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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 September 30, 2007



| ̈ | 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                                                        |  | 58-2266960                       
|(State or other jurisdiction of incorporation or organization) |  | (IRS Employer 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 ̈

Indicate by checkmark whether the registrant is a shell
company (as defined by Rule 12b-2 of the Exchange Act) Yes ̈No x

State the number of shares outstanding of each of the issuers classes of common equity, as of November 5, 2007: 953,648; $5 par value

Transitional Small Business Disclosure Format Yes ̈No
x



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##### Table of Contents

FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY



---

INDEX



|         |  |                                                                                                                                                               |  |     
|-------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----
|         |  |                                                                                                                                                               |  | Page
|PART I.  |  | FINANCIAL INFORMATION                                                                                                                                         |  |     
|         |  |                                                                                                                                                              
|         |  | Item 1. Financial Statements                                                                                                                                  |  |     
|         |  |                                                                                                                                                              
|         |  | Consolidated Balance Sheet - September 30, 2007                                                                                                               |  | 3   
|         |  |                                                                                                                                                              
|         |  | Consolidated Statements of Income and Comprehensive Income - Three Months Ended September 30, 2007 and 2006 and Nine Months Ended September 30, 2007 and 2006 |  | 4   
|         |  |                                                                                                                                                              
|         |  | Consolidated Statements of Cash Flows  Nine Months Ended September 30, 2007 and 2006                                                                         |  | 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                                                                                                                               |  | 16  
|         |  |                                                                                                                                                              
|PART II. |  | OTHER INFORMATION                                                                                                                                             |  |     
|         |  |                                                                                                                                                              
|         |  | Item 1  Legal Proceedings                                                                                                                                    |  | 17  
|         |  |                                                                                                                                                              
|         |  | Item 2  Unregistered Sale of Equity Securities and Use of Proceeds                                                                                           |  | 17  
|         |  |                                                                                                                                                              
|         |  | Item 3  Defaults Upon Senior Securities                                                                                                                      |  | 17  
|         |  |                                                                                                                                                              
|         |  | Item 4  Submission of Matters to a Vote of Security Holders                                                                                                  |  | 17  
|         |  |                                                                                                                                                              
|         |  | Item 5  Other Information                                                                                                                                    |  | 17  
|         |  |                                                                                                                                                              
|         |  | Item 6  Exhibits                                                                                                                                             |  | 17  
|         |  |                                                                                                                                                              
|         |  | Signatures                                                                                                                                                    |  | 18  



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PART IFINANCIAL INFORMATION



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

FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEET

SEPTEMBER 30, 2007

(Unaudited)



|                                                                                                |  |   |             |  
|----------------------------------------------------------------------------------------------- |  | - | ----------- | -
|Assets                                                                                          |  |   |             |  
|Cash and due from banks                                                                         |  | $ | 3,694,295   |  
|Interest-bearing deposits in banks                                                              |  |   | 6,215,782   |  
|Federal funds sold                                                                              |  |   | 35,282,000  |  
|Securities available-for-sale, at fair value                                                    |  |   | 23,297,994  |  
|Restricted equity securities, at cost                                                           |  |   | 1,774,050   |  
|                                                                                                | 
|Loans                                                                                           |  |   | 222,743,644 |  
|Less allowance for loan losses                                                                  |  |   | 3,375,685   |  
|                                                                                                |  |   |             |  
|Loans, net                                                                                      |  |   | 219,367,959 |  
|                                                                                                |  |   |             |  
|                                                                                                | 
|Premises and equipment                                                                          |  |   | 4,245,823   |  
|Other assets                                                                                    |  |   | 13,315,637  |  
|                                                                                                |  |   |             |  
|                                                                                                | 
|Total assets                                                                                    |  | $ | 307,193,540 |  
|                                                                                                |  |   |             |  
|                                                                                                | 
|Liabilities and Stockholders' Equity                                                            |  |   |             |  
|Deposits                                                                                        |  |   |             |  
|Noninterest-bearing                                                                             |  | $ | 23,001,038  |  
|Interest-bearing                                                                                |  |   | 225,165,286 |  
|                                                                                                |  |   |             |  
|Total deposits                                                                                  |  |   | 248,166,324 |  
|Other borrowings                                                                                |  |   | 35,226,471  |  
|Other liabilities                                                                               |  |   | 4,163,261   |  
|                                                                                                |  |   |             |  
|Total liabilities                                                                               |  |   | 287,556,056 |  
|                                                                                                |  |   |             |  
|                                                                                                | 
|Commitments and contingencies                                                                   |  |   |             |  
|                                                                                                | 
|Stockholders equity                                                                            |  |   |             |  
|Common stock, par value $5; 10,000,000 shares authorized; 953,648 shares issued and outstanding |  |   | 4,768,240   |  
|Capital surplus                                                                                 |  |   | 5,375,972   |  
|Retained earnings                                                                               |  |   | 9,544,116   |  
|Accumulated other comprehensive loss                                                            |  |   | (50,844     | )
|                                                                                                |  |   |             |  
|Total stockholders equity                                                                      |  |   | 19,637,484  |  
|                                                                                                |  |   |             |  
|                                                                                                | 
|Total liabilities and stockholders equity                                                      |  | $ | 307,193,540 |  
|                                                                                                |  |   |             |  

See Notes to Consolidated Financial Statements.





