-----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, G8Lmz4cgeZBFMlNtJs1885zN8+5iCcw5liq6sa+A35/ds/sjYDc/FK+doUTS4wWe 6RjxPze1EJtfdm6sHZ8giw== 0000950109-97-004053.txt : 19970515 0000950109-97-004053.hdr.sgml : 19970515 ACCESSION NUMBER: 0000950109-97-004053 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRI COUNTY FINANCIAL CORP /MD/ CENTRAL INDEX KEY: 0000855874 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 520692188 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18279 FILM NUMBER: 97604160 BUSINESS ADDRESS: STREET 1: 3035 LEONARDTOEN RD STREET 2: P O BOX 38 CITY: WALDORF STATE: MD ZIP: 20601 BUSINESS PHONE: 3016455604 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION ---------------------------------- WASHINGTON, D.C. 20549 ---------------------- FORM 10-Q --------- Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended: Commission File Number 0-18279 March 31, 1997 Tri-County Financial Corporation -------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Maryland 52-0692188 - ------------------------------- --------------------------------------- (State or Other Jurisdiction of (I.R.S. Employer Identification Number) Incorporation or Organization) 3035 Leonardtown Road Waldorf, Maryland 20601 - -------------------------- (Address of Principal Executive Offices) Registrant's Telephone Number: (301) 645-5601 Securities Registered Pursuant to Section 12(g) of Act: Capital Stock, Par Value $.01 per Share --------------------------------------- (Title of Class) 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 reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------- ------- Number of Shares of Capital Stock Outstanding as of April 30, 1997 792,484 TRI-COUNTY FINANCIAL CORPORATION Consolidated Financial Statements March 31, 1997 and December 31, 1996 TRI-COUNTY FINANCIAL CORPORATION
TABLE OF CONTENTS - ---------------------------------------------------------------------------------------------------------- Page Index PART I - FINANCIAL INFORMATION Item 1 - Financial Statements Consolidated Statements of Financial Condition at March 31, 1997 and December 31, 1996 2 Consolidated Statements of Operations for the Three-Month Periods Ended March 31, 1997 and 1996 3 Consolidated Statements of Cash Flows for the Three-Month Periods Ended March 31, 1997 and 1996 4-5 Notes to Unaudited Consolidated Financial Statements 6 Management's Discussion and Analysis 7-11 PART II - OTHER INFORMATION 12 SIGNATURES 13
TRI-COUNTY FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION MARCH 31, 1997 AND DECEMBER 31, 1996 - --------------------------------------------------------------------------------
March 31, December 31, ASSETS 1997 1996 Cash and due from banks $ 644,046 $ 1,111,894 Interest-bearing deposits in other banks 4,238,768 2,791,718 ------------ ------------ Total cash and cash equivalents 4,882,814 3,903,612 INVESTMENT SECURITIES AVAILABLE FOR SALE - At fair value, amortized cost of $10,697,663 and $11,117,063, respectively 10,858,962 11,265,358 INVESTMENT SECURITIES HELD TO MATURITY - At amortized cost, fair value of $751,824 and $863,757, respectively 751,824 863,757 MORTGAGE-BACKED SECURITIES AVAILABLE FOR SALE - At fair value, amortized cost of $43,236,722 and $42,473,979, respectively 43,046,812 42,470,319 MORTGAGE-BACKED SECURITIES HELD TO MATURITY - At amortized cost, fair value of $866,645 and $919,349, respectively 840,549 883,887 LOANS RECEIVABLE - Net 114,057,376 111,024,921 STOCK IN FEDERAL HOME LOAN BANK - At cost 1,300,000 1,300,000 LOANS HELD FOR SALE 413,250 1,011,930 ACCRUED INTEREST RECEIVABLE 1,267,658 1,165,191 NET PREMISES AND EQUIPMENT 3,910,299 3,824,568 OTHER ASSETS 642,987 607,014 ------------ ------------ TOTAL ASSETS $181,972,531 $178,320,557 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Deposits $137,633,358 $134,818,992 Advances from Federal Home Loan Bank 24,000,000 24,000,000 Notes payable and other borrowings 941,294 733,466 Advance payments by borrowers for taxes and insurance 1,075,203 715,171 Accounts payable, accrued expenses, and other liabilities 522,559 724,055 Current income taxes 230,238 77,190 ------------ ------------ Total liabilities 164,402,652 161,068,874 ------------ ------------ STOCKHOLDERS' EQUITY: Common stock 7,550 7,510 Capital surplus 5,769,043 5,724,729 Stock dividend distributable 834,635 - Retained earnings 11,096,841 11,430,666 Unearned ESOP shares (120,628) - Net unrealized (loss) on investment securities and mortgage-backed securities available for sale (17,562) 88,778 ------------ ------------ Total stockholders' equity 17,569,879 17,251,683 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $181,972,531 $178,320,557 ============ ============
