SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
___________
FORM 11-K
FOR ANNUAL REPORTS OF
EMPLOYEE STOCK REPURCHASE, SAVINGS
AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
| x | ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the fiscal year ended: December 31, 2007.
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the transition period from ________ to ____________
Commission file number: 0-13153
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
Habersham Bancorp 401(k) Plan
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
Habersham Bancorp
Highway 441 N.
P.O. Box 1980
Cornelia, Georgia 30531
Financial Statements
Filed as a part of this report on Form 11-K are the audited financial statements of the Plan as of December 31, 2007 and 2006 and for the year ended December 31, 2007.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
Habersham Bancorp 401(k) Plan
| | By: | Senior Vice President |
| | | | | |
| | | | | |
| | | | By: | /s/ Karen Ward |
| | | | Name: | Karen Ward |
| | | | Title: | Senior Vice President |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Plan Administrator
Habersham Bancorp 401(k) Plan
Cornelia, Georgia
We have audited the accompanying statements of net assets available for benefits of the Habersham Bancorp 401(k) Plan (the “Plan”) as of December 31, 2007 and 2006, and the related statement of changes in net assets available for benefits for the year ended December 31, 2007 and the supplemental schedule as of December 31, 2007. These financial statements and supplemental schedule are the responsibility of the Plan’s administrator. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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 financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Habersham Bancorp 401(k) Plan as of December 31, 2007 and 2006, and the changes in net assets available for benefits for the year ended December 31, 2007, in conformity with accounting principles generally accepted in the United States of America.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included in the accompanying supplemental schedule is presented for purposes of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s administrator. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Porter Keadle Moore, LLP
Atlanta, Georgia
June 27, 2008
Habersham Bancorp 401(k) Plan
Statements of Net Assets Available for Benefits
December 31, 2007 and 2006
| Assets: | | 2007 | | | 2006 | |
| Cash | | $ | 103,641 | | | | 57,242 | |
| Investments: | | | | | | | | |
| Money market accounts | | | - | | | | 753,313 | |
| Mutual funds | | | 5,864,771 | | | | 4,928,646 | |
| Common stock of Habersham Bancorp | | | 794,379 | | | | 1,162,622 | |
| Common stock – other | | | - | | | | 45,025 | |
| Participant loans | | | 58,458 | | | | 75,515 | |
| Total investments | | | 6,717,608 | | | | 6,965,121 | |
| Net assets available for benefits | | $ | 6,821,249 | | | | 7,022,363 | |
See accompanying notes to financial statements.
Habersham Bancorp 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2007
| Additions to net assets attributed to: | | | |
| Contributions: | | | |
| Employer | | $ | 215,474 | |
| Employee | | | 480,383 | |
| | | | | |
| Total contributions | | | 695,857 | |
| | | | | |
| Investment income (loss): | | | | |
| Interest | | | 6,153 | |
| Dividends | | | 43,065 | |
| Net decrease in fair value of investments | | | (124,319 | ) |
| | | | | |
| Total investment income (loss) | | | (75,101 | ) |
| | | | | |
| Total additions | | | 620,756 | |
| | | | | |
| Deductions from net assets attributed to: | | | | |
| Benefit distributions to participants | | | 817,070 | |
| Administrative fees | | | 4,800 | |
| | | | | |
| Total deductions | | | 821,870 | |
| | | | | |
| Decrease in net assets available for benefits | | | (201,114 | ) |
| | | | | |
| Net assets available for benefits: | | | | |
| | | | | |
| Beginning of year | | | 7,022,363 | |
| | | | | |
| End of year | | $ | 6,821,249 | |
See accompanying notes to financial statements.
Habersham Bancorp 401(k) Plan
Notes to Financial Statements
| (1) | Description of the Plan |
General
The following description of Habersham Bancorp 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.
The Plan, which commenced on July 1, 1985, is a defined contribution plan covering all eligible employees of Habersham Bancorp and subsidiaries (the “Company”). Employees become eligible to participate after the attainment of 21 years of age. Enrollment in the Plan is available twice annually on January 1 and July 1. Employees are eligible for Company matching contributions immediately. The Plan is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Participants may contribute from 1% to 50% of their pretax earnings up to a maximum of $15,500 and $5,000 catch-up if age 50 by December 31, 2007. Rollover contributions from other qualified plans are permitted. At its discretion, the Company may make matching contributions in an amount not to exceed 100% of each participant’s first 3% of compensation contributed as elective deferrals.
