UNITED STATES  SECURITIES AND  EXCHANGE COMMISSION  Washington, D.  C.  20549  FORM 10-K

| x | Annual Report Pursuant to Section 13 or 15(d) ofThe Securities  Exchange Act of 1934 |
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For the Fiscal Year  Ended December 31, 2001

|  ̈ | Transition Report Pursuant to Section 13 or 15(d) of |
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The Securities  Exchange Act of 1934

Commission File Number  33-81890

| Community Bankshares,  Inc.                               |
|-----------------------------------------------------------|
|                                                           |
| (Exact name of    registrant as specified in its charter) |

| Georgia                                |   | 58-1415887                 |
|----------------------------------------|--------|----------------------------|
|                                        |        |                            |
| (State or other        jurisdiction of |   | (I. R. S.        Employer  |
| Incorporation or        organization)  |   | Identification        No.) |
|                                   |   |                       |

| 448 North Main    Street, Cornelia, Georgia  30531 |
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|                                                         |
| (Address of principal  executive offices) (Zip Code)    |

Registrant’s telephone number,  including area code: (706) 778-2265

Securities registered pursuant to  Section 12(b) of the Act: None

Securities registered pursuant to  Section 12(g) of the Act: None

Indicate by check mark whether the  Registrant (1) has filed all reports required to be filed by Section 13 or  15(d) of the Securities Exchange Act of 1934 during the preceding 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  þ   No    ̈.

Indicate by check mark if disclosure  of delinquent filers pursuant to Item 405 of Regulation S-K is not contained  herein and will not be contained, to the best of registrant’s knowledge, in  definitive proxy or information statements incorporated by reference in Part  III of this Form 10-K or any amendment to this Form 10-K.       Not applicable.  Registrant is not required to be registered under  the Securities Exchange Act of 1934.

Aggregate market value of the voting  stock held by non-affiliates of the Registrant as of March 18, 2002: $  38,102,660 (based upon approximate market value of $41.32 /share, the latest  sales price known to the Registrant for the Common Stock, for which there is  no established trading market.

As of March 18, 2002, 2,186,330  shares of Common Stock, par value $1.00 per share, were issued and  outstanding.

 

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**PART 1**

**ITEM  1.       BUSINESS.**

                 Community Bankshares, Inc. (the “Company”) was organized under the laws of  Georgia in 1980 and commenced operations in 1981.  The Company is a  registered financial holding company.  All of the Company’s activities  are currently conducted by or through its subsidiaries, Community Bank &  Trust (“Community”), Community Bank & Trust-Alabama (“Community-Alabama”),  and Community Bank & Trust-Troup (“Community-Troup”)   (collectively, the “Community Banking Subsidiaries”) and the non-bank  subsidiaries of Community, Financial Supermarkets, Inc. (“Financial  Supermarkets”) and Financial Properties, Inc. (“Financial Properties”).

                 All references herein to the Company include Community Bankshares, Inc., the  Community Banking Subsidiaries, Financial Supermarkets and Financial  Properties, unless the context indicates a different meaning.

**Forward Looking Statements**

**               **This Form 10-K, both in the Management’s Discussion and Analysis  section and elsewhere, contains forward-looking statements under the Private  Securities Litigation Reform Act of 1995 that involve risks and  uncertainties.  Although we believe the assumptions underlying the  forward-looking statements contained in the discussions are reasonable, any of  the assumptions could be inaccurate; therefore, no assurance can be made that  any of the forward-looking statements included in this discussion will be  accurate.  Factors that could cause actual results to differ from results  discussed in forward-looking statements include, but are not limited to:  economic conditions (both generally and in the markets where we operate);  competition from other providers of financial services; government regulation  and legislation; changes in interest rates; material unforeseen changes in the  financial stability and liquidity of our credit customers; and other risks  detailed in our filings with the Securities and Exchange Commission, all of  which are difficult to predict and which may be beyond our control.  We  undertake no obligation to revise forward-looking statements to reflect events  or changes after the date of this discussion or to reflect the occurrence of  unanticipated events.

**Business Description of Community  Banking Subsidiaries**

                 GENERAL.    Each of the Community Banking Subsidiaries is  community-oriented and offers such customary banking services as consumer and  commercial checking accounts, NOW accounts, savings accounts, certificates of  deposit, lines of credit and money transfers.  Each Community Banking  Subsidiary finances commercial and consumer transactions, makes secured and  unsecured loans, and provides a variety of other banking services.

                 DEPOSITS.    Each Community Banking Subsidiary offers a full  range of depository accounts and services to both consumers and  businesses.  At December 31, 2001, our aggregate deposit base, totaling  approximately $562.2 million, consisted of approximately $81.2 million in  non-interest-bearing demand deposits (14.44% of total deposits), approximately  $131.0 million in interest-bearing demand deposits (including money market  accounts) (23.30% of total deposits), approximately $26.5 million in savings  deposits (4.71% of total deposits), approximately $210.0 million in time  deposits in amounts less than $100,000 (37.35% of total deposits), and  approximately $113.5 million in time deposits of $100,000 or more (20.20% of  total deposits).

                 LOANS.    Each Community Banking Subsidiary makes both secured  and unsecured loans to individuals, firms and corporations, and both consumer  and commercial lending operations include various types of credit for  customers.  In addition, the Company operates a loan production office in  Gainesville, Georgia through Community.  The Gainesville loan production  office funds and sells on the open market loans guaranteed by the Small  Business Administration (the “SBA”) and servicing rights with respect to  those loans.  Each Community Banking Subsidiary also makes direct  installment loans to consumers on both a secured and unsecured basis.  At  December 31, 2001, consumer, real estate (including mortgage and construction  loans) and commercial loans represented approximately 11.84%, 75.93% and  11.69%, respectively, of our total loan portfolio.  The real estate loans  made by each Community Banking Subsidiary include residential real estate  construction, acquisition and development loans, as well as some loans for  other purposes, which are secured by real estate.

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                 Commercial lending is directed principally toward businesses within the  defined market area of the Community Banking Subsidiaries or existing or  potential deposit customers of the Community Banking Subsidiaries.  The  Gainesville loan production office, however, makes a large portion of loans to  individuals and businesses that are not located in its market area. Collateral  includes marketable securities, certificates of deposit, accounts receivable,  inventory and equipment.  Commercial lending decisions are based upon a  determination of the borrower’s ability and willingness to repay the loan,  which in turn are impacted by such factors as the borrower’s cash flow,  sales trends and inventory levels, as well as relevant economic  conditions.  This category includes loans made to individuals,  partnership or corporate borrowers that are obtained for a variety of  purposes.  Risks associated with these loans can be significant.   Risks include, but are not limited to, fraud, bankruptcy, economic downturn in  industry trends, deteriorated or non-existing collateral, and changes in  interest rates.

                 Some loans secured by real estate, which are made to businesses, are  categorized as real estate loans.  Often, real estate collateral is  deemed to be superior to other collateral available to small- to medium-sized  businesses.  The underwriting standards of and risks to the Community  Banking Subsidiaries are as described below with respect to real estate loans.

                 The Community Banking Subsidiaries offer traditional first mortgage loans to  individuals for one-to-four family structures.  These loans are sold in  the secondary market.  Since the Community Banking Subsidiaries are  originators of mortgages rather than investors, they sell them  servicing-released.  They offer loan-to-value amounts from 70% to  95%.  Various types of fixed-rate and variable-rate products are  available.  Risks involved with residential mortgage lending include, but  are not limited to, title defects, fraud, general real estate market  deterioration, inaccurate appraisals, interest rate fluctuations and financial  deterioration of the borrower.

                 The Community Banking Subsidiaries also make residential construction loans,  generally for one-to-four family unit structures.  The Community Banking  Subsidiaries require a first lien position on the loans associated with  construction projects and offer these loans only to bona fide professional  building contractors.  Loan disbursements require independent, on-site  inspections to assure the project is on budget and that the loan proceeds are  being used in accordance with the plans, specifications, and survey for the  construction project and not being diverted to other uses.  The  loan-to-value limit for such loans is 85% for non-owner occupied and 90% for  owner occupied of the as-built appraised value.  Loans for construction  can present a high degree of risk depending on, among other things, whether  the builder can sell the home to a buyer and the nature of changing economic  conditions.  In addition all loans for development and construction  projects should have a take-out commitment from one of the Community Banking  Subsidiaries or from another qualified lender, which should be in writing  prior to closing of the construction loan.

                 Additionally, the Community Banking Subsidiaries make acquisition and  development loans to approved developers for the purpose of developing acreage  into single-family lots on which houses will be built.  The loan-to-value  ratio for such loans does not exceed 75% of the value as defined by an  independent appraisal, or 100% of the cost, whichever is less.  Loans for  acquisition and development can present a high degree of risk to the Community  Banking Subsidiaries, depending upon, among other things, whether the  developer can find builders to buy the lots, whether the builders can obtain  financing, whether the transaction produces income in the interim, and the  nature of changing economic conditions.

                 In addition, the Community Banking Subsidiaries make consumer loans,  consisting primarily of installment loans to individuals for personal, family  and household purposes, including loans for automobiles, home improvements and  investments.  Consumer lending decisions are based on a determination of  the borrower’s ability and willingness to repay the loan, which in turn are  affected by such factors as the borrower’s income, job stability, previous  credit history and any collateral for the loan.  Risks associated with  these loans include, but are not limited to, fraud, deteriorated or  non-existing collateral, a general economic downturn, bankruptcy, layoffs and  consumer financial problems.

                 LENDING POLICY.    The current lending strategy of each  Community Banking Subsidiary is to offer consumer, real estate and commercial  credit services to individuals and entities that meet our credit  standards.  Each Community Banking Subsidiary provides its lending  officers with written guidelines for lending activities.  Lending  authority is delegated by the Board of Directors of the particular Community  Banking Subsidiary to loan officers, each of whom is limited in the amount of  secured and unsecured loans which he or she can make to a single borrower or  related group of borrowers.

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                 LOAN REVIEW AND NON-PERFORMING ASSETS.    Each Community  Banking Subsidiary reviews its loan portfolio to determine deficiencies and  corrective action to be taken, and the Company reviews the loan portfolio of  each Community Banking Subsidiary.  Senior lending officers conduct  periodic reviews of borrowers and ongoing reviews of all past due loans.   Past due loans are reviewed at least weekly by lending officers and a summary  report is reviewed monthly by the particular Community Banking Subsidiary’s  Board of Directors.  Each Board of Directors review all loans for  Community over $400,000 and samples below $400,000, all loans for Community  – Alabama over $100,000 and samples below $100,000 and all loans for  Community-Troup over $200,000 and samples below $200,000 whether current or  past due, at least once annually.  In addition, each Community Banking  Subsidiary maintains internal classifications of problem and potential problem  loans.

                 ASSET/LIABILITY MANAGEMENT.    Each Community Banking  Subsidiary’s Board of Directors is charged with establishing policies to  manage the assets and liabilities of the bank.  Each Board’s task is to  manage asset growth, net interest margin, liquidity and capital.  The  Board directs the bank’s overall acquisition and allocation of funds.   At monthly meetings, a committee of our executives  receives a report  from each bank with regard to the monthly asset and liability funds budget and  income and expense budget in relation to the actual composition and flow of  funds, the ratio of the amount of rate-sensitive assets to the amount of  rate-sensitive liabilities, the amount of interest rate risk and equity market  value exposure under varying rate environments, the ratio of loan loss reserve  to outstanding loans and other variables, such as expected loan demand,  investment opportunities, core deposit growth within specified categories,  regulatory changes, monetary policy adjustments and the overall condition of  the local and state economy.

                 INVESTMENT POLICY.    Our investment portfolio policy is to  maximize income consistent with liquidity, asset quality and regulatory  constraints.  The policy is reviewed from time to time by our Board of  Directors.  Individual transactions, portfolio composition and  performance are reviewed and approved monthly by the Board of Directors of  each bank or a committee thereof.  The President of each Community  Banking Subsidiary implements the policy and reports to the bank’s full  Board of Directors on a monthly basis information concerning sales, purchases,  resultant gains or losses, average maturity, federal taxable equivalent yields  and appreciation or depreciation by investment categories.

**Business Description of  Non-Banking Subsidiaries**

                 FINANCIAL SUPERMARKETS.  Financial Supermarkets, formed as a Georgia  corporation in 1984, is a wholly-owned subsidiary of Community and has four  divisions.  Financial Supermarkets’ primary division, The Supermarket  Bank, provides various consulting and licensing services to financial  institutions in connection with the establishment of bank branches in  supermarkets and retail stores.  These services are marketed to  international, national, regional and community financial institutions.   Financial Supermarkets enters into agreements primarily with major supermarket  chains for the right to establish bank branches in particular sites.   Financial Supermarkets then licenses such rights, along with the right to  operate the “Supermarket Bank”, to individual financial institutions, in  addition to providing consulting services to such institutions ranging from  providing alternative construction designs to coordinating employee training.

                 Since 1984, Financial Supermarkets has assisted clients with the development  of Supermarket Bank facilities in grocery stores throughout the United  States.  Financial Supermarkets primarily competes in the in-store bank  branch consulting business with International Banking Technologies of Atlanta,  Georgia, and Memphis-based National Commerce Bank Services, Inc. 

                 Over its 17-year history, Financial Supermarkets has expanded the scope of its  business beyond the supermarket bank industry.  In 1988, it formed a  consulting division for the financial services industry.  The division is  based in Atlanta and works with financial institutions across the Southeastern  United States with regard to state and federal regulatory compliance issues  and other day-to-day operational matters.

                 In 1992, Financial Supermarkets formed a full-service marketing consulting  firm to consult with financial institutions primarily in the Southeastern  United States, in addition to working closely with Supermarket Bank clients to  develop related advertising and marketing programs. 

                 In 1994, Financial Supermarkets formed a travel agency to provide customers  with a full range of travel services.

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                 In 2000, Financial Supermarkets invested in Internet EMC and Unus, Inc, two  companies that work together in providing wholesale internet service.

                 FINANCIAL PROPERTIES. Community acquired in March 1998 Financial Properties,  Inc.   (“Financial Properties”).   Financial  Properties engages in real estate brokerage and related activities primarily  in Habersham, Stephens and Jackson Counties, Georgia. 

**Competition**

                 The banking business is highly competitive.  Community competes with four  other institutions in Habersham County, Georgia, three institutions in White  County, Georgia, nine institutions in Hall County, Georgia, five institutions  in Jackson County, Georgia and one institution in Banks County, Georgia;  Community-Alabama competes with one other depository institution in Bullock  County, Alabama, and eleven other depository institutions in Montgomery,  Alabama, and Community-Troup competes with eight other depository institutions  in Troup County, Georgia and nineteen institutions in Muscogee County,  Georgia.  Each Community Banking Subsidiary also competes with other  financial service organizations, including savings banks, finance companies,  credit unions and certain governmental agencies.  To the extent that  banks must maintain non-interest-earning reserves against deposits, they may  be at a competitive disadvantage when compared with other financial service  organizations that are not required to maintain reserves against substantially  equivalent sources of funds.  Further, the increased competition from  investment bankers and brokers and other financial service organizations may  have a significant impact on the competitive environment in which each  Community Banking Subsidiary operates. 

                 The business of the Community Banking Subsidiaries is not   seasonal.  Construction and development lending are strongest in the  spring and summer.  Building slows somewhat in the fall and winter, but  not to the degree that there is an appreciable impact upon the balance sheets  or statement of earnings of any particular Community Banking Subsidiary.

**Employees**

                 At December 31, 2001, we had 348 full-time employees and 45 part-time  employees.  Neither we nor any of our subsidiaries are a party to any  collective bargaining agreement, and our management believes that our employee  relations are good.

**Supervision and Regulation**

                 GENERAL.   We are a registered bank holding company subject to  regulation by the Board of Governors of the Federal Reserve (the “Federal  Reserve”) under the Bank Holding Company Act of 1956, as amended (the “Bank  Holding Act”).  We are required to file financial information with the  Federal Reserve periodically and is subject to periodic examination by the  Federal Reserve.

                 The Act requires every bank holding  company to obtain the Federal Reserve’s prior approval before (1) it may  acquire direct or indirect ownership or control of more than 5% of the voting  shares of any bank that it does not already control; (2) it or any of its  non-bank subsidiaries may acquire all or substantially all of the assets of a  bank; and (3) it may merge or consolidate with any other bank holding  company. 

                 Financial holding companies have the  authority to engage in activities that are “financial in nature” that are  not permitted for other bank holding companies.  Activities that are  financial in nature include activities that the Federal Reserve Board had  determined by order or regulation, prior to the adoption of the GLB Act, to be  closely related to banking or managing or controlling banks or to be a proper  incident thereto.  Some of the activities that the Act provides are  financial in nature are:

> - lending, exchanging, transferring, investing for others or  safeguarding money or securities;
- insuring, guaranteeing, or indemnifying against loss, harm,  damage, illness, disability, or death, or providing and issuing annuities, and  acting as principal, agent, or broker with respect thereto;
- providing financial, investment, or economic advisory services,  including advising an investment company;
- issuing or selling instruments representing interests in pools  of assets permissible for a bank to hold directly; and

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> - underwriting, dealing in, or making a market in securities.

                 We must also register with the Department of Banking and Finance of the State  of Georgia (the “DBF”) and file periodic information with the DBF.   As part of such registration, the DBF requires information with respect to our  financial condition, operations, management and inter-company  relationships,  Community and Community-Troup and related matters.   The DBF may also require such other information as is necessary to keep itself  informed as to whether the provisions of Georgia law and the regulations and  orders issued thereunder by the DBF have been complied with, and the DBF may  examine us and each of the Georgia Community Banking Subsidiaries.

                 We are an “affiliate” of the Community Banking Subsidiaries under the  Federal Reserve Act, which imposes certain restrictions on (i ) loans by the  Community Banking Subsidiaries to the Company,  (ii)  investments in  the stock or securities of the Company by the Community Banking  Subsidiaries,  (iii)  the Community Banking Subsidiaries taking the  stock or securities of an “affiliate” as collateral for loans by the  Community Banking Subsidiaries to a borrower and (iv) the purchase of assets  from the Company by the Community Banking Subsidiaries.  Further, a bank  holding company and its subsidiaries are prohibited from engaging in certain  tie-in arrangements in connection with any extension of credit, lease or sale  of property or furnishing of services.

                 Community and Community-Troup, as Georgia banking associations, are subject to  the supervision of, and are regularly examined by, the Federal Deposit  Insurance Corporation (the “FDIC”) and the DBF.  Community-Alabama is  subject to the supervision and examination of the Alabama State Banking  Department (the “ABD”) in addition to the FDIC.  Both the FDIC and  the DBF must grant prior approval of any merger, consolidation or other  corporate reorganization involving Community or Community-Troup.  The ABD  must grant prior approval of any merger, consolidation or other corporate  reorganization involving Community-Alabama.  A bank can be held liable  for any loss incurred by, or reasonably expected to be incurred by, the FDIC  in connection with the default of a commonly-controlled institution. 

                 PAYMENT OF DIVIDENDS.   We are a legal entity separate and distinct  from the Community Banking Subsidiaries.  Most of our  revenues  result from dividends paid to us by the Community Banking Subsidiaries.   There are statutory and regulatory requirements applicable to the payment of  dividends by the Community Banking Subsidiaries, as well as by us to our  shareholders.   

                 The Community Banking Subsidiaries are each state-chartered banks regulated by  the DBF or ABD, as applicable, and the FDIC.  Under the regulations of  the DBF, dividends may not be declared out of the retained earnings of a  Georgia bank without first obtaining the written permission of the DBF unless  such bank meets all of the following requirements:

> 
(a)

Total classified assets as of the most recent examination of the  bank do not exceed 80% of equity capital (as defined by regulation);

(b)

The aggregate amount of dividends declared or anticipated to be  declared in the calendar year does not exceed 50% of the net profits after  taxes but before dividends for the previous calendar year; and
  (c)  The ratio of equity capital to adjusted assets is not less than  6%. 

                 Under the regulations of the ABD, dividends may be declared by a state bank  without obtaining the prior written approval of the ABD only if  (i)   the bank’s surplus (as defined by regulation) is equal to at least 20% of  its capital (as defined by regulation) and  (ii)  the aggregate of  all dividends declared or anticipated to be declared in the calendar year does  not exceed the total of its net earnings (as defined by regulation) of that  year combined with its retained net earnings of the preceding two years, less  any required transfers to surplus.  No dividends may be paid from an  Alabama bank’s surplus without the prior written approval of the ABD.

                 The payment of dividends by the Company and the Community Banking Subsidiaries  may also be affected or limited by other factors, such as the requirement to  maintain adequate capital above regulatory guidelines.  In addition, if,  in the opinion of the applicable regulatory authority, a bank under its  jurisdiction

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is engaged in or is about to engage in an unsafe or unsound  practice (which, depending upon the financial condition of the Community  Banking Subsidiaries, could include the payment of dividends) such authority  may require, after notice and hearing, that such bank cease and desist from  such practice.  The FDIC has issued a policy statement providing that  insured banks should generally only pay dividends out of current operating  earnings.  In addition to the formal statutes and regulations, regulatory  authorities consider the adequacy of each of the Community Banking Subsidiary’s  total capital in relation to its assets, deposits and other such items.   Capital adequacy considerations could further limit the availability of  dividends to the Community Banking Subsidiaries.  At December 31, 2001,  retained earnings available from the Community Banking Subsidiaries to pay  dividends totaled approximately $5.0 million, which did not require regulatory  approval.  For 2001, the Company’s cash dividend payout to shareholders  was 6.40% of net income.

                 MONETARY POLICY.   The results of operations of the Community  Banking Subsidiaries are affected by credit policies of monetary authorities,  particularly the Federal Reserve.  The instruments of monetary policy  employed by the Federal Reserve include open market operations in U.S.  government securities, changes in the discount rate on bank borrowings and  changes in reserve requirements against bank deposits.  In view of  changing conditions in the national economy and in the money markets, as well  as the effect of actions by monetary and fiscal authorities, including the  Federal Reserve, no prediction can be made as to possible future changes in  interest rates, deposit levels, loan demand or the business and earnings of  the Community Banking Subsidiaries.

