-----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, IbejWJSXZW2WAnmGc95lUux05Y/MfYl89TCaMo3oeyKMDX/h7zAwupUVHs+qVmo5 LPxQNKQypEdU4a01Ahgp4g== 0000927089-00-000178.txt : 20000516 0000927089-00-000178.hdr.sgml : 20000516 ACCESSION NUMBER: 0000927089-00-000178 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MFS FINANCIAL INC CENTRAL INDEX KEY: 0001094810 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 371392810 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-27905 FILM NUMBER: 632729 BUSINESS ADDRESS: STREET 1: 110 E CHARLES STREET CITY: MUNCIE STATE: IN ZIP: 47305 BUSINESS PHONE: 7657472800 MAIL ADDRESS: STREET 1: 110 E CHARLES STREET CITY: MUNCIE STATE: IN ZIP: 47305 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________________ to ______________________ Commission File Number 000-27905 MFS FINANCIAL, INC. - -------------------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Maryland 35-2085640 - -------------------------------------------------------------------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification Number) 110 East Charles Street, Muncie, Indiana 47305 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (765) 747-2800 -------------- Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] The number of shares of the Registrant's common stock, without par value, outstanding as of March 31, 2000 was 5,819,611.
FORM 10-Q MFS Financial, Inc. INDEX Page PART I -- FINANCIAL INFORMATION Number Item 1. Financial Statements Consolidated Condensed Balance Sheets at March 31, 2000 and December 31, 1999 3 Consolidated Condensed Statement of Income for the three months ended March 31, 2000 and March 31, 1999 4 Consolidated Condensed Statement of Stockholders' Equity for the three months ended March 31, 2000 5 Consolidated Condensed Statement of Cash Flows for the three months ended March 31, 2000 and March 31, 1999 6 Notes to Unaudited Consolidated Condensed Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Item 3. Quantitative and Qualitative Disclosures about Market Risk 11 PART II -- OTHER INFORMATION Item 1. Legal Proceedings 12 Item 2. Changes in Securities and Use of Proceeds 12 Item 3. Defaults Upon Senior Securities 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 12 Signature Page 13
2 PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements
MFS FINANCIAL, INC. AND SUBSIDIARY Consolidated Condensed Balance Sheet (Unaudited) March 31, December 31, 2000 1999 ----------- ----------- Assets Cash $ 13,247,907 $19,217,186 Interest-bearing deposits 277,310 765,945 ----------------------------- Cash and cash equivalents 13,525,217 19,983,131 Trading assets, at fair value 1,234,884 Investment securities: Available for sale 32,098,803 29,598,800 Held to maturity 12,190,386 12,449,013 ----------------------------- Total investment securities 44,289,189 42,047,813 Loans 454,080,224 446,438,992 Allowance for loan losses (3,780,178) (3,652,073) ----------------------------- Net loans 450,300,046 442,786,919 Premises and equipment 7,716,106 7,800,460 Federal Home Loan Bank of Indianapolis stock, at cost 5,338,500 5,338,500 Investment in limited partnerships 5,257,686 5,274,840 Cash surrender value of life insurance 10,926,957 10,806,957 Foreclosed real estate 1,697,039 728,737 Interest receivable: Loans 2,237,822 2,134,656 Mortgage-backed securities 53,401 58,687 Investment securities and interest-bearing deposits 372,314 459,616 Core deposit intangibles and goodwill 1,408,043 1,466,928 Deferred income tax benefit 2,710,521 2,670,886 Other assets 1,562,617 1,730,426 ----------------------------- Total assets $547,395,458 $544,523,440 ============================= Liabilities Deposits Non-interest-bearing $ 18,866,928 $ 14,360,929 Interest bearing 360,011,929 350,243,469 ----------------------------- Total deposits 378,878,857 364,604,398 Federal Home Loan Bank Advances 59,789,384 72,289,384 Other Borrowings 1,768,354 2,608,354 Advances by borrowers for taxes and insurance 2,170,313 1,289,179 Interest payable 1,978,586 2,153,475 Other Liabilities 4,998,116 4,866,330 ----------------------------- Total liabilities 449,583,610 447,811,120 ----------------------------- Stockholders' Equity Preferred stock, $.01 par value Authorized and unissued --- 20,000,000 shares Common stock, $.01 par value Authorized --- 20,000,000 shares Issued and outstanding --- 5,819,611 58,196 58,196 Additional paid-in capital 56,732,407 56,740,190 Retained earnings 45,747,930 44,647,767 Accumulated other comprehensive loss (356,399) (284,047) Unearned employee stock ownership plan (ESOP) shares (4,370,286) (4,449,786) ----------------------------- Total stockholders' equity 97,811,848 96,712,320 ----------------------------- Total liabilities and stockholders' equity $547,395,458 $544,523,440 =============================