Vesting
Participants are immediately vested in their voluntary contributions to the Plan. Participants vest in the Company’s contributions according to the following schedule:
| Years of Service | | | Percentage |
| Less than 2 | | | | 0 | % |
| | 2 | | | | 25 | % |
| | 3 | | | | 50 | % |
| | 4 | | | | 75 | % |
| More than 4 | | | | 100 | % |
Participants automatically become 100% vested upon death or disability while still an active employee of the Company. Upon termination of employment, amounts not vested will be forfeited with such forfeitures reducing the Company’s future matching contributions. No forfeitures were used to reduce the Company’s contributions during 2006 and 2007. Forfeitures of $28,352 were available at December 31, 2007 to reduce the Company’s future contributions.
Payment of Benefits
Upon retirement, a participant is entitled to receive 100% of his vested account balance in a lump-sum distribution or periodic payments over a predetermined period. Upon the death of a participant, the designated beneficiary is entitled to receive 100% of the participant’s vested account balance in a lump-sum distribution or periodic payments over a predetermined period. In addition, disabled participants are entitled to 100% of their vested account balance. Plan participants who are terminated for reasons other than retirement, death or disability are entitled to receive only the vested portion of their account. The Plan also allows for certain hardship withdrawals prior to termination of employment.
Habersham Bancorp 401(k) Plan
Notes to Financial Statements, continued
| (1) | Description of the Plan, continued |
Participant Loans
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balance, whichever is less. The loans are secured by the balance in the participant’s account and bear interest at rates that range from 5.00% to 9.00%, which are commensurate with local prevailing rates as determined quarterly by the Plan administrator.
Administrative Expenses
Significant costs of administering the Plan are paid by the Company. These costs include legal, administrative and accounting fees.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. The participants affected by the termination or discontinuance of contributions will immediately become 100% vested in their accounts.
| (2) | Summary of Significant Accounting Policies |
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting and present the net assets available for benefits and changes in those assets of the Plan. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein, and disclosure of contingent assets and liabilities. Accordingly, actual results may differ from those estimates.
Investment Valuation
The Plan’s investments are stated at fair value. The Company’s stock trades on the NASDAQ exchange, and the value of the Company’s stock is based on a quoted market price. Investments in mutual funds are valued at fair value based on quoted market prices of the underlying fund securities. Participant loans are stated at cost, which approximates fair value.
The Plan provides for investments in various investment securities, which are exposed to various risks such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits.
The net gain/(loss) from investment activity includes realized and unrealized gains and losses from investment activity as well as earnings on investments. Unrealized gains/(losses) are calculated as the difference between the current value of securities as of the end of the plan year and either the current value at the end of the preceding year or the actual cost if such investments were purchased during the current year. Realized gains or losses on sales of investments are calculated as the difference between sales proceeds and the current value of investments at the beginning of the year or the actual cost if such investments were purchased during the year. Earnings on investments include interest and dividends received on the Company’s common stock and mutual fund shares.
Securities transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date.
Habersham Bancorp 401(k) Plan
Notes to Financial Statements, continued
| (2) | Summary of Significant Accounting Policies, continued |
Recent Accounting Pronouncements
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurement” (FAS 157), which establishes a framework for measuring fair value under generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for financial statements issued with fiscal years beginning after November 15, 2007. The Plan’s management does not believe that the adoption of FAS 157 will have a material impact on the Plan’s financial statements.
In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (FAS 159). The fair value option established by FAS 159 permits entities to choose to measure eligible items at fair value at specified election dates. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings at each subsequent reporting date. FAS 159 is effective as of the beginning of an entity’s first fiscal year that begins after November 15, 2007. The Plan’s management does not believe that the adoption of FAS 159 will have a material impact on the Plan’s financial statements.