See notes to consolidated financial statements. -2- TRI-COUNTY FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS THREE-MONTH PERIODS ENDED MARCH 31, 1997 AND 1996 - --------------------------------------------------------------------------------
Three Months Ended March 31, ------------------------ 1997 1996 INTEREST REVENUES: Interest and fees on loans $2,612,717 $2,530,610 Interest on mortgage-backed securities 738,747 560,374 Interest and dividends on investment securities 224,965 255,997 ---------- ---------- Total interest revenues 3,576,429 3,346,981 ---------- ---------- INTEREST EXPENSES: Deposits 1,409,647 1,352,739 Federal Home Loan Bank advances 321,448 181,713 Notes payable and other borrowings 2,536 82,605 ---------- ---------- Total interest expenses 1,733,631 1,617,057 ---------- ---------- NET INTEREST INCOME 1,842,798 1,729,924 LOAN LOSS PROVISION 60,000 60,000 ---------- ---------- Net interest income after loan loss provision 1,782,798 1,669,924 ---------- ---------- OTHER INCOME: Loan appraisal, credit and miscellaneous charges 85,548 67,756 Gain on sale of loans held for sale 43,742 41,220 Service charges 115,010 73,874 Other 26,673 18,004 ---------- ---------- Total other income 270,973 200,854 ---------- ---------- OPERATING EXPENSES: Employee compensation and benefits 561,727 536,576 Occupancy expense 94,199 92,692 Federal insurance premium and surety bond premiums 35,118 87,054 Data processing expense 56,651 59,302 Advertising 38,855 15,322 Depreciation 40,800 38,141 Other 302,412 238,070 ---------- ---------- Total operating expenses 1,129,762 1,067,157 ---------- ---------- INCOME BEFORE INCOME TAXES 924,009 803,621 INCOME TAXES 347,700 285,934 ---------- ---------- NET INCOME $ 576,309 $ 517,687 ---------- ---------- EARNINGS PER SHARE (Note 2): Primary $ .70 $ 0.64 (1) On a fully diluted basis .70 0.64 (1)
(1) Restated to reflect 1997 stock dividends See notes to consolidated financial statements. -3- TRI-COUNTY FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS THREE-MONTH PERIODS ENDED MARCH 31, 1997 AND 1996 - --------------------------------------------------------------------------------
Three Months Ended March 31, ----------------------------------- 1997 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 576,309 $ 517,687 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 60,000 60,000 Provision for depreciation and amortization 74,143 64,413 Amortization of premium/discount on mortgage-backed securities and investments (24,987) (24,967) Provision for deferred income tax benefit (6,300) (10,863) Increase in interest receivable (102,467) (135,536) Decrease in deferred loan fees (213) (58,173) (Decrease) increase in accounts payable, accrued expenses, and other liabilities (123,947) 177,130 Increase in other assets (117,899) (114,777) Origination of loans available for sale (1,449,280) (2,700,155) Gain on sales of loans available for sale (43,742) (41,220) Proceeds from sale of loans available for sale 2,091,702 2,577,220 Proceeds from disposition of foreclosed real estate 155,135 - ------------ ------------ Net cash provided by operating activities 1,088,454 310,759 ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of investment securities available for sale (3,380,205) (2,174,968) Principal collected on loans 7,705,869 12,811,333 Principal collected on mortgage-backed securities held to maturity 43,338 66,278 Loans originated or acquired (10,918,739) (12,038,131) Purchase of mortgage-backed securities available for sale (2,057,471) (1,995,000) Proceeds from sale or redemption of mortgage-backed securities available for sale 1,311,736 359,734 Proceeds from sale or redemption of investment securities available for sale 3,805,309 2,775,152 Principal collected on investment securities held to maturity 114,205 - Purchase of premises and equipment (147,281) (149,983) ------------ ------------ Net cash used in investing activities (3,523,239) (345,585) ------------ ------------
(Continued) -4- TRI-COUNTY FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS THREE-MONTH PERIODS ENDED MARCH 31, 1996 AND 1995 - --------------------------------------------------------------------------------