See notes to consolidated condensed financial statements. 3
MFS FINANCIAL, INC. AND SUBSIDIARY Consolidated Condensed Statement of Income (Unaudited) Three Months Ended March 31 ---------------------------- 2000 1999 ---------- ---------- Interest Income - --------------- Loans receivable, including fees $8,705,620 $7,835,284 Trading account securities 8,192 6,706 Investment securities Mortgage-backed securities available for sale 238,139 96,182 Federal Home Loan Bank stock 106,186 71,258 Other investments held to maturity 284,014 139,708 Other investments available for sale 181,805 108,872 Deposits with financial institutions 13,471 85,936 ---------------------------- Total interest income 9,537,427 8,343,946 ---------------------------- Interest Expense - ---------------- Passbook savings 200,036 211,132 Certificates of deposit 3,279,727 3,339,597 Daily money market accounts 320,687 213,475 Demand and NOW acounts 121,268 161,759 Federal Home Loan Bank advances 809,974 665,038 Other interest expense 5,497 6,100 ---------------------------- Total interest expense 4,737,189 4,597,101 ---------------------------- Net Interest Income 4,800,238 3,746,845 Provision for loan losses 171,250 190,000 ---------------------------- Net Interest Income After Provision for Loan Losses 4,628,988 3,556,845 ---------------------------- Other Income - ------------ Service fee income 476,597 363,177 Net trading account profit (loss) 25,116 (12,109) Equity in losses of limited partneships (2,547) (2,548) Commissions 127,981 82,834 Increase in cash surrender value of life insurance 120,000 105,000 Other income 86,734 89,619 ---------------------------- Total other income 833,881 625,973 ---------------------------- Other Expenses - -------------- Salaries and employee benefits 1,848,205 1,569,059 Net occupancy expenses 179,173 166,790 Equipment expenses 194,699 152,073 Data processing fees 128,284 131,013 Deposit insurance expense 19,998 55,000 Advertising and promotion 111,255 94,627 Other expenses 697,719 557,992 ---------------------------- Total other expenses 3,179,333 2,726,554 ---------------------------- Income Before Income Tax 2,283,536 1,456,264 Income tax expense 776,000 480,500 ---------------------------- Net Income $1,507,536 $ 975,764 ============================ Basic earnings per share $0.28 Diluted earnings per share $0.28 Dividends per share $0.07
See notes to consolidated condensed financial statements. 4
MFS FINANCIAL, INC. AND SUBSIDIARY Consolidated Condensed Statement of Stockholders' Equity For the Three Months Ended March 31, 2000 (Unaudited) Common Stock Accumulated ---------------------- Additional Other Shares paid-in Comprehensive Retained Comprehensive Outstanding Amount capital Income Earnings Loss ----------- ------ ---------- ------------- -------- ------------- Balances January 1, 2000 5,819,611 $58,196 $56,740,190 $44,647,767 $(284,047) Comprehensive income Net income for the period $1,507,536 1,507,536 Other comprehensive loss, net of tax Unrealized losses on securities (72,352) (72,352) ---------- Comprehensive income $1,435,184 ========== ESOP shares earned (7,783) Cash dividends ($.07 per share) (407,373) ---------------------------------------------------------------------------------------- Balances, March 31, 2000 5,819,611 $58,196 $56,732,407 $45,747,930 $(356,399) ========================================================================================
Unearned ESOP shares Total ------------ ----------- Balances January 1, 2000 $(4,449,786) $96,712,320 Comprehensive income Net income for the period 1,507,536 Other comprehensive loss, net of tax Unrealized losses on securities (72,352) Comprehensive income ESOP shares earned 79,500 71,717 Cash dividends ($.07 per share) (407,373) ---------------------------------- Balances, March 31, 2000 $(4,370,286) $97,811,848 ================================== See notes to consolidated condensed financial statements. 5
