-----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, AWoP/dpmblExa2kSsRaLGIlisxnSC4S/cBuW16ecS9dlpZVvG0IXlktO3neZPNLJ QkKmXNrsVHJgjoh4NrmbMw== /in/edgar/work/0001002105-00-000130/0001002105-00-000130.txt : 20001115 0001002105-00-000130.hdr.sgml : 20001115 ACCESSION NUMBER: 0001002105-00-000130 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INDEPENDENT COMMUNITY BANKSHARES INC CENTRAL INDEX KEY: 0000914138 STANDARD INDUSTRIAL CLASSIFICATION: [6021 ] IRS NUMBER: 541696103 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-24159 FILM NUMBER: 763842 BUSINESS ADDRESS: STREET 1: 111 W WASHINGTON ST STREET 2: C/O MIDDLEBURG BANK CITY: MIDDLEBURG STATE: VA ZIP: 22117 BUSINESS PHONE: 5406876377 MAIL ADDRESS: STREET 1: 111 WEST WASHINGTON STREET STREET 2: C/O MIDDLEBURG BANK CITY: MIDDLEBURG STATE: VA ZIP: 22117 10QSB 1 0001.txt 10QSB FOR THE PERIOD ENDED SEPTEMBER 30, 2000 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB [X] Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2000 [ ] Transition Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to _____________ Commission file number: 0-24159 INDEPENDENT COMMUNITY BANKSHARES, INC. (Exact Name of Small Business Issuer as Specified in its Charter) Virginia 54-1696103 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 111 West Washington Street Middleburg, Virginia 20117 (Address of Principal Executive Offices) (703) 777-6327 (Issuer's Telephone Number, Including Area Code) Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 --- --- State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 1,739,247 shares of common stock, par value $5.00 per share, outstanding as of October 31, 2000 INDEPENDENT COMMUNITY BANKSHARES, INC. INDEX
Part I. Financial Information Page No. Item 1. Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Changes in Shareholders' Equity 5 Consolidated Statements of Cash Flows 6 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Results of Operation and Financial Condition 10 Part II. Other Information Item 1. Legal Proceedings 13 Item 2. Change in Securities 13 Item 3. Defaults upon Senior Securities 13 Item 4. Submission of Matters to a Vote of Security Holders 13 Item 5. Other Information 13 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14
2 PART I. FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS INDEPENDENT COMMUNITY BANKSHARES, INC. Consolidated Balance Sheets (In Thousands)
(Unaudited) September 30, December 31, 2000 1999 ------------ ------------ Assets: Cash and due from banks $ 6,945 $ 8,037 Interest-bearing balances in banks 128 87 Temporary investments: Federal funds sold 7,250 12,139 Other money market investments 697 293 Securities (fair value: September 30, 2000, $80,514, December 31, 1999, $67,745) 80,452 67,739 Loans held for sale 1,244 1,232 Loans, net 164,060 141,782 Bank premises and equipment, net 6,324 6,285 Other assets 7,107 6,331 ------------ ------------ Total assets $ 274,207 $ 243,925 ============ ============ Liabilities and Shareholders' Equity: Liabilities: Deposits: Non-interest bearing $ 50,681 $ 44,900 Savings and interest-bearing demand deposits 93,574 97,208 Time deposits 68,560 61,729 ------------ ------------ Total deposits $ 212,815 $ 203,837 Securities sold under agreements to repurchase $ 13,185 $ 10,811 Federal Home Loan Bank advances 20,000 5,000 Other liabilities 3,035 1,202 ------------ ------------ Total liabilities $ 249,035 $ 220,850 ------------ ------------ Shareholders' Equity: Common stock par value $5.00 per share, authorized 10,000,000 shares; issued and outstanding at September 30, 2000 - 1,739,247 issued and outstanding at December 31, 1999 - 1,778,994 $ 8,696 $ 8,895 Capital surplus 2,556 1,293 Retained earnings 14,961 14,852 Accumulated other comprehensive (loss) (1,041) (1,965) ------------ ------------ Total shareholders' equity $ 25,172 $ 23,075 ------------ ------------ Total liabilities and shareholders' equity $ 274,207 $ 243,925 ============ ============