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FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

AND COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006

NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006

(Unaudited)



|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|----------------------------------------------------------------------------------- |  | ------------------------------- | --------- | ------------------------------- | ---- | - | --------- |  | ---- | ---------- |  | - | ----------
|                                                                                    |  | Three Months EndedSeptember 30, |           | Nine Months Ended September 30,
|                                                                                    |  | 2007                            |           |                                 | 2006 |   | 2007      |  | 2006
|Interest income                                                                     |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Loans                                                                               |  | $                               | 4,940,336 |                                 |      | $ | 5,040,401 |  | $    | 15,474,652 |  | $ | 13,732,553
|Taxable securities                                                                  |  |                                 | 250,121   |                                 |      |   | 207,548   |  |      | 720,033    |  |   | 578,839   
|Nontaxable securities                                                               |  |                                 | 40,787    |                                 |      |   | 40,396    |  |      | 122,387    |  |   | 121,078   
|Deposits in banks                                                                   |  |                                 | 27,896    |                                 |      |   | 10,387    |  |      | 68,088     |  |   | 33,243    
|Federal funds sold                                                                  |  |                                 | 414,824   |                                 |      |   | 324,506   |  |      | 1,247,055  |  |   | 681,843   
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Total interest income                                                               |  |                                 | 5,673,964 |                                 |      |   | 5,623,238 |  |      | 17,632,215 |  |   | 15,147,556
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Interest expense                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Deposits                                                                            |  |                                 | 3,032,317 |                                 |      |   | 2,390,520 |  |      | 8,998,869  |  |   | 5,787,285 
|Other borrowings                                                                    |  |                                 | 549,045   |                                 |      |   | 419,300   |  |      | 1,387,994  |  |   | 1,220,488 
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Total interest expense                                                              |  |                                 | 3,581,362 |                                 |      |   | 2,809,820 |  |      | 10,386,863 |  |   | 7,007,773 
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Net interest income                                                                 |  |                                 | 2,092,602 |                                 |      |   | 2,813,418 |  |      | 7,245,352  |  |   | 8,139,783 
|Provision for loan losses                                                           |  |                                 | 1,070,000 |                                 |      |   | 465,000   |  |      | 1,325,000  |  |   | 621,100   
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Net interest income after provision for loan losses                                 |  |                                 | 1,022,602 |                                 |      |   | 2,348,418 |  |      | 5,920,352  |  |   | 7,518,683 
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Other income                                                                        |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Service charges on deposit accounts                                                 |  |                                 | 229,711   |                                 |      |   | 226,990   |  |      | 698,398    |  |   | 624,360   
|Other operating income                                                              |  |                                 | 117,761   |                                 |      |   | 49,258    |  |      | 239,331    |  |   | 130,110   
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Total other income                                                                  |  |                                 | 347,472   |                                 |      |   | 276,248   |  |      | 937,729    |  |   | 754,470   
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Other expenses                                                                      |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Salaries and employee benefits                                                      |  |                                 | 1,058,329 |                                 |      |   | 957,282   |  |      | 3,012,985  |  |   | 2,596,489 
|Occupancy and equipment expenses                                                    |  |                                 | 216,288   |                                 |      |   | 195,226   |  |      | 622,748    |  |   | 585,769   
|Other operating expenses                                                            |  |                                 | 934,975   |                                 |      |   | 570,401   |  |      | 2,265,193  |  |   | 1,786,942 
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Total other expenses                                                                |  |                                 | 2,209,592 |                                 |      |   | 1,722,909 |  |      | 5,900,926  |  |   | 4,969,200 
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Net income (loss) before income taxes                                               |  |                                 | (839,518  | )                               |      |   | 901,757   |  |      | 957,155    |  |   | 3,303,953 
|                                                                                    |  |                                 |           |                                
|Income tax expense (benefit)                                                        |  |                                 | (350,474  | )                               |      |   | 316,639   |  |      | 274,499    |  |   | 1,179,690 
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Net income (loss)                                                                   |  |                                 | (489,044  | )                               |      |   | 585,118   |  |      | 682,656    |  |   | 2,124,263 
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Other comprehensive income:                                                         |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|Unrealized gains on securities available-for-sale arising during period, net of tax |  |                                 | 183,314   |                                 |      |   | 263,732   |  |      | 58,981     |  |   | 33,639    
|Deferred gains on derivative instruments arising during period, net of tax          |  |                                 | 48,828    |                                 |      |   |          |  |      | 48,828     |  |   |          
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Comprehensive income (loss)                                                         |  | $                               | (256,902  | )                               |      | $ | 848,850   |  | $    | 790,465    |  | $ | 2,157,902 
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Basic earnings (loss) per share                                                     |  | $                               | (0.51     | )                               |      | $ | 0.62      |  | $    | 0.72       |  | $ | 2.22      
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Diluted earnings (loss) per share                                                   |  | $                               | (0.51     | )                               |      | $ | 0.62      |  | $    | 0.71       |  | $ | 2.22      
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           
|                                                                                    |  |                                 |           |                                
|Cash dividends per share                                                            |  | $                               |          |                                 |      | $ |          |  | $    |           |  | $ |          
|                                                                                    |  |                                 |           |                                 |      |   |           |  |      |            |  |   |           

See Notes to Consolidated Financial Statements.





