interest expense
    Deposits                                                                          773,633               985,090
    Other borrowings                                                                  185,920               138,878
                                                                                   ----------            ----------
              Total interest expense                                                  959,553             1,123,968
                                                                                   ----------            ----------


              Net interest income                                                   1,014,290               890,449
Provision for loan losses                                                              90,000               140,000
                                                                                   ----------            ----------
              Net interest income after provision for loan losses                     924,290               750,449
                                                                                   ----------            ----------

Other operating income
    Service charges on deposit accounts                                                83,572                71,819
    Other operating income                                                             59,861                52,398
                                                                                   ----------            ----------
              Total other income                                                      143,433               124,217
                                                                                   ----------            ----------

Other expenses
    Salaries and employee benefits                                                    403,196               314,118
    Occupancy and equipment expenses                                                   87,021                73,079
    Other operating expenses                                                          254,649               226,035
                                                                                   ----------            ----------
              Total other expenses                                                    744,866               613,232
                                                                                   ----------            ----------

              Income before income taxes                                              322,857               261,434

Income tax expense                                                                    112,400               105,300
                                                                                   ----------            ----------
              Net income                                                              210,457               156,134
                                                                                   ----------            ----------
Other comprehensive income (loss), net of tax:
    Unrealized gains (losses) on securities available-for-sale
       arising during period, net of tax                                              (58,998)               55,366
                                                                                   ----------            ----------
    Comprehensive income                                                           $  151,459            $  211,500
                                                                                   ==========            ==========
Basic  earnings per share                                                          $     0.27            $     0.21
                                                                                   ==========            ==========
Diluted earnings per share                                                         $     0.26            $     0.21
                                                                                   ==========            ==========
Cash dividends per share                                                           $       -             $       -
                                                                                   ==========            ==========
</TABLE>

See Notes to Consolidated Financial Statements.

                                       4

<PAGE>


                  FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                                     2002                 2001
                                                                                 -----------          -----------
<S>                                                                              <C>                  <C>

OPERATING ACTIVITIES
    Net income                                                                   $   210,457          $   156,134
    Adjustments to reconcile net income to net cash
        provided by (used in) operating activities:
        Depreciation                                                                  44,001               38,382
        Net increase in loans held for sale                                         (210,574)            (957,722)
        Provision for loan losses                                                     90,000              140,000
        Increase in interest receivable                                              (23,247)            (163,383)
        Increase (decrease) in interest payable                                      (43,204)             182,904
        Net other operating activities                                                26,041             (326,174)
                                                                                 -----------          -----------

              Net cash provided by (used in) operating activities                     93,474             (929,859)
                                                                                 -----------          -----------

INVESTING ACTIVITIES
    Net (increase) decrease in interest-bearing deposits in banks                    (57,717)              16,078
    Purchases of securities available-for-sale                                    (2,151,393)          (4,290,970)
    Proceeds from maturities of securities available-for-sale                      1,149,359            3,508,049
    Net (increase) decrease in federal funds sold                                   (384,000)             564,000
    Net increase in loans                                                         (7,943,408)          (8,204,791)
    Purchase of premises and equipment                                               (46,272)              (8,726)
                                                                                 -----------          -----------

              Net cash used in investing activities                               (9,433,431)          (8,416,360)
                                                                                 -----------          -----------

FINANCING ACTIVITIES
    Net increase in deposits                                                       6,935,615            6,452,858
    Repayment of other borrowings                                                          -               (2,029)
    Proceeds from other borrowings                                                         -            3,000,000
    Proceeds from exercise of stock options                                        2,042,700                    -
                                                                                 -----------          -----------

              Net cash provided by financing activities                            8,978,315            9,450,829
                                                                                 -----------          -----------

Net increase (decrease) in cash and due from banks                                  (361,642)             104,610

Cash and due from banks, beginning of period                                       2,417,020            1,432,969
                                                                                 -----------          -----------

Cash and due from banks, end of period                                           $ 2,055,378          $ 1,537,579
                                                                                 ===========          ===========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
    Cash paid for:
        Interest                                                                 $ 1,002,757          $   941,064

        Income taxes                                                             $    53,312          $   313,105

</TABLE>

See Notes to Consolidated Financial Statements.