MFS FINANCIAL, INC. AND SUBSIDIARY Consolidated Condensed Statement of Cash Flows (Unaudited) Three Months Ended March 31, ---------------------------------- 2000 1999 ---------- ----------- Operating Activities - -------------------- Net income $1,507,536 $ 975,764 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 171,250 190,000 Net loss on sale of real estate owned 22,819 20,939 Securities amortization, net (9,344) ESOP shares earned 71,717 (2,093) Equity in losses of limited partnerships 2,547 2,548 Amortization of net loan origination costs 372,804 181,044 Amortization of core deposit intangibles and goodwill 58,885 58,884 Depreciation and amortization 186,865 166,571 Deferred income tax 7,680 Change in Trading account securities 1,234,884 (1,437,671) Interest receivable (10,578) (61,976) Other assets 167,810 690,569 Interest payable (174,889) (207,902) Other liabilities 131,786 (60,722) Increase in cash surrender value of life insurance (120,000) (105,000) ----------------------------------- Net cash provided by operating activities 3,614,092 418,635 ----------------------------------- Investing Activities - -------------------- Purchases of securities available for sale (3,142,910) (2,346,982) Proceeds from maturities and paydowns of securities available for sale 544,096 458,700 Proceeds from sales of securities available for sale 1,502,885 Purchases of securities held to maturity (4,993,284) Proceeds from maturities and paydowns of securities held to maturity 254,796 4,095,642 Net change in loans (9,294,573) (6,131,837) Purchases of premises and equipment (102,510) (118,247) Proceeds from real estate owned sales 280,393 62,049 Distribution from limited partnership 14,607 3,111 Other investing activities (34,125) (1,902) ----------------------------------- Net cash used by investing activities (11,480,226) (7,469,865) ----------------------------------- Financing Activities - -------------------- Net change in: Noninterest-bearing, interest bearing demand and savings deposits 2,616,842 (3,596,225) Certificates of deposits 11,657,617 10,663,522 Short-term borrowings (840,000) Repayment of note payable (30,679) Proceeds from FHLB advances 58,500,000 16,000,000 Repayment of FHLB advances (71,000,000) (17,000,000) Net change in advances by borrowers for taxes and insurance 881,134 801,263 Dividends paid (407,373) ----------------------------------- Net cash provided by financing activities 1,408,220 6,837,881 ----------------------------------- Net Change in Cash and Cash Equivalents (6,457,914) (213,349) Cash and Cash Equivalents, Beginning of Period 19,983,131 12,938,102 ----------------------------------- Cash and Cash Equivalents, End of Period $13,525,217 $12,724,753 =================================== Additional Cash Flows Information Interest paid $ 4,917,050 $ 4,805,003 Income tax paid 256,000 147,300 Transfers from loans to foreclosed real estate 1,237,392 149,996
See notes to consolidated condensed financial statements. 6 MFS FINANCIAL, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS NOTE 1: Basis of Presentation The consolidated financial statements include the accounts of MFS Financial, Inc. (the "Company"), its wholly owned subsidiary, Mutual Federal Savings Bank, a federally chartered savings bank ("Mutual Federal"), and Mutual Federal's two wholly owned subsidiaries, First MFSB Corporation and Third MFSB Corporation. A summary of significant accounting policies is set forth in Note 1 of Notes to Financial Statements included in the December 31, 1999 Annual Report to Shareholders. All significant inter-company accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements have been prepared in accordance with instructions to Form 10-Q, and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The interim consolidated financial statements at March 31, 2000, and for the three months ended, March 31, 2000 and 1999 have not been audited by independent accountants, but in the opinion of management, reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for such periods. NOTE 2: Earnings Per Share Earnings per share have been computed based upon the weighted average common and common equivalent shares outstanding during the period subsequent to Mutual Federal's conversion to a stock savings bank on December 29, 1999. Unearned Employee Stock Ownership Plan shares have been excluded from the computation of average common shares outstanding. For the three months ended March 31, 2000, weighted average shares outstanding for basic and diluted earnings per share were 5,368,312. 