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FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006

(Unaudited)



|                                                                                  |  |      |             |   |      |   |             |  
|--------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | - | ----------- | -
|                                                                                  |  | 2007 |             |   | 2006 |  
|OPERATING ACTIVITIES                                                              |  |      |             |   |      |   |             |  
|Net income                                                                        |  | $    | 682,656     |   |      | $ | 2,124,263   |  
|Adjustments to reconcile net income to net cash provided by operating activities: |  |      |             |   |      |   |             |  
|Depreciation and amortization                                                     |  |      | 276,181     |   |      |   | 276,377     |  
|Net increase in loans held for sale                                               |  |      |            |   |      |   | (393,823    | )
|Provision for loan losses                                                         |  |      | 1,325,000   |   |      |   | 621,100     |  
|Deferred compensation                                                             |  |      | 79,821      |   |      |   | 86,776      |  
|(Gain) loss on sale of other real estate owned                                    |  |      | 5,104       |   |      |   | (1,775      | )
|Increase in interest receivable                                                   |  |      | (203,358    | ) |      |   | (398,830    | )
|Increase (decrease) in interest payable                                           |  |      | (238,386    | ) |      |   | 338,450     |  
|Increase (decrease) in taxes payable                                              |  |      | (985,557    | ) |      |   | 392,422     |  
|Recognition of stock based compensation                                           |  |      | 32,642      |   |      |   | 25,500      |  
|Net other operating activities                                                    |  |      | (711,358    | ) |      |   | (1,190,665  | )
|                                                                                  |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|Net cash provided by operating activities                                         |  |      | 262,745     |   |      |   | 1,879,795   |  
|                                                                                  |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|INVESTING ACTIVITIES                                                              |  |      |             |   |      |   |             |  
|Net (increase) decrease in interest-bearing deposits in banks                     |  |      | (4,949,402  | ) |      |   | 688,673     |  
|Purchases of securities available-for-sale                                        |  |      | (3,718,003  | ) |      |   | (1,916,081  | )
|Proceeds from maturities of securities available-for-sale                         |  |      | 2,748,402   |   |      |   | 290,260     |  
|Purchase of restricted equity securities                                          |  |      | (33,100     | ) |      |   | (100,300    | )
|Net increase in federal funds sold                                                |  |      | (5,871,000  | ) |      |   | (14,641,000 | )
|Net (increase) decrease in loans                                                  |  |      | 1,429,483   |   |      |   | (25,208,941 | )
|Proceeds from sale of other real estate owned                                     |  |      | 678,860     |   |      |   | 235,515     |  
|Purchase of premises and equipment                                                |  |      | (997,527    | ) |      |   | (95,550     | )
|                                                                                  |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|Net cash used in investing activities                                             |  |      | (10,712,287 | ) |      |   | (40,747,424 | )
|                                                                                  |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|FINANCING ACTIVITIES                                                              |  |      |             |   |      |   |             |  
|Net increase in deposits                                                          |  |      | 3,192,991   |   |      |   | 36,461,719  |  
|Net increase (decrease) in other borrowings                                       |  |      | 6,758,009   |   |      |   | (896,221    | )
|Retirement of stock                                                               |  |      |            |   |      |   | (100,787    | )
|Proceeds from exercise of stock options                                           |  |      | 95,506      |   |      |   | 9,423       |  
|                                                                                  |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|Net cash provided by financing activities                                         |  |      | 10,046,506  |   |      |   | 35,474,134  |  
|                                                                                  |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|Net decrease in cash and due from banks                                           |  |      | (403,036    | ) |      |   | (3,393,495  | )
|                                                                                  |  |     
|Cash and due from banks, beginning of period                                      |  |      | 4,097,331   |   |      |   | 7,202,634   |  
|                                                                                  |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|Cash and due from banks, end of period                                            |  | $    | 3,694,295   |   |      | $ | 3,809,139   |  
|                                                                                  |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                                 |  |      |             |   |      |   |             |  
|Cash paid (received) during period for:                                           |  |      |             |   |      |   |             |  
|                                                                                  |  |     
|Interest                                                                          |  | $    | 10,625,249  |   |      | $ | 6,669,323   |  
|                                                                                  |  |     
|Income taxes                                                                      |  | $    | 1,269,056   |   |      | $ | 1,174,613   |  
|                                                                                  |  |     
|NONCASH TRANSACTIONS                                                              |  |      |             |   |      |   |             |  
|Principal balance of loans transferred to other real estate owned                 |  | $    | 5,931,876   |   |      | $ | 495,837     |  
|                                                                                  |  |     
|Financed sales of other real estate owned                                         |  | $    | 651,468     |   |      | $ |            |  

See Notes to Consolidated Financial Statements.





