<PAGE>


                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                                 FORM 10-QSB/A

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

                 For the quarterly period ended June 30, 2000

                          Commission File No. 0-27448

                     GOLDEN ISLES FINANCIAL HOLDINGS, INC.
       (Exact name of small business issuer as specified in its charter)

                Georgia                            58-1756713
      (State of Incorporation)       (I.R.S. Employer Identification No.)

             3811 Frederica Road, St. Simons Island, Georgia 31522
                   (Address of Principal Executive Offices)

                                (912) 638-0667
               (Issuer's Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report)

Check whether the issuer (1) filed all reports required to be filed by section
13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.  Yes  X    No

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common equity as of the latest practicable
date.

Common Stock, no par value per share: 2,505,500 shares issued and 2,465,300
outstanding as of June 30, 2000.

Transitional Small Business Disclosure Format:
Yes     No  X

PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
<PAGE>

<TABLE>
<CAPTION>
GOLDEN ISLES FINANCIAL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS                               June 30,     December 31,
                                                            2000           1999
ASSETS                                                  (unaudited)      (audited)

<S>                                                    <C>             <C>
Cash and due from banks                                $   2,812,851    $   4,017,512
Interest-bearing deposits in banks                            83,129           13,888
Federal funds sold                                         3,893,000        6,945,000
Securities available for sale, at fair value              19,607,403       18,878,399
Other investments, at cost                                   582,700          366,400

Loans                                                    112,875,301       98,246,349
Less allowance for loan losses                             2,729,922        2,559,153
                                                       ------------------------------
   Loans, net                                            110,145,379       95,687,196
                                                       ------------------------------

Property and equipment,net                                 3,868,595        3,408,237
Other assets                                               2,885,887        3,080,575
                                                       ------------------------------

Total Assets                                           $ 143,878,944    $ 132,397,207
                                                       ==============================

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits
  Non-interest bearing demand                          $  11,913,259    $  10,316,942
  Interest-bearing demand                                 25,177,237       27,531,519
  Savings                                                  2,421,258        2,511,320
  Time, $100,000 and over                                 18,834,694       19,529,633
  Other time                                              59,908,526       52,853,492
                                                       ------------------------------

  Total Deposits                                         118,254,974      112,742,906
                                                       ------------------------------

Federal Home Loan Bank borrowings                         11,582,993        5,888,829
Other Liabilities                                            687,998          550,780
                                                       ------------------------------

  Total liabilities                                      130,525,965      119,182,515
                                                       ------------------------------

Shareholders' Equity:
  Common stock, no par value 50 million
    shares authorized, 2,505,500 shares
    issued and 2,505,500 shares outstanding 12/31/99
    and 2,465,300 shares outstanding 6/30/2000             1,094,338        1,094,338
Capital Surplus                                           11,711,866       11,693,718
Retained earnings                                          1,235,420          800,904
Treasury stock, at cost, 40,200 shares - 6/30/2000          (269,450)
Accumulated other comprehensive loss                        (419,195)        (374,268)
                                                       ------------------------------
  Total Shareholders' Equity                              13,352,979       13,214,692
                                                       ------------------------------

Total Liabilities and Shareholders' Equity             $ 143,878,944    $ 132,397,207
                                                       ==============================
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
GOLDEN ISLES FINANCIAL HOLDINGS,INC.                        Three Months Ended
CONSOLIDATED INCOME STATEMENTS                                    June 30,
                                                          2000               1999
                                                       (unaudited)       (unaudited)
<S>                                                    <C>               <C>
Interest income
  Interest and fees on loans                            $ 2,637,881      $ 2,018,619
  Interest and dividends on taxable securities              315,067          321,464
  Other interest income                                      54,208          105,540
                                                        ----------------------------
         Total interest income                            3,007,156        2,445,623
                                                        ----------------------------
Interest expense
  Interest on deposits                                    1,422,568        1,192,856
  Interest on other borrowings                              157,069          105,041
                                                        ----------------------------
          Total interest expense                          1,579,637        1,297,897
Net interest income                                       1,427,519        1,147,726
Provision for possible loan losses                           75,000           70,000
                                                        ----------------------------
Net interest income after provision
  for loan losses                                         1,352,519        1,077,726
                                                        ----------------------------

