UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(MARK ONE)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Quarterly Period Ended March 31, 2002
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 0-18279
------------------------------
TRI-COUNTY FINANCIAL CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 52-1652138
- ------------------------------- ----------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3035 Leonardtown Road, Waldorf, Maryland 20601
- ----------------------------------------- ---------------
(Address of principal executive offices) (Zip Code)
(301) 843-0854
----------------------------------------------------
(Registrant's telephone number, including area code)
N/A
----------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
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
---- ----
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practical date.
As of May 5, 2002 registrant had outstanding 769,033 shares of Common
Stock.
TRI-COUNTY FINANCIAL CORPORATION
FORM 10-Q INDEX
-----
PART I - FINANCIAL INFORMATION PAGE
Item 1 - Financial Statements (Unaudited)
Consolidated Balance Sheets - March 31, 2002
and December 31, 2001 3
Consolidated Statements of Income and Comprehensive Income -
Three Months Ended March 31, 2002 and 2001 4
Consolidated Statements of Cash Flows - Three Months
Ended March 31, 2002 and 2001 5-6
Notes to Consolidated Financial Statements 7
Item 2- Management's Discussion and Analysis of Financial Condition
and Results of Operations 8-11
Item 3 - Quantitative and Qualitative Disclosure about Market Risk 11
PART II - OTHER INFORMATION 12
Item 6 - Exhibits and Reports on Form 8-K
SIGNATURES 13
2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS (UNAUDITED)
TRI-COUNTY FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS MARCH 31, 2002 AND DECEMBER 31, 2001
ASSETS
March 31, 2002 December 31, 2001
Cash and due from banks $ 1,159,803 $ 693,439
Interest-bearing deposits with banks 6,951,148 7,678,158
Investment securities available for sale - at fair value 42,414,268 41,673,742
Investment securities held to maturity - at amortized cost 2,980,804 2,289,354
Stock in Federal Home Loan Bank and Federal Reserve Bank - at cost 3,035,550 3,035,550
Loans held for sale 723,280 2,354,315
Loans receivable - net of allowance for loan losses
of $2,327,259 and $2,281,581, respectively 190,404,886 193,450,011
Premises and equipment, net 5,666,599 5,432,848
Foreclosed real estate 2,074,132 1,800,569
Accrued interest receivable 1,114,792 1,049,401
Other assets 2,653,235 2,499,903
------------- -------------
TOTAL ASSETS $ 259,178,497 $ 261,957,290
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Noninterest-bearing deposits $ 17,480,145 $ 17,738,165
Interest-bearing deposits 163,511,427 165,378,369
------------- -------------
Total deposits 180,991,572 183,116,534
Short-term borrowings 715,383 1,813,317
Long-term debt 48,650,000 48,650,000
Accrued expenses and other liabilities 2,670,883 2,790,981
------------- -------------
Total liabilities 233,027,838 236,370,832
------------- -------------
STOCKHOLDERS' EQUITY:
Common stock - par value $.01; authorized - 15,000,000 shares;
issued 763,031 and 756,805 shares, respectively 7,630 7,568
Surplus 7,593,817 7,545,590
Retained earnings 18,300,943 17,678,367
Accumulated other comprehensive income 397,865 555,513
Unearned ESOP shares (149,596) (200,580)
------------- -------------
Total stockholders' equity 26,150,659 25,586,458
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 259,178,497 $ 261,957,290
============= =============
See notes to consolidated financial statements
3
TRI-COUNTY FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
THREE MONTHS ENDED
MARCH 31,
------------------------------
2002 2001
INTEREST INCOME:
Interest and fees on loans $ 3,489,660 $ 3,810,273
Taxable interest and dividends on investment securites 654,697 1,076,151
Interest on bank deposits 23,242 21,797
----------- -----------
Total interest income 4,167,599 4,908,221
----------- -----------
INTEREST EXPENSE:
Interest on deposits 909,723 1,694,262
Interest on long term debt 639,905 201,571
Interest on other borrowings 360 591,386
----------- -----------
Total interest expenses 1,549,988 2,487,219
----------- -----------
NET INTEREST INCOME 2,617,611 2,421,002
PROVISION FOR LOAN LOSSES 70,000 90,000
----------- -----------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 2,547,611 2,331,002
----------- -----------
NONINTEREST INCOME:
Loan appraisal, credit, and miscellaneous charges 71,788 56,192
