First Coweta Bank Announces Third Quarter Results

/PRNewswire-FirstCall/ -- First Coweta Bank (OTC:FCWT) (BULLETIN BOARD: FCWT) , based in Newnan, Georgia, reports a net loss of ($484,363) or ($0.17) per share for the quarter ending September 30, 2008 as compared to a net loss of ($188,847) or ($0.07) per share for the same quarter in 2007. Net loss for the nine month period ending September 30, 2008 totals ($1,815,776) or ($0.65) per share as compared to net income of $606,439 or $0.22 per share for the same period in 2007. The bank's total assets have declined over the first nine months of 2008 from approximately $179 million on December 31, 2007 to approximately $163 million on September 30, 2008.

Third quarter 2008 results were primarily due to increased non-performing assets and compressed net interest margin. Non-performing assets totaled $14.2 million and $3.4 million at September 30, 2008 and September 30, 2007, respectively. The bank took provision for loan losses of $1.36 million for the quarter ended September 30, 2008. Our resulting allowance for loan loss was approximately $4.4 million at September 30, 2008, which represented approximately 3.23% of total loans. Management has added significant provisions in the first nine months of 2008 and will continue to evaluate our loan portfolio and real estate owned for additional changes to the allowance for loan loss reserve.

Mike Barber, President and Chief Executive Officer stated, "The communities that we serve continues to experience a downturn in housing and real estate related markets, especially as it relates to acquisition, construction, and development. As a result of this weakening, and the fact that our capital levels are more strained than in prior periods, we have considerably slowed down our loan origination activity. Gross loans decreased during the first nine months of 2008 from $148.5 million at December 31, 2007 to $136.3 million at September 30, 2008. Our Board of Directors, Officers, and employees remain committed to maintaining a sound financial institution during these difficult times. We will continue to monitor our loan quality and will make adjustments to our reserves as necessary to adequately cover any potential losses."

First Coweta Bank opened for business on July 12, 2004. The bank's stock is publicly traded over the counter under the symbol "FCWT."

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First Coweta Bank Announces Results for 6/30/2008

PRNewswire-FirstCall/ -- First Coweta Bank (BULLETIN BOARD: FCWT) based in Newnan, Georgia reports a net loss of ($1,330,414) or ($0.47) per share for the six month period ending June 30, 2008 vs. net income of $606,439 or $0.22 per share for the same period in 2007. Net interest income totaled $2,318,237 and $2,875,267 during the six month periods ending June 30, 2008 and June 30, 2007, respectively. Gross loans decreased over the first half of 2008 from $148.5 million at December 31, 2007 to $142.4 million at June 30, 2008. The bank had total assets of $167 million as of June 30, 2008, a decrease of 7% compared to December 31, 2007.

For the six month period ending June 30, 2008 the net loss was primarily due to an increase in non performing assets and "provision for loan loss" expense as well as compressed net interest margins. Non performing assets totaled $11.4 million and $1.3 million at June 30, 2008 and June 2007, respectively. The bank took provisions for loan loss of $500,000 and $1.6 million during the first and second quarters of 2008, respectively. Our resulting allowance for loan loss was approximately $3.7 million at June 30, 2008, which represented approximately 2.61% of total loans. Our interest margin for the first half of 2008 was 2.87% as compared to 4.75% for the same period in 2007. The reduction was caused by the declining interest rate environment since last fall and our elevated level of non performing assets. As of June 30, 2008, however, we continued to qualify as "well capitalized" under regulatory guidelines with a total capital ratio of 10.84%.

Mike Barber, President and Chief Executive Officer stated, "The loss during the first six months of 2008 was primarily from steps we took relating to the economic downturn and to cope with the real estate market specifically. Although actual charge-offs for the first half of 2008 were $523,875, the large addition of $2.1 million to our loan loss reserve reflects our commitment to provide for potential losses in our loan portfolio and to recognize these unusual economic conditions. Our Board of Directors, officers, and employees are committed to maintaining a sound financial institution during these difficult times. We will continue to monitor our loan quality and will make adjustments to our reserves as necessary to adequately cover any potential losses."

First Coweta Bank opened for business on July 12, 2004. The bank's stock is publicly traded over the counter under the symbol "FWCT." For further information, log on to our website at http://www.firstcowetabank.com/.

Forward-Looking Statements

This report contains "forward-looking statements" relating to, without limitation, future economic performance, plans and objectives of management for future operations, and projections of revenues and other financial items that are based on the beliefs of management, as well as assumptions made by and information currently available to management. The words "may," "will," "anticipate," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," and "intend," as well as other similar words and expressions of the future, are intended to identify forward-looking statements.

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The Home Depot to Host Second Quarter 2008 Earnings Conference Call on August 19, 2008

PRNewswire-FirstCall/-- The Home Depot(R), the world's largest home improvement retailer, announced today that it will hold its Second Quarter 2008 Earnings Conference Call on Tuesday, August 19 at 9 a.m. ET.

A webcast will be available by logging onto www.homedepot.com and selecting the Second Quarter 2008 Earnings Conference Call icon. The link will be displayed on the home page as well as under the Investor Relations section. The webcast will be archived and available beginning at approximately noon on August 19.

AGL Resources Board of Directors Declares Quarterly Dividend

PRNewswire-FirstCall/ -- The Board of Directors of AGL Resources Inc. (NYSE:ATG) has declared a quarterly dividend of $0.42 per share on the company's common stock. The dividend will be paid September 1, 2008 to shareholders of record at the close of business on August 15, 2008. The dividend payment will mark the 243rd consecutive quarterly dividend the company has paid since 1948.