Other income
  Income from origination of mortgage loans,
    less related expenses                                    45,000           49,516
  Service charges on deposit accounts                       119,068           97,791
  Net realized gain on sales of securities                        0                0
  Other                                                      12,713            1,956
                                                        ----------------------------
           Total other income                               176,781          149,263
                                                        ----------------------------

Other expense
  Salaries and employee benefits                            601,143          498,683
  Equipment and occupancy expense                           153,417          142,161
  Advertising and business development                       30,670           33,330
  Legal and professional                                     54,696           53,191
  Supplies and printing                                      56,366           37,309
  Other operating expenses                                  140,052          130,536
                                                        ----------------------------
            Total other expense                           1,036,344          895,210
                                                        ----------------------------

    Income before income tax                                492,956          331,779
                                                        ----------------------------

Applicable income tax                                       169,773          108,632
                                                        ----------------------------

Net income                                                  323,183          223,147
                                                        ----------------------------

Other comprehensive income, net of tax:
  Net unrealized holding losses arising during period        34,533         (131,102)
                                                        ----------------------------

Comprehensive income                                    $   357,716      $    92,045
                                                        ============================

Net Income per share - Basic                            $      0.13      $      0.09
Net Income per share - Diluted                          $      0.13      $      0.09
 Average shares outstanding                               2,483,531        2,482,953
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
GOLDEN ISLES FINANCIAL HOLDINGS,INC.                          Six Months Ended
CONSOLIDATED INCOME STATEMENTS                                     June 30,
                                                           2000               1999
                                                        (unaudited)       (unaudited)
<S>                                                     <C>               <C>
Interest income
  Interest and fees on loans                            $ 5,019,954       $ 4,100,946
  Interest and dividends on taxable securities              624,024           644,248
  Other interest income                                     144,353           163,855
                                                        -----------------------------
         Total interest income                            5,788,331         4,909,049
                                                        -----------------------------
Interest expense
  Interest on deposits                                    2,784,132         2,386,888
  Interest on other borrowings                              247,216           186,883
                                                        -----------------------------
          Total interest expense                          3,031,348         2,573,771
Net interest income                                       2,756,983         2,335,278
Provision for possible loan losses                          150,000           140,000
                                                        -----------------------------
Net interest income after provision
  for loan losses                                         2,606,983         2,195,278
                                                        -----------------------------

Other income
  Income from origination of mortgage loans,
    less related expenses                                 85,675            95,752
  Service charges on deposit accounts                       236,975           193,618
  Net realized gain on sales of securities                        0             2,240
  Other                                                      45,334            40,637
                                                        -----------------------------
           Total other income                               367,984           332,247
                                                        -----------------------------

Other expense
  Salaries and employee benefits                          1,187,444           986,862
  Equipment and occupancy expense                           290,075           278,726
  Advertising and business development                       68,113            54,189
  Legal and professional                                    108,531            94,756
  Supplies and printing                                      96,180            63,965
  Other operating expenses                                  263,600           262,845
                                                        -----------------------------
            Total other expense                           2,013,943         1,741,343
                                                        -----------------------------

    Income before income tax                                961,024           786,182
                                                        -----------------------------

Applicable income tax                                       328,882           268,845
                                                        -----------------------------

Net income                                                  632,142           517,337
                                                        -----------------------------

Other comprehensive income, net of tax:
  Net unrealized holding losses arising during period       (44,927)         (225,594)
                                                        -----------------------------

Comprehensive income                                    $   587,215       $   291,743
                                                        =============================

Net Income per share - Basic                            $      0.25       $      0.21
Net Income per share - Diluted                          $      0.25       $      0.21
 Average shares outstanding                               2,494,580         2,478,713
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
GOLDEN ISLES FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
                                                              Six Months Ended
                                                                  June 30,
                                                           2000             1999
<S>                                                   <C>             <C>
OPERATING ACTIVITIES
  Net Income                                          $    632,142    $    517,337

Adjustments to reconcile net income to net
  cash provided by operating activities:
  Depreciation and amortization                            136,027         146,149
  Provision for loan losses                                150,000         140,000
  Net change in other prepaids and accruals                355,050        (273,375)
                                                      ----------------------------