Net gain on sale of loans held for sale 102,758 23,868
Service charges 218,342 250,920
Other income 4,461 16,548
----------- -----------
Total noninterest income 397,349 347,528
----------- -----------
NONINTEREST EXPENSE:
Salary and employee benefits 1,062,869 960,295
Occupancy expense 167,527 144,376
Deposit insurance and surety bond premiums 24,765 35,883
Data processing expense 103,523 105,984
Advertising 72,544 47,162
Depreciation 43,999 53,385
Other 454,067 334,664
----------- -----------
Total noninterest expenses 1,929,294 1,681,749
----------- -----------
INCOME BEFORE INCOME TAXES 1,015,666 996,781
INCOME TAXES 364,600 348,000
----------- -----------
NET INCOME 651,066 648,781
OTHER COMPREHENSIVE INCOME, NET OF TAX
Net unrealized holding gains (losses) arising during the period (157,648) 451,228
----------- -----------
COMPREHENSIVE INCOME $ 493,418 $ 1,100,009
=========== ===========
EARNINGS PER SHARE
Basic .86 .83
Diluted .82 .80
See notes to consolidated financial statements
4
TRI-COUNTY FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
THREE MONTHS ENDED
MARCH 31,
--------------------------------
2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 651,066 $ 648,781
Adjustments to reconcile net income to net
cash provided (used) by operating activities:
Provision for loan losses 70,000 90,000
Depreciation and amortization 119,499 77,550
Net amortization of premium/discount on
investment securities (109) 10,485
Deferred income tax benefit - (109,000)
(Increase) decrease in accrued interest receivable (65,391) 102,284
Decrease in deferred loan fees (7,164) (4,734)
(Decrease) increase in accounts payable, accrued expenses,
and other liabilities (82,439) 533,543
Increase in other assets (426,895) (359,777)
Gain on disposal of premises and equipment - (8,386)
Origination of loans held for sale (6,376,035) (840,450)
Gain on sales of loans held for sale (102,758) (23,869)
Proceeds from sale of loans held for sale 4,847,758 858,869
------------ ------------
Net cash (used) provided by operating activities (1,372,468) 975,296
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease (increase) in interest-bearing deposits with banks 727,010 (655,316)
Purchase of investment securities available for sale (18,653,097) (6,543,175)
Proceeds from sale, redemption or principal payments
of investment securities available for sale 17,717,374 9,104,510
Purchase of investment securities held to maturity (1,201,212) -
Proceeds from maturities or principal payments
of investment securities held to maturity 509,762 216,858
Loans originated or acquired (15,228,719) (22,289,790)
Principal collected on loans 21,473,078 12,454,548
Proceeds from disposal of premises and equipment - 8,963
Purchase of premises and equipment (353,250) (159,188)
------------ ------------
Net cash provided (used) in investing activities 4,990,946 (7,862,590)
------------ ------------
5
TRI-COUNTY FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
THREE MONTHS ENDED
MARCH 31,
--------------------------------
2002 2001
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits $(2,124,962) $ 4,993,102
Proceeds from long-term borrowings - 10,250,000
Payments of long-term borrowings - (5,000,000)
Net decrease in other borrowed funds (1,097,934) (2,776,308)
Exercise of stock options 37,830 31,817
Net change in unearned ESOP shares 61,452 49,967
Redemption of common stock (28,500) (118,678)
----------- -----------
Net cash provided by financing activities (3,152,114) 7,429,900
----------- -----------
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 466,364 542,606
CASH AND CASH EQUIVALENTS - JANUARY 1 693,439 645,817
CASH AND CASH EQUIVALENTS - MARCH 31 1,159,803 1,188,423
----------- -----------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the three months for:
Interest $ 1,670,605 $ 2,507,816
=========== ===========
Income taxes $ 275,000 $ 175,000
=========== ===========
See notes to consolidated financial statements
6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
- ------------------------------------------
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
accounting principles generally accepted in the United States of America
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, 2002 are not
necessarily indicative of the results of operations to be expected for the
remainder of the year. Certain previously reported amounts have been
restated to conform to the 2002 presentation.
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,
2001.
