FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 0-9785
TRI CITY BANKSHARES CORPORATION
(Exact name of registrant as specified in its charter)
Wisconsin 39-1158740
- ------------------------------- ------------------------
(State or other jurisdiction of (IRS Employer ID Number)
incorporation or organization)
6400 S. 27th Street, Oak Creek, WI
----------------------------------------
(Address of principal executive offices)
53154
--------
Zip Code
(414) 761-1610
----------------------------------------------------
(Registrant's telephone number, including area code)
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
----- -----
The number of shares outstanding of $1.00 par value common stock, as of
June 30, 2001: 2,602,949
FORM 10-Q
TRI CITY BANKSHARES CORPORATION
INDEX
PART I - FINANCIAL INFORMATION
Page #
Item 1 Financial Statements (Unaudited)
Consolidated Balance Sheets as of
June 30, 2001 and December 31, 2000 3
Consolidated Statements of Income
for the Three Months ended June 30, 2001
and 2000 4
Consolidated Statements of Income
for the Six Months ended June 30, 2001
and 2000 5
Consolidated Statements of Cash Flows
for the Six Months ended June 30, 2001
and 2000 6
Notes to Unaudited Consolidated 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 15
PART II - OTHER INFORMATION
Item 4 Submission of Matters to a Vote of Security Holders 16
Item 6 Exhibits and Reports on Form 8-K 19
Signatures 20
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED BALANCE SHEETS
June 30,
ASSETS 2001 December 31,
(Unaudited) 2000
------------- -------------
Cash and due from banks $ 31,878,783 $ 43,873,802
Federal funds sold 28,143,198 1,335,776
------------- -------------
Cash and cash equivalents 60,021,981 45,209,578
Investment securities:
Held-to-maturity (fair
value of 2001 - $115,109,782
2000 - $134,164,593) 113,153,182 134,287,069
Loans 375,577,804 361,771,147
Allowance for loan losses (4,713,587) (4,521,465)
------------- -------------
Net Loans 370,864,217 357,249,682
Premises and equipment 22,261,317 21,593,336
Other assets 4,567,435 4,735,268
------------- -------------
TOTAL ASSETS $ 570,868,132 $ 563,074,933
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 136,361,073 $ 136,522,645
Interest bearing (over $100,000) 47,005,000 44,214,855
Interest bearing 288,748,501 289,403,636
------------- -------------
Total Deposits 472,114,574 470,141,136
Short-term borrowings:
Securities sold under agreements to repurchase 20,499,620 19,787,032
Other 4,611,831 2,233,059
------------- -------------
25,111,451 22,020,091
Other Liabilities 1,673,991 2,017,264
------------- -------------
TOTAL LIABILITIES 498,900,016 494,178,491
Stockholders' equity:
Cumulative Preferred stock,
par value -$1 per share
authorized - 200,000 shares;
issued and outstanding-none
Common stock,
par value-$1 per share
authorized-5,000,000 shares;
Issued and outstanding:
2001 - 2,602,949 shares;
2000 - 2,575,797 shares 2,602,949 2,575,797
Additional paid in capital 12,857,087 11,757,507
Retained earnings 56,508,080 54,563,138
------------- -------------
TOTAL STOCKHOLDERS' EQUITY 71,968,116 68,896,442
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 570,868,132 $ 563,074,933
============= =============
See Notes to Unaudited Consolidated Financial Statements.
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR THREE MONTHS ENDED JUNE 30, 2001 AND 2000
(UNAUDITED)
2001 2000
----------- -----------
Interest income:
Loans, including fees $ 8,109,271 $ 7,506,505
Investment securities:
Taxable 634,306 863,076
Exempt from federal income tax 825,620 908,773
Federal funds sold 241,161 624,289
----------- -----------
TOTAL INTEREST INCOME 9,810,358 9,902,643
Interest expense:
Deposits 3,051,482 2,766,282
Short-term borrowings 233,447 855,813
----------- -----------
TOTAL INTEREST EXPENSE 3,284,929 3,622,095
----------- -----------
NET INTEREST INCOME 6,525,429 6,280,548
Provision for loan losses (105,000) (75,000)
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 6,420,429 6,205,548
Other income:
Service charge income 726,935 748,566
Rental income 312,642 242,918
Gain on Sale of Loans 0 2,993
Other 730,807 592,702
----------- -----------
TOTAL OTHER INCOME 1,770,384 1,587,179
Other expense:
Salaries and employee benefits 3,046,224 2,931,510
Net occupancy 725,438 744,422
Equipment 377,210 366,148
Data processing 299,258 283,789
Advertising 159,422 144,020
Regulatory agency assessments 52,471 51,580
Office supplies 140,235 119,912
Other 668,374 657,960
----------- -----------
TOTAL OTHER EXPENSE 5,468,632 5,299,341
----------- -----------
Income before income taxes 2,722,181 2,493,386
Provision for income taxes 734,000 652,000
----------- -----------
NET INCOME $ 1,988,181 $ 1,841,386
=========== ===========
Per share data:
Net income $ 0.77 $ 0.72
Average shares outstanding 2,600,128 2,548,508
See Notes to Unaudited Consolidated Financial Statements.