See Accompanying Notes to Consolidated Financial Statements. 3 INDEPENDENT COMMUNITY BANKSHARES, INC. Consolidated Statements of Income (In Thousands, Except Per Share Data)
Unaudited Unaudited ----------------------------------------------------------- For the Nine Months For the Quarter Ended September 30, Ended September 30, 2000 1999 2000 1999 ------------ ------------ ------------ ------------ Interest Income Interest and fees on loans $ 10,192 $ 8,625 $ 3,640 $ 3,028 Interest on investment securities Taxable 18 29 6 8 Exempt from federal income taxes 269 417 87 134 Interest on securities available for sale Taxable 2,294 1,182 816 421 Exempt from federal income taxes 852 677 289 239 Dividends 165 201 25 74 Interest on federal funds sold and other 142 323 33 149 ------------ ------------ ------------ ------------ Total interest income $ 13,932 $ 11,454 $ 4,896 $ 4,053 Interest Expense Interest on deposits $ 3,838 $ 3,566 $ 1,368 $ 1,205 Interest on FHLB advances 671 212 318 70 Interest on short-term borrowings 464 172 180 80 ------------ ------------ ------------ ------------ Total interest expense $ 4,973 $ 3,950 $ 1,866 $ 1,355 Net interest income $ 8,959 $ 7,504 $ 3,030 $ 2,698 Provision for loan losses 325 328 125 124 ------------ ------------ ------------ ------------ Net interest income after provision for loan losses $ 8,634 $ 7,176 $ 2,905 $ 2,574 Other Income Commissions and fees from fiduciary activities $ 1,172 $ 805 $ 417 $ 293 Service charges on deposit accounts 886 820 274 268 Net gains (losses) on securities available for sale (1) (11) - - Other operating income 612 516 227 206 ------------ ------------ ------------ ------------ Total other income $ 2,669 $ 2,130 $ 918 $ 767 Other Expense Advertising $ 247 $ 242 $ 25 $ 81 Salaries and employee benefits 4,083 3,259 1,477 1,132 Net occupancy expense of premises 874 716 273 253 Other operating expenses 1,842 1,633 687 514 ------------ ------------ ------------ ------------ Total other expense $ 7,046 $ 5,850 $ 2,462 $ 1,980 ------------ ------------ ------------ ------------ Income before income taxes $ 4,257 $ 3,456 $ 1,361 $ 1,361 Income taxes 1,052 823 321 362 ------------ ------------ ------------ ------------ Net income $ 3,205 $ 2,633 $ 1,040 $ 999 ============ ============ ============ ============ Earnings per weighted average share: Basic Shares (2000 - 1,741,353, 1999 - 1,778,994) Net income per share, basic $ 1.84 $ 1.48 $ 0.60 $ 0.56 Diluted Shares (2000 - 1,754,639, 1999 - 1,795,256) Net income per share, diluted $ 1.83 $ 1.47 $ 0.60 $ 0.55 Dividends per share $ 0.63 $ 0.51 $ 0.21 $ 0.17
See Accompanying Notes to Consolidated Financial Statements. 4 INDEPENDENT COMMUNITY BANKSHARES, INC. Consolidated Statement of Changes in Shareholders' Equity For the Nine Months ended September 30, 2000 and 1999 (In Thousands) (Unaudited)