2. EARNINGS PER SHARE
Basic and diluted earnings per share, have been computed based on
weighted-average common and common equivalent shares outstanding as
follows:
THREE MONTHS ENDED
MARCH 31,
--------------------------
2002 2001
Basic 758,760 778,677
Diluted 791,100 809,893
7
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS AND FINANCIAL CONDITION
This document contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including discussions of
Tri-County Financial Corporation's (the "Company's") goals, strategies and
expected outcomes; estimates of risks and future costs; and reports of the
Company's ability to achieve its financial and other goals. These
forward-looking statements are subject to significant known and unknown risks
and uncertainties because they are based upon future economic conditions,
particularly interest rates, competition within and without the banking
industry, changes in laws and regulations applicable to the Company and various
other matters. Because of these uncertainties, 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 these forward-looking statements.
GENERAL
The Company is a bank holding company organized in 1989 under the laws of the
State of Maryland. It presently owns all the outstanding shares of capital stock
of the Community Bank of Tri-County (the "Bank"), a Maryland-chartered
commercial bank. The Company engages in no significant activity other than
holding the stock of the Bank and operating the business of the Bank.
Accordingly, the information set forth in this report, including financial
statements and related data, relates primarily to the Bank and its subsidiaries.
The Bank serves the southern Maryland area through its main office and eight
branches located in Waldorf, Bryans Road, Dunkirk, Leonardtown, La Plata,
Charlotte Hall, and California, Maryland. The Bank is engaged in the commercial
and retail banking business as authorized by the banking statutes of the State
of Maryland and applicable Federal regulations, including the acceptance of
demand and time deposits, and the origination of loans to individuals,
associations, partnerships and corporations. The Bank's real estate financing
consists of residential first and second mortgage loans, home equity lines of
credit and commercial mortgage loans. Commercial lending consists of both
secured and unsecured loans. The Bank is a member of the Federal Reserve and
Federal Home Loan Bank ("FHLB") Systems. The Savings Association Insurance Fund
("SAIF") of the Federal Deposit Insurance Corporation ("FDIC") provides deposit
insurance coverage up to applicable limits.
Since its conversion to a state chartered commercial bank in 1997, the Bank has
sought to increase its commercial, commercial real estate, construction, second
mortgage, home equity, and consumer lending business as well as the level of
transactional deposits to levels consistent with similarly sized commercial
banks. As a result of this emphasis, the Bank's percentage of assets invested in
residential first mortgage lending and investment securities has declined since
1997. Conversely, targeted loan types have increased. The Bank has also seen an
increase in transactional deposit accounts while the percentage of total
liabilities represented by certificates of deposits has also declined.
Management believes that these changes will enhance the Bank's overall long-term
financial performance.
Management recognizes that the shift in composition of the Bank's loan portfolio
will tend to increase its exposure to credit losses. The Bank has continued to
evaluate its allowance for loan losses and the associated provision to
compensate for the increased risk. Any evaluation of the allowance for loan
losses is inherently inexact and reflects management's expectations as to future
economic conditions in the Southern Maryland area as well as individual
borrower's circumstances. Management believes that its allowance for loan losses
is adequate.
For the last several quarters, the national and local economy has experienced a
significant slowing if not an actual contraction in economic growth. The local
economy in our market area has remained strong in relation to the national and
statewide economy. Prospects for growth appear to be steady, and local
employment remains strong. The Bank remains exposed to asset deterioration
should the local economy experience a prolonged period of economic decline. In
addition, any Federal Reserve action on interest rates may affect the Bank's
financial performance.
On April 28, 2002, a tornado caused damages to property in our market area. The
Company `s facilities suffered no damage, and we are not aware of any customer
who suffered material losses which would affect their ability to meet
obligations to repay loans. We do not believe that the storm will cause material
long term economic damage to our market area.
In the last several years, the Bank has increased its sources of noninterest
income through fees gathered on transactional accounts, the sale of non-deposit
products including investments, and continued operation of our residential
mortgage operation. These fees have continued to grow over the last several
quarters, while the Bank's fee income from the residential mortgage lending
business has decreased due to the Bank's shift in lending emphasis. Management
believes that the Bank's strong local focus and responsiveness to customers will
enable it to increase its fee income over time.