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(UNAUDITED)
2001 2000
------------ ------------
Interest income:
Loans, including fees $ 16,289,670 $ 14,511,287
Investment securities:
Taxable 1,413,581 1,762,567
Exempt from federal income tax 1,689,792 1,826,453
Federal funds sold 298,181 642,112
------------ ------------
TOTAL INTEREST INCOME 19,691,224 18,742,419
Interest expense:
Deposits 6,233,595 5,459,131
Short-term borrowings 533,301 1,046,203
------------ ------------
TOTAL INTEREST EXPENSE 6,766,896 6,505,361
------------ ------------
NET INTEREST INCOME 12,924,328 12,237,058
Provision for loan losses (210,000) (150,000)
------------ ------------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 12,714,328 12,087,058
Other income:
Service charge income 1,397,416 1,518,300
Rental income 625,014 489,159
Gain on Sale of Loans 0 5,499
Other 1,425,780 1,919,228
------------ ------------
TOTAL OTHER INCOME 3,448,210 3,932,186
Other expense:
Salaries and employee benefits 6,036,853 5,851,212
Net occupancy 1,480,177 1,476,070
Equipment 735,464 692,625
Data processing 593,677 563,107
Advertising 298,998 297,091
Regulatory Agency Assessments 103,522 102,294
Office Supplies 301,589 276,872
Other 1,297,532 1,273,295
------------ ------------
TOTAL OTHER EXPENSE 10,847,812 10,532,566
------------ ------------
Income before income taxes 5,314,726 5,486,678
Provision for income taxes 1,407,000 1,488,000
------------ ------------
NET INCOME $ 3,907,726 $ 3,998,678
============ ============
Per share data:
Net income $ 1.51 $ 1.57
Common stock investment $ 27.75 $ 25.84
Dividends $ 0.760 $ 0.700
Average shares outstanding 2,593,677 2,545,715
See Notes to Unaudited Consolidated Financial Statements.
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(UNAUDITED)
2001 2000
------------- -------------
OPERATING ACTIVITIES
Net income $ 3,907,726 $ 3,998,678
Adjustments to reconcile net income to
net cash provided by operating activities:
Proceeds from sale of loans
held for sale 18,915,817 1,564,300
Origination of loans held
for sale (18,915,817) (1,564,300)
Amortization of investment
securities premiums and
accretion of discounts 62,756 113,831
Provision for loan losses 210,000 150,000
Provision for depreciation 990,961 937,506
Decrease (increase) in interest receivable 293,535 (137,527)
Decrease in interest payable (25,484) (27,020)
Other (443,498) 1,558,737
------------- -------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 4,995,996 6,594,205
INVESTING ACTIVITIES
Investment Securities Held to Maturity:
Proceeds from maturities and redemptions
of investment securities 30,897,300 5,921,354
Purchase of investment
securities (9,826,167) (1,000,000)
Net increase in loans (13,824,535) (25,102,768)
Purchases of premises and equipment (1,658,942) (779,638)
------------- -------------
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES 5,587,656 (20,961,052)
FINANCING ACTIVITIES
Net increase (decrease) in deposits 1,973,438 (19,892,460)
Net increase in short-term
borrowings 3,091,360 49,711,903
Issuance of Common Stock 1,126,732 429,210
Cash dividends (1,962,779) (1,778,803)
------------- -------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,228,751 28,469,850
------------- -------------
INCREASE IN CASH AND CASH EQUIVALENTS 14,812,403 14,103,003
Cash and cash equivalents at the
beginning of the period 45,209,578 45,481,918
------------- -------------
CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD $ 60,021,981 $ 59,584,921
============= =============
See Notes to Unaudited Consolidated Financial Statements.