7 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations GENERAL MFS Financial, Inc., a Maryland Corporation (the "Company"), was organized in September, 1999. On December 29, 1999, it acquired the common stock of Mutual Federal Savings Bank ("Mutual Federal") upon the conversion of Mutual Federal from a federal mutual savings bank to a federal stock savings bank. Mutual Federal was originally organized in 1889 and currently conducts its business from thirteen full service offices located in Delaware, Randolph, and Kosciusko Counties, Indiana, with its main office located in Muncie. Mutual Federal's principal business consists of attracting deposits from the general public and originating fixed rate and adjustable rate loans secured primarily by first mortgage liens on one-to- four family residential real estate. Mutual Federal's deposit accounts are insured up to applicable limits by the SAIF of the FDIC. Mutual Federal offers a number of financial services, including: (1) one-to-four family residential real estate loans; (2) commercial real estate loans; (3) real estate construction loans; (4) land loans; (5) multi-family residential loans; (6) consumer loans, including home equity loans, automobile loans, recreational vehicle and boat loans; (7) commercial loans; (8) money market demand accounts ("MMDA's"); (9) savings accounts; (10) checking accounts; (11) NOW accounts; and (12) certificates of deposit. Mutual Federal currently owns two subsidiaries, First MFSB Corporation and Third MFSB Corporation. The assets of First MFSB Corporation consist of an investment in Family Financial Life Insurance Company. Family Financial is an Indiana stock insurance company that primarily engages in retail sales of mortgage and credit life insurance products in connection with loans originated by its shareholder financial institutions. Third MFSB, which does business as Mutual Financial Services, offers tax-deferred annuities, long-term health and life insurance products. All securities related products and services made available through Mutual Financial Services are offered by a third party independent broker-dealer. The Company's results of operations depend primarily upon the level of net interest income, which is the difference between the interest income earned on interest earning assets, such as loans and investments, and costs incurred with respect to interest bearing liabilities, primarily deposits and borrowings. Results of operations also depend upon the level of the Company's non-interest income, including fee income and service charges, and the level of its non-interest expense, including general and administrative expenses. FORWARD LOOKING STATEMENT This Quarterly Report on Form 10-Q ("Form 10-Q") contains statements which constitute forward looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number places in this Form 10-Q and include statements regarding the intent, belief, outlook, estimate or expectations of the Company (as defined in the notes to the consolidated condensed financial statements), its directors or its officers primarily with respect to future events and the future financial performance of the Company. Readers of this Form 10-Q are cautioned that any such forward looking statements are not guarantees of future events or performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. The accompanying information contained in this Form 10-Q identifies important factors tht could cause such differences. These factors include changes in interest rates; loss of deposits and loan demand to other financial institutions; substantial changes in financial markets; changes in real estate values and the real estate market; or regulatory changes. 8 FINANCIAL CONDITION Assets totaled $547.4 million at March 31, 2000, an increase from December 31, 1999 of $2.9 million for an annualized growth rate of 2.1%. This growth occurred in net loans, up $7.5 million from year-end 1999 primarily due to a $6.3 million increase in consumer loans. Loan growth was funded by growth of deposits and a reduction of cash and cash equivalents. Deposits totaled $378.9 million at March 31, 2000 an increase of $14.3 million or an annualized rate of 15.7% from December 31, 1999. Increases in short-term savings and transaction type accounts account for $8.6 million of this growth. Total borrowings decreased $13.3 million to $61.6 million, as a result of the utilization of a portion of the proceeds from the stock sale and a reduction of cash which had been held for Y2K purposes. Stockholders' equity increased $1.1 million from $96.7 million at December 31, 1999 to $97.8 million at March 31, 2000. The increase was due to net income for the quarter ended March 31, 2000 of $1.5 million and Employee Stock Ownership Plan (ESOP) shares earned of $72,000. A cash dividend declared of $407,000 