The following table represents investments at December 31, 2007 and 2006:
| | | 2007 | | | 2006 | |
| Money market accounts | | $ | - | | | | 753,313 | |
| | | | | | | | | |
| Mutual funds: | | | | | | | | |
| AllianceBerstein Global | | | - | | | | 77,881 | |
| AMCAP Fund | | | - | | | | 3,899 | |
| American Balanced Fund | | | - | | | | 14,997 | |
| Blackrock Core Total Return | | | - | | | | 620,763 | |
| Bond Fund of America | | | - | | | | 1,467 | |
| Calamos Growth Fund | | | - | | | | 139,733 | |
| Capital World Growth & Income | | | - | | | | 26,301 | |
| Davis New York Venture Fund | | | - | | | | 129,134 | |
| Delaware International Value Equity Fund | | | - | | | | 34,542 | |
| Euro Pacific Growth Fund | | | - | | | | 1,182 | |
| Federated Government Income | | | - | | | | 303,143 | |
| Federated Kaufman Small Cap | | | - | | | | 353 | |
| First Eagle Fund of America | | | - | | | | 2,193 | |
| Franklin Income Fund | | | - | | | | 6,536 | |
| Franklin Mutual Shares Fund | | | - | | | | 2,070 | |
| Goldman Sachs Growth | | | - | | | | 477,815 | |
| Growth Fund of America | | | - | | | | 4,951 | |
| Investment Company of America | | | - | | | | 1,182,348 | |
| Legg Mason Opportunity Trust | | | - | | | | 3,091 | |
| Legg Mason Partners Aggressive | | | - | | | | 19,141 | |
| Legg Mason Partners Short-Term | | | - | | | | 666,225 | |
| Legg Mason Partners S&P 500 | | | - | | | | 20,987 | |
| Legg Mason Partners Large Cap | | | - | | | | 1,005,751 | |
Habersham Bancorp 401(k) Plan
Notes to Financial Statements, continued
| (3) | Investments, continued |
| Mutual funds (continued): | | 2007 | | | 2006 | |
| | | | | | | | | |
| Legg Mason Partners Small Cap | | | - | | | | 81,858 | |
| Legg Mason Value Trust | | | - | | | | 2,967 | |
| Lord Abbett Affiliated Fund | | | - | | | | 1,999 | |
| Lord Abbett Bond Debenture Fund | | | - | | | | 110 | |
| Oppenheimer Small & Med Cap Value | | | - | | | | 1,105 | |
| Oppenheimer Global Opportunities | | | - | | | | 1,330 | |
| Pimco Total Return Fund | | | - | | | | 1,428 | |
| Templeton World | | | - | | | | 425 | |
| Van Kampen Equity and Income | | | - | | | | 109,969 | |
| JH Lifecycle 2045 | | | 13,349 | | | | - | |
| JH Lifecycle 2040 | | | 23,777 | | | | - | |
| JH Lifecycle 2035 | | | 46,769 | | | | - | |
| JH Lifecycle 2030 | | | 99,955 | | | | - | |
| JH Lifecycle 2025 | | | 384,503 | | | | - | |
| JH Lifecycle 2020 | | | 247,755 | | | | - | |
| JH Lifecycle 2015 | | | 1,118 | | | | - | |
| JH Lifestyle Aggressive | | | 280,460 | | | | - | |
| JH Lifestyle Growth | | | 235,791 | | | | - | |
| JH Lifestyle Balanced | | | 24,416 | | | | - | |
| JH Lifestyle Moderate | | | 3,159,921 | | | | - | |
| JH Lifestyle Conservative | | | 685,632 | | | | - | |
| JH DFA Emerging Markets Value | | | 491 | | | | - | |
| JH Bridgeway Ultra-Small Co | | | 872 | | | | - | |
| JH Royce Opportunity | | | 24,122 | | | | - | |
| JH Small Cap Value Index | | | 721 | | | | - | |
| JH DWS Mid Cap Growth | | | 1,536 | | | | - | |
| Mid Cap Stock Fund | | | 53,174 | | | | - | |
| JH Energy | | | 2,113 | | | | - | |
| JH Columbia Marsico Intl Opps | | | 490 | | | | - | |
