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
| T | ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the fiscal year ended: December 31, 2008.
| £ | 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 is the audited financial statements of the Plan as of December 31, 2008 and 2007 and for the year ended December 31, 2008.
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: ______________________________ |
| | | Name: /s/ Karen Neely |
| | | Title: Senior Vice President |
Dated: June 29, 2009
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, 2008 and 2007, and the related statement of changes in net assets available for benefits for the year ended December 31, 2008 and the supplemental schedule as of December 31, 2008. 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, 2008 and 2007, and the changes in net assets available for benefits for the year ended December 31, 2008, 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 United States Department of Labor 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 25, 2009
Habersham Bancorp 401(k) Plan
Statements of Net Assets Available for Benefits
December 31, 2008 and 2007
| Assets: | | 2008 | | | 2007 | |
| Cash | | $ | 46,478 | | | | 103,641 | |
| Investments, at fair value: | | | | | | | | |
| Pooled separate accounts | | | 4,238,773 | | | | 5,864,771 | |
| Common stock of Habersham Bancorp | | | 148,660 | | | | 794,379 | |
| Participant loans | | | 63,984 | | | | 58,458 | |
| Total investments | | | 4,451,417 | | | | 6,717,608 | |
| Net assets available for benefits | | $ | 4,497,895 | | | | 6,821,249 | |
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, 2008
| Additions to net assets attributed to: | | | |
| Contributions: | | | |
| Employer | | $ | 188,422 | |
| Employee | | | 470,484 | |
| | | | | |
| Total contributions | | | 658,906 | |
| Investment income: | | | | |
| Interest | | | 3,553 | |
| Dividends | | | 13,350 | |
| | | | | |
| Total investment income | | | 16,903 | |
| Total additions | | | 675,809 | |
| Deductions from net assets attributed to: | | | | |
| Net decrease in fair value of investments | | | 2,348,807 | |
| Benefit distributions to participants | | | 650,356 | |
| | | | | |
| Total deductions | | | 2,999,163 | |
| | | | | |
| Decrease in net assets available for benefits | | | 2,323,354 | |
| Net assets available for benefits: | | | | |
| Beginning of year | | | 6,821,249 | |
| End of year | | $ | 4,497,895 | |
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”). Full-time 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 an additional $5,000 catch-up contribution can be made if the participant turns the age of 50 by December 31, 2008. 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. Forfeitures totaling $21,551 were used to reduce the Company’s contributions during 2008. Forfeitures of $16,214 and $28,352 were available at December 31, 2008 and 2007, respectively, 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 5.25% to 7.00%, 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 Habersham Bancorp stock is based on a quoted market price. Investments in pooled separate accounts are valued at fair value based on quoted market prices of the underlying fund assets, net of investment management fees. 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 pooled separate accounts.