and an increase in the unrealized loss on available for sale securities of $72,000 partially offset these increases. Comparison of the operating results for the three months ended March 31, 2000 and 1999. Net income was $1.5 million or 28 cents for both basic and diluted earnings per share for the quarter ended March 31, 2000. This compared to net income for the comparable period in 1999 of $976,000. The increase in earnings was primarily due to an increase in net interest income partially offset by increases in non-interest expenses and income tax expense. The annualized return on average assets was 1.2% and .83% for the three months ended March 31, 2000, and 1999, respectively. Interest income increased $1.2 million or 14.3% from $8.3 million for the three months ended March 31, 1999 to $9.5 million for the same period in 2000. Interest expense increased $140,000 or 3.0% from $4.6 million for the three months ended March, 1999, to $4.7 million for the same period in 2000. As a result, net interest income for the three months ended March 31, 2000 increased $1.1 million or 28.1% compared to the same period in 1999. The increase in net interest income was due primarily to increases in the volume of average loans receivable and the average investment securities available for sale. The increase in average loans outstanding was due to increased loan demand. The increase in investment securities available for sale was primarily attributable to proceeds received in conjunction with the Company's stock issuance. Net proceeds of the Company's stock issuance after cost and excluding the shares issued for the ESOP were $49.9 million. The Company's provision for loan losses for the three-month ended March 31, 2000 was $171,000 compared to $190,000 for the same period in 1999. Mutual Federal reviews all loans on an individual basis when the loan reaches 90 days past due, at which point they are put on non-accrual status. At March 31, 2000 and December 31, 1999, respectively, non-accrual loans were $357,000 and $753,000. The allowance for loan losses was $3.8 million or .83% of net loans and $3.7 million or approximately .82% of net loans at March 31, 2000 and December 31, 1999, respectively. 9 Non-interest income increased $208,000, or 33.2% for the three months ended March 31, 2000 compared to the same period in 1999 primarily due to transaction account growth resulting in an increase in service fee income and commissions of $158,000 and a gain of $25,000 on net trading account activity compared to a loss of $12,000 for the three month period ended March 31, 1999. Non-interest expense increased $452,000 or 16.6% for the three months ended March 31, 2000 compared to the same period in 1999. Salaries and employee benefits were $1.9 million for the three months ended March 31, 2000 compared to $1.6 million for the 1999 period, an increase of $280,000 or 17.8%. This increase resulted primarily from $72,000 of compensation expense related to the ESOP, and the additions to staffing for a new in-store branch opened in 1999. In addition, both the commercial and consumer lending staffs were expanded. Other expenses also increased $210,000 for the three months ended March 31, 2000 compared to the same period in 1999. The increase in other expenses resulted from nominal increase in a variety of expense categories. These increases were partially offset by a $35,000 decrease in deposit insurance expense from the three months ended March 31, 2000 compared to the same period of 1999, due to rate reduction. Income tax expense increased $296,000 for the three months ended March 31, 2000 compared to the same period in 1999. The increase was a result of increased taxable income for the period. Liquidity and Capital Resources The standard measure of liquidity for savings associations is the ratio of cash and eligible investments to a certain percentage of net withdrawable savings accounts and borrowings due within the one-year. The minimum required ratio is currently set by the Office of Thrift Supervision regulation at 4%. As of March 31, 2000 Mutual Federal had liquid assets of $41.4 million and a liquidity ratio of 8.9%. 10 ITEM 3 - Quantitative and Quantitative Disclosures about Market Risk Presented below as of March 31, 2000 and 1999 is an analysis performed by the OTS of Mutual Federal's interest risk as measured by changes in Mutual Federal's net portfolio value ("NPV") for instantaneous and sustained parallel shifts in the yield curve, in 100 basis point increments, up and down 300 basis points.