| JH DFA International Value | | | 24,291 | | | | - | |
| JH American Funds EuroPacific | | | 11,303 | | | | - | |
| International Value Fund | | | 16,015 | | | | - | |
| JH Oppenheimer Global | | | 60,577 | | | | - | |
| JH Dreyfus Prem Structure Mid | | | 11,404 | | | | - | |
| JH Templeton World | | | 31,995 | | | | - | |
| JH Jennison Growth | | | 473 | | | | - | |
| JH American Funds Growth Fund | | | 34,764 | | | | - | |
| Quantitative All Cap Fund | | | 9,430 | | | | - | |
| JH T. Rowe Price Blue Chip | | | 18,889 | | | | - | |
| JH Legg Mason Value | | | 25,186 | | | | - | |
| JH BlackRock Large Value | | | 37,323 | | | | - | |
| Small Cap Opportunities Fund | | | 3,844 | | | | - | |
| JH Munder Small-Cap Value | | | 11,833 | | | | - | |
| JH RiverSource Mid Cap Value | | | 44,342 | | | | - | |
Habersham Bancorp 401(k) Plan
Notes to Financial Statements, continued
| (3) | Investments, continued |
| Mutual funds (continued): | | 2007 | | | 2006 | |
| | | | | | | |
| JH Lord Abbett All Value | | | 17,536 | | | | - | |
| JH Mutual Discovery | | | 24,113 | | | | - | |
| JH Weitz Partners Value | | | 12,002 | | | | - | |
| JH Mutual Beacon | | | 23,602 | | | | - | |
| JH Davis New York Venture | | | 16,135 | | | | - | |
| JH UBS U.S. Large Cap Equity | | | 17,158 | | | | - | |
| JH American Funds Inv Co Am | | | 10,506 | | | | - | |
| JH American Funds Wash Mutual | | | 4,573 | | | | - | |
| JH PIMCO All Asset | | | 31,229 | | | | - | |
| JH UBS Global Allocation | | | 457 | | | | - | |
| JH LM Partners Glb High Yield | | | 6,766 | | | | - | |
| JH John Hancock Strategic Inc | | | 7,375 | | | | - | |
| JH PIMCO Global Bond | | | 9,791 | | | | - | |
| JH PIMCO Total Return | | | 54,405 | | | | - | |
| JH PIMCO Real Return | | | 489 | | | | - | |
| Unsettled trades | | | - | | | | (17,048 | ) |
| Total mutual funds | | | 5,864,771 | | | | 4,928,646 | |
| | | | | | | | | |
| Common Stock: | | | | | | | | |
| Habersham Bancorp common stock | | | 794,379 | | | | 1,162,622 | |
| Altria Group, Inc. | | | - | | | | 8,582 | |
| CSX Corp | | | - | | | | 3,443 | |
| GameStop | | | - | | | | 5,511 | |
| Halliburton Holdings Co. | | | - | | | | 3,105 | |
| Johnson & Johnson | | | - | | | | 6,602 | |
| Marriott International, Inc. | | | - | | | | 4,772 | |
| Metlife, Inc. | | | - | | | | 5,901 | |
| News Corp | | | - | | | | 2,226 | |
| Occidental Petroleum | | | - | | | | 4,883 | |
| Total common stock | | | 794,379 | | | | 1,207,647 | |
| Participant loans | | | 58,458 | | | | 75,515 | |
| Total investments | | $ | 6,717,608 | | | | 6,965,121 | |
During 2007, the Plan’s investments (including investments bought, sold, and held during the year) depreciated in value by $124,319 as detailed below:
| Net change in investments at fair value as determined by quoted market price: | | | |
| Mutual Funds | | $ | 263,676 | |
| Common Stock | | | (387,995 | ) |
| Net change in fair value | | $ | (124,319 | ) |
Habersham Bancorp 401(k) Plan
Notes to Financial Statements, continued
| (3) | Investments, continued |
Single investments representing more than 5% of the Plan’s net assets as of December 31, 2007 and/or 2006, are separately identified.