                 CAPITAL ADEQUACY.   The Federal Reserve and the FDIC have  implemented substantially identical risk-based rules for assessing bank and  bank holding company capital adequacy.  These regulations establish  minimum capital standards in relation to assets and off-balance sheet  exposures as adjusted for credit risk.  Banks and bank holding companies  are required to have  (1) a minimum level of total capital (as defined)  to risk-weighted assets of eight percent (8%);   (2) a minimum Tier  One Capital (as defined) to risk-weighted assets of four percent (4%); and (3)  a minimum stockholders’ equity to risk-risk-weighted assets of four percent  (4%).  In addition, the Federal Reserve and the FDIC have established a  minimum three percent (3%) leverage ratio of Tier One Capital to total assets  (4% for all but the most highly-rated banks and bank holding companies).   “Tier One Capital” generally consists of common equity not including  unrecognized gains and losses on securities, minority interests in equity  accounts of consolidated  subsidiaries and certain perpetual preferred  stock less certain intangibles. The Federal Reserve and the FDIC use the  leverage ratio in tandem with the risk-based ratio to assess the capital  adequacy of banks and  bank holding companies.  The FDIC, the Office  of the Comptroller of the Currency (the “OCC”) and the Federal Reserve  amended, effective January 1, 1997, the capital adequacy standards to provide  for the consideration of interest rate risk in the overall determination of a  bank’s capital ratio, requiring banks with greater interest rate risk to  maintain adequate capital for the risk.

                 In addition, effective December 19, 1992, a new Section 38 to the Federal  Deposit Insurance Act implemented the prompt corrective action provisions that  Congress enacted as a part of the Federal Deposit Insurance Corporation  Improvement Act of 1991 (the “1991 Act”).  The “prompt corrective  action” provisions set forth five regulatory zones in which all banks are  placed largely based on their capital positions.  Regulators are  permitted to take increasingly harsh action as a bank’s financial condition  declines.  Regulators are also empowered to place in receivership or  require the sale of a bank to another depository institution when a bank’s  tangible equity to total asset ratio reaches two percent (2%).  Better  capitalized institutions are generally subject to less onerous regulation and  supervision than banks with lesser amounts of capital.

                 The FDIC has adopted regulations implementing the prompt corrective action  provisions of the 1991 Act, which place financial institutions in the  following five categories based upon capitalization ratios:     (1) A “well capitalized” institution has a total risk-based capital ratio  of at least 10%, a Tier One risk-based ratio of at least 6% and a leverage  ratio of at least 5%;  (2)  an “adequately capitalized”  institution has a total risk-based capital ratio of at least 8%, a Tier One  risk-based ratio of at least 4% and a leverage ratio of at least 4%;  (3)  an “undercapitalized” institution has a total risk-based capital ratio of  under 8%, a Tier One risk-based ratio of under 4% or a leverage ratio of under  4%;  (4) a “significantly undercapitalized” institution has a total  risk-based capital ratio of under 6%, a Tier One risk-based ratio of under 3%  or a leverage ratio of under 3%; and  (5) a “critically  undercapitalized” institution has a leverage ratio of 2% or  less.   Institutions in any of the three undercapitalized categories  would be prohibited from declaring dividends or making capital  distributions.  The FDIC regulations also establish procedures for

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 “downgrading”  an institution to a lower capital category based on supervisory factors other  than capital.  Under the FDIC’s regulations, all of the Community  Banking Subsidiaries were “well capitalized” institutions at December 31,  2001.

                 Set forth below are pertinent capital ratios for the Company and the Community  Banking Subsidiaries as of December 31, 2001.

| ** **                                                                      | **Community** | **Community-         Alabama** | **Community-        Troup** | **The Company** |
|---------------------------------------------------------------------------------|---------------|-------------------------------------|-----------------------------|-----------------|
|                                                                            |               |                                     |                             |                 |
|                                                                            |          |                                |                        |            |
| Tier One Capital        to         Risk-based Assets:                      | 11.99%        | 12.48%                              | 10.60%                      | 12.15%          |
|                                                                            |          |                                |                        |            |
| Total Capital to        Risk-        based Assets                               | 13.24%        | 13.73%                              | 11.85%                      | 13.41%          |
|                                                                            |          |                                |                        |            |
| Leverage Ratio (Tier        One        Capital to        Average        Assets) | 8.77%         | 8.69%                               | 7.93%                       | 8.89%           |
|                                                                            |          |                                |                        |            |

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**                 RECENT LEGISLATIVE AND REGULATORY  ACTION.  **

                 On November 12, 1999, President  Clinton signed the Gramm-Leach-Bliley Act, a very significant piece of  legislation intended to modernize the financial services industry.  The  bill repeals the anti-affiliation provisions of the 1933 Glass-Steagall Act to  allow for the merger of banking and securities organizations and permits  banking organizations to engage in insurance activities including insurance  underwriting.  The bill also allows bank holding companies to engage in  financial activities that are “financial in nature or complementary to a  financial activity.”  The act lists the expanded areas that are  financial in nature and includes insurance and securities underwriting and  merchant banking among others.  The bill also:

> - Prohibits non-financial entities from acquiring or establishing  a thrift while grandfathering existing thrifts owned by non-financial  entities.
- Establishes state regulators as the appropriate functional  regulators for insurance activities but provides that state regulators cannot  “prevent or significantly interfere” with affiliations between banks and  insurance firms.
- Contains provisions designed to protect consumer privacy.   The bill requires financial institutions to disclose their policy for  collecting and protecting confidential information and allows consumers to “opt  out” of information sharing except with unaffiliated third parties who  market the institutions’ own products and services or pursuant to joint  agreements between two or more financial institutions.
- Provides for functional regulation of a bank’s securities  activities by the Securities and Exchange Commission.

                 Various portions of the bill have  different effective dates, ranging from immediately to more than a year for  implementation.

**ITEM 2.       PROPERTIES.**

                 Community’s main office is located at 448 North Main Street, Cornelia,  Georgia.  Community-Alabama’s main office is located at 202 N. Powell  Street, Union Springs, Alabama.  Community-Troup’s main office is  located at 201 Broad Street, LaGrange, Georgia.  Community has twenty-six  branch offices (five owned and twenty-one leased, eighteen of which are  operated in  store locations) located in Athens, Auburn, Banks County,  Cornelia, Clarkesville, Clayton, Cleveland, Commerce, Demorest, Gainesville,  Jefferson and Toccoa, Georgia.  The Bank owns the property occupied by  the operations center and the trust department in Cornelia.  In addition,  the Bank leases the property occupied by the Loan Production Office in  Gainesville.  Community-Alabama has two branches (leased and operated in  store locations) in Montgomery, Alabama.  Community – Troup has one  branch office (leased and operated in a store location)  in LaGrange,  Georgia and one branch office (leased and operated in a store location) in  Columbus, Georgia.  Financial Supermarkets owns its main office located  in Cornelia, Georgia, and leases a division office in Atlanta, Georgia.   Management of the Company believes that all of its properties are adequately  covered by insurance.

**ITEM 3.       LEGAL PROCEEDINGS.**

                 The Company is not a party to, nor is any of its property the subject of, any  material pending legal proceedings.

**ITEM 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

                 No matters were submitted to a vote of security holders of the Company during  the fourth quarter of its fiscal year.

 

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**PART II**

**ITEM 5.      MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.**

                 There is no established public trading market for the Common Stock.  As  of January 1, 2002, there were 465 holders of record of the Common  Stock.  Management is aware of 88 and 32 trades of Company stock during  2001 and 2000, respectively.  During 2001, trades ranged from 10 shares  to 48,919 shares at prices ranging from $40.00 to $44.00 per share.   During 2000, trades ranged from 25 shares to 13,849 shares at prices ranging  from $33.00 to $40.00 per share.

                 In 2001, the Company declared cash dividends of $ 0.21 per share. The Company  declared cash dividends of $ 0.18 and $ 0.15 per share in 2000 and 1999,  respectively.  The Company intends to continue to pay cash  dividends.  However, the amount and frequency of dividends will be  determined by the Company’s Board of Directors in light of the earnings,  capital requirements and the financial condition of the Company, and no  assurances can be given that dividends will be paid in the future. The Company’s  ability to pay dividends will also be dependent on cash dividends paid to it  by the Community Banking Subsidiaries.  The ability of the Community  Banking Subsidiaries to pay dividends to the Company is restricted by  applicable regulatory requirements.  See “ITEM 1 -- BUSINESS --  Supervision and Regulation.”

9

----

 

**ITEM  6.                   SELECTED FINANCIAL DATA**

|   | **Year Ended December 31,**               
 

**2001**

**2000**

**1999**

**1998**

**1997**

 
                
 

***Dollars        in Thousands, Except Per Share Amounts***

 
                                                                                          
 

SELECTED         STATEMENTINCOME OF DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

            Total interest income

$48,502

$47,039

$40,290

$34,613

$28,703

 

 

 

 

 

 

 

 

            Total interest expense

23,240

22,303

17,697

15,950

13,191

 

 

 

 

 

 

 

 

            Net Interest income

25,262

24,736

22,593

18,663

15,512

 

 

 

 

 

 

 

 

            Provision for loan losses

2,364

1,620

1,637

1,165

936

 

 

 

 

 

 

 

 

            Nonbank subsidiary income

10,826

8,915

6,720

9,043

8,820

 

 

 

 

 

 

 

 

            Other  income

6,951

5,678

4,790

4,338

3,599

 

 

 

 

 

 

 

 

            Other  expenses

30,425

27,085

23,831

20,402

18,724

 

 

 

 

 

 

 

 

            Net income

7,175

7,622

6,076

7,032

5,647

 

 

 

 

 

 

 

 

Diluted earnings        per share

3.26

3.46

2.80

3.20

2.60

 

 

 

 

 

 

 

 

            Cash dividends per share

0.21

0.18

0.15

0.15

0.14

 

 

 

 

 

 

 

 

SELECTED BALANCE        SHEET DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$646,209

$590,323

$516,150

$460,593

$377,080

 

 

 

 

 

 

 

 

Total deposits

562,215

507,495

444,056

405,283

335,545

 

 

 

 

 

 

 

 

Other borrowings

12,070

10,844

16,054

5,808

462

 

 

 

 

 

 

 

 

Redeemable common        stock held

 

 

 

 

 

 

            by ESOP net of unearned ESOP shares                      related to ESOP debt

15,160

15,088

13,982

14,254

10,622

 

 

 

 

 

 

 

 

Shareholders’        equity

43,443

38,249

30,820

26,291

23,119

 

 

 

 

 

 

 

 

10
   
**Item 7.   MANAGEMENT’S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION                AND RESULTS OF OPERATION.**

                 The following is a discussion and analysis of the Company’s financial  condition at December 31, 2001 and 2000 and the results of operations for the  three year period ended December 31, 2001.  The purpose of the discussion  is to focus on information about the Company’s financial condition and  results of operations which are not otherwise apparent from the audited  consolidated financial statements included in this annual report.  This  discussion and analysis should be read in conjunction with the consolidated  financial statements and related notes and the selected financial information  and statistical data presented elsewhere in this Annual Report.

                 BALANCE SHEET REVIEW.  We experienced moderate growth during 2001.   For the year ended December 31, 2001, consolidated assets grew $55.9 million,  or 9.47%, down from 2000 growth of $74.2 million or 14.37%.  During  2001,  our average assets were $612.6 million, compared with $546.4  million during 2000.  This represents a 12.13% increase in average assets  during 2001 compared with a 10.45% increase during 2000.

                 Our total earning assets, which include investment securities, loans, federal  funds sold, and interest-bearing deposits in banks increased $57.5 million or  10.98% during 2001.  During 2000, earning assets increased  $62.7  million, or 13.60%.  Average earning assets for 2001 were $555.2 million,  an increase of 11.49% over average earning assets in 2000 which were $498.0  million or an increase of 12.34% over 1999.

                 Our total investments increased by $16.4 million or 17.84% over 2000.   Average investments were $97.8 million for 2001, a 10.68% increase over  average investments for 2000.  The net increase occurred  in the  available for sale portfolio.

                 Our total loans grew by $36.9 million during 2001 for an increase of 8.80%  over  2000.  During 2001 average loans were $436.4 million or an increase  of 10.44% over 2000 compared to an increase during 2000 of 12.82% to $395.2  million.  The increase in loans is primarily the result of continued loan  growth in our existing markets.

                  Federal funds sold increased by $4.2 million or 34.93% from year-end  2000 to 2001.  Average federal funds for 2001 were $20.3 million or a  43.58% increase.  During 2000, average federal funds sold increased by  $1.0 million or 8.01% as compared to 1999.

                 The growth in total assets for the year ended December 31, 2001 resulted  mainly from growth in deposits.  Consolidated deposits grew $54.7 million  or 10.78% in 2001 as compared to $63.4 million or 14.29% in 2000.  The  majority of this increase in total deposits was concentrated in interest  bearing demand deposits and time deposits.  We experienced a 9.66%  increase in average interest bearing demand with a 9.01% growth in average  noninterest bearing demand, a 10.42% growth in average savings and a 13.60%  increase in average time deposits. We borrowed $1.5 million from SunTrust  Bank  to increase our outstanding debt to $12.1 million in 2001.   The loan proceeds were used to fund a loan to our employee stock ownership  plan for the acquisition of available common stock.

                 At December 31, 2001, we reported net unrealized gains of approximately $7,000  in the securities available for sale portfolio as compared to net unrealized  losses of approximately $84,000 at December 31, 2000.  Net unrealized  gains (losses) represent the difference in the amortized cost of those  securities compared to the fair value at those dates and are included in  shareholders’ equity, net of the tax effect. Management sells securities to  meet liquidity needs and may sell securities in rising interest-rate  environments to take advantage of higher returns in the long run.  In  2001 we sold $6.7 million of securities classified as available for sale,  realizing net gains of approximately $48,000 on a consolidated basis.  In  2000, we sold $1.2 million of securities classified as available for sale,  realizing net losses of approximately $2,000 on a consolidated basis.   The held to maturity securities portfolio included net unrealized gains of  approximately $781,000 at December 31, 2001 compared to net unrealized gains  of $790,000 in 2000.   Table 4 of the Selected Statistical Data  summarizes the combined investment portfolios by types of securities.   U.S. Treasury and other U.S. Government agencies and corporations represent  43.08% of the total portfolio, which typically provide reasonable returns with  limited risk.  The remaining portfolio is

11
   
comprised of municipal  securities,  and equity securities, which provide, in general, higher  returns on a tax equivalent basis, with greater risk elements.    Management regularly monitors our investment portfolios and utilizes  forecasting models to project our net interest margin in various rising, flat,  and falling interest-rate scenarios.  In a changing interest rate  environment, management would act to change our asset or liability composition  and interest sensitivity in response to a definitive change in the direction  of interest rates.  We actively manage the mix of asset and liability  maturities to control the effects of changes in the general level of interest  rates on net interest income.  Except for the effect of inflation on  interest rates, inflation does not have a material impact on us due to  variability and short-term maturities of our earning assets repriced or  matured within one year.

                 LIQUIDITY AND CAPITAL RESOURCES.  The liquidity and capital resources of  the Company and the Community Banking Subsidiaries are monitored by management  and periodically by state and federal regulatory authorities.  The  individual Community Banking Subsidiaries’ liquidity ratios at December 31,  2001 were considered satisfactory under their own guidelines as well as  regulatory guidelines.  At that date, the Community Banking Subsidiaries’  short-term investments were adequate to cover any reasonably anticipated  immediate need for funds.

                 The purpose of liquidity management is to ensure that cash flow is sufficient  to satisfy demands for credit, withdrawals, and other needs for us.   Traditional sources of liquidity include asset maturities and growth in core  deposits.  A company may achieve its desired liquidity objectives from  the management of assets and liabilities, and through funds provided by  operations.  Funds invested in short-term marketable instruments and the  continuous maturing of other earning assets are sources of liquidity from the  asset perspective.  The liability base provides sources of liquidity  through deposit growth and accessibility to market sources of funds.  Our  markets have traditionally provided us with a stable deposit base with healthy  growth.  In addition, we have lines of credit available.  We believe  our sources of liquidity are stable and reliable for the foreseeable future.

                 Scheduled loan payments are a relatively stable source of funds, but loan  payoffs and deposit flows are influenced by interest rates, general economic  conditions and competition and may fluctuate significantly.  We attempt  to price our deposits to meet our asset/liability objectives consistent with  local market conditions.

                 Cash flows for us are of three major types.  Cash flows from operating  activities consist primarily of interest and fees received on loans, interest  received on  securities, Federal funds sold, and interest bearing  deposits less cash paid for interest and operating expenses.  Investing  activities use cash for the purchase of interest-bearing deposits,   securities, fixed assets and to fund loans.  Investing activities also  generate cash from the proceeds of matured interest-bearing deposits,  matured  securities, sales of  securities, loan repayments and  principal prepayments of securities.  Cash flows from financing  activities generate cash from a net increase in deposit accounts, increases in  other borrowed funds and the issuance of common stock.  Financing  activities use cash for the payment of cash dividends and the repayment of  other borrowed funds.

                 At December 31, 2001, the Company and Community Banking Subsidiaries’  capital ratios were considered adequate based on minimum capital requirements  of the FDIC and applicable state regulatory agencies.  During 2001, the  Company increased capital by retaining net earnings of $6.7 million and the  issuance of  $44,000 in common stock compared to an increase in 2000 of  $7.2 million in retained net earnings and the issuance of $30,000 in common  stock.

                 We believe we are capable of meeting our debt service requirements related to  existing long-term debt and other borrowings through dividends available from  our subsidiaries and current operations. Although we consider that we have  adequate capital to meet our short-term needs, we, at times, may seek  additional capital to support our long-term business goals, including  expansion of our fixed asset base, and for general corporate purposes.

                 For a tabular presentation of the Community Banking Subsidiaries’ capital  ratios at December 31, 2001 see “SUPERVISION AND REGULATION”.

12
   
                 We are not aware of any other trends, events or uncertainties that will have  or that are reasonably likely to have a material effect on our liquidity,  capital resources or operations.  We are not aware of any current  recommendations by the regulatory authorities, which if they were implemented,  would have such an effect.

                 EFFECTS OF INFLATION.  Inflation impacts banks differently than  non-financial institutions.  Banks, as financial intermediaries, have  assets which are primarily monetary in nature and which tend to fluctuate with  inflation.  A bank can reduce the impact of inflation by managing its  rate sensitivity gap, which represents the difference between rate-sensitive  assets and rate-sensitive liabilities.  We, through our asset-liability  committee, attempts to structure the assets and liabilities and manage the  rate-sensitivity gap, thereby seeking to minimize the potential effects of  inflation.  See “Asset/liability Management”.

**RESULTS OF OPERATIONS FOR THE YEARS  ENDED DECEMBER 31, 2001, 2000 AND 1999**

                 NET INTEREST INCOME.  Our results of operations are influenced by  management’s ability to effectively manage interest income and expense, to  minimize loan and investment losses, to generate non-interest income and to  control operating expenses.  Because interest rates are determined by  market forces and economic conditions beyond our control, our ability to  generate net interest income is dependent upon our ability to obtain an  adequate net interest spread between the rate paid on interest-bearing  liabilities and the rate earned on interest-earning assets.  Our net  interest income increased by $527,000 for the year ended December 31, 2001 as  compared to an increase of  $2.1 million for the same period in  2000.  The increase in net interest income is attributable to increases  in earning assets, particularly loans.  The yield on interest-earning  assets decreased 71 basis points in 2001 from 2000, while the yield on  interest earning liabilities decreased by only 33 basis points.  The  increase in average interest earning assets of $57.2 million, net of the  increase in average interest-bearing liabilities of  $47.1 million,  contributes to for the 2.13% increase in net interest income.  Net  interest income increased for all Community Banking Subsidiaries.

                 The 38 basis point decrease in the net interest spread in Table 2 is due in  part to the percentage on interest income earned from loans decreasing  compared to 2000. The Company will continue to actively monitor and maintain  the net interest spread to counteract the current market trends.  Net  interest income for 2000 increased $2.1 million over 1999.  The increase  is mainly attributable to growth in earning assets as shown in Table 1.

                 PROVISION FOR LOAN LOSSES.  The provision for loan losses for the year  ended December 31, 2001 increased by $744,000 from $1,620,000 at December 31,  2000 to $2,364,000 at December 31, 2001. In 2000 the provision decreased  $16,000 from the December 31, 1999 level of $1,637,000.  The provision  for loan losses will fluctuate based on loan volume and changes in credit  quality.   During 2001, the provision for loan losses was increased  due to an increased level of charged off loans due to the downturn in the  economy.  Management maintains an allowance for loan losses based on the  evaluation of potential problem loans as well as minimal reserves for all  loans based on past net charge-off experience. The guaranteed portions of  loans generated by the loan production office are subsequently sold.   Because most loans retained by the loan production office consist of the  portion of SBA loans that are not guaranteed and are out-of market, these  loans require additional allowances due to the greater risk of loss in the  event of default.  These loans, however, are subjected to the same  underwriting standards and periodic loan review procedures as other loans made  by the Community Banking Subsidiaries.

                 As shown in Table 8 of the Selected Statistical Data, nonaccrual delinquent  loans greater than 90 days and restructured loans increased $4.2 million  during 2001 compared to a $989,000 decrease in 2000.  Delinquent and  nonaccrual and delinquent loans will fluctuate depending on economic  conditions, which effect not only conventional loans but also the SBA  loans.  During 2001, due to the below normal economic conditions, the  Company experienced a deterioration in credit quality that resulted in an  increase in non-accrual loans.    Management has reviewed these  loans and determined that the likelihood of any significant loss of principal  is mitigated due to the value of the collateral securing these loans.   The ratio of the allowance for loan losses to nonaccrual delinquent and  restructured loans decreased from 199% at December 31, 2000 to 90% at December  31, 2001.

                 The allowance for loan losses as a  percentage of total loans outstanding at December 31, 2001 and 2000 were 1.46%  and 1.51%, respectively.  Net charge-offs in 2001 were $2,019,000, an  increase of 

13
   
$1,023,000 from $776,000 in 2000, and the net charge-off  ratio increased from .25% in 2000 to .46% in 2001.  The increase in the  provision is primarily attributable to one large line of credit that was  charged off in 2001. Based on management’s evaluation of the loan portfolio,  including a review of past loan losses, current conditions that may affect  borrowers’ ability to repay and the underlying collateral value of the  loans, management considers the allowance for loan losses to be adequate.

OTHER INCOME. Other income consists  of income from operations of the Community Banking Subsidiaries and Financial  Supermarkets. Traditional non-interest income of the Community Banking  Subsidiaries accounts for only 39.11%, or $7.0 million of total other income  for 2001, 38.9% in 2000, and 41.6% in 1999.  The majority of the increase  in other income of the Community Banking Subsidiaries is related to the  continued growth in deposits.  Service charges on deposit accounts  increased by $997,000 and $660,000, respectively, for the years ended December  31, 2001 and 2000.  In addition, income associated with non-sufficient  funds (“NSF fees”) will fluctuate depending on activity.  NSF fees  increased $844,000 or 22.57% in 2001 compared to 2000.  Average demand  deposit and savings accounts increased 9.5% in 2001 compared to 0.87% decrease  in 2000.   Included in other income of the Community Banking  Subsidiaries are gains on sale of loans recognized by Community of $167,000  and $358,000 for 2001 and 2000, respectively.  This represents a decrease  from 2000 of $191,000.

