-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BrgvQcneUI3+erspEFE+BEPg3JTCooq6b0t9JEKiWE8Ioez3qMXZ+ImW4hgicbIR JPg1LIB+0Anp+Qwfi7AMRg== 0000915656-98-000062.txt : 19980701 0000915656-98-000062.hdr.sgml : 19980701 ACCESSION NUMBER: 0000915656-98-000062 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980630 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NSS BANCORP INC CENTRAL INDEX KEY: 0001042806 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 061485317 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-22937 FILM NUMBER: 98657870 BUSINESS ADDRESS: STREET 1: 48 WALL ST CITY: NORWALK STATE: CT ZIP: 06852 BUSINESS PHONE: 2038384545 MAIL ADDRESS: STREET 1: NSS BANCORP INC STREET 2: P O BOX 28 CITY: NORWALK STATE: CT ZIP: 06852 11-K 1 NSS BANK THRIFT INCENTIVE PLAN FINANCIAL STATEMENTS AND SCHEDULES DECEMBER 31, 1997, 1996 AND 1995 (WITH INDEPENDENT AUDITOR'S REPORT THEREON) SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of the Securities Exchange Act of 1934 Year Ended December 31, 1997 Commission File Number: 0-22937 NSS BANK THRIFT INCENTIVE PLAN NSS BANCORP, INC. 48 WALL STREET NORWALK, CT 06852 (203) 838-4545 Item 1. CHANGES IN THE PLAN None - ---------------------------- Item 2. CHANGES IN INVESTMENT POLICY None - ------------------------------------- Item 3. CONTRIBUTIONS UNDER THE PLAN - ------------------------------------- For the years ended December 31, 1997, 1996, 1995, 1994 and 1993, the amount of employer contributions under the Plan were $85,114, $84,024, $60,159, $0 and $0, respectively. Item 4. PARTICIPATING EMPLOYEES - -------------------------------- At December 31, 1997, there were 107 participating employees in the Plan. The number of participating employees in each investment program at December 31, 1997 was as follows: MUTUAL FUNDS: Federated Managed Income Fund 26 Federated Managed Growth and Income Fund 35 Federated Managed Growth Fund 49 Federated Managed Aggressive Growth Fund 60 Trust for US Treasury Obligations Fund 22 OTHER: NSS Bancorp, Inc. Common Stock 37 -1- Item 5. ADMINISTRATION OF THE PLAN - ----------------------------------- The Plan is administered by a committee appointed by NSS Bank's Board of Directors. The committee has full power and authority to administer the Plan and to interpret its provisions. The Committee has designated an officer of the Bank to act as the Plan's Administrator. Item 6. CUSTODIANS OF INVESTMENTS - ---------------------------------- (a) NSS Bank, through its Trust Department, is the Plan's trustee as of December 31, 1997. NSS Bank is located at 48 Wall Street, Norwalk, Connecticut. Federated Securities Corp., Pittsburgh, Pennsylvania, is investment manager for investments other than NSS Bancorp, Inc. common stock. State Street Bank and Trust Company, Boston, Massachusetts, is custodian for all investments other than NSS Bancorp, Inc. common stock. Compulife Investor Services, Inc., Midlothian, Virginia, is securities broker and custodian of investments in NSS Bancorp, Inc. common Stock. (b) Investment and administrative expenses aggregating $19,469, $6,712, and $10,059 during the years ended December 31, 1997, 1996 and 1995, were borne by NSS Bank, the Plan's sponsor. (c) The Plan is insured by a fidelity bond against losses through fraud or dishonesty for the maximum amount of $4,000,000 by the Great American Insurance Company, Cincinnati, Ohio. Item 7. REPORTS TO PARTICIPATING EMPLOYEES - ------------------------------------------- Participating employees receive a summary annual report and have the right to obtain upon request a copy of the full annual report of the Plan or any part thereof. Individual participant statements are also provided on a quarterly basis. -2- Item 8. INVESTMENT OF FUNDS - ---------------------------- Participants may direct their contributions into any one of the following six investment options: 1) Federated Managed Income Fund 2) Federated Managed Growth and Income Fund 3) Federated Managed Growth Fund 4) Federated Managed Aggressive Growth Fund 5) Trust for U.S. Treasury Obligations Fund 6) NSS Bancorp, Inc. Common Stock - Party-in-interest to the Plan -3- Item 9. FINANCIAL STATEMENTS AND SCHEDULES - ------------------------------------------- Page(s) Financial Statements: Independent Auditor's Report F-1 - F-2 Statements of Net Assets Available for Plan Benefits as of December 31, 1997 and 1996 F-3 Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 1997, 1996 and 1995 F-4 Notes to Financial Statements F-5 - F-9 Supplemental Schedules: Reportable Transactions for the Year Ended December 31, 1997 F-10 Non-Exempt Transactions of Parties-in-Interest for the Year Ended December 31, 1997 F-11 Schedule of the Allocation of Plan Assets and Liabilities to Investment Programs as of December 31, 1997 and 1996 F-12 - F-13 Schedule of Plan Income and Changes in Equity in Investment Programs for the Years Ended December 31, 1997, 1996 and 1995 F-14 - F-16 -4- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the administrative committee of the Plan has duly caused this annual report to be signed by the undersigned thereunto duly authorized. NSS BANK THRIFT INCENTIVE PLAN Date: June 26, 1998 By: /s/ Jere T. Dorney Jere T. Dorney Plan Administrator NSS BANK THRIFT INCENTIVE PLAN FINANCIAL STATMENTS AND SCHEDULES DECEMBER 31, 1997, 1996 AND 1995 (WITH INDEPENDENT AUDITOR'S REPORT THEREON) NSS BANK THRIFT INCENTIVE PLAN CONTENTS Independent Auditor's Report FINANCIAL STATEMENTS Statements of net assets available for plan benefits Exhibit A Statements of changes in net assets available for plan benefits Exhibit B Notes to financial statements SUPPLEMENTAL SCHEDULES Assets held for investment Schedule 1 Reportable transactions Schedule 2 Non-exempt transactions of parties-in-interest Schedule 3 Allocation of plan assets and liabilities to investment programs Schedule 4 Plan income and changes in equity in investment programs Schedule 5 INDEPENDENT AUDITOR'S REPORT The Plan Administrator of the NSS Bank Thrift Incentive Plan Norwalk, Connecticut We have audited the accompanying statement of net assets available for plan benefits of the NSS Bank Thrift Incentive Plan as of December 31, 1997, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1997. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. The statements of net assets available for plan benefits as of December 31, 1996 and the related statements of changes in net assets available for plan benefits for the years ended December 31, 1996 and 1995 were audited by other auditors whose report dated August 1, 1997 expressed an unqualified opinion on those statement. We conducted our audit in accordance with generally accepted auditing standards. 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 the Plan's management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. F-1 The Plan Administrators of the NSS Bank Thrift Incentive Plan Page Two In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the NSS Bank Thrift Incentive Plan as of December 31, 1997, and the changes in its net assets available for plan benefits for the year ended December 31, 1997, in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. FRIEDBERG, SMITH & CO., P.C. Bridgeport, Connecticut June 24, 1998 F-2 NSS BANK THRIFT INCENTIVE PLAN EXHIBIT A ============================== STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1997 AND 1996 -------------------------------------- ASSETS 1997 1996 - ------ ---- ---- Investments (Notes 1, 2 and 3) - ------------------------------ At Fair Value: - ------------- Federated Managed Income Fund $307,208 $314,914 Federated Managed Growth & Income Fund 278,818 278,936 Federated Managed Growth Fund 668,179 530,175 Federated Managed Aggressive Growth Fund 566,472 364,203 Trust for U.S. Treasury Obligations Fund 307,869 188,152 NSS Bancorp, Inc. Common Stock 102,114 32,053 --------- --------- 2,230,660 1,708,433 --------- --------- Other (Notes 1 and 2) - --------------------- Participants' Loans Receivable 124,173 117,694 Employer's Contributions Receivable 23,349 19,546 Short-Term Investment Fund 9,900 11,166 --------- --------- Total Other 157,422 148,406 --------- --------- TOTAL ASSETS 2,388,082 1,856,839 --------- --------- LIABILITIES - - --------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS (Note 4) $2,388,082 $1,856,839 ========== ==========