Three Months Ended March 31, --------------------------------- 1997 1996 CASH FLOWS FROM FINANCING ACTIVITIES: Net increase in deposits 2,814,366 2,598,791 Proceeds from Federal Home Loan Bank advances 8,000,000 20,500,000 Payments of maturing Federal Home Loan Bank advances (8,000,000) (21,750,000) Net increase in other short-term borrowings 239,587 254,732 Net increase in advance payments by borrowers for taxes and insurance 360,032 472,462 Exercise of stock options 44,354 103,563 Payments on notes payable (44,352) (139,121) --------------- --------------- Net cash provided by financing activities 3,413,987 2,040,427 --------------- --------------- INCREASE IN CASH AND CASH EQUIVALENTS 979,202 2,005,601 CASH AND CASH EQUIVALENTS - JANUARY 1, 3,903,612 4,050,219 --------------- --------------- CASH AND CASH EQUIVALENTS - March 31, $ 4,882,814 $ 6,055,820 =============== =============== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Accounting Policies: Cash equivalents include short-term amounts due from banks. Noncash transactions: Cash paid during the six months for: Interest $ 1,726,042 $ 1,641,829 Income taxes 200,000 -
Tri-County Financial Corporation declared a 5% stock dividend payable April 15, 1997, and April 15, 1996, to shareholders of record on March 7, 1997, and March 4, 1996, respectively. The corporation also declared a $0.10 per share cash dividend to shareholders of record on March 7, 1997, payable on April 15, 1997; and March 4, 1996, payable on April 15, 1996. Retained earnings in the amount of $834,635 in 1997 and $599,886 in 1996 was transferred to capital surplus and common stock to reflect these dividends. (Concluded) See notes to consolidated financial statements. -5- TRI-COUNTY FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1997 - ------------------------------------------------------------------------------- 1. BASIS OF PRESENTATION General - The consolidated financial statements of Tri-County Financial Corporation (the Company) and its wholly owned subsidiary, Community Bank of Tri-County (the Bank) included herein are unaudited; however, they reflect all adjustments consisting only of normal recurring accruals that, in the opinion of Management, are necessary to present fairly the results for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The Company believes that the disclosures are adequate to make the information presented not misleading. The results of operations for the three months ended March 31, 1997 are not necessarily indicative of the results of operations to be expected for the remainder of the year. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report for the year ended December 31, 1996. 2. EARNINGS PER SHARE Primary and fully diluted earnings per share, as adjusted for the stock dividend, have been computed based on weighted-average common and common equivalent shares outstanding, as follows:
Three Months Ended March 31, -------------------------------- 1997 1996 Primary 827,097 808,456 Fully diluted 828,162 808,456
3. NEW ACCOUNTING PRONOUNCEMENTS Effective for periods ending after December 15, 1997, Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings Per Share," is applicable for computing and presenting earnings per share (EPS) for entities, such as the Company, with publicly held common stock or potential common stock. This statement simplifies the standards for computing EPS, making them comparable to international EPS standards. It replaces the presentation of primary EPS with a presentation of basic EPS. It also requires dual presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. If the Company had adopted SFAS No. 128 as of March 31, 1997, it would have reported basic and diluted EPS of $0.74 and $0.70 respectively. * * * * * * -6- MANAGEMENT'S DISCUSSION AND ANALYSIS GENERAL On March 31, 1997, Tri-County Federal Savings Bank converted its charter to that of a commercial bank and began operations as Community Bank of Tri-County. Tri-County Financial Corporation owns 100% of the issued and outstanding common stock of Community Bank of Tri-County (the Bank), which is the principal asset of the Company. Tri-County Financial Corporation does not presently own or operate any subsidiaries other than the Bank and its subsidiary and the entities are collectively referred to as "the Company." The Bank is well positioned to operate as a community-oriented commercial bank. Functioning as a thrift, the Bank's operations had gradually expanded into the community bank market since the product