                 The  allocation of services as a percentage of total income for Financial  Supermarkets is shown below:

                                                    FINANCIAL SUPERMARKETS

Consulting Services provided for  Supermarket      bank installation and  opening 

  64%

  Supermarket consulting and ancillary  services

 35    

  Other Miscellaneous Consulting  Services

        1    
  100%
                 The primary business of Financial Supermarkets is services offered in  connection with the establishment and operation of Supermarket Bank® service  centers.  In 2001, Financial Supermarkets had consulting revenue of $10.4  million compared to $8.6 million in 2000, an increase of $1.8 million or  20.9%.  The increase in net consulting revenues in 2000 over 1999 was  $2.3 million, or 39%.

                 The Company had an increase in installations of supermarket bank units during  2001 as compared to 2000.  This increase is primarily due to the increase  in activity associated with FSI’s agreement with the Canadian Imperial Bank  of Commerce (“CIBC”) to establish banking pavilions in Florida.  Due  to slowing economic conditions, management anticipates fewer sales of  supermarket bank units and thus anticipates a decline in revenues during 2002  as compared to 2001.

                 NON-INTEREST EXPENSE.  Other expenses increased for the year ended  December 31, 2001 by $3.3 million compared to the $3.3 million increase in  2000.  This represented a 12.33% increase in expenses for 2001 and 13.65%  increase in 2000.  Salaries and benefits increased $2,123,000 or 14.75%  in 2001 over 2000 due primarily to the staffing of new branches, general  growth of the Company and an increase in incentive pay at FSI.  This  compares to an increase of $2,049,000 or 16.60 % in 2000 over 1999.   Although salaries and benefits continue to increase as a result of the growth  in the banking subsidiaries, incentive pay in FSI decreased in 2000 as  compared to 1999 resulting in a smaller increase in the overall salaries and  benefits during that period of time.  For the years ended 2001, 2000, and  1999 we had total employees (F.T.E.) of 370, 357, and 313, respectively.   Other expenses increased by $799,000 in 2001 and 1.0 million in 2000 primarily  due to growth of the banking subsidiaries, increased costs associated with  day-to-day operations and increased activity of FSI.

                 Equipment and occupancy expenses increased by  $418,000 or 9.60% in 2001  over 2000 and  $231,000 or 5.88% in 2000 over 1999.  The increases  are due to the increased number of facilities operated by the Community  Banking Subsidiaries as well as additions of computer equipment necessary to  operate the Company.  We operated 35, 33 and 29 locations at the year-end  2001, 2000, and 1999, respectively.  As 2001 closed, preparations were  being made to open three additional facilities during 2002.  Management  expects these locations to add to the continued growth and profitability of  the Company.

14
   
 

 

 

**Other Operating        Expenses**

**Increase/        (Decrease)**

 

 

**2001**

**2000**

** **

   
 

 

***(Dollars in        Thousands)***

 
 
 

 

 

 

 

 
 

Salaries and benefits

$16,517

$14,395

$2,122

 
 

Equipment expenses

2,779

2,564

215

 
 

Occupancy expenses

1,797

1,595

202

 
 

Data processing expenses

1,052

833

219

 
 

Travel expenses

1,553

906

647

 
 

Office supply expenses

697

612

85

 
 

Other operating expenses

6,030

6,181

151

   
 

 

$30,425

$27,086

$3,339

   
                 INCOME TAXES.  We incurred income tax expenses of $3.1 million in 2001,  which represented an effective tax rate of 30%, compared to tax expense of  $3.0 million in 2000, or an effective tax rate of 28%.  Income tax  expense increased $442,000 to $3.0 million in 2000.  The effective tax  rate at December 31, 1999 was 30%. The increase in the effective tax rate from  2000 to 2001 is related to the increased income of Financial Supermarkets,  which does not have a portion of its income tax-free as do the Community  Banking Subsidiaries.

                 NET INCOME.  Our net income for 2001 was $7.2 million, as compared to $7.6  million in 2000, a decrease of 5.86%.  The decrease in net income between  2001 and 2000 is primarily attributable to the decrease in net interest income  and an increase in loan loss provision, which was offset by an increase in  non-bank subsidiary income.  Net income for 2000 increased to $7.6  million or 25.44% over 1999’s net income of  $6.1 million. 

                 ASSET/LIABILITY MANAGEMENT.  The Company’s objective is to manage  assets and liabilities to maintain satisfactory and consistent  profitability.  Officers of each Community Banking Subsidiary are charged  with monitoring policies and procedures designed to ensure an acceptable  asset/liability mix.  Management’s philosophy is to support asset  growth primarily through growth of core deposits within the Community Banking  Subsidiaries’ market areas.

                 The Company’s asset/liability mix is monitored regularly with a report  reflecting the interest rate sensitive assets and interest rate sensitive  liabilities that is prepared and presented to the Board of Directors of each  Community Banking Subsidiary on at least a quarterly basis.  Management’s  objective is to monitor interest rate sensitive assets and liabilities so as  to minimize the impact on earnings of substantial fluctuations in interest  rates.  An asset or liability is considered to be interest rate-sensitive  if it will reprice or mature within the time period analyzed, usually one year  or less.  The interest rate-sensitivity gap is the difference between the  interest-earning assets and interest-bearing liabilities scheduled to mature  or reprice within the relevant period.  A gap is considered positive when  the amount of interest rate-sensitive assets exceeds the amount of interest  rate-sensitive liabilities.  A gap is considered negative when the amount  of interest rate-sensitive liabilities exceeds the interest rate-sensitive  assets.  During a period of rising interest rates, a negative gap would  tend to adversely affect net interest income, while a positive gap would tend  to result in an increase in net interest income.  Conversely, during a  period of falling interest rates, a negative gap would tend to result in an  increase in net interest income, while a positive gap would tend to adversely  affect net interest income.  If the Company’s assets and liabilities  were equally flexible and moved concurrently, the impact of any increase or  decrease in interest rates on net interest income would be minimal.

                 A simple interest rate “gap” analysis by itself may not be an accurate  indicator of how net interest income will be affected by changes in interest  rates.  Accordingly, the Company also evaluates how changes in interest  rates impacts the repayment of particular assets and liabilities.  Income  associated with interest-

15
   
earning assets and costs associated with  interest-bearing liabilities may not be affected uniformly by changes in  interest rates.  In addition, the magnitude and duration of changes in  interest rates may significantly affect net interest income.  For  example, although certain assets and liabilities may have similar maturities  or periods of repricing, they may react in different degrees to changes in  market interest rates.  Interest rates on certain types of assets and  liabilities fluctuate in advance of changes in general market rates, while  interest rates on other types may lag behind changes in general market  rates.  In addition, certain assets have features (generally referred to  as “interest rate caps and floors”) which limit changes in interest  rates.  Also, prepayments and early withdrawal levels could deviate  significantly from those assumed in calculating the interest rate gap.   Changes in interest rates also affect the Company’s liquidity position, if  deposits are not priced in response to market rates, a loss of deposits could  occur which would negatively affect the Company’s liquidity position.   The Company prepares a report monthly that measures the potential impact on  net interest margin by rising or falling rates.  This report is reviewed  monthly by the Asset/Liability Committee and quarterly by each Board of  Directors.  (See “QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET  RISK”)

                 At December 31, 2001, the Company’s cumulative interest rate sensitivity gap  ratio was 118%, which  was within its targeted range of 80% to 120% for  all time horizons.

                 The following table sets forth the distribution of the repricing of the  Company’s earning assets and interest-bearing liabilities as of December 31,  2001, the interest rate sensitivity gap, the cumulative interest  rate-sensitivity gap, the interest rate-sensitivity gap ratio and the  cumulative interest rate-sensitivity gap ratio.  The table also sets  forth the time periods in which earning assets and  liabilities will  mature or may reprice in accordance with their contractual terms.   However, the table does not necessarily indicate the impact of general  interest rate movements on the net interest margin since the repricing of  various categories of assets and liabilities is subject to competitive  pressures and the needs of the Company’s customers.  In addition,  various assets and liabilities indicated as repricing within the same period  may in fact reprice at different times within such period and at different  rates.            

**Community Bankshares,  Inc.  Consolidated Gap  Report**

** **

 

 

 

 

 

 

 

 

**After**

**After**

** **

 

 

 

 

**Three**

**One**

** **

 

 

 

 

**Month**

**Year        but**

** **

 

 

 

**Within**

**But**

**Within**

**After**

** **

 

 

**Three**

**Within**

**Five**

**Five**

** **

 

 

**Months**

**One        Year**

**Years**

**Years**

** **

**Total**
** **               
 

***(Dollars in        Thousands)***
                                                                                                         
Interest earning        assets:

 

 

 

 

 

 

            Interest-bearing deposits

410

 

 

 

 

410

            Federal funds sold

16,360

 

 

 

 

16,360

            Investment securities

2,189

8,333

28,218

69,979

 

108,719

            Loans

156,471

97,769

191,943

9,608

 

455,791
                
 

175,430

106,102

220,161

79,587

 

581,280
                
 

 

 

 

 

 

 

Interest-bearing        liabilities:

 

 

 

 

 

 

            Interest-bearing demand

131,034

 

 

 

 

131,034

            Savings

26,500

 

 

 

 

26,500

            Time deposits, $100,000

 

 

 

 

 

 

                 and over

29,818

52,314

31,413

-

 

113,545

            Time deposits, less than

 

 

 

 

 

 

                 $100,000

58,137

94,222

57,343

260

 

209,962

            Other borrowings

 

1,674

396

10,000

 

12,070
                
 

245,489

148,210

89,152

10,260

 

493,111
                
 

 

 

 

 

 

 

Interest rate        sensitivity

 

 

 

 

 

 

            Gap

(70,059)

(42,108)

131,009

69,327

 

88,169
                
 

 

 

 

 

 

 

Cumulative        interest rate

 

 

 

 

 

 

            sensitivity gap

(70,059)

(112,167)

18,842

88,169

 

 
                               
 

 

 

 

 

 

 

Interest rate        sensitivity

 

 

 

 

 

 

            Gap

0.71

0.72

2.47

7.76

 

 
                               
 

 

 

 

 

 

 

Cumulative        interest rate

 

 

 

 

 

 

            sensitivity gap

0.71

0.72

1.04

1.18

 

 
                               
 

 

 

 

 

 

 

16
   
**ITEM 7A.  QUANTITATIVE AND  QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

                 The Company is exposed only to U.S. dollar interest rate changes and  accordingly, the Company manages exposure by considering the possible changes  in the net interest margin.  The Company does not have any trading  instruments nor does it classify any portion of the investment portfolio as  held for trading.  The Company does not engage in any hedging activities  or enter into any derivative instruments with a higher degree of risk than  mortgage backed securities, which are commonly pass through securities.   Finally, the Company has no exposure to foreign currency exchange rate risk,  commodity price risk, and other market risks.

Interest rates play a major part in  the net interest income of a financial institution.  The sensitivity to  rate changes is known as “interest rate risk.”  The repricing of  interest earning assets and interest-bearing liabilities can influence the  changes in net interest income.  As part of the Company’s  asset/liability management program, the timing of repriced assets and  liabilities is referred to as Gap management.  It is the policy of the  Company to maintain Gap ratio in the one-year time horizon of .80 to 1.20. See  “ASSET/LIABILITY MANAGEMENT”.

                 GAP management alone is not enough to properly manage interest rate  sensitivity, because interest rates do not respond at the same speed or at the  same level to market rate changes.  For example, savings and money market  rates are more stable than loans tied to a “Prime” rate and thus respond  with less volatility to a market rate change.

                 The Company uses a simulation model to monitor changes in net interest income  due to changes in market rates.  The model of rising, falling and stable  interest rate scenarios allows management to monitor and adjust interest rate  sensitivity to minimize the impact of market rate swings.  The analysis  of impact on net interest margins as well as market value of equity over a  twelve-month period is subjected to a 200 basis point increase and decrease in  rate.  The December 2001 model reflects an increase of 2% in net interest  income and a 14% decrease in market value equity for a 200 basis point  increase in rates.  The same model shows a 1% decrease in net interest  income and a 16% increase in market value equity for a 200 basis point  decrease in rates.  The Company’s policy is to allow no more than +- 8%  change in net interest income and no more than +- 25% change in market value  equity for these scenarios.  Therefore, the Company is within its policy  guidelines and is protected from any significant impact due to market rate  changes.

**SELECTED STATISTICAL INFORMATION**

The tables and schedules on the  following pages set forth certain significant financial information and  statistical data with respect to the distribution of assets, liabilities and  shareholders’ equity of the Company; the interest rates and interest  differentials experienced by the Company; the investment portfolio of the  Company; the loan portfolio of the Company, including types of loans,  maturities and sensitivity to changes in interest rates and information on  nonperforming loans; summary of the loan loss experience and reserves for loan  losses of the Company; types of deposits of the Company and the return on  equity and assets for the Company.

17
   
**DISTRIBUTION OF ASSETS, LIABILITIES  AND SHAREHOLDERS’ EQUITY:  INTEREST RATES AND INTEREST  DIFFERENTIALS**

**Table 1   Average Balances**

The condensed average balance sheets  for the periods indicated are presented below. (1)
               
**December 31,**
 

**2001**

**2000**

**1999**
                                                             
ASSETS

 

 

 

 

 

 

 

Cash and due from        banks

28,842 

25,402 

28,757 

Interest-bearing        deposits in banks

687 

336 

390 

Taxable        securities

46,585 

43,090 

48,378 

Nontaxable        securities

51,212

45,270 

31,134 

Unrealized gains        (losses) on securities

 

 

 

            available for sale

650 

(1,790)

(645)

Federal funds        sold

20,281 

14,125 

13,077 

Loans (2) (3)

436,420 

395,169 

350,278 

Allowance for        loan losses

(6,564)

(6,043)

(5,287)

Other assets

34,530 

30,805 

28,605 
 
 

 

 

 

 

612,643 

546,364 

494,687 
 
 

 

 

 

Total        interest-earning assets

555,185 

497,990 

443,257 
 
 

 

 

 

LIABILITIES        AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Deposits:

 

 

 

            Noninterest-bearing demand

72,773 

66,760 

66,719 

            Interest-bearing demand

109,766 

100,094 

102,770 

            Savings

24,851 

22,506 

21,540 

            Time

322,404 

283,816 

242,434 
 
 

 

 

 

                 Total deposits

529,794 

473,176 

433,463 

 

 

 

 

Other borrowings

11,501 

15,001 

10,271 

Other liabilities

14,978 

11,862 

8,181 
 
 

 

 

 

                 Total liabilities

556,273 

500,039 

451,915 
 
 

 

 

 

Shareholders’        equity (4)

56,370 

46,325 

42,772 
 
 

 

 

 

 

612,643 

546,364 

494,687 
 
 

 

 

 

Total        interest-bearing liabilities

468,522 

421,417 

377,015 

(1)        Average balances calculated using daily averages during 2001 and 2000 and  using month-end              balances during 1999  (2)        Includes non-accrual loans  (3)        Loans are net of unearned fees  (4)        Unrealized gains & losses are included in equity

18
   
** TABLE  2                INTEREST INCOME AND INTEREST EXPENSE**

                 The following tables set forth the amount of the Company’s interest income  and interest expense for each category of interest-earning asset and  interest-bearing liabilities and the average interest rate for total  interest-earning assets and total interest-bearing liabilities, net interest  spread and net yield on average interest-earning assets.

 

**Year        Ended December 31,**

 

**2001**

**2000**

**1999**
               
 

 

**Average**

** **

**Average**

** **

**Average**

 

**Interest**

**Rate**

**Interest**

**Rate**

**Interest**

**Rate**
               
INTEREST INCOME:

 

 

 

 

 

 
                                   
            Interest and fees on loans

42,522

9.74%

41,189

10.42%

35,040

10.00%

            Interest on taxable securities

2,703

5.80%

2,831

6.57%

2,378

4.92%

            Interest on nontaxable securities

2,494

4.87%

2,162

4.78%

1,995

6.41%

            Interest on Federal funds sold

748

3.69%

842

5.96%

858

6.56%

            Interest on deposits in banks

35

5.09%

15

4.46%

19

4.87%
    
 

 

 

 

 

 

 

                 Total interest income

48,502

8.74%

47,039

9.45%

40,290

9.09%
    
 

 

 

 

 

 

 

INTEREST EXPENSE:

 

 

 

 

 

 

            Interest expense on interest-bearing

 

 

 

 

 

 

                 demand deposits

2,565

2.34%

3,022

3.02%

2,764

2.69%

            Interest on savings deposits

467

1.88%

600

2.67%

566

2.63%

            Interest on time deposits

19,511

6.05%

17,819

6.28%

13,838

5.71%

            Interest on other borrowings

696

6.05%

862

5.74%

529

5.15%
    
 

 

 

 

 

 

 

                 Total interest expense

23,239

4.96%

22,303

5.29%

17,697

4.69%
    
 

 

 

 

 

 

 

NET INTEREST        INCOME

25,263

 

24,736

 

22,593

 
    
 

 

 

 

 

 

 

 

 

 

 

 

 

 

            Net interest spread

 

3.78%

 

4.16%

 

4.40%

            Net yield on average

 

 

 

 

 

 

                 Interest-earning assets

 

4.55%

 

4.97%

 

5.10%

 

 

 

 

 

 

 

**TABLE  3                 RATE AND VOLUME ANALYSIS**

                 The following table describes the extent to which changes in interest rates  and changes in volume of interest-earning assets and interest-bearing  liabilities have affected the Company’s interest income and expense during  the year indicated.  For each category of interest-earning assets and  interest-bearing liabilities, information is provided on changes attributable  to (1) change in volume (change in volume multiplied by old rate); (2) change  in rate (change in rate multiplied by old volume); and (3) a combination of  change in rate and change in volume.  The changes in interest income and  interest expense attributable to both volume and rate have been allocated  proportionately to the change due to volume and the change due to rate.
   
19
   
 

**Year        Ended December 31,**

 

 

**2001        vs. 2000**

 

 

**Changes        Due to:**

 

 

 

 

 

**Rate**

**Volume**

**Increase        (decrease)**

 
                
 

***(Dollars        in Thousands)***

 
                                
 

Increase        (decrease) in:

 

 

 

 

            Income from interest-earning assets:

 

 

 

 

            Interest and fees on loans

(2,794)

4,127 

1,333 

 

            Interest on taxable securities

(347)

219 

(128)

 

            Interest on nontaxable securities

43

289 

332 

 

            Interest on Federal Funds sold

(386)

292 

(94)

 

            Interest on deposits in banks

2

18 

20 

 
                
                 Total interest income

(3,482)

4,945 

1,463 

 
                
 

 

 

 

 

            Expense  from interest-bearing liabilities:

 

 

 

 

            Interest expense on interest-bearing deposits

(729)

272 

(457)

 

            Interest on savings deposits

(191)

58 

(133)

 

            Interest on time deposits

(662)

2,354 

1,692 

 

            Interest on other borrowings

44

(210)

(166)

 
                
                 Total interest expense

(1,538)

2,474 

936 

 
                
 

 

 

 

 

                 Net interest income

(1,944)

2,471 

527 

 
                
 

 

 

 

 

 

**Year        Ended December 31,**

 

 

**2000        vs. 1999**

 

 

**Changes        Due to:**

 

 

 

 

 

**Rate**

**Volume**

**Increase        (decrease)**

 
                
 

***(Dollars        in Thousands)***

 

Increase        (decrease) in:

 

 

 

 

            Income from interest-earning assets:

 

 

 

 

            Interest and fees on loans

1,516 

4,633 

6,149 

 

            Interest on taxable securities

734 

(281)

453 

 

            Interest on nontaxable securities

(591)

758 

167 

 

            Interest on Federal Funds sold

(82)

66 

(16)

 

            Interest on deposits in banks

(2)

(2)

(4)

 
                
                 Total interest income

1,575 

5,174 

6,749 

 
                
 

 

 

 

 

            Expense  from interest-bearing liabilities:

 

 

 

 

            Interest expense on interest-bearing deposits

332 

(74)

258 

 

            Interest on savings deposits

8 

26 

34 

 

            Interest on time deposits

1,470 

2,511 

3,981 

 

            Interest on other borrowings

67 

266 

333 

 
                
                 Total interest expense

1,877 

2,729 

4,606 

 
                
 

 

 

 

 

                 Net interest income

(302)

2,445 

2,143 

 
                
20
        
**INVESTMENT PORTFOLIO**

**TABLE  4                 TYPES OF INVESTMENTS**

The carrying amounts of securities at  the dates indicated are summarized as follows: (1)

 

**December 31,**

 

**2001**

**2000**

**1999**
 
 

***(Dollars        in Thousands)***
                                             
       
U. S. Treasury        and other U. S. Government

 

 

 

                 Agencies and corporations

$32,226

$36,473

$30,708

Municipal        securities

58,790

46,234

39,865

Mortgage-backed        securities

14,611

7,668

8,785

Equity securities

3,092

1,887

1,725
 
 

$108,719

$92,262

$81,083
 
 

(1)          Securities include “held to maturity” securities carried at amortized cost  and “available-for-sale”                 securities carried at fair value.

                 The Community Banking Subsidiaries’  mortgage-backed portfolio consists of fifty-two U.S. Government corporation  collateralized mortgage obligations. The actual maturity of these securities  will differ from the contractual maturity because borrowers on the underlying  loans may have the right to prepay obligations with or without prepayment  penalties.  Decreases in interest rates will generally cause prepayments  to increase while increases in the interest rates will have the opposite  effect on prepayments. Prepayments of the underlying loans may shorten the  life of the security, thereby adversely effecting the yield to maturity. In an  increasing interest rate, the Community Banking Subsidiaries may have an  obligation yielding a return less than the current yields on securities.   However, because the majority of these in mortgage-backed securities have  adjustable rates, negative effects of changes in interest rates on earnings  and carrying values of these securities are somewhat mitigated.

21
   
**TABLE  5                 MATURITIES OF INVESTMENTS**

The amounts of securities in each  category as of December 31, 2001 are shown in the following table according to  maturity classifications of one year or less, after one year through five  years, after five years through ten years, and after ten years.