See notes to financial statements. F-3 NSS BANK THRIFT INCENTIVE PLAN EXHIBIT B ============================== STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995 ------------------------------------------------- Year Ended Year Ended Year Ended December 31, December 31, December 31, 1997 1996 1995 ------------ ------------ ------------ Additions to Net Assets: - ----------------------- Net Investment Income (Loss) (Notes 1, 2 and 3): - ------------------------- Net Appreciation (Depreciation) in Fair Value of Investments $ 84,522 $ 51,242 $ 125,584 Investment Income - Investments and Loans 177,388 99,298 55,394 ---------- ---------- ---------- 261,910 150,540 180,978 Contributions (Notes 1 and 2): - ----------------------------- Employer 85,714 84,024 60,159 Participants 318,514 233,449 169,161 ---------- ---------- ---------- Total Additions 666,138 468,013 410,298 Deductions from Net Assets (Note 1): - ----------------------------------- Benefits Paid to Participants (134,895) (91,901) (83,774) ---------- ---------- ---------- Net Increase (Note 4) 531,243 376,112 326,524 Net Assets Available for Benefits: - --------------------------------- Beginning of Period 1,856,839 1,480,727 1,154,203 --------- --------- --------- End of Period $2,388,082 $1,856,839 $1,480,727 ========= ========= =========
See notes to financial statements. F-4 NSS BANK THRIFT INCENTIVE PLAN ============================== NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 ----------------------------- NOTE 1 - PLAN DESCRIPTION - ------------------------- The following brief description of the NSS Bank Thrift Incentive Plan (Plan) is provided for general information purposes only. Participants should refer to the Plan agreement for more complete information. The Plan, as amended, became effective on January 1, 1988, and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan is a defined contribution plan covering substantially all employees of NSS Bank and its subsidiaries (Bank) who have one year of eligible service and are age twenty-one or older. NSS Bank is a wholly-owned subsidiary of NSS Bancorp, Inc., (Bancorp) a bank holding company organized as of October 1, 1997. Each year participants may contribute between one and fifteen percent of their pre-tax annual compensation, as defined in the Plan. The Bank matches contributions in an amount equal to 50 percent of a participant's first 4% contribution, subject to certain limitations as defined in the Plan. Additionally, the Bank can make discretionary contributions at the option of the Bank's Board of Directors. Participants' accounts are credited with their contributions, plus allocated Bank contributions and Plan earnings. Bank contributions are allocated based on the ratio that each qualifying participant's compensation for the plan year bears to the total compensation of all qualifying participants. Plan earnings are allocated based on a participant's account balance in various investments and their respective earnings. All administrative expenses of the Plan are paid and borne by the Bank. Participants are immediately 100 percent vested in their contributions and become fully vested after seven years in any Bank matching and discretionary contributions, and earnings thereon. A withdrawing participant who is not 100 percent vested forfeits the non-vested portion of Bank matching and discretionary contributions. Forfeited amounts are used to reduce Bank contributions. Forfeited contributions were $4,890 and $5,942 at December 31, 1997 and 1996, respectively. F-5 NSS BANK THRIFT INCENTIVE PLAN ============================== NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 ----------------------------- NOTE 1 - PLAN DESCRIPTION (continued) - ------------------------------------- Participants may direct their contributions in any of the following six investment options: Mutual Funds: - ------------ 1. Federated Managed Income Fund 2. Federated Managed Growth and Income Fund 3. Federated Managed Growth Fund 4. Federated Managed Aggressive Growth Fund 5. Trust for U.S. Treasury Obligations Fund Common Stocks: - ------------- 6. NSS Bancorp, Inc. - Party-in-interest to the Plan Participants may change their invested funds daily, and may change the amount