| | | 2007 | | | 2006 | |
| Money Market Accounts | | $ | - | | | | 753,313 | |
| | | | | | | | | |
| Mutual Funds: | | | | | | | | |
| Blackrock Core Total Return | | | - | | | | 620,763 | |
| Goldman Sachs Growth | | | - | | | | 477,815 | |
| Investment Company of America | | | - | | | | 1,182,348 | |
| Legg Mason Partners Short-Term | | | - | | | | 666,225 | |
| Legg Mason Partners Large Cap | | | - | | | | 1,005,751 | |
| JH Lifecycle 2025 | | | 384,503 | | | | - | |
| JH Lifestyle Moderate | | | 3,159,921 | | | | - | |
| JH Lifestyle conservative | | | 685,632 | | | | - | |
| | | | | | | | | |
| Common Stock of Habersham Bancorp | | | 794,379 | | | | 1,162,622 | |
On May 1, 2007, the Plan changed its primary trustee relationship to John Hancock Retirement Services from Smith Barney. All participant accounts, except for investment in common stock of Habersham Bancorp were transferred to John Hancock Retirement Services. Investment in common stock of Habersham Bancorp remained with Smith Barney.
The Plan received a determination letter for the prototype plan upon which it is modeled dated November 19, 2001, in which the Internal Revenue Service (IRS) stated that the Plan as then designed was in compliance with the applicable requirements of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRS. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
| (5) | Party-In-Interest Transactions |
The Plan received cash dividends of $43,065 on its investment in Habersham Bancorp common stock during 2007.
Habersham Bancorp 401(k) Plan
Schedule H, Line 4i – Schedule of Assets Held for Investment Purposes
December 31, 2007
EIN: 58-1563165 PN 001
| (a) | | | (b) Identity of issuer, borrower, lessor or similar party | | | (c) Description of investment, including maturity date, rate of interest, collateral, par or maturity value | | | (d) Cost | | | (e) Current Value | |
| | | | | | | | | | | | | | |
| | | | Mutual funds: | | | | | | | | | | |
| | | | JH Lifecycle 2045 | | | 1,171 mutual fund shares | | | | N/A | | | $ | 13,349 | |
| | | | JH Lifecycle 2040 | | | 2,087 mutual fund shares | | | | N/A | | | | 23,777 | |
| | | | JH Lifecycle 2035 | | | 4,107 mutual fund shares | | | | N/A | | | | 46,769 | |
| | | | JH Lifecycle 2030 | | | 8,826 mutual fund shares | | | | N/A | | | | 99,955 | |
| | | | JH Lifecycle 2025 | | | 34,233 mutual fund shares | | | | N/A | | | | 384,503 | |
| | | | JH Lifecycle 2020 | | | 22,153 mutual fund shares | | | | N/A | | | | 247,755 | |
| | | | JH Lifecycle 2015 | | | 101 mutual fund shares | | | | N/A | | | | 1,118 | |
| | | | JH Lifestyle Aggressive | | | 8,361 mutual fund shares | | | | N/A | | | | 280,460 | |
| | | | JH Lifestyle Growth | | | 6,920 mutual fund shares | | | | N/A | | | | 235,791 | |
| | | | JH Lifestyle Balanced | | | 715 mutual fund shares | | | | N/A | | | | 24,416 | |
| | | | JH Lifestyle Moderate | | | 93,583 mutual fund shares | | | | N/A | | | | 3,159,921 | |
| | | | JH Lifestyle Conservative | | | 20,172 mutual fund shares | | | | N/A | | | | 685,632 | |
| | | | JH DFA Emerging Markets Value | | | 11 mutual fund shares | | | | N/A | | | | 491 | |
| | | | JH Bridgeway Ultra-Small Co | | | 46 mutual fund shares | | | | N/A | | | | 872 | |
| | | | JH Royce Opportunity | | | 1,423 mutual fund shares | | | | N/A | | | | 24,122 | |
| | | | JH Small Cap Value Index | | | 45 mutual fund shares | | | | N/A | | | | 721 | |
| | | | JH DWS Mid Cap Growth | | | 34 mutual fund shares | | | | N/A | | | | 1,536 | |
| | | | Mid Cap Stock Fund | | | 2,441 mutual fund shares | | | | N/A | | | | 53,174 | |
| | | | JH Energy | | | 20 mutual fund shares | | | | N/A | | | | 2,113 | |