 

 

 

 

 

 

 

 
 

**U.        S. Treasury and Other**

** **

 

 

 

 

**U.        S. Government agencies**

** **

 

 

 

 

**and        corporations (3)**

**Municipal        securities (2)**

**Other        Securities (4)**

 

**Amount**

**Yield        (1)**

**Amount**

**Yield        (1)**

**Amount**

**Yield        (1)**

                
 
One year or less

6,340

6.18%

1,090

4.77%

3,092

6.50%

 
 

 

 

 

 

 

 

 
After one year

 

 

 

 

 

 

 
            through five years

21,817

5.28%

6,401

4.42%

-  

-  

 
 

 

 

 

 

 

 

 
After five years

 

 

 

 

 

 

 
            through ten years

9,614

5.78%

15,707

4.56%

-  

-  

 
 

 

 

 

 

 

 

 
After ten years

9,066

5.45%

35,592

4.89%

-  

-  

                                                             
 

 

 

 

 

 

 

 
                 Total

46,837

5.54%

58,790

4.75%

3,092

6.50%

                                                             
 

 

 

 

 

 

 

 
** **

(1)

  Yields were computed using book value, coupon interest, adding discount  accretion or subtracting premium amortization, as appropriate, on a ratable  basis over the life of each security. The weighted average yield for each  maturity range was computed using the carrying value of each security in that  range.

(2)

  Yields on municipal securities have not been computed on a tax equivalent  basis.

(3)

  The above schedule includes mortgage-backed securities based on their  contractual maturity date. In practice, cash flow in these securities is  significantly faster than their stated maturity schedules due to the normal  payments of principal and interest as well as the prepayment of the mortgage  loans backing the investment.

(4)

  Other securities consists of equity securities and are included in the under  one year maturity range because the securities have no contractual maturity  date.

22
        
**LOAN PORTFOLIO**

**TABLE  6                 Types of Loans**

The amounts of loans outstanding at  the indicated dates are in the following table according to the type of loan.

 
               
**December 31,**
 

**2001**

**2000**

**1999**

**1998**

**1997**
 
 

***(Dollars        in Thousands)***
                                                                                          
Commercial,        financial

 

 

 

 

 

            and agricultural (1)

$53,299 

$57,012 

$69,429 

$54,934 

$40,248 

Real        estate-construction

32,397 

28,120 

24,208 

21,327 

21,234 

Real        estate-mortgage

313,851 

274,216 

230,139 

189,051 

147,669 

Consumer and        other (2)

56,243 

58,561 

53,093 

48,825 

36,070 
 
 

$455,790 

$417,909 

$376,869 

$314,137 

$245,221 

Less allowance        for loan losses

(6,652)

(6,307)

(5,683)

(4,863)

(4,024)
 
                 Net loans

$449,138 

$411,602 

$371,186 

$309,274 

$241,197 
 
 

(1)          Commercial, financial and agricultural loans include loans held for sale,  which are disclosed                 separately in the consolidated balance sheets.  (2)          Amounts are disclosed net of unearned loan income.

                 See “Business Description of the  Community Banking- Loans” for a description of the composition of each loan,  the underwriting criteria and risks that are unique to each.

                 Loans outstanding as of December 31,  2000, 1999, 1998 and 1997 have been reclassified to be consistent with the  presentation adopted for the year ended December 31, 2001.

 

23
   
**TABLE  7               MATURITIES AND SENSITIVITIES OF LOANS TO CHANGES IN  INTEREST                                  RATES**

                 Total loans as of December 31, 2001  are shown in the following table according to maturity classifications one  year or less, after one year through five years and after five years. (1)

                                                                                                                                
               
**December 31, 2001**
 

***(Dollars        in Thousands)***
                                             
Maturity:

 

 

 
   One        year or less:

 

 

 
                 Commercial, financial and agricultural

 

$32,689

 
                 Real estate-construction

 

31,358

 
                 All other loans

 

132,646

                               
 

 

$196,693

                               
          After one year through five years:

 

 

 
                 Commercial, financial and agricultural

 

$17,796

 
                 Real estate-construction

 

1,039

 
                 All other loans

 

202,414

                               
 

 

$221,249

                               
          After five years:

 

 

 
                 Commercial, financial and agricultural

 

$2,813

 
                 Real estate-construction

 

 

 
                 All other loans

 

35,035

                               
 

 

$37,848

                               
 

 

 

 
 

 

$455,790

                               
(1)            Does not include loans held for sale.

               The following table summarizes loans  at December 31, 2001 with due dates after one year which have predetermined  and floating or adjustable interest rates.

                                                                                                                                
               
**December 31, 2001**               
 

***(Dollars        in Thousands)***

 
                                             
 
                 Predetermined interest rates

 

$201,552

 
                 Floating or adjustable interest rates

 

57,546

                               
 

 

$259,098

 
 

 

 
24
   
**TABLE  8                 Nonaccrual, Past Due and Restructured Loans**

               Information with respect to  nonaccrual past due and restructured loans at the indicated dates is as  follows:
               
**December 31,**
 

**2001**

**2000**

**1999**

**1998**

**1997**
               
 

***(Dollars        in Thousands)***
                                                                                          
Nonaccrual loans

$4,421

$1,143

$1,743

$1,119

$714

 

 

 

 

 

 

Loans        contractually past due ninety days

 

 

 

 

 

            or more as to interest or principal

 

 

 

 

 

            Payments and still accruing

1,679

1,281

1,572

706

533

 

 

 

 

 

 

Loans, the terms        of which have been

 

 

 

 

 

            Renegotiated to provide a reduction

 

 

 

 

 

            or deferral of interest or principal

 

 

 

 

 

            because of deterioration in the

 

 

 

 

 

            financial position of the borrower

1,265

744

842

572

704

 

 

 

 

 

 

Loans, now        current about which there are

 

 

 

 

 

            serious doubts as to the ability of

 

 

 

 

 

            the borrower to comply with present

 

 

 

 

 

            loan repayment terms

- 

- 

- 

- 

- 

               The reduction in interest income  associated with nonaccrual and renegotiated loans as of December 31, 2001 is  as follows:

 

**December        31, 2001**

 

 

 
Interest income        that would have been recorded on nonaccrual

 

 
            and restructured loans under original terms

$364

 
 

 

 
 

 

 
Interest income        that was recorded on nonaccrual and restructured loans

$30

 
 

 
               The Community Banking Subsidiaries’  policy is to discontinue the accrual of interest income when, in the opinion  of management, collection of such interest becomes doubtful. This status is  accorded such 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. Accrual of interest on such loans is resumed, in management’s  judgment, when the collection of interest and principal become probable. Loans  classified for regulatory purposes as loss, 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  effect future operating results, liquidity or capital resources. These  classified loans do not represent material credits about which management is  aware and which causes management to have serious doubts as to the ability of  such borrowers to comply with the loan repayment terms.

25
   
**COMMITMENTS AND LINES OF CREDIT**

               The Community Banking Subsidiaries  will, in the normal course of business, commit to extend credit in the form of  letters of credit or lines of credit. The amount of outstanding loan  commitments and letters of credit at December 31, 2001 and 2000 were  $35,564,457 and $31,894,087, respectively.   Commitments to extend  credit generally have fixed expiration dates or other termination clauses and  may require payment of a fee.  Since many of the commitments are expected  to expire without being drawn upon, the total commitment amounts do not  necessarily represent future cash requirements.

**SUMMARY OF LOAN LOSS EXPERIENCE**

**TABLE 9**

               The following table summarizes  average loan balances for each year determined using the daily average  balances during the year; changes in the reserve for possible loan losses  arising from loans charged off and recoveries on loans previously charged off;  additions to the reserve which have been charged to operating expense; and the  ratio of net charge-offs during the year to average loans.

 

**December        31,**

 

**2001**

**2000**

**1999**

**1998**

**1997**
 
 

***(Dollars        in Thousands)***
                                                                                          
Average amount of        loans outstanding

$436,420 

$395,169 

$350,278 

$285,809

$223,170 
 
 

 

 

 

 

 

Balance of        allowance for loan losses

 

 

 

 

 

            at beginning of year

$6,307 

$5,683 

$4,863 

$4,024 

$3,592 
 
 

 

 

 

 

 

Loans charged off

 

 

 

 

 

            Commercial

($810)

($461)

($423)

($97)

($136)

            Real estate mortgage

(269)

 -        -  

(23)

(7)

(35)

            Consumer

(1,129)

(693)

(632)

(391)

(424)
 
 

($2,208)

($1,154)

($1,078)

($495)

($595)
 
 

 

 

 

 

 

Loans recovered

 

 

 

 

 

            Commercial

$18 

$16 

$45 

$20 

$11 

            Real estate mortgage

13 

- - 

4 

19 

28 

            Consumer

158 

141 

212 

130 

52 
 
 

$189 

$157 

$261 

$169 

$91 
 
 

 

 

 

 

 

Net charge-offs

(2,019)

($997)

($817)

($326)

($504)
 
 

 

 

 

 

 

Additions to        allowance charged

 

 

 

 

 

            to operating expense during year

$2,364 

$1,621 

$1,637 

$1,165 

$936 
 
 

 

 

 

 

 

Balance of        allowance for loan losses

 

 

 

 

 

            at end of year

$6,652 

$6,307 

$5,683 

$4,863 

$4,024 
 
 

 

 

 

 

 

Ratio of net        loans charged off during

 

 

 

 

 

            the year to average loans outstanding

0.46%

0.25%

0.23%

0.11%

0.23%
 
26
   
**ALLOWANCE FOR LOAN LOSSES**

               The provision for possible loan  losses is created by direct charges to income. Losses on loans are charged  against the allowance in the year in which such loans, in management’s  opinion, become uncollectible. Recoveries during the year are credited to this  allowance. The factors that influence management’s judgment in determining  the amount charged to income are past loan loss experience, composition of the  loan portfolio, evaluation of possible future losses, current economic  conditions and other relevant factors. The Company’s allowance for loan  losses was $6,652,000 at December 31, 2001, representing 1.46% of total loans,  compared with $6,307,000 at December 31, 2000, which represented 1.51% of  total loans. The allowance for loan losses is reviewed regularly based on  management’s evaluation of current risk characteristics of the loan  portfolio, as well as the impact of prevailing and expected economic business  conditions. Management considers the allowance for loan losses adequate to  cover possible loan losses at December 31, 2001.

               Historically, management has not  allocated the Company’s allowance for loan losses to specific categories of  loans. However, based on management’s best estimate and historical  experience, the allocation of the allowance for loan losses for December 31,  2001, 2000, 1999, 1998 and 1997 is summarized below:

 

**December        31,**

 

**2001**

**2000**

**1999**

**1998**

**1997**
 
 

***(Dollars        in Thousands)***
                                                                                          
Commercial

$1,330

$1,261

$1,136

$972

$850

Real estate

2,130

1,892

2,103

1,458

1,325

Consumer

3,192

3,154

2,444

2,433

1,849
 
 

$6,652

$6,307

$5,683

$4,863

$4,024
 
 

 

 

 

 

 

 

**Percent        of loans in Each Category of Total Loans**

 

 

 

 

 

 

 

**December        31,**

 

**2001**

**2000**

**1999**

**1998**

**1997**
 
 

(Dollars        in Thousands)

Commercial

12%

14%

18%

17%

16%

Real estate

76%

72%

68%

67%

69%

Consumer

12%

14%

14%

16%

15%
 
 

100%

100%

100%

100%

100%
 
27
   
**DEPOSITS**

**TABLE 10**

               Average amount of deposits and  average rates paid thereon, classified as to noninterest-bearing demand  deposits, interest-bearing demand and savings deposits and time deposits, for  the years indicated are presented below.   **(1)**

 

**Year        Ended December 31,**

 

**2001**

**2000**

**1999**
               
 

 

**Average**

** **

**Average**

** **

**Average**

 

**Balance**

**Interest        Rate**

**Balance**

**Interest        Rate**

**Balance**

**Interest        Rate**
                                                                                                                        
Noninterest-bearing        demand

$72,773

 

$66,760

 

$66,719

 

Interest-bearing        demand deposits

109,766

2.34%

100,094

3.02%

102,770

2.69%

Savings deposits

24,851

1.88%

22,506

2.67%

21,540

2.63%

Time deposits

322,404

6.05%

283,816

6.28%

242,434

5.71%
    
                 Total deposits

$529,794

 

$473,176

 

$433,463

 

 

 

 

 

 
(1)            Average balances calculated using daily averages during 2001 and 2000 and  using month-end                 balances during 1999.
               The amounts of time certificates of  deposit issued in amounts of $100,000 or more as of December 31, 2001 are  shown below by category, which is based on time remaining until maturity of  (1) three months or less, (2) over three through six months, (3) over six  through twelve months and (4) over twelve months.

 

**December        31, 2001**

 

***(Dollars        in Thousands)***

 

 

 

 

Three months or        less

 

$29,818

 

Over three        through six months

 

22,612

 

Over six through        twelve months

 

29,702

 

Over twelve        months

 

31,413

 
                               
 

 

$113,545

 

 

 

 

28
   
**RETURN ON ASSETS AND SHAREHOLDERS’  EQUITY**

**TABLE 11**

The following rate of return  information for the years is presented below.

 

Year        Ended December 31,

 

2001

2000

1999
                                                             
Return on assets        (1)

1.17%

1.40%

1.23%

Return on equity        (2)

12.73%

16.45%

14.21%

Dividend payout        ratio (3)

6.38%

5.14%

5.36%

Equity to assets        ratio (4)

9.20%

8.48%

8.65%

       
 

 

 

   
(1)        Net income divided by average total assets.  (2)       Net income divided by average equity.  (3)       Dividends declared per share divided by basic earnings per share.  (4)        Average equity divided by average total assets.
29
   
**ITEM 8.  FINANCIAL STATEMENTS  AND SUPPLEMENTARY DATA**

                 The financial statements and the report of independent accountants are  included in this report beginning at page F-1.

**ITEM 9.   CHANGES IN AND  DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND                    FINANCIAL DISCLOSURE.**

                 During the Company’s two most recent fiscal years, the Company did not  change accountants and had no disagreement with its accountants on any matters  of accounting principles or practices or financial statement disclosure.

**PART III**

**ITEM 10.  DIRECTORS AND  EXECUTIVE OFFICERS OF THE REGISTRANT**

                 The following is a brief description, as of December 31, 2001, of the business  experience of each of the directors and executive officers of the Company who,  except as otherwise indicated, has been or was engaged in his or her present  of last principal employment, in the same or a similar position, for more than  five years:

 

 

 

 

Steven C. Adams (53)

Mr. Adams has been an attorney        with the firm of Adams, Ellard & Frankum, P.C. since 1973 and        President of Chatham Transport Company, a trucking company, since        1994.  He has been a director of the Company, Community, and        Financial Supermarkets since 1990.  He was named a director of        Financial Properties, Inc. in 1998.

 

 

 

 

Edwin B. Burr (68)

Mr. Burr has served as a        director of the Company since April of 1995 and Financial Supermarkets        since 1992.  Mr. Burr has been President of Financial Solutions, a        bank consulting firm since 1988.  He has been a director of        Community  – Alabama since 1997.

 

 

 

 

 

Wesley A. Dodd, Jr. (37)

Mr. Dodd has been Executive        Vice-President of the Company Community and Financial Properties since        April 2000.

 

 

 

 

Annette R. Fricks (57)

Mrs. Fricks has been an        Executive Vice President and Corporate Secretary of the Company and        Community since 1992 and 1967, respectively, and has also served as        Corporate Secretary of Financial Supermarkets since 1984.  She was        named the Executive Vice President and Corporate Secretary for Financial        Properties in 1998.

 

 

 

 

Charles M. Miller (60)

Mr. Miller has served as an        Executive Vice President of Company, the President and Chief Operating        Officer and director of Community and the Executive Vice President and        director of Financial Supermarkets since 1990.  Mr. Miller has        served as a director of Community - Troup since November        1995.   He was named a director of Financial Properties in        1998.

30
   
 

 

Harry L. Stephens (55)

Mr. Stephens has been an        Executive Vice President and the Chief Financial Officer of the Company        and Community since 1992 and has served as Treasurer of Financial        Supermarkets since 1986.  He has been Executive Vice President and        Chief Financial Officer of Community since 1992.   He was        named Executive Vice President and Treasurer of Financial Properties,        Inc. in 1998

 

 

 

 

H. Calvin Stovall, Jr. (86)

Mr. Stovall, who is retired,        was the President and treasurer of Stovall Tractor Company, a retail        farm equipment dealer, from 1948 until November 1995.  He served as        the Chairman of the Company’s Board of Directors 1981-1998 and was        named Chairman Emeritus in 1998.  Mr. Stovall has also served as a        director of Community, Financial Supermarkets and Community – Troup        since 1963, 1984 and November 1994, respectively.  He was also        named a director of Financial Properties, Inc. in 1998.

 

 

 

 

Dean C. Swanson (70)

Mr. Swanson was President of        the Standard Group, a telecommunications company until January        1999.  He is a director of Independent Telecommunications        Network.  Mr. Swanson has served as a director of the Company,        Community and Financial Supermarkets since 1981, 1972, and 1984,        respectively.  He was named a director of Financial Properties,        Inc. in 1998.

 

 

 

 

George D. Telford (81)

Mr. Telford is a retired bank        executive and has served as a director of the Company and Community        since 1981 and 1965, respectively, as well as of Financial Supermarkets        since 1993.  He was named a director of Financial Properties, Inc.        in 1998.  

 

 

 

 

J. Alton Wingate (62)

Mr. Wingate has served as a        director and the President and Chief Executive Officer of the Company,        Community and Financial Supermarkets since 1981, 1977 and 1984,        respectively.  Mr. Wingate was named Chairman of the Board in        1998.   He has also been the Chairman of the Board of        Directors and a director of Community – Alabama, and Community - Troup        since  1990 and November 1994, respectively.  He was named        President and Chief Executive Officer of Financial Properties, Inc. in        1998.  Mr. Wingate has been Chairman and Chief Executive Officer of        Community since 1996 and has been Chairman, President, and Chief        Executive Officer of Financial Supermarkets since 1984.  Mr.        Wingate has served on the Board of Directors of Ingles Markets since        1988.

 

31
   
 

 

 

 

 

Lois M. Wood-Schroyer (63)

Ms. Wood-Schroyer is the        Chairman, Chief Executive Officer, Director, and President of Woods        Furniture Co.  Ms. Wood-Schroyer has served as a Director of        Community since 1990 and was elected to the Company’s Board of        Directors in 1999.

                 Directors are elected at each annual meeting of shareholders and hold office  until the next annual meeting and until their successors are elected and  qualified.  The executive officers are elected by the Board of Directors  and serve at the will of the Board.  There are no family relationships  among executive officers and directors of the Company.

The company is not subject to Section  16(a) of the Securities Exchange Act of 1934.

**ITEM 11.   EXECUTIVE  COMPENSATION.**

                 The following table sets forth the annual and long-term compensation paid by  the Company to the Chief Executive Officer of the Company and the four other  most highly compensated officers of the Company whose salary and bonus  exceeded $100,000 during the last fiscal year (the “Named Executive Officers”).

**Summary Compensation  Table**

**Annual        Compensation**

**Long-Term        Compensation**

**Name and        Principal        Position**
** Year**
** Salary        $(1)**

**Bonus $(2)**

** **

**Securities        Underlying Options/SARS (#)**

**All Other        Compensation        $**

 
                                                                                                                        
J. Alton Wingate

2001

342,700

1,427,241

(3)

--

61,380

(4)

President and        Chief

2000

349,200

880,048

(3)

--

42,923

 

Executive        Officer

1999

347,950

1,222,960

(3)

--

41,966

 

 

 

 

 

 

 

 

 

Charles M.        Miller

2001

146,864

35,000

 

--

35,379

(5)
Executive Vice

2000

145,800

35,000

 

--

29,255

 

President

1999

145,600

35,000

 

--

27,512

 

 

 

 

 

 

 

 

 

Harry L.        Stephens

2001

110,039

52,500

 

--

34,435

(6)
Executive Vice

2000

109,639

52,500

 

--

25,059

 

President and        Chief

1999

105,960

52,500

 

--

22,658

 

Financial        Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annette R.        Fricks

2001

113,462

72,500

 

--

32,754

(7)
Executive Vice

2000

107,139

67,500

 

--

25,354

 

President and

1999

99,460

62,500

 

--

21,096

 

Corporate        Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wesley A. Dodd,        Jr.

2001

91,962

47,500

 

--

17,825

(8)
Executive Vice

2000

87,116

42,000

 

--

20,283

 

President of

1999

82,769

40,000

 

--

18,965

 

Corporate        Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
         
___________________

(1)

  Includes directors’ fees.
(2)  Bonuses are included in this report in the year paid.(3)  Mr. Wingate’s bonus is contractually based on the performance of Financial  Supermarkets, with        caps and guaranteed rates of  return before the bonus can be calculated and paid.
32
   
(4)

  Included premiums of $19,160 paid for Mr. Wingate’s life insurance policies,  estimated employee stock ownership plan (“ESOP”) contributions of $17,500  and 401(K) matching contributions by the Company in the amount of  $2,272.  Final ESOP contributions have not yet been determined for 2001.

(5)

  Includes premiums of $5,590 paid for Mr. Miller’s life insurance policies,  estimated ESOP contributions of $17,500 and 401(K) matching contributions by  the Company in the amount of $2,453.  Final ESOP contributions have not  yet been determined for 2001.

(6)

Includes premiums of $5,002 paid for Mr. Stephens’ life insurance policies,  estimated ESOP contributions of $17,000 and 401(K) matching contributions by  the Company in the amount of $2,453.   ESOP contributions have not  yet been determined for 2001.

(7)

Includes premiums of $2,045 paid for Mrs. Fricks’ life insurance policies,  estimated ESOP contributions of $17,500 and 401(K) matching contributions by  the Company in the amount of $2,224.  Final ESOP contributions have not  yet been determined for 2001.

(8)

Includes premiums of $193 paid for Mr. Dodds’ life insurance policies,  estimated ESOP contributions of $13,500 and 401(K) matching contributions by  the Company in the amount of $1,349.  Final ESOP contributions have not  yet been determined for 2001.

                 DIRECTOR’S COMPENSATION.   The Chairman Emeritus of the Company’s  Board of Directors, Calvin Stovall, currently receives a fee of $2,250 per  month for service as the Chairman of the Board and other directors of the  Board of the Company receive $6,000 a year for service on the Company’s  Board of Directors.  The directors of Community,  Community -  Alabama, Community - Troup and Financial Supermarkets currently receive fees  of $11,000,  $3,900, $4,800, and $6,000 per year, respectively.

