CORNELIA - Habersham Bancorp reports fourth quarter earnings of $1,460,000 or $.53 per share diluted, an increase of 112% when compared to fourth quarter earnings of $679,000 or $.25 per share diluted in 2000. <br>
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Included in net income for the quarter ended December 31, 2001, is a net after-tax gain in the amount of $151,000 relating to the change in fair value of forward commitments to sell mortgage-backed securities as required by SFAS No. 133. The Company's net income, exclusive of net after-tax gains relating to the change in fair value of forward commitments to sell mortgage-backed securities, was $1,309,000 or $.48 per share diluted for the quarter ended December 31, 2001.<br>
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Year-to-date net income for the twelve-month period ended December 31, 2001, was $5,343,000 or $1.96 per share diluted, an increase of 77% when compared to year-to-date net income of $3,027,000 or $1.12 per share diluted in 2000. <br>
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The Company's net income, exclusive of net after-tax losses relating to marking to market its holdings of FLAG Financial Corp common stock was $3,229,000 or $1.20 per share diluted for the twelve-month period ended<br>
December 31, 2000. <br>
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The Company transferred its holdings of Flag Financial Corp. common stock from trading assets to its available for sale portfolio at market value as of September 30, 2000.<br>
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Total assets of $547 million at December 31, 2001, reflect an increase of $4 million or .74% from $543 million at December 31, 2000. <br>
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Management reported that the bank sold approximately $77 million in adjustable rate<br>
mortgage loans during 2001, which was offset by net increases in other loan categories of approximately $20 million, and in loans held for sale of approximately $56 million. <br>
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Increases in cash of approximately $3 million and other assets of approximately $2 million resulted in the slight net increase in assets.<br>
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