8
SELECTED FINANCIAL DATA
THREE MONTHS ENDED
MARCH 31,
---------
2002 2001
Condensed Income Statement
Interest Income $4,167,599 $4,908,221
Interest Expense 1,549,988 2,487,219
Net Interest Income 2,617,611 2,421,002
Provision for Loan Losses 70,000 90,000
Noninterest Income 397,349 347,528
Noninterest Expenses 1,929,294 1,681,749
Income Before Income Taxes 1.015,666 996,781
Income Tax Expense 364,600 348,000
Net Income 651,006 648,781
Per Common Share
Basic Earnings $ .86 $ .83
Diluted Earnings .82 .80
Book Value 34.27 31.43
RESULTS OF OPERATIONS
Net income for the three month period ended March 31, 2002 totaled $651,066
($.86 basic and $.82 fully diluted earnings per share) compared with a total of
$648,781 ($.83 basic and $.80 fully diluted earnings per share) for the same
period in the prior year. This increase of $2 thousand or .4% was caused by
several factors. Net income was positively affected by the growth in the Bank's
net interest income, as well as growth in the Bank's noninterest income; this
was partially offset by an increase in noninterest expenses and income tax
expense.
Interest income decreased to $4.2 million in the current period compared to $4.9
million for the same period in the prior year. This decrease of $741 thousand or
15.1% was caused primarily by an overall decline in interest rates on earning
assets, which were affected by the declining interest rate environment. This
decline in interest rate yield on earning assets was partially offset by a
slight increase in average balances of interest earning assets. In addition,
earning assets shifted from investments to loans compared to the same period
during the prior year.
Interest expense also decreased to $1.5 million in the period ending March 31,
2002 as compared to $2.5 million in the same period in the prior year a decrease
of $937 thousand or 37.7%. As with the change in interest income, this decrease
was a reflection of the declining interest rate environment experienced during
the last year. Interest expense also declined as a result of the Bank's increase
in noninterest bearing deposit accounts. The Bank's interest expense declined
faster than its interest income due to the decline in interest rates. Further
declines in interest rates would probably not lead to similar results as the
Bank has decreased interest rates on certain products to extremely low levels.
The Bank is attempting to protect its interest rate position in the event of
increases in interest rates by lengthening to the extent possible average
maturities and adding interest rate sensitive loans.
Provision for loan losses declined slightly from prior year levels to $70
thousand from $90 thousand for the periods ending March 31, 2002 and 2001,
respectively. Management will continue to periodically review its allowance for
loan losses and the related provision and adjust as deemed necessary. This
review will include a review of economic conditions nationally and locally, as
well as a review of the performance of significant major loans and the overall
portfolio.
Noninterest income increased to $397 thousand for the three month period ending
March 31, 2002, an increase of $50 thousand or 14.3% over the prior year total
of $348 thousand. Decreases in service charges on deposit accounts were offset
by an increase in fees and gains related to mortgage loan originations and
sales.
9
Noninterest expense for the three month period increased by $248 thousand or
14.7% to $1.9 million from $1.7 million in the same period for the prior year.
Expense increases were primarily in personnel, occupancy, advertising, and other
expenses that were needed to support increased levels of loans and deposits.
Noninterest expense was also affected by our planned conversion to another core
system provider. Costs wee incurred for training, travel, and other costs to
prepare the Bank for the planned conversion, scheduled to take place on May 18,
2002.
Income taxes increased to $365 thousand or 35.9% of pretax income in the current
year compared to $348 thousand or 34.9% of pretax income in the prior year. The
increase in the tax rate was primarily attributable to an increase in the state
income tax burden. In the prior period, taxes were substantially reduced because
income earned on investment securities held by the Bank's investment corporation
subsidiary, Tri-County Investment Corporation ("TCIC") was not subject to the
state income tax. In the current year, reductions in the assets invested in TCIC
and a reduction in the overall yield on invested assets have reduced the amount
of income sheltered from state income tax, increasing the effective tax rate.
FINANCIAL CONDITION
Assets
Total assets as of March 31, 2002 decreased by $2.8 million to $259.2 million
from the December 31, 2001 level of $262 million. The Bank's loan portfolio
declined by $3 million or 1.6% during the three month period ending March 31,
2002. Most of the decline was related to reductions in the level of purchased
interests in certain loans, and to continued prepayments on our residential
mortgage loan portfolio. The decline in the loan portfolio was partially offset
by a slight increase in total investment securities to $45.4 million at March
31, 2002 from $44.0 million as of December 31, 2001, an increase of $1.4 million
or 3.3%. At March 31, 2002 the Bank's allowance for loan losses totals $2.3
million or 1.22% of loan balances as compared to $2.3 million or 1.18% of loan
balances at December 31, 2001. 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. Management believes that the
allowance is adequate.