Net cash provided by (used in) operating activities      1,273,219         530,111
                                                      ----------------------------

INVESTING ACTIVITIES
  Increase in interest-bearing deposits in banks           (69,241)
  (Increase) decrease in Federal funds sold              3,052,000      (5,450,000)
Available for sale securities:
  Proceeds from maturities and paydowns                    186,673       8,750,252
  Purchases                                               (983,750)     (9,506,445)
  Purchase of FHLB stock                                  (216,300)
  (Increase) decrease in loans, net                    (14,608,183)      1,045,763
  Purchases of premises and equipment                     (596,385)         (3,935)
                                                      ----------------------------

Net cash provided (used in) investing activities       (13,235,186)     (5,164,365)
                                                      ----------------------------

FINANCING ACTIVITIES
  Net increase in deposits                               5,512,068       4,852,139
  Net increase (decrease) in FHLB borrowings             5,694,164        (305,836)
  Dividends paid to stockholders                          (197,624)       (198,677)
  Proceeds from exercise of stock options                                   99,263
  Purchase of treasury stock                              (269,450)
  Vesting of restricted stock, net                          18,148          18,582
                                                      ----------------------------

Net cash provided by (used in) financing activities     10,757,306       4,465,471
                                                      ----------------------------

Net increase (decrease) in cash and due from banks      (1,204,661)       (168,783)
Cash and due from banks at beginning of period           4,017,512       3,131,141
                                                      ----------------------------

Cash and due from banks at end of period              $  2,812,851    $  2,962,358
                                                      ============================
</TABLE>
<PAGE>


                     GOLDEN ISLES FINANCIAL HOLDINGS, INC.


                   NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

                                  (Unaudited)

================================================================================

NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         The accounting and reporting policies of Golden Isles
         Financial Holdings, Inc. ("the Company") conform to generally
         accepted accounting principles and to general practices within
         the banking industry. The interim consolidated financial
         statements included herein are unaudited, but reflect all
         adjustments which, in the opinion of management, are necessary
         for a fair presentation of the consolidated financial position
         and results of operations for the interim periods presented.
         All adjustments reflected in the interim financial statements
         are of a normal, recurring nature. Such financial statements
         should be read in conjunction with the financial statements
         and notes thereto and the report of the independent auditors
         included in the Company's Form 10-KSB Annual Report for the
         year ended December 31, 1999. The results of operations for
         the six months ended June 30, 2000 are not necessarily
         indicative of the results to be expected for the full year.
<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

         Liquidity is the Company's ability to meet all deposit withdrawals
immediately, while also providing for the credit needs of customers. The June
30, 2000 consolidated financial statements evidence a fair liquidity position as
total cash, interest-bearing deposits and Federal funds sold amounted to $6.8
million, representing 4.7% of total assets. Investment securities amounted to
$19.6 million, representing 13.6% of total assets. These securities provide a
secondary source of liquidity since they can be converted into cash in a timely
manner. The Company's ability to maintain and expand its deposit base and
borrowing capabilities would provide an additional source of liquidity. For the
six-month period ended June 30, 2000, total deposits increased from $112.7
million to $118.3 million, and borrowings from the Federal Home Loan Bank
increased from $5.9 million to $11.6 million. Management closely monitors and
maintains appropriate levels of interest-earning assets and interest-bearing
liabilities so that maturities of assets are such that adequate funds are
provided to meet customer withdrawals and loan demand. Available funding sources
are also closely monitored. There are no trends, demands, commitments, events or
uncertainties that will result in or are reasonably likely to affect the
Company's liquidity position in any material way.

         The Company is subject to various regulatory capital requirements
administered by the federal and state 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 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 Company's capital amounts and classification are also
subject to qualitative judgments by the regulators about components, risk
weightings and other factors.