Accumulated Other Common Capital Comprehensive Retained Comprehensive Stock Surplus Income (Loss) Earnings Income Total ------------ ------------ ------------ ------------ ------------ ------------ Balances - December 31, 1998 $ 8,895 $ 1,293 $ 180 $ 12,495 $ - $ 22,863 Comprehensive Income Net income 2,633 2,633 2,633 Other comprehensive income, net of tax: Unrealized loss on available for sale securities (1,565) Reclassification adjustment for gains realized in net income 7 ------------ Other comprehensive income, net of tax (1,558) (1,558) (1,558) ------------ Total comprehensive income $ 1,075 ============ Cash dividends declared (909) (909) ------------ ------------ ------------ ------------ ------------ Balances - September 30, 1999 $ 8,895 $ 1,293 $ (1,378) $ 14,219 $ 23,029 ============ ============ ============ ============ ============ Balances - December 31, 1999 $ 8,895 $ 1,293 $ (1,965) $ 14,852 $ - $ 23,075 Comprehensive Income Net income 3,205 3,205 3,205 Other comprehensive income, net of tax: Unrealized loss on available for sale securities 924 Reclassification adjustment for gains realized in net income - ------------ Purchase of common shares (57,785 shares) (289) (1,038) (1,327) Issuance of common shares in stock option plan (2,000) 10 24 34 Issuance of common shares (16,038 shares) 80 277 357 Discretionary transfer from retained earnings 2,000 (2,000) - Other comprehensive income, net of tax 924 924 924 ------------ Total comprehensive income $ 4,129 ============ Cash dividends declared (1,096) (1,096) ------------ ------------ ------------ ------------ ------------ Balances - September 30, 2000 $ 8,696 $ 2,556 $ (1,041) $ 14,961 $ 25,172 ============ ============ ============ ============ ============
See Accompanying Notes to Consolidated Financial Statements. 5 INDEPENDENT COMMUNITY BANKSHARES, INC. Consolidated Statements of Cash Flows (In Thousands, Unaudited)
For the Nine Months Ended ------------------------------- September 30, September 30, 2000 1999 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 3,205 $ 2,633 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 325 328 Depreciation and amortization 530 490 Net losses on securities available for sale 1 11 Discount accretion and premium amortization on securities, net (9) 63 Net (gains) on sale of assets - (6) Net loss on sale of other real estate - 5 Originations of loans held for sale (25,935) (22,136) Proceeds from sales of loans held for sale 25,923 22,903 (Increase) in other assets (941) (2,548) Increase (decrease) in other liabilities 1,833 (19) ------------ ------------ Net cash provided by operating activities $ 4,932 $ 1,724 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from maturity, principal paydowns and calls on investment securities $ 542 $ 388 Proceeds from maturity, principal paydowns and calls on securities available for sale 3,248 4,693 Proceeds from sale of investment securities - 501 Proceeds from sale of securities available for sale 490 1,988 Proceeds from sale of bank premises and equipment - 117 Purchase of investment securities - (250) Purchase of securities available for sale (15,584) (15,168) Net (increase) in loans (22,603) (19,333) Proceeds from sale of other real estate - 195 Purchases of bank premises and equipment (524) (1,139) ------------ ------------ Net cash (used in) investing activities $ (34,431) $ (28,008) CASH FLOWS FROM FINANCING ACTIVITIES Net increase in demand deposits, NOW accounts, and savings accounts $ 2,147 $ 18,884 Net increase in certificates of deposits 6,831 4,413 Dividends declared (1,096) (909) Acquisition of common stock (1,327) - Issuance of common stock in stock option plan 34 Payment on Federal Home Loan Bank advances (16,900) (7,000) New borrowings for Federal Home Loan Bank advances 31,900 6,000 Increase in securities sold under agreement to repurchase 2,374 4,538 ------------ ------------ Net cash provided by financing activities $ 23,963 $ 25,926 Decrease in cash and cash equivalents $ (5,536) $ (358) CASH AND CASH EQUIVALENTS Beginning $ 20,556 $ 12,813 ------------ ------------ Ending $ 15,020 $ 12,455 ============ ============ SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash payments for: Interest paid to depositors $ 3,745 $ 3,740 Income taxes $ 1,252 $ 879 SUPPLEMENTAL DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES Unrealized gain (loss) on securities available for sale $ 1,400 $ (2,359) Stock issued under merger agreement (16,038 shares) $ 357 $ -