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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 and nine month periods ended September 30, 2007 are not
necessarily indicative of the results to be expected for the full year.



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

The Company recorded stock compensation
expense during the three months ended September 30, 2007 and 2006, totaling $10,880 and $9,000, respectively. Stock compensation expense recorded during the nine months ended September 30, 2007 and 2006 totaled $32,642 and $25,500,
respectively.

At September 30, 2007, there was approximately $31,000 of unrecognized compensation cost related to unvested stock options. That cost
is expected to be recognized as expense over the future vesting period of approximately two years.

The Company has a stock incentive plan and has reserved
750,000 shares of common stock for issuance pursuant to awards granted under the plan. The plan provides for the granting of stock options, stock appreciation rights, stock awards and other stock incentives to directors and certain key employees.



6



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A summary of stock options outstanding as of September 30, 2007 and 2006 is presented in the following table.



|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      
|--------------------------------------------------------------------------------------- |  | ------------------------------- | --------- | ---- | -------------------------------- | - | ------ |  | - | -------------------------------- | - |  | - | -----
|                                                                                        |  | Nine Months Ended September 30,
|                                                                                        |  | 2007                            |           | 2006
|                                                                                        |  | Number                          |           |      | Weighted- Average Exercise Price |   | Number |  |   | Weighted- Average Exercise Price
|Under option, beginning of period                                                       |  |                                 | 42,000    |      |                                  | $ | 14.00  |  |   | 37,665                           |   |  | $ | 13.34
|Granted                                                                                 |  |                                 |          |      |                                  |   |       |  |   | 5,000                            |   |  |   | 19.00
|Exercised                                                                               |  |                                 | (6,740    | )    |                                  |   | 14.17  |  |   | (665                             | ) |  |   | 14.17
|Cancelled                                                                               |  |                                 | (8,760    | )    |                                  |   | 14.17  |  |   |                                 |   |  |   |     
|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      
|Under option, end of period                                                             |  |                                 | 26,500    |      |                                  |   | 13.90  |  |   | 42,000                           |   |  |   | 14.00
|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      
|Exercisable, end of period                                                              |  |                                 | 22,000    |      |                                  | $ | 12.86  |  |   | 28,240                           |   |  | $ | 13.06
|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      
|Weighted average fair value of options granted during the period                        |  |                                 | N/A       |      |                                  |   |        |  | $ | 8.04                             |   |  |   |      
|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      
|Total intrinsic value of options exercised during the period                            |  | $                               | 32,554    |      |                                  |   |        |  | $ | 3,212                            |   |  |   |      
|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      
|Weighted average remaining contractual term of exercisable options at end of the period |  |                                 | 4.61years |      |                                  |   |        |  |   | 6.07years                        |   |  |   |      
|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      
|Aggregate intrinsic value of exercisable options at end of the period                   |  | $                               | 135,170   |      |                                  |   |        |  | $ | 167,724                          |   |  |   |      
|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      
|Aggregate intrinsic value of outstanding options at end of the period                   |  | $                               | 135,170   |      |                                  |   |        |  | $ | 210,035                          |   |  |   |      
|                                                                                        |  |                                 |           |      |                                  |   |        |  |   |                                  |   |  |   |      



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

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



|                                                                                                                                |  |                                  |          |   |      |   |          
|------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- | -------- | - | ---- | - | ---------
|                                                                                                                                |  | Three Months Ended September 30,
|                                                                                                                                |  | 2007                             |          |   | 2006
|Basic Earnings (Loss) Per Share:                                                                                                |  |                                  |          |   |      |   |          
|Weighted average common shares outstanding                                                                                      |  |                                  | 953,648  |   |      |   | 946,908  
|                                                                                                                                |  |                                  |          |   |      |   |          
|Net income (loss)                                                                                                               |  | $                                | (489,044 | ) |      | $ | 585,118  
|                                                                                                                                |  |                                  |          |   |      |   |          
|Basic earnings (loss) per share                                                                                                 |  | $                                | (.51     | ) |      | $ | .62      
|                                                                                                                                |  |                                  |          |   |      |   |          
|Diluted Earnings (Loss) Per Share:                                                                                              |  |                                  |          |   |      |   |          
|Weighted average common shares outstanding                                                                                      |  |                                  | 953,648  |   |      |   | 946,908  
|Net effect of the assumed exercise of stock options based on the treasury stock method using average market prices for the
year |  |                                  | 11,730   |   |      |   | 2,631    
|                                                                                                                                |  |                                  |          |   |      |   |          
|Total weighted average common shares and common stock equivalents outstanding                                                   |  |                                  | 965,378  |   |      |   | 949,539  
|                                                                                                                                |  |                                  |          |   |      |   |          
|Net income (loss)                                                                                                               |  | $                                | (489,044 | ) |      | $ | 585,118  
|                                                                                                                                |  |                                  |          |   |      |   |          
|Diluted earnings (loss) per share                                                                                               |  | $                                | (.51     | ) |      | $ | .62      
|                                                                                                                                |  |                                  |          |   |      |   |          
|                                                                                                                                | 
|                                                                                                                                |  | Nine Months Ended September 30, 
|                                                                                                                                |  | 2007                             |          |   | 2006
|Basic Earnings Per Share:                                                                                                       |  |                                  |          |   |      |   |          
|Weighted average common shares outstanding                                                                                      |  |                                  | 951,422  |   |      |   | 954,830  
|                                                                                                                                |  |                                  |          |   |      |   |          
|Net income                                                                                                                      |  | $                                | 682,656  |   |      | $ | 2,124,263
|                                                                                                                                |  |                                  |          |   |      |   |          
|Basic earnings per share                                                                                                        |  | $                                | .72      |   |      | $ | 2.22     
|                                                                                                                                |  |                                  |          |   |      |   |          
|Diluted Earnings Per Share:                                                                                                     |  |                                  |          |   |      |   |          
|Weighted average common shares outstanding                                                                                      |  |                                  | 951,422  |   |      |   | 954,830  
|Net effect of the assumed exercise of stock options based on the treasury stock method using average market prices for the
year |  |                                  | 10,120   |   |      |   | 3,146    
|                                                                                                                                |  |                                  |          |   |      |   |          
|Total weighted average common shares and common stock equivalents outstanding                                                   |  |                                  | 961,542  |   |      |   | 957,976  
|                                                                                                                                |  |                                  |          |   |      |   |          
|Net income                                                                                                                      |  | $                                | 682,656  |   |      | $ | 2,124,263
|                                                                                                                                |  |                                  |          |   |      |   |          
|Diluted earnings per share                                                                                                      |  | $                                | .71      |   |      | $ | 2.22     
|                                                                                                                                |  |                                  |          |   |      |   |          