                                       5

<PAGE>



                  FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY
                   NOTES 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 month period ended March 31,
         2002 are not necessarily indicative of the results to be expected for
         the full year.

NOTE 2.  CURRENT ACCOUNTING DEVELOPMENTS

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



                                      6

<PAGE>


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 the 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 the 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.

         Liquidity and Capital Resources

         As of March 31, 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. The liquidity ratio (i.e. cash, short-term assets
         and marketable assets divided by deposits and other borrowings) was
         approximately 17%. As we grow, we will continue to monitor liquidity
         and make adjustments as deemed necessary.


                                       7

<PAGE>

         At March 31, 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
                                            --------------------
                                                                     Minimum
                                                                    Regulatory
                                            Consolidated    Bank    Requirement
                                            ------------   ------   -----------
             Leverage capital ratios            9.40%       8.03%       4.00%
             Risk-based capital ratios:
               Core capital                    10.62        9.07        4.00
               Total capital                   11.87       10.32        8.00

Financial Condition

Following is a summary of our balance sheets for the periods indicated:
<TABLE>
<CAPTION>

                                                 March 31,           December 31,
                                                   2002                  2001
                                                 ---------           ------------
                                                      (Dollars in Thousands)
                                                 --------------------------------
  <S>                                            <C>                 <C>

  Cash and due from banks                         $  2,055               $  2,417
  Interest-bearing deposits in banks                 1,132                  1,075
  Federal funds sold                                 3,466                  3,082
  Securities                                        17,533                 16,626
  Loans, net                                        94,485                 86,631
  Loans held for sale                                  513                    303
  Premises and equipment                             2,375                  2,372
  Other assets                                       3,530                  3,405
                                                  --------               --------
                                                  $125,089               $115,911
                                                  ========               ========

  Deposits                                        $ 99,675               $ 92,739
  Other borrowings                                  13,300                 13,300
  Other liabilities                                    734                    787
  Stockholders' equity                              11,380                  9,085
                                                   -------               --------
                                                  $125,089               $115,911
                                                  ========               ========
</TABLE>


Our assets increased by 8% during the first quarter of 2002. Deposit growth of
$6.9 million and proceeds from the exercise of stock options of $2.0 million
were used to fund loan growth with the remainder invested primarily in
securities. Our loan to deposit ratio has remained in the 95-96% range since
December 31, 2001 indicating continued strong loan demand in our primary market
area of Butts County, Georgia. We have also used Federal Home Loan Bank Advances
totaling $12.8 million to assist in funding our loan growth. Our total equity
has increased by year-to-date net income of $210,000, proceeds from the
previously mentioned exercised stock options of $2.0 million, and income tax
benefits associated with the exercised stock options of $101,000. These
increases in equity were offset by increased losses on securities
available-for-sale, net of tax, of $59,000.

                                       8

<PAGE>


Results of Operations For The Three Months Ended March 31, 2002 and 2001

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

                                                  Three Months Ended
                                                       March 31,
                                                 --------------------
                                                  2002         2001
                                                -----------   --------
                                                (Dollars in Thousands)
                                                ----------------------

Interest income                                   $1,974       $2,014
Interest expense                                     960        1,124
                                                  ------       ------
Net interest income                                1,014          890
Provision for loan losses                             90          140
Other income                                         143          124
Other expense                                        745          613
                                                  ------       ------
Pretax income                                        322          261
Income taxes                                         112          105
                                                  ------       ------
Net income                                        $  210       $  156
                                                  ======       ======

Our net interest income has increased by $124,000 in the first quarter of 2002
as compared to the same period in 2001. Our net interest margin decreased to
3.53% in the first quarter of 2002 as compared to 4.16% for the first quarter 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 earned on loans that have
decreased to 7.51% in the first quarter of 2002 as compared to 10.43% in the
first quarter of 2001. 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
3.71% in the first quarter of 2002 as compared to 6.09% in the first quarter of
2001.