                 AGREEMENTS WITH OFFICERS.   In 1990, Community  entered into an  employment agreement with Mr. Miller pursuant to which the parties agreed that  Mr. Miller would serve as the President, Chief Operating Officer and General  Manager of Community.  The initial term of the agreement was one year,  subject to successive automatic renewals of one year each unless (i) either  party gives written notice at least 60 days prior to the annual renewal date  of the desire to terminate, or (ii) Community  terminates for cause (as  defined in the agreement).

                 The agreement provides for Mr. Miller to receive an annual salary of $125,000  plus certain benefits and perquisites. The agreement also entitles Mr. Miller  to certain severance payments following a change of control (as defined in the  agreement) of Community.  Further, Mr. Miller agrees that he will not  compete with or solicit certain customers from Community  within  Habersham or Jackson County (or any contiguous county) for a period of three  years after termination of Mr. Miller’s employment with Community .

                 In 1987, Community  and Mr. Wingate entered into a change-in-control  agreement for a three year term, renewable for an additional one year period  annually thereafter in the sole discretion of the compensation committee of  the Board of Directors of Community .  The agreement also provides for  the payment of certain severance benefits to Mr. Wingate if there is a change  in control (as defined in the agreement) of Community  and Mr. Wingate’s  employment is involuntarily terminated other than for cause, disability or  retirement or is voluntarily terminated as a result of a material reduction of  duties, compensation or benefits or a forced relocation.   Such  benefits include the continuation of salary payments to Mr. Wingate for a  period of 36 months from the date of termination, the payment of certain  bonuses for the year in which his employment is terminated and the following  two calendar years, the continuation of health and life insurance coverage and  the continued participation by Mr. Wingate in all employee retirement plans.

33
   
**Aggregated Option  Exercises In Last Fiscal Year And FY-End Option Values**

**Name**

**Shares Acquired        on Exercise (#)**

**Value Realized        ($)**

**Number of  Securities        Underlying        Unexercised        Options at Fiscal Year-End (Exercisable/        Unexercisable)**

**Value of  Unexercised        In-The-Money        Options At Fiscal        Year-End ($)        (Exercisable/        Unexercisable)**

Charles M. Miller

-0-

$-0-

2,500/0

5,300/0

Harry L. Stephens

-0-

$-0-

8,500/0

194,120/0

Annette R. Fricks

-0-

$-0-

11,500/0

288,530/0

Wesley A. Dodd, Jr.

-0-

$-0-

2,500/0

5,300/0

**ITEM 12.   SECURITY  OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.**

                 The following table sets forth the percent and number of shares of the Common  Stock beneficially owned as of January 1, 2002 by (i) each of the Named  Executive Officers, (ii) each of the directors of the Company, (iii) each  shareholder who owns greater than five percent (5%) of the Company’s  securities and (iv) all executive officers and directors of the Company as a  group, without naming such individuals.  There were 2,178,830 shares  outstanding as of that date.

Name of

Amount of Shares

Percent

Beneficial Owner

Beneficially Owned

Of Class

 

 

 

Joye H. Adams

130,520 (1)

 5.97%

Steven C.        Adams                     

519,237 (2) (3) (4) (5) (6)

23.75%

Edwin B.        Burr 

    1,343 (7)

    *

Elton S. Collins

422,397 (3) (8) (16)

19.32%

Community Bankshares, Inc.          Employee Stock Ownership          Plan and Trust

404,397 (9)

18.50%

Annette R. Fricks

  27,040 (9)

 1.24%

Wesley A. Dodd,        Jr.                    

  43,345 (10)

 1.98%

Charles M. Miller

  12,360 (11) (20)

    *

 

 

Harry L. Stephens

  10,248 (12)

    *

H. Calvin Stovall

165,867 (13) (14)

  7.59%

Dean C. Swanson

  30,000

  1.37%

George D. Telford

  71,057 (21)

  3.25%

Dr. A. Dan Windham

    6,187

    *

J. Alton Wingate

722,857 (2) (3) (4) (15) (17)

33.06%

Lois M. Wood-Schroyer

    3,030

    *

 

 

 

All executive officers        and     directors as a group (12 Persons)

1,289,194 <F18>

51.87%

 

 

 

                                               * less than one percent

(1)

 Mrs. Adams’ address is 664 Chenocetah Drive, Cornelia, Georgia 30531.

(2)

  Includes an aggregate of 48,000 shares held by the Taft Chatham  Trusts I  and II with   respect to which Messrs. Wingate and Adams are co-trustees and share voting  and investment  power.

34
   
 

(3)

  Includes 404,397 shares held by Community Bankshares, Inc. ESOP with respect  to which  Messrs. Wingate, Adams and Collins are co-trustees and share voting and  investment power.

(4)

  Includes 19,500 shares held by Chatham Transport company with respect to which  Messrs.  Wingate and Adams share voting power.

(5)

  Includes 44,340 shares held by Mr. Adams as trustee for the F. Jack Adams  Testamentary Trust,  as to which Mr. Adams has voting and investment control.

(6)

  Mr. Adam’s address is 148 North Main Street, Cornelia Georgia 30531.

(7)

  Does not include 1,000 shares of Common Stock owned by Mr. Burr’s wife, as  to which he  disclaims beneficial ownership.

(8)

  Mr. Collins’ address is 1851 North Elm Street, Commerce, Georgia  30329. 

(9)

  The address of the ESOP is 448 North Main Street, Cornelia, Georgia 30531.

(10)

Includes presently-exercisable  options to acquire 2,500 shares of Common Stock.

(11)

  Includes presently-exercisable options to acquire 2,500 shares of Common  Stock.

(12)

  Includes presently-exercisable options to acquire 8,500 shares of Common  Stock.

(13)

  Mr. Stovall’s address is 215 Grandview Circle, Cornelia, Georgia 30531.

(14)

  Does not include 250 shares of Common Stock owned by Mr. Stovall’s wife, as  to which   he disclaims beneficial ownership.

(15)

  Does not include 4,310 shares of Common Stock owned by Mr. Wingate’s wife,  as to which he disclaims beneficial ownership.

(16)

  Includes presently-exercisable options to acquire 2,500 shares of Common  Stock.

(17)

  Mr. Wingate’s address is 186 Hillcrest Heights, Cornelia, Georgia 30531.

(18)

  Includes presently-exercisable options to acquire 25,000 shares of Common  Stock.

(19)

  Includes presently-exercisable options to acquire 11,500 shares of Common  Stock.

(20)

 Does not  include 420 shares of Common Stock owned by Mr. Miller’s wife, as to which  he disclaimsbeneficial ownership.

(21)

 Does not  include 12,213 shares of Common Stock owned by Mr. Telford’s wife, as to  which he disclaims beneficial ownership.

**ITEM 13.   CERTAIN  RELATIONSHIPS AND RELATED TRANSACTIONS.**

                 Each of the Community Banking Subsidiaries has had, and expects to have in the  future, banking transactions in the ordinary course of business with directors  and officers of the particular bank and the Company and their associates,  including corporations in which such officers or directors are shareholders,  directors and/or officers, on the same terms (including interest rates and  collateral) as those prevailing at the time for comparable transactions with  other persons.  Such transactions have not involved more than the normal  risk of collectibility or presented other unfavorable features.

** ITEM 14.   EXHIBITS,  FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K**

               (a)    Financial  Statements.

               The following financial statements  and notes thereto of the Registrant are included in the Report:

Independent Auditor’s Report on the  Financial Statement

Consolidated Balance Sheets -  December 31, 2001 and 2000

Consolidated Statements of Income for  the years ended December 31, 2001, 2000 and 1999

Consolidated Statements of  Comprehensive Income for the years ended December 31, 2001, 2000 and 1999

Consolidated Statements of  Shareholder’s Equity for the years ended  December 31, 2001, 2000 and  1999

Consolidated Statements of Cash Flows  for the Years Ended December 31, 2001, 2000 and 1999

Notes to Consolidated Financial  Statements

35
   
               (b)            Exhibits.

               The following exhibits are required  to be filed with this Report by Item 601 of Regulation S-K:

            3.1

  Amended and Restated Articles of Incorporation of the Registrant dated as of  June 30, 1997.

            3.2

  By-Laws of the Registrant (included as Exhibit 3.3 to the Registrant’s Form  S-4 Registration Statement, Commission File No. 33-81890, previously filed  with the Commission and incorporated herein by reference).

            4.1

  See exhibits 3.1 and 3.2 for provisions of Articles of Incorporation and  Bylaws as amended, which define the rights of the holders of Common Stock of  the Registrant (included as Exhibit 4.1 to the Registrant’s Form S-4  Registration Statement, Commission File No. 33-81890, previously filed with  the Commission and incorporated herein by  reference).        

            10.1

  Incentive Stock Option Plan, as adopted August 17, 1987 (included as Exhibit  10.1 to the Registrant’s Form S-4 Registration Statement, Commission File  No. 33-81890, previously filed with the Commission and incorporated herein by  reference).

            10.2

  Employment Agreement between Charles M. Miller and Community, dated March 31,  1990 (included as Exhibit 10.2 to the Registrant’s Form S-4 Registration  Statement, Commission File No. 33-81890, previously filed with the Commission  and incorporated herein by reference).   

            10.3

  Agreement Regarding Change in Control between J. Alton Wingate and Community,  dated August 17, 1987 (included as Exhibit 10.3 to the Registrant’s Form S-4  Registration Statement, Commission File No. 33-81890, previously filed with  the Commission and incorporated herein by  reference).        

            10.4

  Community Bankshares, Inc. 1999 Stock Award Plan, as adopted December 22, 1999  (included as Exhibit 10.8 to the 1999 10-K and incorporated herein by  reference).

            10.5

  Consulting Agreement dated as of March 2, 1999 between Canadian Imperial Bank of Commerce and Financial  Supermarkets, Inc. (included as Exhibit 10.9 to the  Registrant’s Form 10-Q for the period ended June 30, 2000, previously filed  with the Commission and incorporated herein by reference).

            10.6

  Amended and Restated Revolving Credit Term Loan Agreement dated as of July 30,  2000 between the  Registrant and SunTrust Bank.

10.7Amendment to Amended and Restated  Revolving Credit Term Loan Agreement dated as of June 8, 2001 between  Registrant and SunTrust Bank.
10.8Business Loan and Security Agreement  dated as of June 8, 2001 among Registrant, Community Bankshares, Inc.,  Employee Stock, Ownership Plan and Trust, Steve Adams, J. Alton Wingate, and  Elton Collins, not in their individual capacities, but solely as Trustees of  the Employee  Stock Ownership Plan and Trust.
            21

  List of Subsidiaries of  Registrant.

               (c)            No reports on Form 8-K were filed during the last quarter of 2001.

36
   
**COMMUNITY  BANKSHARES, INC.  AND SUBSIDIARIES**

**CONSOLIDATED  FINANCIAL REPORT  DECEMBER 31, 2001**

**TABLE  OF CONTENTS**

**Page****INDEPENDENT        AUDITOR'S REPORT**
**F-2****FINANCIAL        STATEMENTS** ** ** 
**Consolidated balance sheets**

**F-3**
 
**Consolidated statements of        income**

**F-4**
 
**Consolidated statements of        comprehensive income**

**F-5**
 
**Consolidated statements of        shareholders' equity**

**F-6**
 
**Consolidated statements of        cash flows**

**F-7 and 8**
 
**Notes to consolidated        financial statements**

**F-9-31**

** **

F-1
            
**INDEPENDENT  AUDITOR'S REPORT**

 

**To the Board of Directors  Community Bankshares, Inc.     and Subsidiaries  Cornelia, Georgia**

                                 We have audited the accompanying consolidated balance sheets of **Community  Bankshares, Inc. and subsidiaries**as of December 31, 2001 and 2000, and  the related consolidated statements of income, comprehensive income,  shareholders' equity and cash flows for each of the three years in the period  ended December 31, 2001.  These financial statements are the  responsibility of the Company's management.  Our responsibility is to  express an opinion on these financial statements based on our audits.

                                 We conducted our audits in accordance with auditing standards generally  accepted in the United States of America.  Those standards require that  we plan and perform the audit to obtain reasonable assurance about whether the  financial statements are free of material misstatement.  An audit  includes examining, on a test basis, evidence supporting the amounts and  disclosures in the financial statements.  An audit also includes  assessing the accounting principles used and significant estimates made by  management, as well as evaluating the overall financial statement  presentation.  We believe that our audits provide a reasonable basis for  our opinion.

                                 In our opinion, the consolidated financial statements referred to above  present fairly, in all material respects, the financial position of Community  Bankshares, Inc. and subsidiaries as of December 31, 2001 and 2000, and the  results of their operations and their cash flows for each of the three years  in the period ended December 31, 2001, in conformity with accounting  principles generally accepted in the United States of America.

 

    /s/ Mauldin & Jenkins, LLC

 

Atlanta, Georgia  January 18, 2002

F-2
            **COMMUNITY        BANKSHARES, INC.****AND        SUBSIDIARIES****CONSOLIDATED        BALANCE SHEETS****DECEMBER        31, 2001 AND 2000****Assets**** 2001** 2000** **   Cash        and due from banks**$****37,181,485**$38,410,247 Interest-bearing        deposits in banks**409,518**453,464 Federal        funds sold**16,360,000**12,125,000 Securities        available-for-sale**77,901,447**59,853,582 Securities        held-to-maturity (fair value $30,384,025 and $31,983,079)**29,602,403**31,193,386 Restricted        equity securities**1,215,300**1,215,300 Loans        held for sale**- **1,011,458 Loans **455,790,523**417,908,844 Less        allowance for loan losses **6,652,093**6,306,620                  Loans, net** ****449,138,430** 411,602,224 Premises        and equipment**15,879,048**14,845,332 Other        assets**18,521,088**19,612,796 ** **** **  **                 Total assets****$****646,208,719**$590,322,789 ** **** **  **Liabilities,        Redeemable Common Stock and Shareholders' Equity**Deposits           Noninterest-bearing **$****81,173,804**$77,959,985            Interest-bearing **481,041,094**429,534,862 **                 Total deposits**** ****562,214,898** 507,494,847 Other        borrowings**12,069,875**10,843,975 Other        liabilities**13,321,061**18,646,324 **                 Total liabilities**** ****587,605,834** 536,985,146 ** **** **  Commitments        and contingenciesRedeemable        common stock held by ESOP, net of unearned ESOP shares            related to ESOP debt guarantee of $1,550,000 at December 31, 2001** ****15,159,684** 15,088,348 ** **   Shareholders'        equity            Common stock, par value $1; 5,000,000 shares authorized;                2,186,330 and 2,181,830 shares issued and outstanding, respectively**2,186,330**2,181,830            Capital surplus**6,182,167**6,142,363            Retained earnings**35,070,537**29,975,786            Accumulated other comprehensive income (loss)**4,167**(50,684)**              Total shareholders' equity**** ****43,443,201** 38,249,295 ** **** **  **              Total liabilities, redeemable common stock and ****                  shareholders' equity ****$****646,208,719**$590,322,789 ** **** **  **See        Notes to Consolidated Financial Statements.**
 F-3
            **COMMUNITY        BANKSHARES, INC.****AND        SUBSIDIARIES****CONSOLIDATED        STATEMENTS OF INCOME****YEARS        ENDED DECEMBER 31, 2001, 2000 AND 1999****2001**20001999**Interest        income**** **                Loans**$****42,521,921**$41,189,439$35,040,618           Taxable securities**2,702,882**2,830,7132,377,935           Nontaxable securities**2,493,558**2,161,8141,994,814           Deposits in banks**35,517**14,89118,653           Federal funds sold** ****748,421** 841,684 858,093**              Total interest income**** ****48,502,299** 47,038,541 40,290,113**Interest        expense**           Deposits**22,543,182**21,440,68517,167,809           Other borrowings**696,345**862,202529,052**              Total interest expense**** ****23,239,527** 22,302,887 17,696,861** **** **    **              Net interest income****25,262,772**24,735,65422,593,252**Provision        for loan losses ****2,364,000**1,620,5001,636,900**             Net interest income after provision for **** **** **    **                 loan losses****22,898,772**23,115,15420,956,352** **** **    **Other        income**           Service charges on deposits accounts**4,522,010**3,524,6902,864,632           Other service charges, commissions and fees**1,239,727**933,462649,378           Trust department fees**130,316**100,709112,998           Nonbank subsidiary income**10,826,046**8,915,1386,720,159           Gain on sale of loans**166,935**357,793318,757           Security transactions, net**48,167**(2,350)-            Other**844,077**763,654844,053**              Total other income**** ****17,777,278** 14,593,096 11,509,977** **** **    **Other        expenses**           Salaries and employee benefits**16,517,342**14,394,56512,345,498           Equipment expenses**2,779,346**2,564,0492,541,601           Occupancy expenses**1,797,152**1,594,5671,386,038           Other operating expenses**9,331,204**8,531,8667,558,207**              Total other expenses**** ****30,425,044** 27,085,047 23,831,344** **** **    **              Income before income taxes****10,251,006**10,623,2038,634,985**Income        tax expense****3,076,015**3,001,1982,558,820** **** **    **              Net income****$****7,174,991**$7,622,005$6,076,165** **** **    **Basic        earnings per share****$****                            3.29**$                       3.50$                       2.80**Diluted        earnings per share****$****                            3.26**$                       3.46$                       2.80**See        Notes to Consolidated Financial Statements.**
 F-4
            **COMMUNITY        BANKSHARES, INC.****AND        SUBSIDIARIES****CONSOLIDATED        STATEMENTS OF  COMPREHENSIVE INCOME****YEARS        ENDED DECEMBER 31, 2001, 2000 AND 1999****2001**20001999** **     **Net        income****$****7,174,991 **$7,622,005$6,076,165 ** **     **Other        comprehensive income (loss):**           Unrealized gains (losses) on securities available-for-sale:               Unrealized holding gains (losses) arising during period,                   net of taxes (benefits) of $55,834, $850,290,                    and $(1,036,081), respectively**83,751 **1,275,364(1,554,050)                Reclassification adjustment for (gains) losses realized                   in net income, net of  (taxes) benefits of $(19,267),                    $940, and $0, respectively**(28,900)**1,410-  ** **     **Other        comprehensive income (loss)****54,851 **1,276,774(1,554,050)** **** **    **Comprehensive        income****$****7,229,842 **$8,898,779$4,522,115 **See        Notes to Consolidated Financial Statements.**
** **F-5
            **COMMUNITY        BANKSHARES, INC.****AND        SUBSIDIARIES****CONSOLIDATED        STATEMENTS OF SHAREHOLDERS' EQUITY****YEARS        ENDED DECEMBER 31, 2001, 2000 AND 1999** **Accumulated** **Common        Stock** **Other****Total****Capital****Retained****Comprehensive****Shareholders'****Shares**** ****Par        Value****Surplus** **Earnings****Income        (Loss)****Equity**           **Balance,        December 31, 1998**2,169,830
$
2,169,830
$
6,036,220$17,857,974
$
226,592
$
26,290,616           Net income- - - 6,076,165- 6,076,165           Exercise of stock options9,0009,00079,607- - 88,607           Cash dividends declared, $.15 per share- - - (352,474)- (352,474)           Adjustment for shares owned by ESOP- - - 271,505- 271,505           Other comprehensive loss- - - - (1,554,050)(1,554,050)**Balance,        December 31, 1999**2,178,830 2,178,830 6,115,827 23,853,170 (1,327,458) 30,820,369           Net income- - - 7,622,005- 7,622,005           Exercise of stock options3,0003,00026,536- - 29,536           Cash dividends declared, $.18 per share- - - (393,283)- (393,283)           Adjustment for shares owned by ESOP- - - (1,106,106)- (1,106,106)           Other comprehensive income - - - - 1,276,7741,276,774**Balance,        December 31, 2000**2,181,830 2,181,830 6,142,363 29,975,786 (50,684) 38,249,295           Net income- - - 7,174,991- 7,174,991           Exercise of stock options4,5004,50039,804- - 44,304           Cash dividends declared, $.21 per share- - - (458,904)- (458,904)           Adjustment for shares owned by ESOP- - - (1,621,336)- (1,621,336)           Other comprehensive income -  -  -  -  54,851 54,851**Balance,        December 31, 2001**2,186,330$2,186,330$6,182,167$35,070,537$4,167$43,443,201**See        Notes to Consolidated Financial Statements.**
** **F-6
            **COMMUNITY        BANKSHARES, INC.****AND        SUBSIDIARIES****CONSOLIDATED        STATEMENTS OF CASH FLOWS****YEARS        ENDED DECEMBER 31, 2001, 2000 AND 1999****2001** 2000 1999**OPERATING        ACTIVITIES**** **** **               Net income**$****7,174,991 **$7,622,005 $6,076,165            Adjustments to reconcile net income to net cash               provided by operating activities:               Depreciation**2,316,552 **2,234,366 1,981,267                Amortization of intangibles**494,064 **435,537 429,247                Provision for loan losses**2,364,000 **1,620,500 1,636,900                Provision for other real estate losses**-  **5,000 -                 Deferred income tax benefits**(281,737)**(367,660)(381,217)               (Increase) decrease in loans held for sale**1,011,458 **263,469 (575,429)               Net (gains) losses on sale of securities available-for-sale**(48,167)**2,350 -                 Gain (loss) on disposal of premises and equipment**(14,929)**12,726 16,460                Net gains on sale of other real estate**(19,498)**(7,462)(54,132)               (Increase) decrease in interest receivable**776,553 **(1,641,043)266,634                Increase (decrease) in interest payable**(877,840)**2,748,865 (655,877)               Increase (decrease) in taxes payable**(572,346)**370,444 438,959                (Increase) decrease in accounts receivable of                     nonbank subsidiary**860,706 **(1,188,664)(136,686)               (Increase) decrease in work in process of nonbank subsidiary**591,874 **(837,418)145,959                Increase (decrease) in accruals and payables of                     nonbank subsidiary**(4,390,568)**3,978,464 2,303,101                Increase in loan to ESOP**(1,450,000)**-  -                 Net other operating activities**(188,130)**(1,062,209)(171,219)** **** **                         Net cash provided by operating activities**7,746,983 **14,189,270  11,320,132 ** **** **    **INVESTING        ACTIVITIES**           Purchases of securities available-for-sale**(48,613,986)**(15,379,443)(18,271,344)           Proceeds from sales of securities available-for-sale**6,749,258 **1,247,650 -             Proceeds from maturities of securities available-for-sale**23,956,448 **4,331,976 9,063,010            Purchases of securities held-to-maturity**-  **(3,486,045)(2,268,432)           Proceeds from maturities of securities held-to-maturity**1,590,983 **4,231,836 1,244,269            Net (increase) decrease in federal funds sold**(4,235,000)**(9,185,000)19,950,000            Net (increase) decrease  in interest-bearing deposits in banks**43,946 **(292,713)267,119            Net increase in loans**(40,891,325)**(44,826,318)(63,874,282)           Purchase of premises and equipment**(3,428,735)**(3,686,780)(1,978,098)           Proceeds from sale of premises and equipment**19,500 **38,000 -             Proceeds from sale of other real estate**279,577 **1,514,352 821,387 ** **** **                         Net cash used in investing activities**(64,529,334)**(65,492,485)(55,046,371)
** **F-7
            
 
**COMMUNITY        BANKSHARES, INC.****AND        SUBSIDIARIES****CONSOLIDATED        STATEMENTS OF CASH FLOWS****YEARS        ENDED DECEMBER 31, 2001, 2000 AND 1999****2001**2000 1999**FINANCING        ACTIVITIES**                 Net increase in deposits**$****54,720,051 **
$
63,438,843 
$
38,773,131            Increase (decrease) in FHLB advances**-  **(5,000,000)10,000,000            Increase in other borrowings**1,450,000 **-  -             Increase in notes payable**-  **-  400,000            Repayment of notes payable**(224,100)**(210,125)(154,100)           Proceeds from the issuance of common stock**44,304 **29,536 88,607            Dividends paid**(436,666)**(379,121)(343,072)** **** **                     Net cash provided by financing activities**55,553,589 **57,879,133 48,764,566       Net        increase (decrease) in cash and due from banks**(1,228,762)**6,575,918 5,038,327 Cash        and due from banks at beginning of year**38,410,247 **31,834,329 26,796,002 ** **** **    Cash        and due from banks at end of year
**$**
**37,181,485 **
$
38,410,247 
$
31,834,329       **SUPPLEMENTAL        DISCLOSURES**           Cash paid for:               Interest
**$**
**24,117,367 **$19,554,022 $18,352,738                Income taxes**$****3,774,162 **$2,998,414 $2,501,078 **NONCASH        TRANSACTIONS**           Principal balances of loans transferred to other                real estate**$****2,441,119 **$1,514,352 $901,216  **See        Notes to Consolidated Financial Statements.**
** **F-8
            
**COMMUNITY  BANKSHARES, INC.  AND SUBSIDIARIES  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  1.        SUMMARY OF SIGNIFICANT  ACCOUNTING POLICIES**

**                         Nature of Business**

Community  Bankshares, Inc. (the “Company”) is a multi-bank holding company whose  business is conducted by its wholly-owned subsidiaries: Community Bank &  Trust located in Cornelia, Georgia; Community Bank & Trust - Alabama  located in Union Springs, Alabama; and Community Bank & Trust - Troup  located in LaGrange, Georgia.  Financial Supermarkets, Inc. is a  wholly-owned subsidiary of Community Bank & Trust which provides a variety  of bank related products and services to the financial institution  industry.   Financial Properties, Inc. is a wholly-owned subsidiary  of Community Bank & Trust which is a real estate sales agency which  provides a variety of real estate related services.