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
The following table represents investments at December 31, 2008 and 2007:
| | | 2008 | | | 2007 | |
| Pooled separate accounts: | | | | | | |
| JH Lifecycle 2045 | | $ | 19,993 | | | | 13,349 | |
| JH Lifecycle 2040 | | | 22,856 | | | | 23,777 | |
| JH Lifecycle 2035 | | | 30,770 | | | | 46,769 | |
| JH Lifecycle 2030 | | | 94,718 | | | | 99,955 | |
| JH Lifecycle 2025 | | | 309,931 | | | | 384,503 | |
| JH Lifecycle 2020 | | | 179,876 | | | | 247,755 | |
| JH Lifecycle 2015 | | | 3,864 | | | | 1,118 | |
| JH Lifecycle 2010 | | | 2,345 | | | | - | |
| JH Lifestyle Retirement | | | 41,781 | | | | - | |
| JH Lifestyle Aggressive | | | 146,792 | | | | 280,460 | |
| JH Lifestyle Growth | | | 148,572 | | | | 235,791 | |
| JH Lifestyle Balanced | | | 18,555 | | | | 24,416 | |
| JH Lifestyle Moderate | | | 2,067,499 | | | | 3,159,921 | |
| JH Lifestyle Conservative | | | 617,829 | | | | 685,632 | |
| JH DFA Emerging Markets Value | | | 481 | | | | 491 | |
| JH Bridgeway Ultra-Small Co | | | 1,564 | | | | 872 | |
| JH Royce Opportunity | | | 11,234 | | | | 24,122 | |
| JH Small Cap Value Index | | | 974 | | | | 721 | |
| JH DWS Mid Cap Growth | | | - | | | | 1,536 | |
| Mid Cap Stock Fund | | | 15,739 | | | | 53,174 | |
| JH Energy | | | 2,480 | | | | 2,113 | |
| JH Columbia Marsico Intl Opps | | | - | | | | 490 | |
| JH DFA International Value | | | 13,373 | | | | 24,291 | |
| JH American Funds EuroPacific | | | 6,314 | | | | 11,303 | |
| International Value Fund | | | 1,079 | | | | 16,015 | |
| JH Oppenheimer Global | | | 37,710 | | | | 60,577 | |
| JH Dreyfus Prem Structure Mid | | | 6,573 | | | | 11,404 | |
| JH Templeton World | | | 24,017 | | | | 31,995 | |
| JH Jennison Growth | | | 644 | | | | 473 | |
| JH American Funds Growth Fund | | | - | | | | 34,764 | |
| Quantitative All Cap Fund | | | - | | | | 9,430 | |
| JH T. Rowe Price Blue Chip | | | 11,775 | | | | 18,889 | |
| JH Legg Mason Value | | | 13,188 | | | | 25,186 | |
| JH BlackRock Large Value | | | 21,288 | | | | 37,323 | |
| Small Cap Opportunities Fund | | | 9,174 | | | | 3,844 | |
| JH Munder Small-Cap Value | | | - | | | | 11,833 | |
| JH RiverSource Mid Cap Value | | | 22,981 | | | | 44,342 | |
| JH Lord Abbett All Value | | | - | | | | 17,536 | |
| JH Mutual Discovery | | | 17,146 | | | | 24,113 | |
| JH Weitz Partners Value | | | - | | | | 12,002 | |
| JH Mutual Beacon | | | 22,695 | | | | 23,602 | |
| JH Davis New York Venture | | | 13,006 | | | | 16,135 | |
Habersham Bancorp 401(k) Plan
Notes to Financial Statements, continued
| (3) | Investments, continued |
| | | 2008 | | | 2007 | |
| Pooled separate accounts, continued | | | | | | |
| JH UBS U.S. Large Cap Equity | | | 10,920 | | | | 17,158 | |
| JH American Funds Inv Co Am | | | 6,445 | | | | 10,506 | |
| JH American Funds Wash Mutual | | | 5,955 | | | | 4,573 | |
| JH PIMCO All Asset | | | 52,295 | | | | 31,229 | |
| JH UBS Global Allocation | | | 1,800 | | | | 457 | |
| JH LM Partners Glb High Yield | | | 2,804 | | | | 6,766 | |
| JH John Hancock Strategic Inc | | | 12,474 | | | | 7,375 | |
| JH PIMCO Global Bond | | | 18,822 | | | | 9,791 | |
| JH PIMCO Total Return | | | 62,933 | | | | 54,405 | |
| JH PIMCO Real Return | | | 1,424 | | | | 489 | |
| JH Stable Val | | | 59,387 | | | | - | |
| MFS Utilities | | | 1,812 | | | | - | |
| Domini Social Equity | | | 398 | | | | - | |
| The Growth Fund of America | | | 20,077 | | | | - | |
| American Century Vista | | | 1,665 | | | | - | |
| T.Rowe Price Sci & Tech | | | 566 | | | | - | |
| All Cap Value Fund | | | 13,331 | | | | - | |
| Optimized All Cap Fund | | | 6,100 | | | | - | |
| Intl Small Cap Fund | | | 749 | | | | - | |
| | | | | | | | | |
| Total pooled separate accounts | | | 4,238,773 | | | | 5,864,771 | |
| | | | | | | | | |
| Common Stock of Habersham Bancorp | | | 148,660 | | | | 794,379 | |
| Participant loans | | | 63,984 | | | | 58,458 | |
Total investments | | $ | 4,451,417 | | | | 6,717,608 | |
During 2008, the Plan’s investments (including investments bought, sold, and held during the year) depreciated in value by $2,348,807 as detailed below:
| Net change in investments at fair value as determined by quoted market price: | | | |
| Pooled separate accounts | | $ | (1,617,829 | ) |
| Common Stock of Habersham Bancorp | | | (730,978 | ) |
| Net change in fair value | | $ | (2,348,807 | ) |
Single investments representing more than 5% of the Plan’s net assets as of December 31, 2008 and/or 2007, are separately identified.