         Quantitative measures established by regulation to ensure capital
adequacy require the Company to maintain minimum amounts and ratios of total and
Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets.
Management believes, as of June 30, 2000, the Company meets all capital adequacy
requirements to which it is subject and should be categorized as well
capitalized under the regulatory framework for prompt corrective action.
<PAGE>


RESULTS FROM OPERATIONS

         The Company's results of operations are determined by its ability to
effectively manage interest income and expense, to minimize loan and investment
losses, to generate noninterest income and to control noninterest expense. Since
interest rates are determined by market forces and economic conditions beyond
the control of the Company, the ability to generate net interest income is
dependent upon its ability to obtain an adequate spread between the rate earned
on interest-earning assets and the rate paid on interest-bearing liabilities.

         The primary component of consolidated earnings is net interest income,
or the difference between interest income on interest-earning assets and
interest paid on interest-bearing liabilities. The net interest margin is net
interest income expressed as a percentage of average interest-earning assets.
Interest-earning assets consist of loans, investment securities,
interest-bearing deposits in banks, and Federal funds sold. Interest-bearing
liabilities consist of deposits and other borrowings.

         The net interest margin was 4.23% and 4.06% during the six months ended
June 30, 2000 and 1999, respectively, or an increase of 17 basis points. The
increase is due primarily to an increase in the volume and yield on loans.
Average loans increased from $87.7 million for the first six months of 1999 with
a yield of 9.43% to $103.6 million for the first six months of 2000 with a yield
of 9.74%. The yield on average earning assets was 9.00% and 8.54% during the six
months ended June 30, 2000 and 1999, respectively. Cost of funds increased to
5.56% for the six months ended June 30, 2000 as compared to 5.30% for the six
months ended June 30, 1999. This increase in cost of funds is due to a general
increase in interest rates and high cost of funds in the local market area.

         The provision for loan losses was $150,000 for the first six months
of 2000 as compared to $140,000 for the same period of 1999. The allowance for
loan losses as a percentage of total loans outstanding amounted to 2.4% at June
30, 2000 as compared to 1.9% at June 30, 1999. The determination of the amounts
allocated for loan losses is based upon management's judgement concerning
factors affecting loan quality and assumptions about the local and national
economy. Management considers the allowance for loan losses at June 30, 2000
adequate to cover potential losses in the loan portfolio.

         Net interest income increased $422,000 or 18.06% during the six
months ended June 30, 2000 as compared to the six months ended June 30, 1999.
This increase is due primarily to the increase in loan volume and rates as
discussed above.

         Noninterest income for the six months ended June 30, 2000 and 1999
amounted to $368,000 and $332,000, respectively. Service charges on deposit
accounts increased by $43,000 or 22.40%. This increase in service charges is
reflective of the increase in balances of non-interest bearing deposits which
increased 15.99% from $10,271,000 at June 30, 1999 to $11,913,000 at June 30,
2000.
<PAGE>


         Noninterest expense for the six months ended June 30, 2000 increased
15.66% to $2,014,000 as compared to $1,741,000 for the six months ended June 30,
1999. Salaries and employee benefits increased due to the increase in the number
of full-time equivalent employees of 50 at June 30, 1999 to 57 at June 30, 2000.
Seven employees were added to staff the North Glynn Branch which opened in a
temporary facility in April 2000. These additional employees were added during
February 2000. Additional expenses for the new branch were also incurred during
2000 to advertise the branch opening, to provide supplies, and to operate the
branch.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings. As of June 30, 2000, there are no material pending
legal proceedings to which the Company or any of its subsidiaries is a party or
of which any of their property is the subject.

Item 2.  Changes in Securities.

         (a)      None.

         (b)      None.

Item 3.  Defaults Upon Senior Securities.  None.

Item 4.  Submission of Matters to a Vote of Security Holders.  None.

Item 5.  Other Information.  None

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


         (a)      Exhibits

         Exhibit No:                Description

         27                         Financial Data Schedule

         (b)      Reports on Form 8-K - There were no reports on Form 8-K filed
                  during the quarter ended June 30, 2000.
<PAGE>


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

GOLDEN ISLES FINANCIAL HOLDINGS, INC.
(Registrant)


Date:  November 6, 2000

By: /s/ Sharon D. Hundley

    Sharon D. Hundley
    Chief Financial Officer
<PAGE>


INDEX TO EXHIBITS



Exhibit                                                             Sequential
Number            Description                                       Page Number

27                Financial Data Schedule                                   11