TRI CITY BANKSHARES CORPORATION
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(A) BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with accounting principles generally accepted in the United States
for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by accounting principles generally accepted
in the United States for complete financial statements. These financial
statements should be read in conjunction with the financial statements and the
notes thereto included in the Annual Report on Form 10-K of Tri City Bankshares
Corporation ("Tri City") for the year ended December 31, 2000. The December 31,
2000 financial information included herein is derived from the December 31, 2000
Consolidated Balance Sheet of Tri City which is included in the aforesaid Annual
Report on Form 10-K. In the opinion of Tri City's Management, the accompanying
unaudited consolidated financial statements contain all adjustments, consisting
of normal recurring accruals, necessary to present fairly Tri City's financial
position as of June 30, 2001 and the results of its operations for the three
month and six month periods ended June 30, 2001 and 2000 and cash flows for the
six months ended June 30, 2001 and 2000. The operating results for the first six
months of 2001 are not necessarily indicative of the results which may be
expected for the entire 2001 fiscal year.
TRI CITY BANKSHARES CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion contains certain "forward-looking statements",
including statements concerning objectives and future events or performance, and
other statements which are other than historical fact. Factors which may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, but are not limited to, the following
possibilities: (i) lower than anticipated loan and deposit growth due to a
variety of factors, including changes in the interest rate environment and an
increase in competitive pressures in the banking and financial services
industry; (ii) insufficient reserves for loan losses; (iii) poorer than expected
general economic conditions; (iv) legislation or regulatory changes which
adversely affect the banking industry; and (v) other unanticipated occurrences.
CHANGES IN FINANCIAL POSITION
During the first six months of 2001, total assets of Tri City Bankshares
Corporation (the "Corporation") have increased $7.8 million (1.4%) compared to
an increase of $32.0 million (6.1%) during the first six months of 2000. The
banking subsidiary of the Corporation received an infusion of $76.8 million from
several short term funding agreements entered into on the last day of the first
quarter in 2000. As of June 30, 2001, $18 million was still retained by the
Corporation's banking subsidiary.
Cash and cash equivalents increased $14.8 million (32.8%) during the first six
months of 2001. Funds from maturing or called securities have been invested
short term in Federal Funds until investments with acceptable yields can be
found. Since interest rates have dropped substantially during the first half of
2001, many investment securities are being called and reissued with lower
interest yields.
Investment securities have decreased $21.1 million (15.7%) during the first half
of 2001. Since the Federal Reserve has cut interest rates more than 2% during
this period, municipal securities which could be called were repaid and reissued
at lower yields. The Corporation's management strives to find investments which
will help to maintain its average yield without increasing its exposure to risk.
Although loan demand decreased during the latter half of the second quarter,
some of the funds from maturing and called securities has been channeled into
the loan portfolio. Loans have increased $13.8 million during the first half of
2001. Management believes this demand will continue to soften through the
remainder of the year. The average yield on loans is usually higher than the
yield which could be earned on some of the available municipal and agency
securities. The allowance for loan losses has increased $192,100 during the
first six months of 2001. Management closely monitors this reserve to maintain a
level which reflects its confidence in the loan portfolio and believes adequate
to provide for any loan losses which may be realized.
The Corporation's fixed assets have increased $668,000 (3.1%) primarily due to
the construction of a new branch location in South Milwaukee, Wisconsin. The
branch was opened in early June and is showing signs of growth and favorable
acceptance in the community it is servicing.
Total deposits for the Corporation have increased $2.0 million (0.4%) during the
first half of 2001. Management has continued to offer competitive rates on
Certificates of Deposits in an effort to maintain the Corporation's deposit base
while attracting new deposits.
LIQUIDITY
The ability to provide the necessary funds for the day-to-day operations of the
Corporation depends on a sound liquidity position. Management has continued to
monitor the Corporation's liquidity position by reviewing the maturity
distribution between interest earning assets and interest bearing liabilities.
Fluctuations in interest rates can be the primary cause for the flow of funds
into or out of a financial institution. The Corporation continues to offer
products that are competitive and are intended to encourage depositors to leave
their money in the Corporation's banking subsidiary. Management continues to
research and examine the market in order to provide new savings instruments that
will help attract new deposits and stimulate growth. If the Corporation's
primary source of liquidity, the core deposits of its banking subsidiary, is
insufficient to meet current liquidity needs, the banking subsidiary has
available to meet demand $21.8 million reverse repurchase agreement facilities.
CAPITAL RESOURCES
In early June a new full service brick and mortar branch of the Corporation was
opened in South Milwaukee, Wisconsin. The cost of this facility was $1.6 million
and was funded internally.