The banking  subsidiaries are commercial banks operating independently of one another in  their respective market areas.  The banking subsidiaries in Georgia have  identified their primary market areas to be the counties in which they are  located and all surrounding counties.  The Georgia banking subsidiaries  are all located approximately 85 miles from the metropolitan Atlanta  area.  Community Bank & Trust - Alabama is located approximately 50  miles from Montgomery, Alabama, and has identified its primary market area as  Bullock County and the south Montgomery metropolitan area.  The Banks  provide a full range of banking services to individual and corporate  customers.  Financial Supermarkets, Inc. provides products and services  primarily to financial institutions in the southeastern United States;  however, their products and services are marketed internationally.   Financial Properties, Inc. operates primarily in Cornelia, Habersham County,  Georgia.   

**                         Basis of Presentation**

The  consolidated financial statements include the accounts of the Company and its  subsidiaries.  Significant intercompany transactions and balances are  eliminated in consolidation.

The  preparation of financial statements in conformity with generally accepted  accounting principles requires management to make estimates and assumptions  that affect the reported amounts of assets and liabilities as of the balance  sheet date and the reported amounts of revenues and expenses during the  reporting period.  Actual results could differ from those  estimates.  Material estimates that are particularly susceptible to  significant change in the near term relate to the determination of the  allowance for loan losses, the valuation of foreclosed real estate and  deferred taxes.

**                         Cash, Due From Banks and Cash Flows**

For purposes  of reporting cash flows, cash and due from banks include cash on hand, cash  items in process of collection and amounts due from banks.  Cash flows  from interest-bearing deposits in banks, loans, federal funds sold, other  borrowings and deposits are reported net.

The Company  maintains amounts due from banks which, at times, may exceed federally insured  limits.  The Company has not experienced any losses in such accounts.

**                         Securities**

Debt  securities that management has the intent and ability to hold to maturity are  classified as held-to-maturity and recorded at amortized cost.   Securities not classified as held-to-maturity, including equity securities  with readily determinable fair values, are classified as available-for-sale  and recorded at fair value with unrealized gains and losses excluded from  earnings and reported in other comprehensive income.  Equity securities,  including restricted stock, without a readily determinable fair value are  recorded at cost.

** **F-9
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  1.        SUMMARY OF SIGNIFICANT  ACCOUNTING POLICIES (Continued)**

**                         Securities (Continued)**

Interest and  dividends, including amortization of premiums and accretion of discounts are  recognized in interest income.  Gains and losses on the sale of  securities are determined using the specific identification method.   Declines in the fair value of securities below their cost that are deemed to  be other than temporary are reflected in earnings as realized losses.

**                         Loans Held for Sale**

Loans held  for sale include mortgage and other loans originated and intended for sale in  the secondary market, and are carried at the lower of aggregate cost or  estimated fair value.  Net unrealized losses, if any, are recognized  through a valuation allowance by charges to income.

**                         Loans**

Loans are  reported at their outstanding unpaid principal balances less unearned income  and the allowance for loan losses.  Interest income is accrued on the  unpaid balance.

Loan  origination fees approximate the direct origination costs of consumer and  installment loans and are recognized at the time the loan is placed on the  books. Loan origination fees net of certain direct loan origination costs for  all other loans are deferred and recognized as an adjustment of the yield over  the life of the loan.

The accrual  of interest on loans is discontinued when, in management's opinion, the  borrower may be unable to meet payments as they become due, unless the loan is  well-secured.  All interest accrued but not collected for loans that are  placed on nonaccrual or charged off is reversed against interest income.   Interest income on nonaccrual loans is subsequently recognized only to the  extent cash payments are received, until the loan is returned to accrual  status.

The allowance  for loan losses is established through a provision for loan losses charged to  expense.  Loan losses are charged against the allowance when management  believes the collectibility of the principal is unlikely.  Subsequent  recoveries are credited to the allowance. 

The allowance  is an amount that management believes will be adequate to absorb estimated  losses in the loan portfolio.  The allowance for loan losses is evaluated  on a regular basis by management and is based upon management’s periodic  review of the collectibility of the loans in light of historical experience,  the nature and volume of the loan portfolio, adverse situations that may  affect the borrower’s ability to repay, estimated value of any underlying  collateral and prevailing economic conditions.  This evaluation is  inherently subjective as it requires estimates that are susceptible to  significant revision as more information becomes available.  In addition,  regulatory agencies, as an integral part of their examination process,  periodically review the Company's allowance for loan losses, and may require  the Banks to make additions to the allowance based on their judgment about  information available to them at the time of their examinations.

A loan is  considered impaired when it is probable the Company will be unable to collect  all principal and interest payments due in accordance with the contractual  terms of the loan agreement.  Impaired loans are measured by either the  present value of expected future cash flows discounted at the loan’s  effective interest rate, the loan’s obtainable market price, or the fair  value of the collateral if the loan is collateral dependent.  The amount  of impairment, if any, and any subsequent changes are included in the  allowance for loan losses. 

F-10
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  1.        SUMMARY OF SIGNIFICANT  ACCOUNTING POLICIES (Continued)**

                         **Premises and Equipment**

Land is  carried at cost.  Premises and equipment are carried at cost less  accumulated depreciation computed principally by the straight-line method over  the estimated useful lives of the assets.

                         **Other Real Estate Owned**

Other real  estate owned represents properties acquired through foreclosure.  Other  real estate owned is held for sale and is carried at the lower of cost or fair  value less estimated costs of disposal.  Any write-down to fair value at  the time of transfer to other real estate owned is charged to the allowance  for loan losses.  Revenue and expenses from operations and changes in the  valuation allowance are included in net expenses from foreclosed assets.   The carrying amount of other real estate owned at December 31, 2001 and 2000  was $3,114,882 and $1,183,842, respectively.

                         **Transfers of Financial Assets  and Sale of Loans**

Transfers of  financial assets are accounted for as sales, when control over the assets has  been surrendered.  Control over transferred assets is deemed to be  surrendered when (1) the assets have been isolated from the Company, (2) the  transferee obtains the right (free of conditions that constrain it from taking  advantage of that right) to pledge or exchange the transferred assets, and (3)  the Company does not maintain effective control over the transferred assets  through an agreement to repurchase them before their maturity.

The Banks  originate and sell participations in certain loans.  Gains are recognized  at the time the sale is consummated.  The amount of gain recognized on  the sale of a specific loan is equal to the percentage resulting from  determining the fair value of the portion of the loan sold relative to the  fair value of the entire loan including servicing rights. 

**                         Income Taxes**

Deferred  income tax assets and liabilities are determined using the balance sheet  method.  Under this method, the net deferred tax asset or liability is  determined based on the tax effects of the temporary differences between the  book and tax bases of the various balance sheet assets and liabilities and  gives current recognition to changes in tax rates and laws.

**                         Trust Department**

Trust income  is recognized on the cash basis in accordance with established industry  practices.  The results of operations are not materially different than  the results which would be obtained by accounting for such fees on the accrual  basis.

F-11
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  1.        SUMMARY OF SIGNIFICANT  ACCOUNTING POLICIES (Continued)**

**                         Nonbank Subsidiary Revenue Recognition**

Financial  Supermarkets, Inc. recognizes revenue and costs on its installation contracts  on the completed-contract method of accounting.  Under this method,  billings and costs are accumulated during the period of installation, but no  profits are recorded before the completion of the work.  Provisions for  estimated losses on uncompleted contracts are made at the time such losses are  identified.  The majority of all installation contracts are completed  within ten days.  Operating expenses, including indirect costs and  administrative expenses, are charged as incurred to periodic income and not  allocated to contract costs.  Income from other consulting services is  recognized as services are provided and costs and expenses are incurred for  each individual contract.

**                         Profit-Sharing Plan**

Profit-sharing  plan costs are based on a percentage of individual employee’s salary, not to  exceed the amount that can be deducted for federal income tax purposes.

**                         Stock Compensation Plan**

Statement of  Financial Accounting Standards (“SFAS”) No. 123, *Accounting for  Stock-Based Compensation*, encourages all entities to adopt a fair value  based method of accounting for employee stock compensation plans, whereby  compensation cost is measured at the grant date based on the value of the  award and is recognized over the service period, which is usually the vesting  period.  However, it also allows an entity to continue to measure  compensation cost for those plans using the intrinsic value based method of  accounting prescribed by Accounting Principles Board Opinion No. 25, *Accounting  for Stock Issued to Employees*, whereby compensation cost is the excess, if  any, of the quoted market price of the stock at the grant date (or other  measurement date) over the amount an employee must pay to acquire the  stock.  Stock options issued under the Company’s stock option plan have  no intrinsic value at the grant date, and under Opinion No. 25 no compensation  cost is recognized for them.  The Company has elected to continue with  the accounting methodology in Opinion No. 25 and, as a result, has provided  pro forma disclosures of net income and earnings per share and other  disclosures, as if the fair value based method of accounting had been  applied. 

**                         Earnings Per Share**

Basic  earnings per share are computed by dividing net income by the weighted-average  number of shares of common stock outstanding.  Diluted earnings per share  are computed by dividing net income by the sum of the weighted-average number  of shares of common stock outstanding and potential common shares.   Potential common shares consist of stock options. 

**                         Comprehensive Income**

Accounting  principles generally require that recognized revenue, expenses, gains and  losses be included in net income.  Although certain changes in assets and  liabilities, such as unrealized gains and losses on available-for-sale  securities, are reported as a separate component of the equity section of the  balance sheet, such items, along with net income, are components of  comprehensive income.

F-12
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  1.        SUMMARY OF SIGNIFICANT  ACCOUNTING POLICIES (Continued)**

**                         Recent Developments**

In July 2001,  the Financial Accounting Standards Board  (“FASB”) issued Statement  No. 141 (SFAS No. 141), "Business Combinations" and Statement No.  142 (SFAS No. 142), "Goodwill and Other Intangible Assets". SFAS No.  141 requires that the purchase method of accounting be used for all business  combinations initiated after June 30, 2001. SFAS No. 141 also specifies  criteria that intangible assets acquired in a purchase method business  combination must meet to be recognized and reported apart from goodwill. SFAS  No. 142 requires that goodwill and intangible assets with indefinite useful  lives no longer be amortized, but instead tested for impairment at least  annually in accordance with the provisions of SFAS No. 142. SFAS No. 142 also  requires that intangible assets with estimable useful lives be amortized over  their respective estimated useful lives to their estimated residual values,  and reviewed for impairment.  SFAS No. 141 was effective July 1, 2001  while the provisions of SFAS No. 142 will be adopted effective January 1,  2002.

As of  December 31, 2001, the Company had unamortized goodwill of approximately  $788,552, which will be subject to the transition provisions of SFAS No. 141  and SFAS No. 142.  Amortization expense related to goodwill was $53,846  and $8,911 for the years ended December 31, 2001 and 2000, respectively.   The Company has not fully determined the impact of adopting these Statements  on the financial statements as of December 31, 2001.

**NOTE  2.        SECURITIES**

The amortized  cost and fair value of securities are summarized as follows:

**Amortized        Cost**

**Gross        Unrealized        Gains**

**Gross        Unrealized        Losses**

** Fair        Value**

**Securities        Available-for-Sale**

 

 

 

 

December 31, 2001:

 

 

 

 

U. S. Government and agency

 

 

 

 

    securities

**$**

**31,637,688**

**$**

**646,055**

**$**

**(57,120)**

**$**

**32,226,623**

State and municipal securities

**29,801,667**

**192,492**

**(806,691)**

**29,187,468**

Mortgage-backed securities

**14,578,577**

**95,609**

**(63,400)**

**14,610,786**

Equity securities

**1,876,570**

**-  **

**-  **

**1,876,570**

**$**

**77,894,502**

**$**

**934,156**

**$**

**(927,211)**

**$**

**77,901,447**

December 31, 2000:

 

 

 

 

U. S. Government and agency

 

 

 

 

    securities

$

36,474,711

$

231,409

$

(233,294)

$

36,472,826

State and municipal securities

15,134,929

185,995

(280,215)

15,040,709

Mortgage-backed securities

7,655,964

37,698

(26,066)

7,667,596

Equity securities

672,451

-  

-  

672,451

$

59,938,055

$

455,102

$

(539,575)

$

59,853,582

F-13
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  2.             SECURITIES (Continued)**

**Amortized        Cost**

**Gross        Unrealized        Gains**

**Gross        Unrealized        Losses**

**Fair        Value**

 

 

 

 

**Securities Held-to-Maturity**

 

 

 

 

December 31, 2001:

 

 

 

 

State and municipal securities

**$**

**29,602,403**

**$**

**815,466**

**$**

**(33,844)**

**$**

**30,384,025**

 

 

 

 

December 31, 2000:

 

 

 

 

State and municipal securities

$

31,193,386

$

842,192

$

(52,499)

$

31,983,079

The amortized  cost and fair value of debt securities as of December 31, 2001 by contractual  maturity are shown below.  Maturities may differ from contractual  maturities in mortgage-backed securities because the mortgages underlying the  securities may be called or repaid without penalty.  Therefore, these  securities are not included in the categories in the following summary.

**Securities         Available-for-Sale**

**Securities        Held-to-Maturity**

**Amortized        Cost**

**Fair        Value**

**Amortized        Cost**

**Fair        Value**

 

 

 

 

Due within one year

$

6,208,968

$

6,339,932

$

1,090,192

$

1,100,046

Due from one to five years

22,729,159

23,125,934

4,398,815

4,537,770

Due from five to ten years

10,687,536

10,648,313

9,821,375

10,064,551

Due after ten years

21,813,692

21,299,911

14,292,021

14,681,658

Mortgage-backed securities

14,578,577

14,610,787

-  

-  

$

76,017,932

$

76,024,877

$

29,602,403

$

30,384,025

Securities  with a carrying value of approximately $61,485,341 and $46,329,000 at December  31, 2001 and 2000, respectively, were pledged to secure public deposits and  for other purposes required or permitted by law.

Gross gains  and losses on sales of securities available-for-sale consist of the following:

**Years Ended        December 31,**

** 2001**

 2000

 1999

Gross gains

**$**

**91,236 **

$

4,916 

$

**- **

Gross losses

**(43,069)**

(7,266)

**- **

 Net realized gains        (losses)

**$**

**48,167 **

$

(2,350)

$

**- **

F-14
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  3.        LOANS**

The  composition of loans is summarized as follows:

 

 

**December 31,**

 

 

 

** 2001**

 

 

2000

 

Commercial, financial, and        agricultural

**$**

**53,299,380 **

 

$

57,011,735 

 

Real estate – construction

 

**32,396,963 **

 

 

28,120,000 

 

Real estate – mortgage

 

**313,851,202 **

 

 

274,216,000 

 

Consumer

 

**54,012,818 **

 

 

55,971,000 

 

Other

 

**2,449,918 **

 

 

2,764,181 

 

 

 

**456,010,281 **

 

 

418,082,916 

 

Unearned income

 

**(219,758)**

 

 

(174,072)

 

Allowance for loan losses

 

**(6,652,093)**

 

 

(6,306,620)

 

Loans, net

**$**

**449,138,430 **

 

$

411,602,224 

Loans  outstanding as of December 31, 2000 have been reclassified to be consistent  with the presentation adopted for the year ended December 31, 2001.

Changes in  the allowance for loan losses are as follows:

 

 

**Years Ended        December 31,**

 

 

 

** 2001**

 

 

 2000

 

 

 1999

 

Balance, beginning of year

**$**

**6,306,620 **

 

$

5,682,612 

 

$

4,863,181 

 

Provision charged to operations

 

**2,364,000 **

 

 

1,620,500 

 

 

1,636,900 

 

Loans charged off

 

**(2,207,588)**

 

 

(1,153,867)

 

 

(1,077,974)

 

Recoveries of loans previously        charged off

 

**189,061 **

 

 

157,375 

 

 

260,505 

 

Balance, end of year

**$**

**6,652,093 **

 

$

6,306,620 

 

$

5,682,612 

The following  is a summary of information pertaining to impaired loans:

 

 

**December 31,**

 

 

 

** 2001**

 

 

2000

 

Impaired loans without a        valuation allowance

**$**

**-  **

 

$

-  

 

Impaired loans with a valuation        allowance

 

**5,727,234**

 

 

2,041,215

 

Total impaired loans

**$**

**5,727,234**

 

$

2,041,215

 

Valuation allowance related to        impaired loans

**$**

**1,199,696**

 

$

408,243

 

 

 

**Years Ended        December 31,**

 

 

**2001**

 

**2000**

 

**1999**

 

 

 

 

 

 

 

 

 

 

 

Average investment in impaired        loans

**$**

**4,155,397**

 

$

2,699,650

 

$

2,289,057

 

Interest income recognized on        impaired loans

**$**

**110,067**

 

$

38,021

 

$

105,867

 

F-15
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE  3.        LOANS (Continued)**

In the  ordinary course of business, the Banks have granted loans to certain related  parties, including directors, executive officers and their affiliates.   The interest rates on these loans were substantially the same as rates  prevailing at the time of the transaction and repayment terms are customary  for the type of loan.  Changes in related party loans for the year ended  December 31, 2001 are as follows:

 

 

Balance, beginning of year

$

2,931,402 

 

 

Advances, including renewals

 

3,357,928 

 

 

Repayments, including renewals

 

(2,303,096)

 

 

Changes in directors

 

(148,568)

 

 

Balance, end of year

$

3,837,666 

**NOTE  4.       PREMISES AND EQUIPMENT**

Premises and  equipment are summarized as follows:

 

 

**December 31,**

 

 

 

** 2001**

 

 

2000

 

Land

**$**

**3,402,285 **

 

$

2,423,915 

 

Buildings

 

**9,979,028 **

 

 

9,927,969 

 

Equipment

 

**16,936,186 **

 

 

14,568,476 

 

Construction in process

 

**-  **

 

 

63,716 

 

 

 

**30,317,499 **

 

 

26,984,076 

 

Accumulated depreciation

 

**(14,438,451)**

 

 

(12,138,744)

 

 

**$**

**15,879,048 **

 

$

14,845,332 

**                         Leases**

The Company  has leased various properties and equipment under noncancelable agreements  which expire at various times through 2011 and require minimum annual  rentals.  The leases related to properties also require the payment of  property taxes, normal maintenance and insurance.

Future  minimum lease payments on noncancelable operating leases are summarized as  follows:

 

2002 

$

774,253

 

2003 

 

670,197

 

2004 

 

488,709

 

2005

 

337,786

 

2006

 

222,031

 

Thereafter

 

71,728

 

 

$

2,564,704

The total  rental expense for the years ended December 31, 2001, 2000 and 1999 was  $712,105, $654,790 and $528,865, respectively.

F-16
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE  5.            DEPOSITS**

The aggregate  amount of time deposits in denominations of $100,000 or more at December 31,  2001 and 2000 was $113,545,095 and $102,841,965, respectively.  The  scheduled maturities of time deposits at December 31, 2001 are as follows:

 

2002

$

234,491,053

 

2003

 

56,357,905

 

2004

 

9,707,010

 

2005

 

15,610,860

 

2006

 

7,080,187

 

Thereafter

 

259,817

 

 

**$**

323,506,832

**NOTE  6.            OTHER  BORROWINGS**

Other  borrowings consist of the following:

 

 

**December 31,**

 

 

 

** 2001**

 

 

2000

 

Note payable to bank, principal        of $56,025 due quarterly plus interest

 

 

 

 

 

 

at        prime minus 1% or 3.75% at December 31, 2001, collateralized 

 

 

 

 

 

 

by        50,000 shares of common stock of Community Bank & Trust,

 

 

 

 

 

 

matures        July 31, 2004.