The provision for loan losses decreased by $50,000 in the first quarter of 2002
when compared to the same period in 2001. The amounts provided are due primarily
to loan growth and our assessment of the inherent risk in the loan portfolio.
The decrease in the provision for loan losses is due primarily to a slower rate
of loan growth. The allowance for loan losses as a percentage of total loans was
1.50% at March 31, 2002 as compared to 1.54% at December 31, 2001. Net charge
offs for the first quarter of 2002 were $2,000 as compared to $11,000 in 2001.
As of March 31, 2002, we had nonperforming loans and assets of $1.6 million as
compared to $1.3 million at December 31, 2001. We do not believe the increase in
nonperforming loans and assets to be an indication of a negative trend in the
credit quality of our loan portfolio. 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


                                       9

<PAGE>


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 March
31, 2002 and 2001 is as follows:

<TABLE>
<CAPTION>
                                                                           March 31,
                                                                    ----------------------
                                                                      2002         2001
                                                                    -----------   --------
                                                                    (Dollars in Thousands)
                                                                    ----------------------
<S>                                                                 <C>           <C>
Nonaccrual loans                                                  $ 1,628         $ 0
Loans contractually past due ninety days or more as to interest
   or principal payments and still accruing                            16           0
Restructured loans                                                      0           0
Potential problem loans                                                 0           0
Interest income that would have been recorded on nonaccrual
   and restructured loans under original terms                         26           0
Interest income that was recorded on nonaccrual and
   restructured loans                                                   0           0
</TABLE>

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 such 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.

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.


                                       10

<PAGE>

Information regarding certain loans and allowance for loan loss data through
March 31, 2002 and 2001 is as follows:
<TABLE>
<CAPTION>

                                                                                    Three Months Ended
                                                                                         March 31,
                                                                                 --------------------------
                                                                                  2002               2001
                                                                                 -------           --------
                                                                                    (Dollars in Thousands)
                                                                                 --------------------------
<S>                                                                              <C>               <C>

Average amount of loans outstanding                                              $91,112            $68,542
                                                                                 =======           ========

Balance of allowance for loan losses at beginning of period                      $ 1,352            $   967
                                                                                 -------           --------
Loans charged off
   Commercial and financial                                                            -                  -
   Real estate mortgage                                                                -                  -
   Installment                                                                         4                 12
                                                                                 -------            -------
                                                                                       4                 12
                                                                                 -------            -------
Loans recovered
   Commercial and financial                                                            -                  -
   Real estate mortgage                                                                -                  -
   Installment                                                                         2                  1
                                                                                 -------            -------
                                                                                       2                  1
                                                                                 -------            -------

Net charge-offs                                                                        2                 11
                                                                                 -------            -------
Additions to allowance charged to operating expense during
  period                                                                              90                140
                                                                                 -------            -------
Balance of allowance for loan losses at end of period                            $ 1,440            $ 1,096
                                                                                 =======            =======
Ratio of net loans charged off during the period to
   average loans outstanding                                                         .01%               .02%
                                                                                 =======            =======
</TABLE>

Other income has increased in the first quarter of 2002 as compared to the same
period in 2001 by $19,000 due primarily to increased service charges on deposit
accounts of $12,000.

Other expenses increased in the first quarter of 2002 as compared to the same
period in 2001 by $132,000 due to increased salaries and employee benefits of
$89,000, occupancy and equipment expenses of $14,000, and other operating
expenses of $29,000. Salaries and employee benefits have increased due to an
increase in the number of full time equivalent employees to 31 at March 31, 2002
from 26 at March 31, 2001 and to other annual salary increases. Occupancy and
equipment expenses and other operating expenses have increased due to our
overall growth.

We have provided for income taxes at an effective tax rate of 35% and 40%
including state income taxes for the first quarters of 2002 and 2001.

                                       11

<PAGE>


We are not aware of any known trends, events or uncertainties, other than the
effect of events as described above, that will have or that are reasonably
likely to have a material effect on its 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.


                                       12

<PAGE>


                             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.

               None.

         (b)   Reports on Form 8-K.

               None.


                                       13

<PAGE>

                                 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:  May 14, 2002          BY: /s/ John L. Coleman
       ------------              ---------------------------------------
                                 John L. Coleman, President and C.E.O.
                                 (Principal Executive Officer)


DATE:  May 14, 2002          BY: /s/ Elaine S. Kendrick
       ------------              ---------------------------------------
                                 Elaine S. Kendrick, Secretary and Treasurer
                                 (Principal Financial and Accounting Officer)


                                       14