See Accompanying Notes to Consolidated Financial Statements. 6 INDEPENDENT COMMUNITY BANKSHARES, INC. Notes to Consolidated Financial Statements For the Nine Months Ended September 30, 2000 and 1999 (Unaudited) Note 1. In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2000 and the results of operations and changes in cash flows for the nine months ended September 30, 2000 and 1999. The statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-KSB for the year ended December 31, 1999. The results of operations for the nine month periods ended September 30, 2000 and 1999 are not necessarily indicative of the results to be expected for the full year. Note 2. Securities Securities being held to maturity as of September 30, 2000 are summarized as follows:
------------------------------------------------------------ Gross Gross Amortized Unrealized Unrealized Market Cost Gains (Losses) Value ------------------------------------------------------------ (In Thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 250 $ - $ (17) $ 233 Obligations of states and political subdivisions 6,888 80 (1) 6,967 Mortgaged backed securities 94 - - 94 ------------ ------------ ------------ ------------ $ 7,232 $ 80 $ (18) $ 7,294 ============ ============ ============ ============
Securities available for sale as of September 30, 2000 are summarized below:
------------------------------------------------------------ Gross Gross Amortized Unrealized Unrealized Market Cost Gains (Losses) Value ------------------------------------------------------------ (In Thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 5,825 $ 17 $ (127) $ 5,715 Corporate securities 3,067 113 (249) 2,931 Obligations of states and political subdivisions 25,171 65 (729) 24,507 Mortgaged backed securities 34,181 38 (692) 33,527 Other 6,549 25 (34) 6,540 ------------ ------------ ------------ ------------ $ 74,793 $ 258 $ (1,831) $ 73,220 ============ ============ ============ ============
7 Note 3. The consolidated loan portfolio is composed of the following:
--------------------------------- September 30, December 31, 2000 1999 --------------------------------- (In Thousands) Commercial, financial and agricultural $ 22,645 $ 19,055 Real estate construction 19,137 12,151 Real estate mortgage 113,059 102,184 Installment loans to individuals 10,944 9,845 ------------- ------------- Total loans 165,785 143,235 Less: Allowance for loan losses (1,725) (1,453) ------------- ------------- Loans, net $ 164,060 $ 141,782 ============= =============
The Company had $180,849 in non-performing assets at September 30, 2000. Note 4. Reserve for Loan Losses The following is a summary of transactions in the reserve for loan losses:
--------------------------------- September 30, December 31, 2000 1999 --------------------------------- (In Thousands) Balance at January 1 $ 1,453 $ 1,064 Provision charged to operating expense 325 420 Recoveries added to the reserve 40 120 Loan losses charged to the reserve (93) (151) ------------- ------------- Balance at the end of the period $ 1,725 $ 1,453 ============= =============
8 Note 5. Earnings Per Share The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of potential dilutive common stock. Potential dilutive common stock has no effect on income available to common shareholders.