March 31, 2000 Net Portfolio Value NPV as % of PV of Assets Changes ------------------------------------------- ------------------------ In Rates $ Amount $ Change % Change NPV Ratio Change - -------- -------- -------- -------- --------- ------ +300 bp 43,810 -30,071 -41% 8.81% -496 bp +200 bp 54,045 -19,837 -27% 10.59% -319 bp +100 bp 64,236 -9,646 -13% 12.27% -151 bp 0 bp 73,882 13.77% - -100 bp 81,808 7,926 11% 14.94% +116 bp - -200 bp 86,534 12,652 17% 15.57% +179 bp - -300 bp 90,081 16,200 22% 16.00% +222 bp
March 31, 1999 Net Portfolio Value NPV as % of PV of Assets Changes ------------------------------------------- ------------------------ In Rates $ Amount $ Change % Change NPV Ratio Change - -------- -------- -------- -------- --------- ------ +300 bp 22,806 -20,653 -48% 5.12% -402 bp +200 bp 30,679 -12,780 -29% 6.72% -241 bp +100 bp 37,854 -5,605 -13% 8.11% -103 bp 0 bp 43,459 9.14% - -100 bp 47,369 3,910 9% 9.81% +67 bp - -200 bp 50,099 6,641 15% 10.24% +110 bp - -300 bp 53,950 10,491 24% 10.85% +171 bp
The analysis at March 31, 2000 indicates that there have been no material changes in market interest rates for Mutual Federal's interest rate sensitivity instruments which would cause a material change in the market risk exposures which effect the quantitative and qualitative risk disclosures as presented in item 7A of the Company's annual report on Form 10-K for the period ended December 31, 1999. 11 PART II. OTHER INFORMATION Item 1. Legal Proceedings None. Item 2. Changes in Securities and use of Proceeds None. Item 3. Defaults Upon Senior Securities. None. Item 4. Submission of matters to Vote of Security Holders. None. Item 5. Other Information. None. Item 6. Exhibits and Reports on form 8-K. (a) Exhibits 27. Financial Data Schedule (b) No reports on form 8-K were filed during the quarter ended March 31, 1999. 12 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MFS Financial, Inc. Date: May 12, 2000 By: /s/ R. Donn Roberts ----------------------------------- R. Donn Roberts President and Chief Executive Officer Date: May 12, 2000 By: /s/ Timothy J. McArdle ----------------------------------- Timothy J. McArdle Senior Vice President and Treasurer 13 EX-27 2 FINANCIAL DATA SCHEDULE
9 This schedule contains summary financial information extracted from the Consolidated Balance Sheet and the Consolidated Statement of Income filed as part of the annual report on Form 10-K and is qualified in its entirety by reference to such annual report on Form 10-K. 1,000 3-MOS DEC-31-2000 MAR-31-2000 13,248 0 0 0 32,099 12,190 11,760 454,080 3,780 547,395 378,879 0 9,147 61,557 0 0 58 97,754 547,395 8,706 810 22 9,537 3,922 815 4,800 171 0 3,179 2,284 1,508 0 0 1,508 .28 .28 3.84 361 55 0 3,846 3,652 64 21 3,780 3,780 0 379
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