U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark one)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended December 31, 2000
[ ] Transition report under Section 13 or 15(d) of the Exchange Act for
the transition period from _________ to_________
Commission File No. 0-30483
DUTCHFORK BANCSHARES, INC.
------------------------------------------------------------------
(Exact name of Small Business Issuer as Specified in its Charter)
Delaware 57-1094236
- --------------------------------------------------------------------------------
State of Incorporation I.R.S. Employer Identification
1735 Wilson Road, Newberry, South Carolina 29108
-------------------------------------------------------------
(Address of Principal Executive Office)
(803) 321-3200
------------------------------------------------
(Issuer's Telephone Number, Including Area Code)
-----------------------------------------------------
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:
1,560,550 shares of common stock, par value $0.01 per share, were
issued and outstanding as of January 31, 2001.
Traditional Small Business Disclosure Format (check one): Yes [ ] No [X]
PART I - FINANCIAL INFORMATION
Page
----
Consolidated Balance Sheet at December 31, 2000 and September 30, 2000 4
Consolidated Statements of Income for the Three Months Ended
December 31, 2000 and 1999 6
Consolidated Statements of Comprehensive Operations for
the Three Months Ended December 31, 2000 and 1999 8
Consolidated Statements of Changes in Equity for the Three
Months Ended December 31, 2000 9
Consolidated Statements of Cash Flows for the Three Months
Ended December 31, 2000 and 1999 10
Notes to Consolidated Financial Statements 12
Management's Discussion and Analysis of Results of Operations
and Financial Condition 13
PART II - OTHER INFORMATION
Item 1: Legal Proceedings 18
Item 2: Changes in Securities and Use of Proceeds 18
Item 3: Defaults upon Senior Securities 18
Item 4: Submission of Matters to a Vote of Security Holders 18
Item 5: Other Information 18
Item 6: Exhibits and Reports on Form 8-K 18
2
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
The financial statements of DutchFork Banchshares, Inc. (the "Company"
or "DutchFork Bancshares") are set forth in the following pages.
3
DutchFork Bancshares, Inc.
and Subsidiaries
Consolidated Balance Sheets
December 31, September 30,
2000 2000
-------------- ---------------
(unaudited) (unaudited)
Assets
Cash and cash equivalents $ 5,914,237 $ 2,834,538
Investments and mortgage-backed securities:
Available-for-sale:
Investments (cost of $21,508,610 and
$27,429,604 at December 31 and
September 30, 2000, respectively) 20,781,313 24,772,470
Mortgage-backed securities (cost of
$116,240,114 and $110,102,612 at
December 31 and September 30,
2000, respectively) 115,006,128 105,965,236
Held-to-maturity:
Investments (fair value of
$1,141,000 and $1,141,000 at
September 30 and December 31,
2000, respectively) 1,141,000 1,141,000
Mortgage-backed securities (fair
value of $3,678,993 and $3,493,114
at December 31 and September 30,
2000, respectively) 3,774,999 3,874,486
Loans receivable 79,507,390 78,307,565
Repossessed assets -- 22,246
Premises, furniture and equipment, net 3,678,471 3,600,824
Accrued interest receivable:
Loans and mortgage-backed securities 592,437 560,940
Investments and other property 802,457 925,279
Prepaid assets 427,862 351,971
Prepaid income tax and tax refunds
receivable -- 43,600
Deferred tax asset 572,637 566,355
Other 786,854 1,101,479
------------ ------------
Total assets $232,985,785 $224,067,989
============ ============
4
DutchFork Bancshares, Inc.
and Subsidiaries
Consolidated Balance Sheets (continued)
December 31, September 30,
2000 2000
--------------- ---------------
(unaudited) (unaudited)
Liabilities and stockholders' equity
Liabilities:
Deposit accounts $ 146,375,386 $ 147,730,669
Federal Home Loan Bank advances 35,000,000 35,000,000
Other borrowings -- 2,755,000
Advances from borrowers for taxes
and insurance 30,142 60,727
Accrued income taxes payable 2,965,810 838,707
Accounts payable - securities 12,027,240 4,785,938
Accounts payable 9,098 21,837
Accrued expenses 852,780 655,789
Accrued interest payable 768,213 860,231
Other 115,437 63,576
------------- -------------
Total liabilities 198,144,106 192,772,474
------------- -------------
Commitments and contingencies -- --
Stockholders' equity:
Preferred stock, $.01 par value, 500,000 shares
authorized and unissued -- --
Common stock, $.01 par value,
4,000,000 shares authorized, 1,560,550
issued and outstanding at December 31
and September 30, 2000 15,605 15,605
Additional paid-in capital 14,557,956 14,554,183
Retained earnings, substantially restricted 22,706,338 22,180,461
Accumulated other comprehensive income (loss) (1,209,169) (4,216,676)
Unearned employee stock ownership plan shares (1,229,051) (1,238,058)
------------- -------------
Total stockholders' equity 34,841,679 31,295,515
------------- -------------
Total liabilities and stockholders' equity $ 232,985,785 $ 224,067,989
============= =============
5
DutchFork Bancshares, Inc.