and/or the direction of contributions withheld at each periodic payroll. F-6 NSS BANK THRIFT INCENTIVE PLAN ============================== NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 ----------------------------- NOTE 1 - PLAN DESCRIPTION (continued) - ------------------------------------- Participants may borrow against a defined amount of their vested account balances. Loan terms range to a maximum of five years. The loans are secured by a participant's account balance and bear interest at a fixed rate equal to 100 basis points above the Bank's Prime rate at the time the loan is originated. Principal and interest are repaid ratably through biweekly payroll deductions. Benefits are payable to participants upon termination, death, disability or retirement in a lump-sum distribution. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - --------------------------------------------------- (a) The accompanying financial statements and schedules have been prepared in accordance with Rule 6A of the regulation S-X of the Securities and Exchange Commission and the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA). The financial statements are presented on the accrual basis of accounting. (b) The Plan's investments at December 31, 1997 and 1996 are stated at fair value, which is based on quoted market prices. Net appreciation or depreciation on investments is recorded in the Statements of Changes in Net Assets Available for Plan Benefits. (c) Discretionary contributions are recorded in the year and in the amount authorized by the Bank's Board of Directors. Matching contributions and contributions from participants are recorded in the year in which the participant's contributions are withheld. F-7 NSS BANK THRIFT INCENTIVE PLAN ============================== NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 ----------------------------- NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) - --------------------------------------------------------------- (d) Benefits are recorded when paid. (e) Short-Term Investment Funds are money market funds that are maintained for liquidity purposes, but are not insured deposits. (f) Net appreciation or depreciation in fair value in the Statements of changes in net assets available for plan benefits reflects activity from participants' directed investment choices, which requires the redemption and reinvestment in units between funds, and the unrealized appreciation or depreciation in the underlying assets of the respective funds and NSS Bancorp, Inc. common stock. (g) Investment and administrative expenses are borne by the sponsor and therefore are not reflected in the Plan's financial statements. (h) The preparation of the accompanying financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, additions to or deductions from net assets, and disclosure of contingent assets and liabilities. Actual results could differ significantly from those estimates. NOTE 3 - INVESTMENTS - -------------------- A summary of the Plan's investments by type as of December 31 is as follows: Units/ Fair December 31, 1997 Shares Value Cost ----------------- ------ ----- ---- Federated Managed Income Fund 28,630.711 $307,208 $297,070 Federated Managed Growth and Income Fund 24,500.716 278,818 272,782 Federated Managed Growth Fund 54,813.704 668,179 649,413 Federated Managed Aggressive Growth Fund 43,946.662 566,472 544,995 Trust for U.S. Treasury Obligations Fund 307,869.040 307,869 307,869 NSS Bancorp, Inc. Common Stock 2,705 102,114 69,278 ------- ------- Total $2,230,660 $2,141,407 ========= =========
F-8 NSS BANK THRIFT INCENTIVE PLAN ============================== NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 ----------------------------- NOTE 3 - INVESTMENTS (continued) - -------------------------------- Units/ Fair December 31, 1996 Shares Value Cost ----------------- ------ ----- ---- Federated Managed Income Fund 30,280.228 $ 314,914 $ 312,572 Federated Managed Growth and Income Fund 25,197.491 278,936 277,678 Federated Managed Growth Fund 44,968.157 530,175 519,571 Federated Managed Aggressive Growth Fund 30,124.286 364,203 362,196 Trust for U.S. Treasury Obligations Fund 188,152.17 188,152 188,152 NSS Bancorp, Inc. Common Stock 1,380 32,053 30,800 --------- --------- Total $1,708,433 $1,690,969 ========= =========