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|NOTE 4. | DERIVATIVE FINANCIAL INSTRUMENTS
|------- | --------------------------------

The Companys
asset-liability management policy allows the use of certain derivative and financial instruments for hedging purposes in managing the Companys interest rate risk. The Company does not enter into derivatives or other financial instruments for
trading or speculative purposes. A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. The most common derivative instruments include
interest rate swaps, caps, floors and collars. The Company accounts for its derivative financial instruments under FASB No. 133, Accounting for Derivative Instruments and Hedging Activities, and as such, the fair value of the floor is included
in other assets in the Consolidated Balance Sheets.

In August 2007, the Company entered into two derivative instruments, a $20 million notional amount,
3-year, Prime + 1% swap contract for 7.58% fixed and a $15 million notional amount, 3-year, Prime + 0.50% swap contract for 7.58% fixed to hedge against interest rate risk in a declining rate environment. The contracts are classified as a hedge of
an exposure to changes in the cash flows of a recognized asset (cash flow hedge). As a cash flow hedge, the portion of a change in the fair value of the derivative that has been deemed highly effective is recognized in other
comprehensive income until the related cash flows from the hedged item are recognized in earnings. At September 30, 2007, the Company reported a $49,000 gain, net of tax, in other comprehensive income related to cash flow hedges. The Company
documents, both at inception and periodically over the life of the hedge, its analysis of actual and expected hedge effectiveness. To the extent that the hedge of future cash flows is deemed ineffective, changes in the fair value of the derivative
are recognized in earnings as a component of other non-interest expense. For the three and nine month periods ended September 30, 2007, there was no ineffectiveness recognized in other non-interest expense attributable to cash flow hedges. A
summary of the Companys derivative financial instruments at September 30, 2007 is shown in the following table:



|                                                      |  |                 |            |               |      |   |                   |    |                                           |   |                      |  |   |       
|----------------------------------------------------- |  | --------------- | ---------- | ------------- | ---- | - | ----------------- | -- | ----------------------------------------- | - | -------------------- |  | - | ------
|                                                      |  | Notional amount |            | Fixedswaprate |      |   | Maturity inmonths |    | Estimated fair value at September 30,2007 |   | Net unrealized gains
|Derivatives Designated as Cash Flow Hedges:           |  |                 |            |               |      |   |                   |    |                                           |   |                      |  |   |       
|Hedging cash flows on prime-based floating rate loans |  | $               | 35,000,000 |               | 7.58 | % |                   | 35 |                                           | $ | 78,000               |  | $ | 49,000
|                                                      |  |                 |            |               |      |   |                   |    |                                           |   |                      |  |   |       



|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,



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##### Table of Contents

continue, 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

In connection with our application of accounting principles generally accepted in the United States, we make judgments and
estimates that, in the case of determination of our allowance for loan losses, have been critical to the determination of our financial position, results of operations and cash flows. 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 adjusted for certain qualitative factors. The classified loans, including impaired loans, are analyzed individually in order to
establish a specific allowance for loan losses. The allowance for loan losses as a percentage of total loans was 1.52% at September 30, 2007 as compared to 1.29% at December 31, 2006. See Results of Operations for the Three and Nine
Months Ended September 30, 2007 and 2006 for more information about the effect of the allowance and provision for loan losses.



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Liquidity and Capital Resources

As of September 30, 2007, 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 21.89%. We will continue to monitor liquidity and make adjustments as deemed necessary.