In April, Tri City National Bank launched www.tcnb.com, its website to offer
internet banking. The cost of this project was $175,000 and was funded
internally. As of June 30, 2001, over 800 customers have signed up with over 500
registering for on line bill paying.
There are no other major projects currently under consideration for the
remainder of this year; however, management will continue to explore ways the
Corporation can be of better service in the communities serviced as well as
expand into new areas. Senior management is concerned with the growth and
profitability of the Corporation and may pursue any opportunity which may
present itself toward this end.
RESULTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 2001 AND 2000
Net income of the Corporation increased $146,800 (8.0%) during the second
quarter of 2001 compared to an increase of $103,900 (6.0%) during the second
quarter of 2000. Fueled by the continued growth in the Corporation's loan
portfolio, interest income and fees on loans increased $602,800 (8.0%) during
the three months ended June 30, 2001 compared to an increase of $1.2 million
(19.4%) during the same period in 2000. Although loan demand has slowed down and
interest rates have declined, the Corporation has been able to generate enough
growth in loans to increase its profitability. Management has continued its
efforts to promote loan growth and to maximize the profitability of the
Corporation.
Interest income on investment securities decreased $311,900 (17.6%) during the
second quarter of 2001 compared to a decrease of $200,900 (10.2%) during the
second quarter of 2000. Interest rates have continued to decline during the
quarter which has prompted call options to be exercised on securities bearing
this option. In turn these instruments may be reissued at a lower yield
corresponding to the current interest rate climate. Management is continually
searching for investment securities to replace those which have matured or have
been called and still maintain a level of profitability which meets their
investment criteria. Management feels that by building the loan portfolio first
and then considering investment securities they can increase profits without
exposing the Corporation to undue risk associated with certain higher yielding
securities such as derivatives.
Interest income on Federal Funds sold has decreased $383,100 during the three
month period ending June 30, 2001 compared to an increase of $594,700 during the
three months ended June 30, 2000. The Corporation's banking subsidiary at the
end of the first quarter of 2000 received a transfer of $78.0 million of which
$48.0 million remained on June 30, 2000. As of June 30, 2001 $18.0 million has
still been retained. The funds were placed in the Federal Funds market.
Interest expense on deposits increased $285,200 (10.3%) during the second
quarter of 2001 compared to an increase of $160,200 (6.1%) during the same
period in 2000. Although interest rates have been declining, deposit balances
have been increasing. Management believes that its efforts to attract new
deposits has been successful. They have offered very competitive rates on
Certificates of Deposits (CDs) and are still offering attractive rates to retain
these deposits. The Corporation's deposits have increased $32.5 million from
June 30, 2000 to June 30, 2001. Interest expense on short term borrowings has
decreased $622,400 (72.7%) during the second quarter of 2001 compared to an
increase of $800,100 in the second quarter of 2000 primarily due to the
short-term funding agreements entered into at the end of March, 2000.
Other income increased $183,200 (11.5%) in the second quarter of 2001 compared
to a decrease of $251,400 (13.7%) in the second quarter of 2000. Continued
popularity of Tri City's EZPay checkcard has resulted in a 51% increase in
merchant discounts. These fees account for a significant part of the increase in
other income. Additional office space was rented out at several of the
Corporation's locations which helped to increase rental income. There was also a
gain on the sale of Other Real Estate Owned and other property owned by the
Corporation.
Other expenses increased $169,300 (3.2%) in the three month period ended June
30, 2001 compared to an increase of $166,400 (3.2%) in the three months ended
June 30, 2000. There were no significant increases except for additional
supplies for start up of the new branch bank in South Milwaukee.
A summarized change in income for the quarters appears below:
Three Months Ended June 30, June 30, 2001
2001 2000 Over(Under)
(UNAUDITED) (UNAUDITED) 2000
----------- ----------- -----------
Revenue and Expenses: (000's)
Interest Income $ 9,810 $ 9,903 $ (93)
Less: Interest Expense 3,285 3,622 (337)
----------- ----------- -----------
Net Interest Income 6,525 6,281 244
Less: Provision for Loan Loss 105 75 30
Other Operating Expense
Net of Other Operating
Revenues 3,698 3,713 (15)
----------- ----------- -----------
Income Before Income Taxes 2,722 2,493 229
Tax Provision 734 652 82
----------- ----------- -----------
NET INCOME $ 1,988 $ 1,841 $ 147
=========== =========== ===========
SIX MONTHS ENDED JUNE 30, 2001 AND 2000
Net income of the Corporation for the six month period ending June 30, 2001
decreased $91,000 (2.3%) compared to an increase of $662,200 (19.8%) during the
same period in 2000. The sale of the Corporation's investment in the First
National Bank of Eagle River, Eagle River, Wisconsin in 2000 is the main reason
for this difference. If the sale had not occurred, the net income in the first
six months of 2001 would have increased $401,900 (11.46%) over the net income
for the first six months of 2000.