lines available to the thrift were similar to those of a commercial bank. Seasoned bank officers were recruited for the branches and the corporate team, and business was conducted to attract more commercial customers. The hurdle faced by Bank personnel was the customer perception that thrifts are more limited in the types of transactions they can undertake than are banks. This charter change allows the Bank to adequately address the total financial needs of its communities rather than just concentrate on residential lending. For the business community, having a local decision center provides the Bank with a considerable advantage over those institutions with headquarters in distant cities and states. The Company is primarily engaged in the business of obtaining funds in the form of savings deposits and investing such funds in mortgage loans on residential and commercial real estate and various types of consumer and other loans, mortgage-backed securities, and investment and money market securities. The Company's earnings, therefore, are primarily dependent upon its net interest income, which is determined by the Company's interest rate spread (the difference between the yields earned on its interest-earning assets and the rates paid on its interest-bearing liabilities) and the relative holdings of interest-earning assets and interest-bearing liabilities. Also of significance to the Company's net income is its noninterest expenses, income taxes, provision for estimated loan losses, and other noninterest income. The Company's deposit flows and cost of funds are determined by interest rates on competing investments and general market rates of interest. Lending activities are affected by consumer demand, the interest rates in the market, and the level of funds available. The Company grants loans throughout the Southern Maryland area. Its borrowers' ability to repay is, therefore, dependent upon the economy of Southern Maryland. -7- SELECTED FINANCIAL DATA
Three Months Ended ---------------------------------- March 31, March 31, 1997 1996 Condensed Income Statement Interest Income. . . . . . . . . . . . . $ 3,576,429 $ 3,346,981 Interest Expense . . . . . . . . . . . . 1,733,631 1,617,057 Net Interest Income. . . . . . . . . . . 1,842,798 1,729,924 Provision for Loan Losses. . . . . . . . 60,000 60,000 Other Income . . . . . . . . . . . . . . 270,973 200,854 Operating Expenses . . . . . . . . . . . 1,129,762 1,067,157 Income Before Income Taxes . . . . . . . 924,009 803,621 Income Tax Expense . . . . . . . . . . . 347,700 285,934 Net Income . . . . . . . . . . . . . . . 576,309 517,687 Per Common Share Primary Earnings . . . . . . . . . . . . 0.70 0.64 Cash Dividends Declared. . . . . . . . . 0.10 0.10 Book Value . . . . . . . . . . . . . . . 23.27 23.09
RESULTS OF OPERATIONS The Company reported net income of $576,000 and $517,000 during the three months ended March 31, 1997 and 1996, respectively, representing a $59,000 or 11.3% increase for the three months ended March 31, 1997 compared to the comparable period in 1996. The increase in net income resulted from the $113,000 increase in net interest income, a $70,000 increase in noninterest income, which more than offset increases of $63,000 in noninterest expenses, and a $62,000 increase in income tax expense relating to the increased earnings. Interest and Dividend Income Interest and dividend income on investment securities declined as a result of the exercise of calls embedded in several of the Bank's securities. The Federal Reserve Board's action to raise interest rates in mid March may affect the prepayment speeds on mortgage related investments to a limited degree and may ultimately result in slowing down the pace of this economic expansion. Noninterest Income Contributing to the increase in earnings for the first quarter were increases in loan service charges resulting from higher commercial loan volume, which generates higher per loan appraisal and other fees, and increased gains on sales of loans originated for the purpose of reselling. Overall loan originations were lower by approximately 16.1% in the first 3 months of 1997 as compared to 1996. The available market pricing was such that a similar level of gains was recognized on a lower sales volume. Bank mergers and mortgage company restructurings have left the Bank as one of a few long-standing, stable and reputable sources of funds for the Southern Maryland market. An effort has been made to identify the