**$**

**619,875**

 

$

843,975

 

Revolving credit note to bank,        interest due quarterly at prime minus 1%

 

 

 

 

 

 

or        3.75% at December 31, 2001 until July 31, 2002 when principal

 

 

 

 

 

 

and        interest shall be payable quarterly, collateralized by 50,000

 

 

 

 

 

 

shares        of common stock of Community Bank & Trust and

 

 

 

 

 

 

assignment        of note receivable from ESOP, matures June 30,

 

 

 

 

 

 

2006        (see Note 7).

 

**1,450,000**

 

 

-  

 

Advance from the Federal Home        Loan Bank with interest due quarterly

 

 

 

 

 

 

at 5.95%, due February 8,        2010. 

 

**10,000,000**

 

 

10,000,000

 

 

**$**

**12,069,875**

 

$

10,843,975

Advances from  the Federal Home Loan Bank are collateralized by blanket floating liens on  qualifying first mortgages.  Contractual maturities of other borrowings  as of December 31, 2001 are as follows:

 

2002

$

1,674,100

 

2003

 

224,100

 

2004

 

171,675

 

2005

 

-  

 

2006

 

-  

 

Thereafter

 

10,000,000

 

    

$

12,069,875

**NOTE  7.          EMPLOYEE BENEFIT  PLANS**

**                         Incentive Stock Option Plan**

The Company  has an Incentive Stock Option Plan in which the Company can grant to key  personnel options for an aggregate of 225,000 shares of the Company's common  stock at not less than the fair market value of such shares on the date the  option is granted.  If the optionee owns shares of the Company  representing more than 10% of the total combined voting power, then the price  shall not be less than 110% of the fair market value of such shares on the  date the option is granted.  The option period will not exceed ten years  from date of grant.  Other pertinent information related to the options  is as follows:

F-17
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE  7.            EMPLOYEE  BENEFIT PLANS (Continued)**

**                         Incentive Stock Option Plan (Continued)**

**2001**

**2000**

**2000**

**Shares**
**Weighted-        Average        Exercise        Price****Shares**
**Weighted-        Average        Exercise        Price****Shares**
**Weighted-        Average        Exercise****Price**

 

Under option, beginning of year

**59,000 **

 

**$**

**25.66 **

 

59,500 

 

$

24.40

 

39,000 

 

$

9.85

 

Granted

**-  **

 

 

 

 

 2,500 

 

 

36.72

 

29,500 

 

 

39.20

 

Exercised

**(4,500)**

 

 

**9.85 **

 

(3,000)

 

 

9.85

 

(9,000)

 

 

9.85

 

Forfeited

**(2,500)**

 

 

**36.72 **

 

-  

 

 

-  

 

-  

 

 

-  
   
 

Under option, end of year

**52,000 **

 

**$**

**26.50 **

 

59,000 

 

$

25.66

 

59,500 

 

$

24.40
   
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at year-end

**52,000 **

 

**$**

**26.50 **

 

41,750 

 

$

20.22

 

30,000 

 

$

9.85
   
 

Weighted-average fair value of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

options granted during the year

 

 

**$**

**-  **

 

 

 

$

15.31

 

 

 

$

17.77

Information  pertaining to options outstanding at December 31, 2001 is as follows:

 

 

 

**Options        Outstanding**

 

**Options        Exercisable**

 

**Range of        Exercise Prices**

 

**Shares        Outstanding**

 

**Weighted-        Average        Remaining        Contractual        Life**

 

**Weighted-        Average        Exercise        Price**

 

**Shares        Exercisable**

 

**Weighted-        Average        Exercise        Price**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$  9.85

 

22,500

 

 

3 years

 

$

9.85

 

22,500

 

 $

9.85

 

$39.20

 

29,500

 

 

8 years

 

 

39.20

 

29,500

 

 

39.20

 

Outstanding at        end of year

 

52,000

 

 

5.85 years

 

$

26.50

 

52,000

 

$

26.50

The Company  applies Opinion 25 and related Interpretations in accounting for the stock  option plan.  Accordingly, no compensation cost has been  recognized.  Had compensation cost for the stock option plan been  determined based on the fair value at the grant dates for awards under the  plan consistent with the method prescribed by SFAS No. 123, net income and  earnings per share would have been adjusted to the pro forma amounts indicated  below.

 

 

 

**Years Ended        December 31,**

 

 

 

 

** 2001**

 

 

** 2000**

 

 

** 1999**

 

 

 

**(In        thousands, except per share data)**

 

 

 

 

 

 

 

 

 

 

 

 

Net income

As reported

**$**

**7,175**

 

$

7,622

 

$

6,076

 

 

Pro forma

**$**

**7,175**

 

$

7,597

 

$

6,076

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

As reported

**$**

**3.29**

 

$

3.50

 

$

2.80

 

 

Pro forma

**$**

**3.29**

 

$

3.49

 

$

2.80

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share -

As reported

**$**

**3.26**

 

$

3.46

 

$

2.80

 

  assuming dilution

Pro forma

**$**

**3.26**

 

$

3.45

 

$

2.80
     
F-18
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE  7.         EMPLOYEE BENEFIT PLANS  (Continued)**

**                         Incentive Stock Option Plan (Continued)**

The fair  value of each option grant is estimated on the date of grant using the  Black-Scholes option-pricing model with the following weighted-average  assumptions:

 

 

 

**Years Ended        December 31,**

 

 

 

 

** 2001**

 

 

** 2000**

 

 

** 1999**

 

 

 

 

 

 

 

 

 

Dividend yield

 

 

N/A

 

 

.49%

 

 

.38%

 

Expected life

 

 

N/A

 

 

10 years

 

 

10 years

 

Expected volatility

 

 

N/A

 

 

.21%

 

 

6.37%

 

Risk-free interest rate

 

 

N/A

 

 

6.35%

 

 

6.86%

**                         401(k) Plan**

The Company  has a contributory 401(k) retirement plan covering substantially all  employees.  Contributions to the plan charged to expense for the years  ended December 31, 2001, 2000 and 1999 amounted to $115,647, $81,215 and  $86,478, respectively. 

**                         Employee Stock Ownership Plan**

The Company  sponsors a leveraged Employee Stock Ownership Plan (ESOP) for the benefit of  employees who meet certain eligibility requirements, subject to certain IRS  limits.  Contributions to the ESOP are determined by the Board of  Directors of the Company taking into consideration the financial condition and  fiscal requirements of the Company and such other factors as the Board of  Directors may deem pertinent and applicable under the  circumstances.   In 2001, the ESOP incurred debt when the Company  loaned the ESOP $1,550,000 from the proceeds the Company received from its  revolving credit note to bank (also, see Note 6).  All dividends received  by the ESOP are used to pay debt service.  The ESOP shares initially were  pledged as collateral for its debt.  As the debt is repaid, shares are  released from collateral and allocated to employees based on the proportion of  debt service paid in the year.  As shares are released from collateral,  the Company reports compensation expense equal to the difference in the  current market price of the shares and the original cost of those shares  released.  All shares held by the ESOP are considered outstanding for  earnings per share computations.  Dividends on allocated ESOP shares are  recorded as a reduction of retained earnings; dividends on unallocated ESOP  shares are recorded as a reduction of debt and accrued interest.

Contributions  to the ESOP were $771,906, $698,873 and $666,724 for the years ended December  31, 2001, 2000 and 1999, respectively.  Dividends paid to the ESOP for  the years ended December 31, 2001 and 2000 were $76,570 and $66,247,  respectively.  Interest expense related to the ESOP debt was $22,476 for  the year ended December 31, 2001.

In accordance  with the ESOP, the Company is expected to honor the rights of certain  participants to diversify their account balances or to liquidate their  ownership of the common stock in the event of termination.  The purchase  price of the common stock would be based on the fair market value of the  Company’s common stock as of the annual valuation date, which precedes the  date the put option is exercised.  No participant has exercised these  rights since the inception of the ESOP, and no significant cash outlay is  expected during 2002.  However, since the redemption of common stock is  outside the control of the Company, the Company’s maximum cash obligation  based on the approximate market prices of common stock as of the reporting  date has been presented outside of shareholders’ equity. The amount  presented as redeemable common stock held by the ESOP in the consolidated  balance sheet represents the Company’s maximum cash obligation and has been  reflected as a reduction of retained earnings.  In addition, the unearned  compensation recorded in connection with the debt incurred by the ESOP has  been offset against the redeemable common stock held by the ESOP.

F-19
              
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

 

**NOTE  7.        EMPLOYEE BENEFIT PLANS  (Continued)**

**                         Employee Stock Ownership Plan (Continued)**

Shares of the  Company held by the ESOP at December 31, 2001 and 2000 are as follows:

 

**2001**

 

**2000**

 

 

 

 

 

 

Allocated shares

 

**364,029**

 

 

362,938

Committed-to-be-released shares

 

**4,758**

 

 

7,601

Unearned shares

 

**35,610**

 

 

-  

 

 

**404,397**

 

 

370,539

 

 

 

 

 

 

Fair value of unreleased        (unearned shares)

**$**

**1,471,405**

 

$

-  

**NOTE  8.           INCOME  TAXES**

The  components of income tax expense are as follows:

 

 

**Years Ended        December 31,**

 

 

 

** 2001**

 

 

2000

 

 

 1999

 

Current

**$**

**3,299,022 **

 

$

3,414,384 

 

$

2,985,546 

 

Deferred

 

**(174,404)**

 

 

(273,564)

 

 

(381,217)

 

Change in valuation allowance

 

**-  **

 

 

(94,113)

 

 

-  

 

Current tax effect of net        operating loss             carryforward

 

**(48,603)**

 

 

(45,509)

 

 

(45,509)

 

 

**$**

**3,076,015 **

 

$

3,001,198 

 

$

2,558,820 

The Company's  income tax expense differs from the amounts computed by applying the federal  income tax statutory rates to income before income taxes.  A  reconciliation of the differences is as follows:

 

 

**Years Ended        December 31,**

 

 

**2001**

 

**2000**

 

**1999**

 

 

 

 

 

 

 

 

 

 

 

Tax provision at statutory rate

**$**

**3,485,342**

 

$

3,611,889

 

$

2,935,895

 

Tax-exempt interest

 

**(862,465)**

 

 

(731,922)

 

 

(696,773)

 

Disallowed interest

 

**130,720**

 

 

125,595

 

 

104,207

 

Change in valuation allowance

 

**-  **

 

 

(94,113)

 

 

-  

 

Current tax effect of net

 

 

 

 

 

 

 

 

 

     operating        loss carryforward

 

**(48,603)**

 

 

(45,509)

 

 

(45,509)

 

Nondeductible expenses

 

**58,917**

 

 

35,639

 

 

39,395

 

State income taxes

 

**180,121**

 

 

224,472

 

 

224,656

 

Other items

 

**131,983**

 

 

(124,853)

 

 

(3,051)

 

Income tax expense

**$**

**3,076,015**

 

$

3,001,198

 

$

2,558,820

F-20
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE  8.            INCOME  TAXES (Continued)**

The  components of deferred income taxes are as follows:

 

 

**December 31,**

 

 

** 2001**

 

2000

 

Deferred tax assets:

 

 

 

 

 

 

Loan        loss reserves

**$**

**2,224,769**

 

$

2,003,103

 

Net        operating loss carryforward

 

**-  **

 

 

48,603

 

Other

 

**277,034**

 

 

274,423

 

Unrealized        loss on securities available-for-sale

 

**-  **

 

 

33,789

 

Depreciation

 

**-  **

 

 

23,249

 

 

 

**2,501,803**

 

 

2,383,167

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation

 

**16,615**

 

 

-  

 

Accretion

 

**181,077**

 

 

171,068

 

Unrealized        gain on securities available-for-sale

 

**2,778**

 

 

-  

 

 

 

**200,470**

 

 

171,068

 

 

 

 

 

 

 

 

Net deferred tax assets

**$**

**2,301,333**

 

$

2,212,099

**NOTE  9.         EARNINGS PER SHARE**

Diluted  earnings per share were computed by dividing net income by the weighted  average number of shares of common stock and common stock equivalents  outstanding.  The number of common shares was increased by the number of  shares issuable upon the exercise of the stock options described in Note  7.  This theoretical increase in the number of common shares was reduced  by the number of common shares which are assumed to have been repurchased for  the treasury with the proceeds from the exercise of the options; these  purchases were assumed to have been made at the price per share that  approximates average market price.  The treasury stock method for  determining the amount of dilution of stock options is based on the concept  that common shares which could have been purchased with the proceeds of the  exercise of common stock options at market price are not actually outstanding  common shares. 

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

 

 

**Years Ended        December 31,**

 

 

**2001**

 

** 2000**

 

**1999**

 

Net income

**$**

**7,174,991**

 

$

7,622,005

 

$

6,076,165

 

 

 

 

 

Weighted average common shares        outstanding

 

**2,183,778**

 

 

2,178,838

 

 

2,171,983

 

Net effect of the assumed        exercise of stock

 

 

 

 

 

 

 

 

 

   options based on        the treasury stock method

 

 

 

 

 

 

 

 

 

   using average        market price for the year

 

**19,211**

 

 

23,465

 

 

-  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total weighted average common        shares and

 

 

 

 

 

 

 

 

 

   common stock        equivalents outstanding

 

**2,202,989**

 

 

2,202,303

 

 

2,171,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

**$**

**3.26**

 

$

3.46

 

$

2.80

 

 

 

 

F-21
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  10.    COMMITMENTS AND CONTINGENCIES**

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

The Company's  exposure to credit loss in the event of nonperformance by the other party to  the financial instrument for commitments to extend credit, standby letters of  credit and credit card commitments is represented by the contractual amount of  those instruments.  The Company uses the same credit policies in making  commitments and conditional obligations as it does for on-balance sheet  instruments.  A summary of the Company's commitments is as follows:

 

 

**December 31,**

 

 

** 2001**

 

2000

 

Commitments to        extend credit

**$**

**28,095,400**

 

$

24,944,341

 

Credit card lines

 

**5,570,455**

 

 

3,856,553

 

Standby letters of        credit

 

**1,898,602**

 

 

3,093,193

 

 

**$**

**35,564,457**

 

$

31,894,087

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  the Company upon extension of credit, is based on management's credit  evaluation of the customer.

Standby  letters of credit are conditional commitments issued by the Company 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 loan facilities to  customers.  Collateral is required in instances which the Company deems  necessary.

Credit card  commitments are granted on an unsecured basis.

In the normal  course of business, the Company is involved in various legal  proceedings.  In the opinion of management, any liability resulting from  such proceedings would not have a material effect on the Company's financial  statements.

**NOTE  11.    CONCENTRATIONS OF CREDIT**

The banking  subsidiaries originate primarily commercial, residential, and consumer loans  to customers in their local communities and surrounding counties.  The  ability of the majority of the Banks' customers to honor their contractual  loan obligations is dependent on their local economy as well as the economy in  the metropolitan Atlanta and Montgomery areas.

Seventy-six  percent of the Company's loan portfolio is concentrated in loans secured by  real estate.  A substantial portion of these loans are in the Banks'  primary market areas.  In addition, a substantial portion of the other  real estate owned is located in those same markets.  Accordingly, the  ultimate collectibility of the Company's loan portfolio and the recovery of  the carrying amount of other real estate owned is susceptible to changes in  market conditions in the Banks' primary market areas.

   
F-22
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE  11.    CONCENTRATIONS OF CREDIT (Continued)**

The Company's  loan portfolio also includes a concentration, 12% of the total portfolio, of  commercial, financial, and agricultural loans.  These loans represent  loans made primarily to local businesses in the Banks' market areas.  A  portion of these loans are small business loans and residential loans  originated by the loan production office, a division of Community Bank &  Trust, which are outside the Banks' primary market areas.  The Company's  lending policies require loans of all types to be adequately collateralized  and supported by adequate cash flows.

Other  significant concentrations of credit by type of loan are set forth in Note  3.  The Georgia banks, as a matter of policy, do not generally extend  credit to any single borrower or group of related borrowers in excess of 25%  of each individual Bank's statutory capital, or approximately $4,775,000 and  $1,187,500 for Community Bank & Trust and Community Bank & Trust –  Troup, respectively.  Community Bank & Trust – Alabama, as a matter  of policy, does not generally extend credit to any single borrower or group of  related borrowers in excess of 20% of unimpaired capital, or approximately  $1,002,000.

**NOTE  12.    REGULATORY MATTERS**

The Banks are  subject to certain restrictions on the amount of dividends that may be  declared without prior regulatory approval.  At December 31, 2001,  approximately $5,024,000 of retained earnings were available for dividend  declaration without regulatory approval.

The Company  and Banks are subject to various regulatory capital requirements administered  by the federal banking agencies.  Failure to meet minimum capital  requirements can initiate certain mandatory, and possibly additional  discretionary  actions by regulators that, if undertaken, could have a  direct material effect on the financial statements.  Under capital  adequacy guidelines and the regulatory framework for prompt corrective action,  the Company and Banks must meet specific capital guidelines that involve  quantitative measures of the assets, liabilities, and certain off-balance  sheet items as calculated under regulatory accounting practices.  The  capital amounts and classification are also subject to qualitative judgments  by the regulators about components, risk weightings, and other factors.   Prompt corrective action provisions are not applicable to bank holding  companies.

Quantitative  measures established by regulation to ensure capital adequacy require the  Company and Banks to maintain minimum amounts and ratios of Total and Tier I  capital to risk-weighted assets and Tier I capital to average assets.   Management believes, as of December 31, 2001 and 2000, the Banks met all  capital adequacy requirements to which they are subject.

As of  December 31, 2001, the most recent notification from the Federal Deposit  Insurance Corporation categorized the Banks as well capitalized under the  regulatory framework for prompt corrective action.  To be categorized as  well capitalized, the Banks must maintain minimum Total risk-based, Tier I  risk-based, and Tier I leverage ratios as set forth in the following  table.  There are no conditions or events since that notification that  management believes have changed the Banks' category.

   
F-23
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** NOTE  12.    REGULATORY MATTERS (Continued)**

The Company  and Banks' actual capital amounts and ratios are presented in the following  tables.

 

 

 

 

 

 

 

 

 

 

 

 

**To Be Well**

 

 

 

 

 

 

 

**For Capital**

 

**Capitalized        Under**

 

 

 

 

 

 

 

**Adequacy**

 

**Prompt        Corrective**

 

 

**Actual**

 

**Purposes**

 

**Action        Provisions**

 

 

**Amount**

 

**Ratio**

 

**Amount**

 

**Ratio**

 

**Amount**

 

**Ratio**

 

 

**(Dollars in        Thousands)**

 

**As of December 31, 2001**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Total Capital to Risk        Weighted Assets:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Consolidated**

**$**

**63,966**

 

**13.41%**

 

**$**

**38,174**

 

**8.00%**

 

 

**N/A**

 

**N/A**

 

**Community Bank & Trust**

**$**

**51,399**

 

**13.24%**

 

**$**

**31,056**

 

**8.00%**

 

**$**

**38,820**

 

**10.00%**

 

**Community Bank & Trust -        Alabama**

**$**

**4,922**

 

**13.73%**

 

**$**

**2,867**

 

**8.00%**

 

**$**

**3,584**

 

**10.00%**

 

**Community Bank & Trust -        Troup**

**$**

**6,223**

 

**11.85%**

 

**$**

**4,201**

 

**8.00%**

 

**$**

**5,252**

 

**10.00%**

 

**Tier I Capital to Risk        Weighted Assets:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Consolidated**

**$**

**57,993**

 

**12.15%**

 

**$**

**19,087**

 

**4.00%**

 

 

**N/A**

 

**N/A**

 

**Community Bank & Trust**

**$**

**46,539**

 

**11.99%**

 

**$**

**15,528**

 

**4.00%**

 

**$**

**23,292**

 

**6.00%**

 

**Community Bank & Trust -        Alabama**

**$**

**4,473**

 

**12.48%**

 

**$**

**1,433**

 

**4.00%**

 

**$**

**2,150**

 

**6.00%**

 

**Community Bank & Trust -        Troup**

**$**

**5,567**

 

**10.60%**

 

**$**

**2,101**

 

**4.00%**

 

**$**

**3,151**

 

**6.00%**

 

**Tier I Capital to Average        Assets:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Consolidated**

**$**

**57,993**

 

**8.89%**

 

**$**

**26,090**

 

**4.00%**

 

 

**N/A**

 

**N/A**

 

**Community Bank & Trust**

**$**

**46,539**

 

**8.77%**

 

**$**

**21,224**

 

**4.00%**

 

**$**

**26,531**

 

**5.00%**

 

**Community Bank & Trust -        Alabama**

**$**

**4,473**

 

**8.69%**

 

**$**

**2,058**

 

**4.00%**

**$**

**2,573**

 

**5.00%**

  

**Community Bank & Trust -        Troup**

**$**

**5,567**

 

**7.93%**

 

**$**

**2,807**

 

**4.00%**

**$**

**3,509**

 

**5.00%**

 

 

As of December 31, 2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Capital to Risk Weighted        Assets**:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

$

56,453

 

12.45%

 

$

36,276

 

8.00%

 

 

N/A

 

N/A

 

Community Bank & Trust

$

45,293

 

12.67%

 

$

28,610

 

8.00%

 

$

35,762

 

10.00%

 

Community Bank & Trust -        Alabama

$

4,354

 

12.87%

 

$

2,706

 

8.00%

 

$

3,382

 

10.00%

 

Community Bank & Trust -        Troup

$

5,753

 

12.51%

 

$

3,678

 

8.00%

 

$

4,597

 

10.00%

 

Tier I Capital to Risk Weighted        Assets**:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

$

50,777

 

11.20%

 

$

18,138

 

4.00%

 

 

N/A

 

N/A

 

Community Bank & Trust

$

40,565

 

11.34%

 

$

14,305

 

4.00%

 

$

21,457

 

6.00%

 

Community Bank & Trust -        Alabama

$

3,930

 

11.62%

 

$

1,353

 

4.00%

 

$

2,030

 

6.00%

 

Community Bank & Trust -        Troup

$

5,177

 

11.26%

 

$

1,839

 

4.00%

 

$

2,759

 

6.00%

 

Tier I Capital to Average        Assets**:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

$

50,777

 

8.81%

 

$

23,062

 

4.00%

 

 

N/A

 

N/A

 

Community Bank & Trust

$

40,565

 

8.50%

 

$

19,094

 

4.00%

 

$

23,868

 

5.00%

 

Community Bank & Trust -        Alabama

$

3,930

 

8.53%

 

$

1,843

 

4.00%

 

$

2,304

 

5.00%

 

Community Bank & Trust -        Troup

$

5,177

 

9.23%

 

$

2,243

 

4.00%

 

$

2,804

 

5.00%

F-24
              
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE  13.        FAIR VALUE OF FINANCIAL  INSTRUMENTS**

The fair  value of a financial instrument is the current amount that would be exchanged  between willing parties, other than in a forced liquidation.  Fair value  is best determined based upon quoted market prices.  However, in many  instances, there are no quoted market prices for the Company’s various  financial instruments.  In cases where quoted market prices are not  available, fair values are based on estimates using present value or other  valuation techniques.  Those techniques are significantly affected by the  assumptions used, including the discount rate and estimates of future cash  flows.  Accordingly, the fair value estimates may not be realized in an  immediate settlement of the instrument.  SFAS No. 107, *Disclosures  about Fair Values of Financial Instruments*, excludes certain financial  instruments and all nonfinancial instruments from its disclosure  requirements.  Accordingly, the aggregate fair value amounts presented  may not necessarily represent the underlying fair value of the Company.