September 30, 2000 September 30 , 1999 Per share Per share Shares Amount Shares Amount ------------ ------------ ------------ ------------ Basic EPS 1,741,000 $ 1.84 1,778,994 $ 1.48 ============ ============ Effect of dilutive securities: stock options(1) 13,639 16,262 ------------ ------------ Diluted EPS 1,754,639 $ 1.83 1,795,256 $ 1.47 ============ ============ ============ ============
______________ (1) The anti-dilutive effects of options covering 69,825 shares of common stock were not included in the calculation for 2000. Note 6. Derivative Financial Instruments Interest rate swap agreements: During May 2000, the Company entered into two agreements to assume variable market-indexed interest payments in exchange for fixed-rate interest payments (interest rate swaps). The notional principal amount of interest rate swaps outstanding was $8,525,000 at September 30, 2000. The original term to maturity was 24 months. The weighted-average fixed payment rate was 7.0% at September 30, 2000. Variable interest payments received are based on three-month LIBOR. At September 30, 2000, the weighted average rate of variable market-indexed interest payment obligations to the Company was 6.35%. The effect of these agreements was to transform fixed rate liabilities to variable rate liabilities. The net cost of these agreements was $18,327 for the nine month period ended September 30, 2000, which is charged to income as it accrues. The Company's current credit exposure on swaps is limited to the value of interest rate swaps that have become assets to the Company. At September 30, 2000, the fair value of interest rate swaps in an asset position was $95,066. 9 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Financial Summary Net income for the nine months ended September 30, 2000 increased 21.7% to $3.2 million or $1.83 per diluted share compared to $2.6 million or $1.47 per diluted share for the first nine months of 1999. Annualized returns on average assets and equity for the nine months ended September 30, 2000 were 1.7% and 18.2%, respectively, compared to 1.6% and 15.3% for the same period in 1999. Total assets for Independent Community Bankshares, Inc. (the "Company") increased to $274.2 million at September 30, 2000 compared to $243.9 million at December 31, 1999, representing an increase of $30.3 million or 12.4%. Total loans at September 30, 2000 were $164.1 million, an increase of $22.3 million from the December 31, 1999 balance of $141.8 million. The driving forces behind the loan growth include a good local economy as well as customers' desire to seek a local financial institution that has the ability to make decisions locally regarding credit. The investment portfolio increased 18.9% to $80.5 million at September 30, 2000 compared to $67.7 million at December 31, 1999. Deposits increased $9.0 million to $212.8 million at September 30, 2000 from $203.8 million at December 31, 1999. Growth in the transactional accounts and time deposits account for $5.8 million and $6.9 million, respectively of the increase during the first nine months of 2000. During the third quarter of 2000 certificates of deposits grew $4.5 million as the result of competitive pricing to attract deposits to fund loan growth. Securities sold under agreements to repurchase with commercial checking accounts increased $2.4 million from $10.8 million at December 31, 1999 to $13.2 million at September 30, 2000. Branch expansion and increased advertising have promoted awareness of the Company are resulted in additional business. Shareholders' equity was $25.2 million at September 30, 2000. This represents an increase of 9.1% from the December 31, 1999 balance of $23.1 million. The book value per common share was $14.47 at September 30, 2000 and $12.97 at December 31, 1999. Net Interest Income Net interest income is the Company's primary source of earnings and represents the difference between interest and fees earned on earning assets and the interest expense paid on deposits and other interest bearing liabilities. Net interest income totaled $9.0 million for the first nine months of 2000 compared to $7.5 million for the same period in 1999. The increase is largely due to growth in the average earning assets. Noninterest Income Noninterest income consisting of fees from deposit accounts, fiduciary activities as well as mortgage banking was $2.7 million for the first nine months of 2000 compared to $2.1 million for the same period in 1999. Service charges on deposit accounts for the first nine months of 2000 totaled $886,000 compared to $820,000 for the same period in 1999, an increase of 8.1%. Commissions and fees from fiduciary activities were $1.2 million for the nine- month period ending September 30, 2000 compared to $805,000 for the same period in 1999. The increase in commission and fees from fiduciary activities is directly related to the $109.1 million increase in assets under administration from September 30, 1999 to September 30, 2000. Other operating income increased $96,000 to $612,000 for the nine months ending September 30, 2000 compared to $516,000 for the same period in 1999. 