Investment securities, including both the available for sale and held to
maturity portfolios, increased from $44.0 million to $45.4 million an increase
of $1.4 million or 3.3%. Increases were primarily the result of additional
purchases of investments using loan proceeds of loan prepayments. Cash and due
from banks increased by $466 thousand, or 67% from December 31, 2001's total.
Interest-bearing deposits with banks declined by $727 thousand or 9.5% during
the quarter to $7.0 million at March 31, 2002. The level of property and
equipment balances increased $234 thousand primarily due to upgrades of computer
equipment and premises.
Liabilities
Deposit balances decreased by $2.1 million or 1.2% for the three months ended
March 31, 2002. This decline occurred in both interest and noninterest bearing
deposits. Management believes that the low interest rate environment is
decreasing customers' demands for interest bearing accounts. The Bank will
continue to market offerings in their noninterest bearing accounts despite the
slight decline in balances for the quarter ending March 31, 2002. The Bank has
used excess funds generated by the decline in assets to reduce short term
borrowings, which declined to $715 thousand from $1.8 million at December 31,
2001, a reduction of $1.0 million or 60.6%. Long term debt was unchanged at
$48.7 million at March 31, 2002 and December 31, 2001. Other liabilities
declined slightly to $2.7 million at March 31, 2002 from $2.1 million at
December 31, 2001, a decline of 4.3%.
Stockholders' Equity
Stockholders' equity increased $564 thousand or 2.2% to $26.2 million at March
31, 2002 compared to $25.6 million at December 31, 2001. This reflects the net
income of $651,066 for the three month period partially offset by a $157,648
decline in accumulated other comprehensive income. Other changes in equity
occurred as a result of using $28,500 to purchase shares in the open market and
retire them, the exercise of stock options of $37,830, and a change in unearned
ESOP shares of $61,452. Book value on a per share basis, $34.27 at March 31,
2002, as compared to $33.80 at December 31, 2001, reflects a 1.4% increase, in
line with the change in stockholder's equity.
As part of its capital management strategy, the Board has approved certain
purchases, for retirement, of shares offered for sale by its stockholders. For
the three months ended March 31, 2002, the Company purchased 1,000 shares for
$28,500. Additional stock acquisitions and retirements may be considered in the
future. The Company has $600 thousand of cash available at the holding company
level available for such purchases or for other cash needs of the holding
company.
10
LIQUIDITY AND CAPITAL RESOURCES
The Company currently has no business other than that of the Bank and does not
currently have any material funding commitments. The Company's principal sources
of liquidity are cash on hand and dividends received from the Bank. The Bank is
subject to various regulatory restrictions on the payment of dividends.
The Bank's principal sources of funds for investments and operations are net
income, deposits from its primary market area, principal and interest payments
on loans, interest received on investment securities and proceeds from maturing
investment securities. Its principal funding commitments are for the origination
or purchase of loans and the payment of maturing deposits. Deposits are
considered a primary source of funds supporting the Bank's lending and
investment activities.
The Bank's most liquid assets are cash and cash equivalents, which are cash on
hand, amounts due from financial institutions, federal funds sold, and money
market mutual funds. The levels of such assets are dependent on the Bank's
operating financing and investment activities at any given time. The variations
in levels of cash and cash equivalents are influenced by deposit flows and
anticipated future deposit flows.
The Bank may borrow up to 35% of consolidated Bank assets on a line available
from the FHLB. As of March 31, 2002, the maximum available under this line would
be $91 million, while current outstanding advances totaled $48.7 million. In
order to draw on this line the Bank must have sufficient collateral. Qualifying
collateral includes residential 1-4 family first mortgage loans and various
investment securities.
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, 2002,
the Bank's tangible, leverage and risk-based capital ratios were 9.93%, 9.96%
and 14.63%, respectively. These levels are well in excess of the required 4.0%,
4.0% and 8.0% ratios required by the Federal Reserve Board.
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not applicable.
11
TRI-COUNTY FINANCIAL CORPORATION
--------------------------------
PART II - OTHER INFORMATION
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
A. Exhibits. Not Applicable
B. During the quarter for which this Form 10-Q is being filed, the registrant
did not file any current reports on Form 8-K.
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 __, 2002 By:/s/ Michael L. Middleton
----------------------------------------
Michael L. Middleton, President
and Chairman of the Board
Date: May __, 2002 By:/s/ William J. Pasenelli
----------------------------------------
William J. Pasenelli, Executive
Vice President and Chief
Financial Officer
13