During the years ended December 31, 1997 and 1996, the Plan purchased common stock of Bancorp (Note 1) aggregating 1,325 and 1,380 shares at a cost of $38,478 and $30,800, respectively. No shares were purchased during the year ended December 31, 1995 and no shares were sold during the years ended December 31, 1997, 1996 or 1995. NOTE 4 - TAX STATUS - ------------------- The Plan has received a favorable determination letter dated June 5, 1997 from the Internal Revenue Service, which qualifies the Plan for favorable tax treatment under Sections 401(k) and 401(a) of the Internal Revenue Code and therefore, is exempt from federal income taxes under provisions of Section 501(a). F-9 NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 1 ============================== SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1997 ----------------------------------- Carrying Basis at Redemption/Purchase Transaction Price Date Gain/(Loss) ------------------- ----------- ----------- Redemption- Federated Managed Income Fund - 8,864.182 units $ 92,846 $ 91,478 $ 1,368 Redemption - Federated Managed Growth Fund - 9,206.772 units 115,184 106,338 8,846 Purchase - Federated Managed Growth Fund - 13,887.51 units 175,348 175,348 - Purchase - Federated Managed Aggressive Growth Fund - 14,962.31 units 194,554 194,554 - Purchase - Trust For U.S. Treasury Obligations Fund - 145,163 units 145,163 145,163 - ------- ------- ------- $723,095 $712,881 $10,214 ======= ======= ======
See independent auditor's report. F-10 NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 2 ============================== SCHEDULE OF NON-EXEMPT TRANSACTIONS OF PARTIES-IN-INTEREST YEARS ENDED DECEMBER 31, 1997 ----------------------------------- 1 9 9 7 NONE See independent auditor's report. F-11 NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 3 ============================== Page 1 of 2 SCHEDULE OF ALLOCATION OF PLAN ASSETS AND LIABILITIES TO INVESTMENT PROGRAMS YEAR ENDED DECEMBER 31, 1997 --------------------------------------------- Participants' Employer's Short Term ASSETS Loans Contribution Investment Investment Receivable Receivable Fund TOTAL Federated Managed Income Fund $307,208 $ - $1,995 $ - $309,203 Federated Managed Growth and Income Fund 278,818 - 2,693 - 281,511 Federated Managed Growth Fund 668,179 - 5,170 - 673,349 Federated Managed Aggressive Growth Fund 566,472 - 7,309 - 573,781 Trust for US Treasury Obligations Fund 307,869 - 2,478 - 310,347 NSS Bancorp, Inc. Common Stock (1) 102,114 - 3,704 9,900 115,718 Participants' Loans Receivable - 124,173 - - 124,173 ------- ------- ------- -------- ------- Net Assets Available For Plan Benefits $2,230,660 $124,173 $23,349 $9,900 $2,388,082 ========= ======= ====== ===== =========
(1) Party-in-interest to the Plan See independent auditor's report. F-12 NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 3 ============================== Page 2 of 2 SCHEDULE OF THE ALLOCATION OF PLAN ASSETS AND LIABILITIES TO INVESTMENT PROGRAMS YEAR ENDED DECEMBER 31, 1996 --------------------------------------------- Participants' Employer's Short Term ASSETS Loans Contribution Investment Investment Receivable Receivable Fund TOTAL Federated Managed Income Fund $314,914 $ - $ 1,849 $ - $316,763 Federated Managed Growth and Income Fund 278,936 - 2,302 - 281,238 Federated Managed Growth Fund 530,175 - 5,459 - 535,634 Federated Managed Aggressive Growth Fund 364,203 - 6,798 - 371,001 Trust for US Treasury Obligations Fund 188,152 - 1,768 - 189,920 NSS Bancorp, Inc. Common Stock (1) 32,053 - 1,370 11,166 44,589 Participants' Loans Receivable - 117,694 - - 117,694 ------- ------- ------- ------- ------- Net Assets Available For Plan Benefits $1,708,433 $117,694 $19,546 $11,166 $1,856,839 ========= ======= ====== ====== =========