customer services the Bank provides which can be used to generate additional revenues. This led to the imposition of fees for the use of the Bank's ATMs by non-customers. In addition, Bank customers have been utilizing certain negotiable order of withdrawal account features which -8- have a related service fee. These items resulted in a $41,000, or 55%, increase in service charge income in the three months ended March 31, 1997 as compared to the comparable period in 1996. Operating Expense The increase in operating expenses was held to $63,000, or 5.9% for the first three months of 1997 as compared to the first three months of 1996. Compensation related expenses increased $25,000, or 4.7%, as the Bank expanded its branch network to include a traditionally designed full service office in Bryans Road, Maryland in October 1996 and a "micro" branch, utilizing limited square footage to provide full customer service, at Charles County Community College in February 1997. In connection with the conversion to a commercial bank, the level of stationery, printing and certain supplies costs increased $29,000, or 103%, as the entire inventory had to be replaced with items reflecting the new corporate name. In addition, advertising costs incurred to publicize and promote the conversion and its ensuing benefits to the customers and communities went from $15,000 to $39,000, an increase of 154%. The benefit to the Bank of the BIF/SAIF recapitalization in the fall of 1996 is clearly seen in the $52,000 reduction in federal insurance and surety bond premiums for the first three months of 1997 as compared to the first three months of 1996. Earnings Per Share Primary earnings per share for the three months were $.70 per share or $.06 higher than for the corresponding period in 1996. Book value on a per share basis reflects only a nominal .8% increase primarily because the number of shares outstanding was increased by the 5% stock dividend and also as a result of the exercise of stock options by members of the senior management team and the board of directors. FINANCIAL CONDITION Assets Total assets as of March 31, 1997 grew $3.7 million to $182 million from the December 31, 1996 level of $178.3 million. This reflects a growth rate of 2.0% as compared to 1.5% asset growth during the previous year. Heavy development of the Southern Maryland area as a bedroom community for Washington, DC workers and military base expansion in the Bank's market area continues to keep the real estate market strong despite higher long term real estate loan rates. Loan growth was $2.4 million or 2.2% for the three month period as compared to a decline of $.6 million or .57% for the three months ended March 31, 1996. Loan origination volume in 1997 was 16.1% lower than in the comparable period in 1996; however, in 1997 fewer loans were originated for sale and subsequently sold than during the first three months of 1996. -9- In connection with the charter conversion, the Bank is adopting a business plan that focuses on originating more consumer and commercial loans, while creating a mortgage subsidiary to handle the production and sale of residential loans. The allowance for loan losses is maintained at a level believed by management to be adequate to absorb potential losses inherent in the loan portfolio. Management's determination of the adequacy of the allowance is based on a periodic evaluation of the portfolio with consideration given to the overall loss experience; current economic conditions; volume, growth and composition of the loan portfolio; financial condition of the borrowers; and other relevant factors that, in management's judgment, warrant recognition in providing an adequate allowance. The Bank's allowance for loan losses was increased $60,000 during the first three months of 1997 in accordance with management's policy described above. The Company's holdings of investment securities declined $518,000 since December 31, 1996. Several securities experienced early payoff since the issuer was able to obtain better rates by calling the investment and reissuing it at the more attractive long-term rates currently available in the market. The level of property and equipment balances increased $85,000 as branch network expansion continued through construction of the "micro" branch described above. In addition, continued upgrade of the branch teller system equipment has required expenditures for computer equipment. Liabilities Liability growth was controlled to