Total brokered deposits amounted to $67 million, or approximately 27% of total deposits, as of September 30, 2007. These deposits are readily obtainable at rates
not significantly different from rates that we pay on deposits in our local market.

At September 30, 2007, we were well capitalized based on
regulatory minimum capital requirements. The minimum capital requirements and our actual capital ratios on a consolidated and bank-only basis, as of September 30, 2007 were as follows:



|                           |  |              |   |  |                                |   |  |      |  
|-------------------------- |  | ------------ | - |  | ------------------------------ | - |  | ---- | -
|                           |  | Actual       |   |  | Minimum Regulatory Requirement |  
|                           |  | Consolidated |   |  | Bank                           |   | 
|Leverage capital ratios    |  | 8.13         | % |  | 8.62                           | % |  | 4.00 | %
|Risk-based capital ratios: |  |              |   |  |                                |   |  |      |  
|Core capital               |  | 9.78         | % |  | 10.36                          | % |  | 4.00 | %
|Total capital              |  | 11.03        | % |  | 11.61                          | % |  | 8.00 | %

Off-Balance Sheet Risk

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

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



|                             |  |                    |            |                    |   |           
|---------------------------- |  | ------------------ | ---------- | ------------------ | - | ----------
|                             |  | September 30, 2007 |            | September 30, 2006
|Commitments to extend credit |  | $                  | 43,076,000 |                    | $ | 60,919,000
|Letters of credit            |  |                    | 548,000    |                    |   | 378,000   
|                             |  |                    |            |                    |   |           
|                             |  | $                  | 43,624,000 |                    | $ | 61,297,000
|                             |  |                    |            |                    |   |           

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:



|                                   |  |                        |         |                  |   |        
|---------------------------------- |  | ---------------------- | ------- | ---------------- | - | -------
|                                   |  | September 30,2007      |         | December 31,2006
|                                   |  | (Dollars in Thousands)
|Cash and due from banks            |  | $                      | 3,694   |                  | $ | 4,097  
|Interest-bearing deposits in banks |  |                        | 6,216   |                  |   | 1,266  
|Federal funds sold                 |  |                        | 35,282  |                  |   | 29,411 
|Securities                         |  |                        | 25,072  |                  |   | 23,981 
|Loans, net                         |  |                        | 219,368 |                  |   | 227,403
|Premises and equipment             |  |                        | 4,246   |                  |   | 3,518  
|Other assets                       |  |                        | 13,316  |                  |   | 7,252  
|                                   |  |                        |         |                  |   |        
|                                   |  | $                      | 307,194 |                  | $ | 296,928
|                                   |  |                        |         |                  |   |        
|                                   |  |                       
|Deposits                           |  | $                      | 248,166 |                  | $ | 244,973
|Other borrowings                   |  |                        | 35,227  |                  |   | 28,469 
|Other liabilities                  |  |                        | 4,163   |                  |   | 4,767  
|Stockholders equity               |  |                        | 19,638  |                  |   | 18,719 
|                                   |  |                        |         |                  |   |        
|                                   |  | $                      | 307,194 |                  | $ | 296,928
|                                   |  |                        |         |                  |   |        

Our assets increased by 3.46% during the first nine months of 2007. Gross loans outstanding decreased
approximately $8.0 million during the first nine months of 2007. Management is aware and recognizes the deterioration of the residential real estate construction and acquisition and development sector, which contributed to this decline. It is
anticipated that this deterioration could result in a continued decline in gross loans. Deposits increased by $3.2 million and Federal funds sold increased by $5.9 million. We continue to fund a significant portion of our loans with brokered out of
territory funds. Our loans to available funds ratio has remained in the 75% to 85% range. Our total equity has increased by year-to-date net income of $683,000, exercise of stock options of $95,000, recognition of stock based compensation of $33,000
and by an increase in other comprehensive income, net of tax, of $108,000.



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Results of Operations For The Three Months Ended September 30, 2007 and 2006 and for the Nine Months Ended
September 30, 2007 and 2006