| | | 2008 | | | 2007 | |
| Pooled separate accounts: | | | | | | |
| JH Lifecycle 2025 | | $ | 309,931 | | | | 384,503 | |
| JH Lifestyle Moderate | | | 2,067,499 | | | | 3,159,921 | |
| JH Lifestyle Conservative | | | 617,829 | | | | 685,632 | |
| Common Stock of Habersham Bancorp | | | 148,660 | | | | 794,379 | |
Habersham Bancorp 401(k) Plan
Notes to Financial Statements, continued
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 $13,350 on its investment in Habersham Bancorp common stock during 2008.
| (6) | Distributions Approved and Processed But Not Yet Paid |
As of December 31, 2008, distributions totaling $4,088 have been approved and processed but not paid out.
| (7) | Fair Value Measurements |
On January 1, 2008, the Plan adopted Financial Accounting Standards Board Statement No. 157, Fair Value Measurements (FASB Statement No. 157), establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB Statement No. 157 are described below:
| | Level 1 | Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. |
| | Level 2 | Inputs to the valuation methodology include: |
| | · | Quoted prices for similar assets or liabilities in active markets; |
| | · | Quoted prices for identical or similar assets or liabilities in inactive markets; |
| | · | Inputs other than quoted prices that are observable for the asset of liability; |
| | · | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
| | Level 3 | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2008 and 2007.
Pooled separate accounts: The fair values of participation units held in pooled separate accounts are based on their net asset values, as reported by the managers of the pooled separate accounts and as supported by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date.
Habersham Bancorp 401(k) Plan
Notes to Financial Statements, continued
| (7) | Fair Value Measurements , continued |
Common Stock of Habersham Bancorp: The Company’s stock trades on the NASDAQ exchange, and the value of the stock is based on a quoted market price.
Participant loans: Valued at amortized cost, which approximates fair value.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following tables sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2008 and 2007:
Assets at Fair Value as of December 31, 2008
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Pooled separate accounts | | $ | 4,238,773 | | | | - | | | | - | | | | 4,238,773 | |
| Common stock of Habersham Bancorp | | | 148,660 | | | | - | | | | - | | | | 148,660 | |
| Participant loans | | | - | | | | - | | | | 63,984 | | | | 63,984 | |
| Total assets at fair value | | $ | 4,387,433 | | | | - | | | | 63,984 | | | | 4,451,417 | |
Assets at Fair Value as of December 31, 2007
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Pooled separate accounts | | $ | 5,864,771 | | | | - | | | | - | | | | 5,864,771 | |
| Common stock of Habersham Bancorp | | | 794,379 | | | | - | | | | - | | | | 794,379 | |
| Participant loans | | | - | | | | - | | | | 58,458 | | | | 58,458 | |
| Total assets at fair value | | $ | 6,659,150 | | | | - | | | | 58,458 | | | | 6,717,608 | |
Level 3 Gains and Losses
The table below sets forth a summary of changes in the fair value of the Plan’s level 3 assets for the year ended December 31, 2008.
| | | Participant Loans | |
| Balance, beginning of year | | $ | 58,458 | |
| New loans | | | 56,700 | |
| Repayments | | | (51,174 | ) |
| Balance, end of year | | $ | 63,984 | |
Effective March 30, 2009, the Company elected to temporarily cease future matching contributions to the Plan. The date at which matching contributions will be continued has not yet been determined.