10 Noninterest Expense Total noninterest expense includes employee-related costs, occupancy and equipment expense and other overhead. Total noninterest expense was $7.0 million for the first nine months of 2000 compared to $5.9 million for the same period in 1999. This is a 20.4% increase from 1999 to 2000. Salary and benefit expense increased 25.2% from $3.3 million for the nine months ending September 30, 1999 to $4.1 million for the nine months ending September 30, 2000. Net occupancy expense of premises increased 22.1% from $716,000 for the nine months ending September 30, 1999 to $874,000 for the nine months ending September 30, 2000. Two new branches, continued branch growth on existing branches and mortgage banking continue to drive the increase in salary and employee benefit and occupancy expenses. Allowance for Loan Losses The allowance for loan losses at September 30, 2000 was $1.7 million compared to $1.3 million at September 30, 1999. The provision for loan losses for the first nine months of 2000 was $325,000 compared to $328,000 for the same period of 1999. The allowance for loan losses was 1.04% of total loans outstanding at September 30, 2000. Net charge-offs as a percentage of loans was .01% for the nine months ended September 30, 2000, and loans that were past due 90 days or more totaled $75,000 at September 30, 2000. Non-performing loans decreased to .11% of total loans outstanding at September 30, 2000 compared to .32% at September 30, 1999. Management believes the allowance for loan losses is adequate to cover credit losses inherent in the loan portfolio at September 30, 2000. Loans classified as loss, doubtful, substandard or special mention are adequately reserved for and are not expected to have a material impact beyond what has been reserved. Capital Resources Shareholders' equity at September 30, 2000 and September 30, 1999 was $25.2 million and $23.1 million, respectively. During the first quarter of 2000, the Company completed two privately negotiated stock repurchases totaling 57,785 shares of common stock at a weighted average price of $22.46 per share. The stock repurchase was 3.3% of the total stock outstanding prior to the transaction. During the third quarter of 2000 the Company issued 16,038 shares of common stock, a value of $358,000 to the original shareholders of The Tredegar Trust Company under the contingent merger consideration agreement within the terms of the acquisition. Total common shares outstanding at September 30, 2000 were 1,741,247. At September 30, 2000 the Company's tier 1 and total risk-based capital ratios were 12.7% and 13.6%, respectively, compared to 14.0% and 14.8% at December 31, 1999. The Company's leverage ratio was 9.7% at September 30, 2000 compared to 10.8% at December 31, 1999. The Company's capital structure places it above the regulatory guidelines, which affords the Company the opportunity to take advantage of business opportunities while ensuring that it has the resources to protect against risk inherent in its business. Forward-Looking Statements Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Such forward-looking statements involve known and unknown risks including, but not limited to, changes in general economic and business conditions, interest rate fluctuations, competition within and from outside 11 the banking industry, new products and services in the banking industry, risk inherent in making loans such as repayment risks and fluctuating collateral values, changing trends in customer profiles and changes in laws and regulations applicable to the Company. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. 12 PART II. OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Change in Securities. None Item 3. Defaults upon Senior Securities None Item 4. Submission of Matters to a 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 (filed electronically only). b) Reports on Form 8-K - None 13 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. INDEPENDENT COMMUNITY BANKSHARES, INC. -------------------------------------- (Registrant) Date: 11/14/00 /s/ Joseph L. Boling ----------------- -------------------------------------- Joseph L. Boling Chairman of the Board & CEO Date: 11/14/00 /s/ Alice P. Frazier ----------------- -------------------------------------- Alice P. Frazier Senior Vice President & CFO 14 EX-27 2 0002.txt FDS -- INDEPENDENT COMMUNITY BANKSHARES, INC.
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUARTERLY REPORT ON FORM 10-QSB FOR THE COMPANY FOR THE PERIOD ENDED SEPTEMBER 30, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION CONTAINED IN THAT REPORT. 1,000 9-MOS DEC-31-2000 SEP-30-2000 6,945 128 7,250 0 73,220 7,232 7,294 165,785 1,725 274,207 212,815 13,185 3,035 20,000 0 0 8,696 16,476 274,207 10,192 3,598 142 13,932 3,838 4,973 8,959 325 (1) 7,046 4,257 4,257 0 0 3,205 1.84 1.83 5.37 181 0 0 0 1,453 93 40 1,725 585 0 1,141
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