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



|                             |  |                                  |        |   |      |   |       
|---------------------------- |  | -------------------------------- | ------ | - | ---- | - | ------
|                             |  | Three Months Ended September 30,
|                             |  | 2007                             |        |   | 2006
|                             |  | (Dollars in Thousands)          
|Interest income              |  | $                                | 5,674  |   |      | $ | 5,623 
|Interest expense             |  |                                  | 3,581  |   |      |   | 2,810 
|                             |  |                                  |        |   |      |   |       
|Net interest income          |  |                                  | 2,093  |   |      |   | 2,813 
|Provision for loan losses    |  |                                  | 1,070  |   |      |   | 465   
|Other income                 |  |                                  | 347    |   |      |   | 277   
|Other expense                |  |                                  | 2,209  |   |      |   | 1,723 
|                             |  |                                  |        |   |      |   |       
|Pretax income                |  |                                  | (839   | ) |      |   | 902   
|Income tax expense (benefit) |  |                                  | (350   | ) |      |   | 317   
|                             |  |                                  |        |   |      |   |       
|Net income (loss)            |  | $                                | (489   | ) |      | $ | 585   
|                             |  |                                  |        |   |      |   |       
|                             | 
|                             |  | Nine Months Ended September 30, 
|                             |  | 2007                             |        |   | 2006
|                             |  | (Dollars in Thousands)          
|Interest income              |  | $                                | 17,632 |   |      | $ | 15,148
|Interest expense             |  |                                  | 10,387 |   |      |   | 7,008 
|                             |  |                                  |        |   |      |   |       
|Net interest income          |  |                                  | 7,245  |   |      |   | 8,140 
|Provision for loan losses    |  |                                  | 1,325  |   |      |   | 621   
|Other income                 |  |                                  | 938    |   |      |   | 754   
|Other expense                |  |                                  | 5,901  |   |      |   | 4,969 
|                             |  |                                  |        |   |      |   |       
|Pretax income                |  |                                  | 957    |   |      |   | 3,304 
|Income taxes                 |  |                                  | 274    |   |      |   | 1,180 
|                             |  |                                  |        |   |      |   |       
|Net income                   |  | $                                | 683    |   |      | $ | 2,124 
|                             |  |                                  |        |   |      |   |       

Our net interest income has decreased by $720,000 and $895,000 for the third quarter and first nine months of
2007, respectively, as compared to the same periods in 2006. Our net interest margin was 3.36% during the first nine months of 2007 as compared to 4.80% for the first nine months of 2006 and 4.64% for the entire year of 2006. The decrease in net
interest income was due to an increase in non-accrual loans and the reversal of previously accrued but uncollected interest associated with them, as well as the cost of funds increasing faster than the yield on earning assets. Our cost of funds has
increased to 4.84% in the first nine months of 2007 as compared to 3.87% in the first nine months of 2006.



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The provision for loan losses increased by $605,000 and $704,000 in the third quarter and first nine months of 2007,
respectively, when compared to the same periods in 2006. The allowance for loan losses as a percentage of total loans was 1.52% at September 30, 2007 as compared to 1.29% at December 31, 2006. Recoveries for the first nine months of 2007
were $16,000 as compared to $101,000 in 2006 and charge-offs for the first nine months of 2007 were $942,000 as compared to $64,000 in 2006. As of September 30, 2007, we had nonperforming loans and assets of $13,368,000 as compared to $317,000
at December 31, 2006. Based upon our evaluation of the loan portfolio, the allowance for loan losses is utilized 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.
Management is aware and recognizes the deterioration of the residential real estate construction and acquisition and development sectors. It is anticipated that this deterioration could result in an increase in loan loss provision.

Information with respect to nonaccrual, past due and restructured loans at September 30, 2007 and 2006 is as follows:



|                                                                                                         |  |                        |        |      |   |      
|-------------------------------------------------------------------------------------------------------- |  | ---------------------- | ------ | ---- | - | -----
|                                                                                                         |  | September 30,         
|                                                                                                         |  | 2007                   |        | 2006
|                                                                                                         |  | (Dollars in Thousands)
|Nonaccrual loans                                                                                         |  | $                      | 8,029  |      | $ | 0    
|Loans contractually past due ninety days or more as to interest or principal payments and still accruing |  |                        | 108    |      |   | 601  
|Restructured loans                                                                                       |  |                        | 3,147  |      |   | 0    
|Potential problem loans                                                                                  |  |                        | 16,331 |      |   | 5,755
|Interest income that would have been recorded on nonaccrual and restructured loans under original terms  |  |                        | 332    |      |   | 8    
|Interest income that was recorded on nonaccrual and restructured loans                                   |  |                        | 122    |      |   | 20   

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. The increase in nonaccrual loans and potential problem loans are
primarily related to six relationships secured by real estate. Management currently is in the process of evaluating the collateral position of these relationships. Since September 30, 2007, the loans in eight relationships totaling $12.4
million have been identified as having deteriorated and are currently being evaluated for classified status and potential impairment. As of the date of this filing, we estimate impairment to approximate $500,000. However, as more information becomes
available, further impairment could be identified.

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.



14



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##### Table of Contents

Information regarding certain loans and allowance for loan loss data through September 30, 2007 and 2006 is as
follows:



|                                                                                          |  |                                 |         |    |      |   |         |  
|----------------------------------------------------------------------------------------- |  | ------------------------------- | ------- | -- | ---- | - | ------- | -
|                                                                                          |  | Nine Months Ended September 30, |        
|                                                                                          |  | 2007                            |         |    | 2006 |  
|                                                                                          |  | (Dollars in Thousands)          |        
|Average amount of loans outstanding                                                       |  | $                               | 229,406 |    |      | $ | 214,750 |  
|                                                                                          |  |                                 |         |    |      |   |         |  
|Balance of allowance for loan losses at beginning of period                               |  | $                               | 2,977   |    |      | $ | 2,305   |  
|                                                                                          |  |                                 |         |    |      |   |         |  
|Loans charged off                                                                         |  |                                 |         |    |      |   |         |  
|Commercial and financial                                                                  |  |                                 | (21     | )  |      |   |        |  
|Real estate mortgage                                                                      |  |                                 | (913    | )  |      |   | (61     | )
|Installment                                                                               |  |                                 | (8      | )  |      |   | (3      | )
|                                                                                          |  |                                 |         |    |      |   |         |  
|                                                                                          |  |                                 | (942    | )  |      |   | (64     | )
|                                                                                          |  |                                 |         |    |      |   |         |  
|Loans recovered                                                                           |  |                                 |         |    |      |   |         |  
|Commercial and financial                                                                  |  |                                 |        |    |      |   |        |  
|Real estate mortgage                                                                      |  |                                 | 11      |    |      |   | 93      |  
|Installment                                                                               |  |                                 | 5       |    |      |   | 8       |  
|                                                                                          |  |                                 |         |    |      |   |         |  
|                                                                                          |  |                                 | 16      |    |      |   | 101     |  
|                                                                                          |  |                                 |         |    |      |   |         |  
|Net (charge offs) recoveries                                                              |  |                                 | (926    | )  |      |   | 37      |  
|                                                                                          |  |                                 |         |    |      |   |         |  
|Additions to allowance charged to operating expense during period                         |  |                                 | 1,325   |    |      |   | 621     |  
|                                                                                          |  |                                 |         |    |      |   |         |  
|Balance of allowance for loan losses at end of period                                     |  | $                               | 3,376   |    |      | $ | 2,963   |  
|                                                                                          |  |                                 |         |    |      |   |         |  
|Ratio of net loans (charged off) recovered during the period to average loans outstanding |  |                                 | (.40    | )% |      |   | .02     | %
|                                                                                          |  |                                 |         |    |      |   |         |  

Other income increased by $70,000 and $184,000 for the third quarter and first nine months of 2007, respectively,
as compared to the same periods in 2006. Year to date increases in service charges on deposits of $74,000, gain of sale of assets of $71,000 and check printing upcharges of $33,000 accounted for the majority of the increase.



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##### Table of Contents

Other expenses increased by $486,000 and $932,000 for the third quarter and first nine months of 2007, respectively, as
compared to the same periods in 2006. Salaries and employee benefits increased by $101,000 and $416,000 for the third quarter and first nine months of 2007, respectively as compared to the same periods in 2006. This was primarily due to an increase
in full time equivalent employees of approximately seven. Occupancy and equipment expenses increased by $21,000 and $37,000 for the third quarter and first nine months of 2007, respectively as compared to the same periods in 2006. Other operating
expenses increased $365,000 and $478,000 for the same periods. Year to date increases in OREO expenses of $238,000 and increases in the FDIC assessment of $124,000 accounted for the majority of the increases.

We have provided for income taxes at an effective rate of 29% and 36% including state income taxes for the first nine months of 2007 and 2006, respectively. The decrease
in the tax rate is due to the effect of the tax free income, as well as a decline in income as a result of non-performing assets.

Management is aware and
recognizes the deterioration of the residential real estate construction and acquisition and development sectors. As indicated above, such continuous deterioration has had and could have material adverse effects upon First Georgia Community Corp.
and its subsidiary, First Georgia Community Bank.



|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 effectiveness of the design and operation of our disclosure controls and procedures
pursuant to Rule 13a-15 of the Securities Exchange Act of 1934, as amended. 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 were no changes in our internal controls over financial reporting during the quarter ended
September 30, 2007 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.



16



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##### Table of Contents

PART IIOTHER INFORMATION



|ITEM 1. | LEGAL PROCEEDINGS.
|------- | ------------------

None



|ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|------- | ------------------------------------------------------------

None



|ITEM 3. | DEFAULTS UPON SENIOR SECURITIES.
|------- | --------------------------------

None



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

None



|ITEM 5. | OTHER INFORMATION.
|------- | ------------------

None



|ITEM 6. | EXHIBITS.
|------- | ---------



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



| | 31.1 | Certification of Chief Executive Officer, Pursuant to Rule 13a-15(a) under the Securities Exchange Act of 1934, as amended.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------



| | 31.2 | Certification of Chief Financial Officer, Pursuant to Rule 13a-15(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.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

SIGNATURES

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



|                        |  |  |  |                                            |  |                        |  |                                                                                         
|----------------------- |  |  |  | ------------------------------------------ |  | ---------------------- |  | ----------------------------------------------------------------------------------------
|                        |  |  |  | FIRST GEORGIA COMMUNITY CORP. (Registrant)
|                        |  |  |  |                                           
|                        |  |  |  |                                           
|                        |  |  | 
|DATE: November 13, 2007 |  |  |  | By:                                        |  | /s/ Emory B. Lewis    
|                        |  |  |  |                                            |  |                        |  | Emory B. Lewis, President and C.E.O. (Principal
Executive Officer)                      
|                        |  |  |  |                                           
|                        |  |  | 
|DATE: November 13, 2007 |  |  |  | By:                                        |  | /s/ Elaine S. Kendrick
|                        |  |  |  |                                            |  |                        |  | Elaine S. Kendrick, Secretary and Treasurer (Principal Financial and Accounting Officer)



18