Exhibit 99
MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
FINANCIAL REPORT
(Compiled)
DECEMBER 31, 2002
CONTENTS
INDEPENDENT ACCOUNTANT’S REPORT | 1 | |
FINANCIAL STATEMENTS | ||
Statements of net assets available for benefits | 2 | |
Statement of changes in net assets available for benefits | 3 | |
SUPPLEMENTARY INFORMATION | ||
Schedule H – Assets held for investment purposes at end of year | 5 | |
INDEPENDENT ACCOUNTANT’S REPORT
To the Plan Administrator
Mooresville Savings Bank, SSB
Employees Savings and Profit Sharing Plan
Mooresville, North Carolina
We have compiled the accompanying statements of net assets available for benefits of the Mooresville Savings Bank, SSB Employees Savings and Profit Sharing Plan as of December 31, 2002 and 2001, and the related statement of changes in net assets available for benefits for the year ended December 31, 2002 in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting information that is the representation of management in the form of financial statements. We have not audited or reviewed the accompanying financial statements or supplementary schedule and, accordingly, do not express an opinion or any other form of assurance on them.
The Plan Administrator has elected to omit substantially all of the disclosures required by accounting principles generally accepted in the United States of America. If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the plan’s net assets available for benefits and changes therein. Accordingly, these financial statements are not designed for those who are not informed about such matters.
Charlotte, North Carolina
July 21, 2003
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MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2002 and 2001
See Accountant’s Report
| 2002 | 2001 | |||||
ASSETS | ||||||
Investments at fair value | $ | 2,273,264 | $ | 2,226,202 | ||
Due from broker for securities transaction pending | 88,245 | 760 | ||||
Accrued interest and dividends | 50,767 | 17,623 | ||||
Total assets | 2,412,276 | 2,244,585 | ||||
LIABILITIES | ||||||
Trust and record keeping fees payable | 60,491 | 979 | ||||
Net assets available for benefits | $ | 2,351,785 | $ | 2,243,606 | ||
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MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2002
See Accountant’s Report
Additions to (deductions from) net assets attributed to: | ||||
Investment income: | ||||
Net depreciation in fair value of investments, interest and dividends | $ | (8,575 | ) | |
Contributions: | ||||
Employer contributions | 31,888 | |||
Employee contributions | 97,346 | |||
| 129,234 | ||||
Total additions | 120,659 | |||
Deductions from net assets attributed to: | ||||
Benefits paid to participants | 1,264 | |||
Administrative expenses | 11,216 | |||
Total deductions | 12,480 | |||
Net increase | 108,179 | |||
Net assets available for benefits: | ||||
Beginning of year | 2,243,606 | |||
End of year | $ | 2,351,785 | ||
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MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
SCHEDULE H – ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR
December 31, 2002
Sponsor Federal I.D. #56-0326988 (Plan #002)
See Accountant’s Report
Identity of issuer, borrower, lessor, or similar party | Description of investment including maturity date, rate of interest, collateral, par or maturity value | Current value | |||||
| Money market: | |||||||
| Barclays Global Investors, NA | Government Fund (36,239 shares) | $ | 36,239 | ||||
| Common stock: | |||||||
| * | Coddle Creek Financial Corp. | Common stock (42,747 shares) | 1,218,290 | ||||
| Mutual funds: | |||||||
| Barclays Global Investors, NA | Equity Index Fund (23,740 shares) | 283,460 | |||||
| Barclays Global Investors, NA | Midcap Fund (383 shares) | 6,106 | |||||
| Barclays Global Investors, NA | Bond Fund (486 shares) | 8,357 | |||||
| Barclays Global Investors, NA | Stable Value Fund (3,543 shares) | 49,748 | |||||
| Barclays Global Investors, NA | International Fund (90 shares) | 1,155 | |||||
| Barclays Global Investors, NA | S&P 500 Value Fund (1,805 shares) | 14,403 | |||||
| Barclays Global Investors, NA | S&P 500 Growth Fund (1,109 shares) | 7,255 | |||||
| Barclays Global Investors, NA | Growth & Income Fund (21 shares) | 245 | |||||
| Barclays Global Investors, NA | Russell 2000 Fund (32 shares) | 294 | |||||
| Barclays Global Investors, NA | Collective Short Term Investment Fund (62,780 shares) | 62,780 | |||||
| Certificate of deposit: | |||||||
| * | Mooresville Savings Bank, SSB | 7.5%, due 6/28/03; 505,828 units | 505,828 | ||||
| * | Mooresville Savings Bank, SSB | Loans to participants at varying rates and maturity dates | 79,104 | ||||
Employees Savings and Profit Sharing Plan | |||||||
| $ | 2,273,264 | ||||||
| * | Represents a party in interest. |
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