Interest income and fees on loans increased $1.8 million (12.3%) during the
first half of 2001 compared to an increase of $2.1 million(17.2%) in the first
half of 2000. Loan demand has continued although it is not as strong as it was
in the first six months of 2000. Funds derived from maturing or called
investment securities have been invested into the loan portfolio because the
demand for loans exists and the yield is better than what could be obtained from
reinvestment of these funds into similar security instruments.
Interest expense on deposits has increased $774,500 (14.2%) in the first six
months of 2001 compared to an increase of $238,700 (4.6%) in the first six
months of 2000. Although interest rates have decreased, balances have increased
primarily in time deposits which were offering higher yields. Short-term
borrowings have decreased $512,900 during the first half of 2001 compared to an
increase of almost $968,700 during the first half of 2000. The balance in
customer reverse repurchase agreements was $20.5 million as of June 30, 2001
compared to a balance of $48.9 million on June 30, 2000.
Total other income decreased $484,000 (12.3%) in the first six months of 2001
compared to an increase of $442,200 (12.7%) during the same period in 2000
primarily due to the gain recorded in 2000 of $810,000 derived from the sale of
the Corporation's investment in the First National Bank of Eagle River.
Adjusting for this gain total other income has increased $311,800 (27.99%)
during this six month period in 2001.
Total other expenses have increased $315,200 (3.0%) in the six months ended June
30, 2001 compared to an increase of $387,500 (3.8%) in the six months ended June
30, 2000. The only significant increases during this six month period in 2001
were associated with the opening of the new branch in South Milwaukee.
CAPITAL ADEQUACY
Federal banking regulatory agencies have established capital adequacy rules
which take into account risk attributable to balance sheet assets and
off-balance-sheet activities. All banks and bank holding companies must meet a
minimum risk-based capital ratio of 8.0% of which 4.0% must be comprised of tier
1 capital.
The federal banking agencies also have adopted leverage capital guidelines which
banking organizations must meet. Under these guidelines, the most highly rated
banking organizations must meet a minimum leverage ratio of at least 3.0% tier 1
capital to total assets, while lower rated banking organizations must maintain a
ratio of at least 4.0% to 5.0%.
The risk-based capital ratio for the Corporation is 19.71% and its leverage
ratio is 12.87%.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Corporation's Annual Report on Form 10-K for the year ended December 31,
2000, contains certain disclosures about market risks affecting the Corporation.
There have been no material changes to the information provided which would
require additional disclosures as of the date of this filing.
PART II - OTHER INFORMATION
Item 4 Submission of Matters to a Vote of Security Holders
On June 13, 2001, Tri City Bankshares Corporation held its annual shareholders'
meeting. The only item held for a vote of shareholders was for the election of
Directors for the ensuing year. The number of shares of common stock represented
by proxy and in person was 2,324,186 which represented approximately 89.5% of
the total outstanding shares entitled to vote for directors. There was no
solicitation in opposition to management's nominees for directors and all such
nominees were elected pursuant to the following vote:
Director's Name: Frank Bauer
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: Sanford Fedderly
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: William Gravitter
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: Henry Karbiner, Jr.
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: William L. Komisar
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: Christ Krantz
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: Rudie Lauterbach
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: William McGovern
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: Robert Orth
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: Ronald K. Puetz
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: David Ulrich, Jr.
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: William Werry
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
Director's Name: Scott A. Wilson
For 2,266,715
Against 0
Withheld 57,471
Abstain 0
Broker Non-Vote 0
Director's Name: Agatha T. Ulrich
For 2,266,790
Against 0
Withheld 57,396
Abstain 0
Broker Non-Vote 0
No other matters were voted on at the annual meeting.
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
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 CITY BANKSHARES CORPORATION
DATE: August 14, 2001 /s/Henry Karbiner, Jr.
--------------------------- ----------------------------------
Henry Karbiner, Jr.
President, Chief Executive Officer,
and Treasurer
DATE: August 14, 2001 /s/Thomas W. Vierthaler
--------------------------- ----------------------------------
Thomas W. Vierthaler
Vice President and Comptroller
(Chief Accounting Officer)