(1) Party-in-interest to the Plan See independent auditor's report. F-13 NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 4 ============================== Page 1 of 3 SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY IN INVESTMENT PROGRAMS YEAR ENDED DECEMBER 31, 1997 ---------------------------- (DOLLARS IN THOUSANDS) A B C D E F G TOTAL ------------------------------------------------ Net Investment - -------------- Income (Loss): - -------------- Net Appreciation (Depreciation) in Fair Value $ 9 $ 9 $ 15 $ 21 $ - $ 31 $ - $ 85 Investment Income - Interest and Dividends 21 28 66 42 15 5 - 177 --- --- --- --- --- --- --- ---- Net Investment Income (Loss) 30 37 81 63 15 36 - 262 Contributions: - ------------- Current Period 40 44 80 103 42 38 - 347 Rollovers 11 1 3 2 40 - - 57 Interfund Transfers (83) (73) 42 67 38 2 7 - Benefits Paid to Participants (6) (8) (69) (32) (16) (3) (1) (135) ---- ---- ---- ---- ---- ---- ---- ---- Net Change in Equity during the period (8) 1 137 203 119 73 6 531 Balance at beginning of period 317 281 536 371 191 43 118 1,857 ---- ---- ---- ---- ---- ---- ---- ----- Balance at end of period $309 $282 $673 $574 $310 $116 $124 $2,388 ==== ==== ==== ==== ==== ==== ==== ======
A= Federated Managed Income Fund B= Federated Managed Growth and Income Fund C= Federated Managed Growth Fund D= Federated Managed Aggressive Growth Fund E= Trust For US Treasury Obligations Fund F= NSS Bancorp, Inc. Common Stock - Party-in-Interest to the Plan G= Participants' Loans Receivable See independent auditor's report. F-14 NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 4 ============================= Page 2 of 3 SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY IN INVESTMENT PROGRAMS YEAR ENDED DECEMBER 31, 1996 ---------------------------- (DOLLARS IN THOUSANDS) 1 2 3 4 A B C D E F G TOTAL Net Investment - -------------- Income (Loss): - -------------- Net Appreciation (Depreciation) in Fair Value $ - $ 4 $ 10 $ 12 $ 2 $ 2 $ 17 $ 3 $ - $ 1 $ - $ 51 Investment Income - Interest and Dividends 11 - - - 13 12 33 18 10 3 - 100 --- --- --- --- --- --- --- --- --- --- --- --- Net Investment Income (Loss) 11 4 10 12 15 14 50 21 10 4 - 151 Contributions - - - - 43 41 95 94 29 15 - 317 Interfund Transfers (670) (71)(282)(351) 261 229 373 242 21 23 36 - Benefits Paid to Participants - - - - (10) (10) (1) (4) (64) (2) (1) (92) --- --- --- --- --- --- --- --- --- --- --- --- Net change in equity during the period (659)(67) (272)(339) 309 274 517 353 185 40 35 376 Balance at Beginning of period 659 67 272 339 8 7 19 18 6 3 83 1,481 --- --- --- --- --- --- --- --- --- --- --- ----- Balance at end of period $ - $ - $ - $ - $317 $281 $536 $371 $191 $ 43 $118 $1,857 === === === === === === === === === === === =====
1= Wright Investors Money Market Fund 2= Wright Investors Bond Fund 3= Wright Investors Blue Chip Fund 4= Wright Investors Managed Fund A= Federated Managed Income Fund B= Federated Managed Growth and Income Fund C= Federated Managed Growth Fund D= Federated Managed Aggressive Growth Fund E= Trust For US Treasury Obligations Fund F= NSS Bancorp, Inc. Common Stock - Party-in-interest to the Plan G= Participants' Loans Receivable See independent auditor's report. F-15 NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 4 ============================== Page 3 of 3 SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY IN INVESTMENT PROGRAMS YEAR ENDED DECEMBER 31, 1995 ---------------------------- (DOLLARS IN THOUSANDS) 1 2 3 4 X G TOTAL ----------------------------------------- Net Investment Income (Loss): - ----------------------------- Net Appreciation (Depreciation) in Fair Value $ - $ 8 $ 59 $ 59 $ - $ - $126 Investment Income - Interest and Dividends 35 4 3 7 - 6 55 --- --- --- --- --- --- --- Net Investment Income (Loss) 35 12 62 66 - 6 181 Contributions 105 6 32 27 60 - 230 Interfund Transfers 126 (21) 5 (118) - 8 - Benefits Paid to Participants (19) (2) (15) (48) - - (84) --- --- --- --- --- --- --- Net change in equity during the period 247 (5) 84 (73) 60 14 327 Balance at beginning of period 412 72 188 413 - 69 1,154 --- --- --- --- --- --- ----- Balance at end of period $659 $ 67 $272 $340 $ 60 $ 83$1,481 === === === === === === =====
1= Wright Investors Money Market Fund 2= Wright Investors Bond Fund 3= Wright Investors Blue Chip Fund 4= Wright Investors Managed Fund X= Various Federated Managed Funds G= Participants' Loans Receivable See independent auditor's report. F-16 -----END PRIVACY-ENHANCED MESSAGE-----