Habersham Bancorp 401(k) Plan
Schedule H, Line 4i – Schedule of Assets Held for Investment Purposes
December 31, 2008
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 | |
| | | | | | | | | | |
| | | Pooled separate accounts: | | | | | | | |
| | | JH Lifecycle 2045 | | 2,946 pooled separate account sub-account units | | N/A | | $ | 19,993 | |
| | | JH Lifecycle 2040 | | 3,365 pooled separate account sub-account units | | N/A | | | 22,856 | |
| | | JH Lifecycle 2035 | | 4,534 pooled separate account sub-account units | | N/A | | | 30,770 | |
| | | JH Lifecycle 2030 | | 13,988 pooled separate account sub-account units | | N/A | | | 94,718 | |
| | | JH Lifecycle 2025 | | 44,942 pooled separate account sub-account units | | N/A | | | 309,931 | |
| | | JH Lifecycle 2020 | | 25,261 pooled separate account sub-account units | | N/A | | | 179,876 | |
| | | JH Lifecycle 2015 | | 525 pooled separate account sub-account units | | N/A | | | 3,864 | |
| | | JH Lifecycle 2010 | | 307 pooled separate account sub-account units | | N/A | | | 2,345 | |
| | | JH Lifestyle Retirement | | 5,468 pooled separate account sub-account units | | N/A | | | 41,781 | |
| | | JH Lifestyle Aggressive | | 7,597 pooled separate account sub-account units | | N/A | | | 146,792 | |
| | | JH Lifestyle Growth | | 6,914 pooled separate account sub-account units | | N/A | | | 148,572 | |
| | | JH Lifestyle Balanced | | 796 pooled separate account sub-account units | | N/A | | | 18,555 | |
| | | JH Lifestyle Moderate | | 80,558 pooled separate account sub-account units | | N/A | | | 2,067,499 | |
| | | JH Lifestyle Conservative | | 21,494 pooled separate account sub-account units | | N/A | | | 617,829 | |
| | | JH DFA Emerging Markets Value | | 23 pooled separate account sub-account units | | N/A | | | 481 | |
| | | JH Bridgeway Ultra-Small Co | | 139 pooled separate account sub-account units | | N/A | | | 1,564 | |
| | | JH Royce Opportunity | | 1,228 pooled separate account sub-account units | | N/A | | | 11,234 | |
| | | JH Small Cap Value Index | | 91 pooled separate account sub-account units | | N/A | | | 974 | |
| | | Mid Cap Stock Fund | | 1,286 pooled separate account sub-account units | | N/A | | | 15,739 | |
| | | JH Energy | | 42 pooled separate account sub-account units | | N/A | | | 2,480 | |
| | | JH DFA International Value | | 976 pooled separate account sub-account units | | N/A | | | 13,373 | |
| | | JH American Funds EuroPacific | | 173 pooled separate account sub-account units | | N/A | | | 6,314 | |
| | | International Value Fund | | 79 pooled separate account sub-account units | | N/A | | | 1,079 | |
| | | JH Oppenheimer Global | | 1,448 pooled separate account sub-account units | | N/A | | | 37,710 | |
| | | JH Dreyfus Prem Structure Mid | | 536 pooled separate account sub-account units | | N/A | | | 6,573 | |
| | | JH Templeton World | | 960 pooled separate account sub-account units | | N/A | | | 24,017 | |
| | | JH Jennison Growth | | 51 pooled separate account sub-account units | | N/A | | | 644 | |
| | | JH T. Rowe Price Blue Chip | | 391 pooled separate account sub-account units | | N/A | | | 11,775 | |
| | | JH Legg Mason Value | | 397 pooled separate account sub-account units | | N/A | | | 13,188 | |