The following  methods and assumptions were used by the Company in estimating fair value  disclosures for financial instruments. 

**                         Cash, Due From Banks, Interest-Bearing Deposits in Banks and Federal Funds  Sold:**

The carrying  amounts of cash, due from banks, interest-bearing deposits in banks, and  federal funds sold approximate fair values.

**                         Securities:**

Fair values  for securities are based on available quoted market prices.  The carrying  values of equity securities with no readily determinable fair value  approximate fair values.

**                         Loans:**

For  variable-rate loans that reprice frequently and have no significant change in  credit risk and loans held for sale, fair values are based on carrying  values.  For other loans, the fair values are estimated using discounted  cash flow analyses, using interest rates currently being offered for loans  with similar terms to borrowers with similar credit quality.  Fair values  for impaired loans are estimated using discounted cash flow analyses or  underlying collateral values, where applicable.

**                         Deposits:**

The carrying  amounts of demand deposits, savings deposits, and variable-rate certificates  of deposit approximate their fair values.  Fair values for fixed-rate  certificates of deposit are estimated using a discounted cash flow calculation  that applies interest rates currently being offered on certificates to a  schedule of aggregated expected monthly maturities on time deposits.

**                         Other Borrowings:**

The fair  values of the Company's other borrowings approximate the recorded amounts.

**                         Accrued Interest:**

The carrying  amounts of accrued interest approximate their fair values.

**                         Redeemable Common Stock:**

The fair  values of the Company's redeemable common stock approximates the recorded  amounts.
     
F-25
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  13.        FAIR VALUE OF FINANCIAL  INSTRUMENTS (Continued)**

**                         Off-Balance Sheet Instruments**

Fair values  of the Company’s off-balance sheet financial instruments are based on fees  currently charged to enter into similar agreements.  Since the majority  of the Company’s off-balance sheet instruments consist of nonfee-producing,  variable-rate commitments, the Company has determined they do not have a  distinguishable fair value.

The estimated  fair values and related carrying amounts of the Company's financial  instruments were as follows:

 

 

**December 31,        2001**

 

December 31,        2000

 

 

**Carrying        Amount**

 

**Fair        Value**

 

Carrying        Amount

 

Fair        Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash,        due from banks, interest-bearing

 

 

 

 

 

 

 

 

 

 

 

 

     deposits        in banks, and federal funds sold

**$**

**53,951,003**

 

**$**

**53,951,003**

 

$

50,988,711

 

$

50,988,711

 

Securities        available-for-sale

 

**77,901,447**

 

 

**77,901,447**

 

 

59,853,582

 

 

59,853,582

 

Securities        held-to-maturity

 

**29,602,403**

 

 

**30,384,025**

 

 

31,193,386

 

 

31,983,079

 

Restricted        equity securities

 

**1,215,300**

 

 

**1,215,300**

 

 

1,215,300

 

 

1,215,300

 

Loans        held for sale

 

**-  **

 

 

**-  **

 

 

1,011,458

 

 

1,011,458

 

Loans

 

**449,138,430**

 

 

**463,686,000**

 

 

411,602,224

 

 

427,854,542

 

Accrued        interest receivable

 

**6,386,768**

 

 

**6,368,768**

 

 

7,163,321

 

 

7,163,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

**562,214,897**

 

 

**570,038,749**

 

 

507,494,847

 

 

511,858,713

 

Other        borrowings

 

**12,069,875**

 

 

**12,069,875**

 

 

10,843,975

 

 

10,843,975

 

Accrued        interest payable

 

**5,362,280**

 

 

**5,362,280**

 

 

6,240,120

 

 

6,240,120

 

Redeemable        common stock

 

**15,159,684**

 

 

**15,159,684**

 

 

15,088,348

 

 

15,088,348

**NOTE  14.        SEGMENT INFORMATION**

The Company's  operations have been classified into two reportable segments, banking and bank  consulting services.  The banking segment involves traditional banking  services offered through its three wholly-owned bank subsidiaries.   Financial Supermarkets, Inc. provides various consulting and licensing  services to financial institutions in connection with the establishment of  bank branches in supermarkets.  In connection with the establishment of a  Supermarket Bank, Financial Supermarkets provides consulting services ranging  from providing alternative construction designs to coordinating employee  training.  Financial Solutions, a division of Financial Supermarkets,  Inc. was formed to provide various consulting services to the financial  institution industry including compliance, operational, advertising, marketing  and travel related services.

The Company’s  reportable segments are organizations that offer different products and  services.  They are managed separately because of products and services,  marketing strategies, and the regulatory environments in which the Banks  operate.  In addition, the Banks geographically are located in the  Southeast and employ similar business strategies and are evaluated using  similar performance expectations.  The bank consulting segment operates  throughout the United States.

Total revenue  by industry segment includes revenues from unaffiliated customers and  affiliates. Revenues from affiliates are eliminated in consolidation.   Interest income, interest expenses, data processing fees, management fees and  other various revenues and expenses between affiliates are recorded on the  accrual basis of accounting consistent with similar transactions with  customers outside the consolidated group.  

F-26
              
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  14.        SEGMENT INFORMATION  (Continued)**

Selected  segment information by industry segment is as follows:

 

 

**Reportable        Segments**

 

**For the Year Ended December        31, 2001**

 

**Banking**

 

**Financial        Supermarkets**

 

**All        Other**

 

**Total**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

**$**

**48,884,501 **

 

**$**

**827,019**

 

**$**

**20,865 **

 

**$**

**49,732,385**

 

Interest expense

 

 

**24,402,864 **

 

 

**-  **

 

 

**66,749 **

 

 

**24,469,613**

 

Intersegment net interest        income (expense)

 

 

**(822,538)**

 

 

**810,836**

 

 

**11,702 **

 

 

**-  **

 

Net interest income (loss)

 

 

**24,481,637 **

 

 

**827,019**

 

 

**(45,884)**

 

 

**25,262,772**

 

Other revenue from external        customers

 

 

**6,550,016 **

 

 

**10,714,956**

 

 

**512,306 **

 

 

**17,777,278**

 

Intersegment other revenues

 

 

**-   **

 

 

**291,212**

 

 

**1,898,400 **

 

 

**2,189,612**

 

Depreciation and amortization

 

 

**1,932,966 **

 

 

**368,401**

 

 

**576,287 **

 

 

**2,877,654**

 

Provision for loan losses

 

 

**2,364,000 **

 

 

**-  **

 

 

**-   **

 

 

**2,364,000**

 

Segment profit (loss)

 

 

**5,272,935 **

 

 

**3,062,564**

 

 

**(1,077,547)**

 

 

**7,257,952**

 

Segment assets

 

 

**644,414,671 **

 

 

**24,386,148**

 

 

**4,781,292 **

 

 

**673,582,111**

 

Expenditures for premises and        equipment

 

 

**2,083,921 **

 

 

**1,107,310**

 

 

**387,504 **

 

 

**3,578,735**

** **

 

 

**Reportable        Segments**

 

** For the        Year Ended December 31, 2000**

 

**Banking**

 

**Financial        Supermarkets**

 

**All        Other**

 

**Total**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

47,283,876 

 

$

813,208

 

$

12,254 

 

$

48,109,338

 

Interest expense

 

 

23,291,215 

 

 

-  

 

 

82,469 

 

 

23,373,684

 

Intersegment net interest        income (expense)

 

 

(810,927)

 

 

798,673

 

 

12,254 

 

 

-  

 

Net interest income (loss)

 

 

23,992,661 

 

 

813,208

 

 

(70,215)

 

 

24,735,654

 

Other revenue from external        customers

 

 

5,258,886 

 

 

8,845,717

 

 

488,493 

 

 

14,593,096

 

Intersegment other revenues

 

 

-   

 

 

541,569

 

 

2,120,800 

 

 

2,662,369

 

Depreciation and amortization

 

 

1,582,541 

 

 

208,817

 

 

648,783 

 

 

2,440,141

 

Provision for loan losses

 

 

1,620,500 

 

 

-  

 

 

-   

 

 

1,620,500

 

Segment profit (loss)

 

 

5,407,069 

 

 

3,336,070

 

 

(1,071,968)

 

 

7,671,171

 

Segment assets

 

 

587,193,454 

 

 

25,538,955

 

 

3,218,307

 

 

615,950,716

 

Expenditures for premises and        equipment

 

 

2,681,650 

 

 

901,234

 

 

445,552 

 

 

4,028,436

 

 

 

**Reportable        Segments**

 

**For the Year Ended December        31, 1999**

 

** Banking**

 

**Financial        Supermarkets**

 

**All        Other**

 

**Total**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

40,931,494 

 

$

541,673

 

$

3,956 

 

$

41,477,123

 

Interest expense

 

 

18,806,249 

 

 

- 

 

 

77,622 

 

 

18,883,871

 

Intersegment net interest        income (expense)

 

 

(531,089)

 

 

527,133

 

 

3,956 

 

 

- 

 

Net interest income (loss)

 

 

22,125,245 

 

 

541,673

 

 

(73,666)

 

 

22,593,252

 

Other revenue from external        customers

 

 

4,489,623 

 

 

6,720,159

 

 

300,195 

 

 

11,509,977

 

Intersegment other revenues

 

 

-   

 

 

250,493

 

 

1,575,600 

 

 

1,826,093

 

Depreciation and amortization

 

 

1,684,949 

 

 

151,485

 

 

574,080 

 

 

2,410,514

 

Provision for loan losses

 

 

1,636,900  

 

 

- 

 

 

-  

 

 

1,636,900

 

Segment profit (loss)

 

 

5,199,897 

 

 

2,082,464

 

 

(1,219,010)

 

 

6,063,351

 

Segment assets

 

 

519,898,791 

 

 

18,187,824

 

 

2,712,601 

 

 

540,799,216

 

Expenditures for premises and        equipment

 

 

1,191,675 

 

 

261,970

 

 

647,534 

 

 

2,101,179

** **

F-27
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  14.          SEGMENT INFORMATION  (Continued)**

** **

**2001**

**2000**

**1999**

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total profit for reportable        segments

 

**$**

**8,335,499 **

 

$

8,743,139 

 

$

7,282,361 

 

Non-reportable segment loss

 

 

**(1,077,547)**

 

 

(1,071,968)

 

 

(1,219,010)

 

Elimination of intersegment        (gains) losses

 

 

**(82,961)**

 

 

(49,166)

 

 

12,814 

 

Total consolidated net income

 

**$**

**7,174,991 **

 

$

7,622,005 

 

$

6,076,165 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets for reportable        segments

 

**$**

**668,800,819 **

 

$

612,732,409 

 

$

538,086,615 

 

Non-reportable segment assets

 

 

**4,781,292 **

 

 

3,218,307 

 

 

2,712,601 

 

Elimination of intersegment        assets

 

 

**(25,823,392)**

 

 

(25,627,927)

 

 

(24,649,654)

 

Total consolidated assets

 

**$**

**647,758,719 **

 

$

590,322,789 

 

$

516,149,562 

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures for Premises        and Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenditures for        reportable segments

 

**$**

**3,191,231 **

 

$

3,582,884 

 

$

1,453,645 

 

Non-reportable segment assets

 

 

**387,504 **

 

 

445,552 

 

 

647,534 

 

Elimination of intersegment        gains

 

 

**(150,000)**

 

 

(341,656)

 

 

(123,081)

 

Total consolidated expenditures        for

 

 

 

 

 

 

 

 

 

 

   premises and        equipment

 

**$**

**3,428,735 **

 

$

3,686,780 

 

$

1,978,098 

** **

**NOTE  15.          SUPPLEMENTAL  FINANCIAL DATA**

Components of  other operating expenses in excess of 1% of total revenue are as follows:

 

 

**Years Ended        December 31,**

 

 

**2001**

 

**2000**

 

** 1999**

 

 

 

 

 

 

 

 

 

 

 

Data processing

**$**

**1,052,441**

 

$

833,335

 

$

885,699

 

Travel expenses

 

**1,553,063**

 

 

906,265

 

 

677,840

 

Office supply expenses

 

**696,752**

 

 

611,511

 

 

623,213

** **

F-28
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** NOTE  16.         PARENT COMPANY ONLY  FINANCIAL INFORMATION**

The following  information presents the condensed balance sheets as of December 31, 2001 and  2000 and condensed statements of income and cash flows of Community  Bankshares, Inc. for the periods ended December 31, 2001, 2000 and 1999:

 

**CONDENSED        BALANCE SHEETS        DECEMBER 31, 2001 AND 2000**

**2001**

2000

 

Assets

 

 

 

 

 

 

Cash

**$**

**814,418**

 

$

1,296,024

 

Investment        in subsidiaries

 

**58,881,732**

 

 

52,289,928

 

Equipment

 

**454,399**

 

 

653,333

 

Other        assets

 

**2,983,770**

 

 

1,268,950

 

 

 

 

 

 

 

 

Total        assets

**$**

**63,134,319**

 

$

55,508,235

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Other        borrowings

**$**

**2,069,875**

 

$

843,975

 

Other        liabilities

 

**818,642**

 

 

1,277,450

 

 

 

 

 

 

 

 

Total        liabilities

 

**2,888,517**

 

 

2,121,425

 

 

 

 

 

 

 

 

Redeemable common stock

 

**16,709,684**

 

 

15,088,348

 

 

 

 

 

 

 

 

 Shareholders' equity

 

**43,536,118**

 

 

38,298,462

 

 

 

 

 

 

 

 

Total        liabilities, redeemable common stock,

 

 

 

 

 

 

          and shareholders' equity

**$**

**63,134,319**

 

$

55,508,235
     
F-29
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

 

**NOTE  16.            PARENT  COMPANY ONLY FINANCIAL INFORMATION (Continued)**

 

**CONDENSED        STATEMENTS OF INCOME        YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999**

 

** 2001**

2000

 1999

** **

Income

 

 

 

 

 

 

 

 

** **

Dividends        from subsidiaries

**$**

**1,680,000 **

 

$

1,400,000 

 

$

1,400,000 

** **

Interest

 

**48,972 **

 

 

12,254 

 

 

3,955 

** **

Other        income

 

**2,056,550 **

 

 

2,369,404 

 

 

1,724,166 

** **

 

 

**3,785,522 **

 

 

3,781,658 

 

 

3,128,121 

** **

 

 

 

 

 

 

 

 

 

** **

Expense

 

 

 

 

 

 

 

 

** **

Interest

 

**66,695 **

 

 

82,465 

 

 

77,557 

** **

Salaries        and employee benefits

 

**1,859,824 **

 

 

1,780,983 

 

 

1,565,019 

** **

Equipment        expense

 

**682,559 **

 

 

768,835 

 

 

701,315 

** **

Other        expense

 

**1,123,242 **

 

 

1,139,014  

 

 

1,145,766 

** **

 

 

**3,732,320 **

 

 

3,771,297 

 

 

3,489,657 

** **

 

 

 

 

 

 

 

 

 

** **

Income        (loss) before income tax  benefits and

 

 

 

 

 

 

 

 

** **

equity        in undistributed income of subsidiaries

 

**53,202 **

 

 

10,361 

 

 

(361,536)

** **

 

 

 

 

 

 

 

 

 

** **

Income tax benefits

 

**(628,586)**

 

 

(571,777)

 

 

(631,941)

** **

 

 

 

 

 

 

 

 

 

** **

Income before equity in        undistributed income

 

 

 

 

 

 

 

 

** **

of subsidiaries

 

**681,788 **

 

 

582,138 

 

 

270,405 

** **

 

 

 

 

 

 

 

 

 

** **

Equity in undistributed income        of subsidiaries

 

**6,536,953 **

 

 

7,089,033 

 

 

5,801,765 

** **

 

 

 

 

 

 

 

 

 

** **

Net        income

**$**

**7,218,741 **

 

$

7,671,171 

 

$

6,072,170 

** **
     
F-30
            
**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE  16.            PARENT  COMPANY ONLY FINANCIAL INFORMATION (Continued)**

 

**CONDENSED        STATEMENTS OF CASH FLOWS        YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999**

 

** 2001**

2000

 1999

 

**OPERATING ACTIVITIES**

 

 

 

 

 

 

 

 

 

Net        income

**$**

**7,218,741 **

 

$

7,671,171 

 

$

6,072,170 

 

Adjustments        to reconcile net income to net

 

 

 

 

 

 

 

 

 

cash        provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation        and amortization

 

**494,787 **

 

 

622,171 

 

 

560,046 

 

Undistributed        income of subsidiaries

 

**(6,536,953)**

 

 

(7,089,033)

 

 

(5,801,765)

 

Other        operating activities

 

**(632,540)**

 

 

(34,958)

 

 

251,949 

 

 

 

 

 

 

 

 

 

 

 

Net        cash provided by operating activities

 

**544,035 **

 

 

1,169,351 

 

 

1,082,400 

 

 

 

 

 

 

 

 

 

 

 

**INVESTING ACTIVITIES**

 

 

 

 

 

 

 

 

 

Purchases        of premises and equipment

 

**(286,941)**

 

 

(264,370)

 

 

(1,053,841)

 

Increase        in notes receivable from ESOP

 

**(1,550,000)**

 

 

-   

 

 

-  

 

Disposal        of premises and equipment

 

**-  **

 

 

-   

 

 

406,306 

 

 

 

 

 

 

 

 

 

 

 

 Net        cash used in investing activities

 

**(1,836,941)**

 

 

(1,836,941)

 

 

(647,535)

 

 

 

 

 

 

 

 

 

 

 

**FINANCING ACTIVITIES**

 

 

 

 

 

 

 

 

 

Increase        in other borrowings

 

**1,450,000 **

 

 

-   

 

 

400,000 

 

Repayment        of other borrowings

 

**(224,100)**

 

 

(210,125)

 

 

(154,100)

 

Proceeds        from exercise of stock options

 

**44,304 **

 

 

29,536 

 

 

88,607 

 

Dividends        paid

 

**(458,904)**

 

 

(393,283)

 

 

(352,143)

 

 

 

 

 

 

 

 

 

 

 

Net        cash provided by (used in) financing activities

 

**811,300 **

 

 

(811,300)

 

 

(17,636)

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash

 

**(481,606)**

 

 

331,109 

 

 

417,229 

 

 

 

 

 

 

 

 

 

 

 

Cash at beginning of year

 

**1,296,024 **

 

 

964,915 

 

 

547,686 

 

 

 

 

 

 

 

 

 

 

 

Cash at end of year

**$**

**814,418 **

 

$

1,296,024 

 

$

964,915 

F-31
       
**SIGNATURES**

               Pursuant to the requirements of  Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has  duly caused this Report on Form 10-K to be signed on its behalf by the  President and Chief Executive Officer,  thereunto duly authorized, in the City of Cornelia, State of Georgia, on the  28th of March,  2002.  

**COMMUNITY BANKSHARES, INC.**

By:  /s/ J. Alton Wingate               J. Alton Wingate               President and Chief               Executive Officer
   
POWER OF ATTORNEY

               **KNOW ALL MEN BY THESE PRESENTS  t**hat  each person whose signature appears below constitutes and appoints J. Alton  Wingate or Harry L. Stephens and either of them (with full power in each to  act alone), as true and lawful attorneys-in-fact, with full power of  substitution, for him and in his name, place and stead, in any and all  capacities, to sign any amendments to this Report on Form 10-K and to file the  same, with all exhibits thereto and other documents in connection therewith,  with the Securities and Exchange Commission, hereby ratifying and confirming  all that said attorney-in-fact, or their substitute or substitutes, may  lawfully do or cause to be done by virtue thereof.

               Pursuant to the requirements of the  Securities Act of, this Registration Statement has been signed by the  following persons in the capacities indicated on the 28th day of March, 2002.

**Signature                                                                                Title**

/s/ J. Alton  Wingate                                                             President and Chief Executive Officer  J. Alton  Wingate                                                                   (Principal Executive Officer) and Director

/s/ Steven C.  Adams                                                             Director  Steven C. Adams

/s/ Edwin B.  Burr                                                                   Director  Edwin B. Burr

/s/ H. Calvin Stovall,  Jr.                                                        Director  H. Calvin Stovall, Jr.

_______________________                                            Director  Dean C. Swanson

/s/ George D.  Telford                                                            Director  George D. Telford

/s/ Dr. A. Dan  Windham                                                        Director  Dr. A. Dan Windham

/s/ Lois M.  Wood-Schroyer                                                Director  Lois M. Wood-Schroyer

/s/ Harry L.  Stephens                                                           Executive Vice President and  Harry L.  Stephens                                                                Chief Financial Officer                                                                                                  (Principal Financial and                                                                                                  Accounting Officer)

37
   
 

SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO  SECTION 15(D) OF  THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES  PURSUANT TO  SECTION 12 OF THE ACT.

 

                 The Registrant has furnished annual  reports and proxy material to security holders, and copies of such documents  have been furnished to the Commission for its information.

 
   
**INDEX TO EXHIBITS**

 

 

**Exhibit  No.**

3.1            Amended and Restated Articles of Incorporation of the Registrant dated as of  June 30, 1997.

10.6        Amended and Restated Revolving Credit Term Loan Agreement between the  Registrant and SunTrust Bank                  dated July 30, 2000.

10.7         Amendment to Amended and Restated Revolving Credit Term Loan Agreement dated  as of June 8, 2001                 between  Registrant and SunTrust Bank.

10.8        Business  Loan and Security Agreement dated as of June 8, 2001 among Registrant,  Community Bankshares, Inc.,                  Employee Stock, Ownership Plan and Trust, Steve Adams, J. Alton Wingate, and  Elton Collins, not in their                  individual  capacities, but solely as Trustees of the Employee Stock Ownership Plan and Trust.

21             List of Subsidiaries of Registrant. |
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