| | | | JH Columbia Marsico Intl Opps | | | 24 mutual fund shares | | | | N/A | | | | 490 | |
| | | | JH DFA International Value | | | 943 mutual fund shares | | | | N/A | | | | 24,291 | |
| | | | JH American Funds EuroPacific | | | 183 mutual fund shares | | | | N/A | | | | 11,303 | |
| | | | International Value Fund | | | 670 mutual fund shares | | | | N/A | | | | 16,015 | |
| | | | JH Oppenheimer Global | | | 1,367 mutual fund shares | | | | N/A | | | | 60,577 | |
| | | | JH Dreyfus Prem Structure Mid | | | 550 mutual fund shares | | | | N/A | | | | 11,404 | |
| | | | JH Templeton World | | | 770 mutual fund shares | | | | N/A | | | | 31,995 | |
| | | | JH Jennison Growth | | | 23 mutual fund shares | | | | N/A | | | | 473 | |
| | | | JH American Funds Growth Fund | | | 933 mutual fund shares | | | | N/A | | | | 34,764 | |
| | | | Quantitative All Cap Fund | | | 413 mutual fund shares | | | | N/A | | | | 9,430 | |
| | | | JH T. Rowe Price Blue Chip | | | 357 mutual fund shares | | | | N/A | | | | 18,889 | |
| | | | JH Legg Mason Value | | | 341 mutual fund shares | | | | N/A | | | | 25,186 | |
| | | | JH BlackRock Large Value | | | 1,676 mutual fund shares | | | | N/A | | | | 37,323 | |
| | | | Small Cap Opportunities Fund | | | 162 mutual fund shares | | | | N/A | | | | 3,844 | |
| | | | JH Munder Small-Cap Value | | | 403 mutual fund shares | | | | N/A | | | | 11,833 | |
Habersham Bancorp 401(k) Plan
Schedule H, Line 4i – Schedule of Assets Held for Investment Purposes, continued
December 31, 2007
EIN: 58-1563165 PN 001
| (a) | (b) Identity of issuer, borrower, lessor or similar party | | | (c) Description of investment, including maturity date, rate of interest, collateral, par or maturity value | | | (d) Cost | | | (e) Current Value | |
| | JH RiverSource Mid Cap Value | | | 4,097 mutual fund shares | | | | N/A | | | $ | 44,342 | |
| | JH Lord Abbett All Value | | | 485 mutual fund shares | | | | N/A | | | | 17,536 | |
| | JH Mutual Discovery | | | 344 mutual fund shares | | | | N/A | | | | 24,113 | |
| | JH Weitz Partners Value | | | 361 mutual fund shares | | | | N/A | | | | 12,002 | |
| | JH Mutual Beacon | | | 182 mutual fund shares | | | | N/A | | | | 23,602 | |
| | JH Davis New York Venture | | | 497 mutual fund shares | | | | N/A | | | | 16,135 | |
| | JH UBS U.S. Large Cap Equity | | | 804 mutual fund shares | | | | N/A | | | | 17,158 | |
| | JH American Funds Inv Co Am | | | 256 mutual fund shares | | | | N/A | | | | 10,506 | |
| | JH American Funds Wash Mutual | | | 116 mutual fund shares | | | | N/A | | | | 4,573 | |
| | JH PIMCO All Asset | | | 1,932 mutual fund shares | | | | N/A | | | | 31,229 | |
| | JH UBS Global Allocation | | | 26 mutual fund shares | | | | N/A | | | | 457 | |
| | JH LM Partners Glb High Yield | | | 258 mutual fund shares | | | | N/A | | | | 6,766 | |
| | JH John Hancock Strategic Inc | | | 885 mutual fund shares | | | | N/A | | | | 7,375 | |
| | JH PIMCO Global Bond | | | 741 mutual fund shares | | | | N/A | | | | 9,791 | |
| | JH PIMCO Total Return | | | 3,203 mutual fund shares | | | | N/A | | | | 54,405 | |
| | JH PIMCO Real Return | | | 33 mutual fund shares | | | | N/A | | | | 489 | |
| * | Common Stock of Habersham Bancorp | | | 50,889 common stock shares | | | | N/A | | | | 794,379 | |
| | | | | | | | | | | | | | |
| | Participant loans | | | Interest rates ranging from 5.00% to 9.00% with maturities through April 2018 | | | | - | | | | 58,458 | |
* - Habersham Bancorp is a party-in-interest to the Plan.
N/A – Value is not applicable due to investment being participant directed
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