| | | JH BlackRock Large Value | | 1,492 pooled separate account sub-account units | | N/A | | | 21,288 | |
| | | Small Cap Opportunities Fund | | 671 pooled separate account sub-account units | | N/A | | | 9,174 | |
| | | JH RiverSource Mid Cap Value | | 3,831 pooled separate account sub-account units | | N/A | | | 22,981 | |
| | | JH Mutual Discovery | | 335 pooled separate account sub-account units | | N/A | | | 17,146 | |
| | | JH Mutual Beacon | | 301 pooled separate account sub-account units | | N/A | | | 22,695 | |
| | | JH Davis New York Venture | | 670 pooled separate account sub-account units | | N/A | | | 13,006 | |
| | | JH UBS U.S. Large Cap Equity | | 862 pooled separate account sub-account units | | N/A | | | 10,920 | |
Habersham Bancorp 401(k) Plan
Schedule H, Line 4i – Schedule of Assets Held for Investment Purposes
December 31, 2008
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 | |
| | | | | | | | | | |
| | | Pooled separate accounts, continued: | | | | | | | |
| | | | | | | | | | |
| | | JH American Funds Inv Co Am | | 243 pooled separate account sub-account units | | N/A | | $ | 6,445 | |
| | | JH American Funds Wash Mutual | | 226 pooled separate account sub-account units | | N/A | | | 5,955 | |
| | | JH PIMCO All Asset | | 3,860 pooled separate account sub-account units | | N/A | | | 52,295 | |
| | | JH UBS Global Allocation | | 163 pooled separate account sub-account units | | N/A | | | 1,800 | |
| | | JH LM Partners Glb High Yield | | 156 pooled separate account sub-account units | | N/A | | | 2,804 | |
| | | JH John Hancock Strategic Inc | | 1,687 pooled separate account sub-account units | | N/A | | | 12,474 | |
| | | JH PIMCO Global Bond | | 1,477 pooled separate account sub-account units | | N/A | | | 18,822 | |
| | | JH PIMCO Total Return | | 3,566 pooled separate account sub-account units | | N/A | | | 62,933 | |
| | | JH PIMCO Real Return | | 105 pooled separate account sub-account units | | N/A | | | 1,424 | |
| | | JH Stable Val | | 50,394 pooled separate account sub-account units | | N/A | | | 59,387 | |
| | | MFS Utilities | | 128 pooled separate account sub-account units | | N/A | | | 1,812 | |
| | | Domini Social Equity | | 16 pooled separate account sub-account units | | N/A | | | 398 | |
| | | The Growth Fund of America | | 890 pooled separate account sub-account units | | N/A | | | 20,077 | |
| | | American Century Vista | | 66 pooled separate account sub-account units | | N/A | | | 1,665 | |
| | | T. Rowe Price Sci & Tech | | 25 pooled separate account sub-account units | | N/A | | | 566 | |
| | | All Cap Value Fund | | 1,024 pooled separate account sub-account units | | N/A | | | 13,331 | |
| | | Optimized All Cap Fund | | 472 pooled separate account sub-account units | | N/A | | | 6,100 | |
| | | Int’l Small Cap Fund | | 50 pooled separate account sub-account units | | N/A | | | 749 | |
| | | | | | | | | | | |
| * | | Common Stock of Habersham | | 61,941 common stock shares | | N/A | | | 148,660 | |
| | | | | | | | | | | |
| | | Participant loans | | Interest rates ranging from 5.25% to 7.00% with maturities through April 2018 | | - | | | 63,984 | |
* - 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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