stay in line with the change in asset levels. Deposit growth was 2.1% for the first quarter of 1997. The deposit base provides a source of funds at a lower average rate than could be realized by borrowing. The Bank will be focusing on attracting customers disgruntled by the shrinking pool of locally run banks in the Southern Maryland community. Loan demand was low compared to the first three months of 1996; the funds obtained through increased deposit account balances were sufficient to meet this demand without increasing the level of Advances from the FHLB. Advance payments by borrowers for taxes and insurance increased $360,000 and the balance will continue to increase until the real estate tax payments due for the majority of the Bank's loan customers are paid in September. The Bank was able to utilize the $240,000 increase in the Treasury Tax and Loan deposits account, provided by customers who make their required payments to the Internal Revenue Service through the Bank, in meeting daily cash needs. The current tax liability balance increased in the first quarter of 1997 as a result of the taxes related to the earnings recorded in that period. At December 31, 1996, the tax liability was low because substantial estimated tax payments had been paid to the government prior to the $820,000 special FDIC insurance assessment. This tax deductible expense substantially lowered the Bank's 1996 tax liability so that the tax liability outstanding at the end of the year was only $77,000. Accounts payable, accrued expenses and other liabilities declined $201,000, or 27.8%, in the first quarter of 1997. This decline was related to the payment of retirement plan accruals which are generally made soon after each year end and to the payment of incentive compensation accruals that had been made at December 31, 1996 once the performance results were known for the year. Stockholders' Equity Stockholders' equity increased $318,000 or 1.8% to $17.6 million at March 31, 1997 compared to $17.3 million at December 31, 1996. This reflects the net income of $576,000 for the three month period, a -10- $106,000 decline in unrealized holding gains on investment and mortgage-backed securities available for sale, $44,000 realized from the exercise of outstanding stock options by members of senior management and the board of directors and a reserve for the $.10 per share cash dividend declared, payable on April 15, 1997. A shift in the components of stockholders' equity occurred as a result of the declaration of a 5% stock dividend to shareholders; this resulted in a transfer of $834,000 from retained earnings to stock dividend distributable. REGULATORY MATTERS The Bank is subject to Federal Reserve Board capital requirements as well as statutory capital requirements imposed under Maryland law. At March 31, 1997, the Bank's leverage and risk-based capital was 9.37% and 17.43%, respectively. These levels are well in excess of the required 3.0% and 8.0% ratios required by the Federal Reserve Board. -11- TRI-COUNTY FINANCIAL CORPORATION -------------------------------- PART II - OTHER INFORMATION --------------------------- Item 1 - Legal Proceedings ----------------- Not Applicable. Item 2 - Changes in Securities --------------------- Not Applicable. Item 3 - Defaults Upon Senior Securities ------------------------------- Not Applicable. Item 4 - Submission of Matters to a Vote of Security Holders --------------------------------------------------- Not Applicable. Item 5 - Other Information ----------------- None. Item 6 - Exhibits and Reports on Form 8-K -------------------------------- None. -12- SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Tri-County Financial Corporation: Date: May 14, 1997 By: /S/ Michael L. Middleton ---------------------- ------------------------ Michael L. Middleton, President and Chairman of the Board Date: May 14, 1997 By: /S/ Henry A. Shorter, Jr. ---------------------- ------------------------- Henry A. Shorter, Jr. Secretary -13- EX-27 2 FINANCIAL DATA SCHEDULE
9 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 4,882,814 4,238,768 0 0 53,905,774 1,592,373 1,618,469 114,470,626 1,180,145 181,972,531 137,633,358 12,509,545 1,828,000 12,431,748 0 0 7,550 17,562,329 181,972,531 2,612,717 224,965 738,747 3,576,429 1,409,647 1,733,631 1,842,798 60,000 0 1,129,762 924,009 924,009 0 0 576,309 0.70 0.70 4.21 500,000 0 0 0 1,120,102 0 43 1,180,145 1,180,145 0 0
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