Filed Pursuant to Rule 424(b)(3)
Registration No. 333-122567
PROSPECTUS SUPPLEMENT
DATED JULY 7, 2005
TO PROSPECTUS DATED MAY 26, 2005
1,493,301 shares
NBOG BANCORPORATION, INC.
Common Stock
Dear Shareholders:
Due to the level of interest we have received from our current shareholders in our stock offering, we have decided to extend the subscription rights period through July 31, 2005. If you are interested in acquiring additional shares of NBOG Bancorporation, Inc. stock at $4 per share, please submit your subscription rights form by July 31, 2005.
While no assurances can be given, management currently expects narrowing losses in 2005 with the Company becoming month-to-month profitable during the latter half of 2006. We continue to review our loan portfolio and work on problem loans. Our asset quality has improved and as expected our quarterly net loss continues to decline as shown in the following chart:
As of, and for the three months ended, | ||||||||||
Unaudited | Unaudited | Unaudited | ||||||||
June 30, 2005 | March 31, 2005 | December 31, 2004 | ||||||||
Classified loans as a percentage of loans | 9.85% | 12.40% | 10.19% | |||||||
Past dues as a percentage of loans | 4.60% | 3.85% | 10.44% | |||||||
Allowance for loan loss as a percentage of loans | 3.60% | 3.67% | 3.07% | |||||||
Non-performing assets as a percentage of loans | 8.23% | 8.73% | 11.47% | |||||||
Period-end Balances: | ||||||||||
Total loans | 28,562,023 | 29,575,995 | 32,291,811 | |||||||
Allowance for loan loss | (1,028,357 | ) | (1,086,668 | ) | (989,852 | ) | ||||
Total assets | 42,712,191 | 43,233,618 | 48,011,519 | |||||||
Deposits | 38,239,846 | 38,942,639 | 43,726,859 | |||||||
Shareholders’ equity | 3,957,313 | 4,063,899 | 3,918,020 | |||||||
Results of Operations: | ||||||||||
Net interest income | 429,691 | 487,220 | 472,908 | |||||||
Provision for loan losses | 0 | 225,000 | 419,999 | |||||||
Other income | 19,884 | 17,495 | 27,023 | |||||||
Other expenses | 738,121 | 649,612 | 695,214 | |||||||
Net loss | (288,546 | ) | (369,897 | ) | (615,282 | ) |
If you have any questions about the subscription rights or about The National Bank of Gainesville, please do not hesitate to contact me or Bryan Hendrix, our Chief Financial Officer, at (770) 297-8060.
Thank you again for your confidence and continued support.
Sincerely, | |
/s/ Al Satterwhite | |
Al Satterwhite, | |
President and Chief Executive Officer |
This supplement should be read with the prospectus dated May 26, 2005. This supplement is qualified by reference to the prospectus except to the extent that the information in this supplement supersedes the information contained in the prospectus. |