and Subsidiaries
Consolidated Statements of Income
Three Months Ended
December 31,
2000 1999
------------ ------------
(unaudited) (unaudited)
Interest income:
Loans receivable $1,660,617 $1,478,184
Investments 375,015 596,012
Mortgage-backed and related securities 2,105,028 1,632,430
Other interest-earning assets 49,737 67,543
---------- ----------
Total interest income 4,190,397 3,774,169
---------- ----------
Interest expense:
Interest expense on deposit accounts 1,834,614 1,622,930
Federal Home Loan Bank advances 501,750 494,115
Other borrowings purchased 47,180 25,791
---------- ----------
Total interest expense 2,383,544 2,142,836
---------- ----------
Net interest income 1,806,853 1,631,333
Provision for loan losses -- 160,000
---------- ----------
Net interest income after provision for loan losses 1,806,853 1,471,333
---------- ----------
Noninterest income:
Gain (loss) on sale of securities, net 195,087 --
Loan origination and commitment fees 27,766 15,083
Profit on sale of loans -- 303
Loan servicing fees 14,369 16,841
Bank service charges 166,057 172,662
Loan late charges 14,232 12,650
Other 32,585 23,640
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Total noninterest income 450,096 241,179
---------- ----------
6
DutchFork Bancshares, Inc.
and Subsidiaries
Consolidated Statements of Income (continued)
Three Months Ended
December 31,
2000 1999
--------- -------
Noninterest expense:
Compensation and benefits 680,831 552,792
Occupancy 84,983 78,456
SAIF deposit insurance premium 8,011 20,594
Foreclosed real estate expenses 100 294
Furniture and equipment 79,043 100,614
Professional fees 80,031 76,896
Telephone and postage 47,396 38,002
Insurance 77,928 10,738
Marketing 26,982 48,225
Data processing 71,813 79,708
Supplies and printing 23,643 15,964
OTS assessments 13,627 11,704
Meetings 7,340 5,135
Bank service charges 10,942 8,620
Loan expenses 10,043 9,856
Transaction account charges 10,477 12,781
Automated teller system 6,618 6,183
Contributions 70,722 103,889
Other 87,068 34,877
---------- ---------
Total noninterest expense 1,397,598 1,215,328
---------- ---------
Income before income taxes 859,351 497,184
Provision for income taxes 333,474 198,770
---------- ---------
Net income $ 525,877 $ 298,414
========== ===========
Net income per share $ 0.34 $ N/A
========== ===========
7
DutchFork Bancshares, Inc.
and Subsidiaries
Consolidated Statements of Comprehensive Operations
Three Months Ended
December 31,
2000 1999
---------- ----------
Net income $ 525,877 $ 298,414
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) arising during the
period, net of tax effect of $1,841,767 and
$(532,502) for the three months ended
December 31, 2000 and 1999, respectively 3,007,507 (871,036)
---------- ----------
Comprehensive income (loss) $3,533,384 $ (572,622)
========== ==========
8
DutchFork Bancshares, Inc.
and Subsidiaries
Consolidated Statements of Changes in Stockholders' Equity
Employee Stock
Number of Additional Retained Ownership
Shares Common Stock Paid-in Capital Earnings Plan Loan
---------- ------------ --------------- ------------ -------------
Balance at September 30, 2000 1,560,550 $ 15,605 $ 14,554,183 $ 22,180,461 $ (1,238,058)
Net income 525,877
Release of 901 ESOP shares 3,773 9,007
Change in net unrealized
depreciation on investments
available for sale (net of
deferred and current income
taxes of $1,841,767)
----------- ------------ ------------ ------------ ------------
1,560,550 $ 15,605 $ 14,557,956 $ 22,706,338 $ (1,229,051)
=========== ============ ============ ============ ============
Accumulated
Other Total
Comprehensive Stockholders'
Income (Loss) Equity
------------- ----------------
Balance at September 30, 2000 $ (4,216,676) $ 31,295,515
Net income 525,877
Release of 901 ESOP shares 12,780
Change in net unrealized
depreciation on investments
available for sale (net of
deferred and current income
taxes of $1,841,767) 3,007,507 3,007,507
------------ ------------
$ (1,209,169) $ 34,841,679
============ ============
9
DutchFork Bancshares, Inc.
and Subsidiaries
Consolidated Statements of Cash Flows
Three Months Ended
December 31,
2000 1999
----------- -----------
(unaudited) (unaudited)
Operating Activities
Net income $ 525,877 $ 298,414
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Depreciation 58,283 59,450
Provision for losses -- 160,000
(Gain) loss on sales of investments and mortgage-
backed securities (174,937) --
Net loss on sales on loans -- --
Net loss on sales of foreclosed real estate -- --
Increase (decrease) in deferred loan origination fees 4,253 (1,082)
Amortization of premiums (discounts) on investments,
mortgage-backed securities and loans (364,601) (300,952)
Decrease (increase) in accrued interest receivable 91,325 316,297
Decrease (increase) in prepaid and other assets 282,334 95,534
Decrease (increase) in deferred tax asset -- (71,194)
Increase (decrease) in accrued interest payable (92,018) (57,769)
Increase (decrease) in accounts payable and accrued
expenses 7,228,563 10,749,372
Increase (decrease) in other liabilities 527,711 (121,080)
Origination of loans held for sale -- (47,357)
Proceeds from sales of loans held for sale 578,727
------------ ------------
Net cash provided (used) by operating activities 8,086,790 11,658,360
------------ ------------
10
DutchFork Bancshares, Inc.
and Subsidiaries
Consolidated Statements of Cash Flows (continued)
Three Months Ended
December 31,
2000 1999
------------ ------------
(unaudited) (unaudited)
Investing Activities
Principal payments on mortgage-backed securities 2,030,004 4,465,858
Purchases of held to maturity securities -- --
Proceeds from maturities of securities -- --
Purchases of available-for-sale securities (41,443,294) (23,579,442)
Proceeds from sales of available-for-sale securities 39,852,049 5,199,085
Net (increase) decrease in loans receivable (1,204,078) (162,191)
Proceeds from sales of repossessed assets 22,246 --
Purchases of premises, furniture and equipment (135,930) (25,721)
------------ ------------
Net cash provided (used) by investing activities (879,003) (14,102,411)
------------ ------------
Financing Activities
Net increase (decrease) in deposit accounts (1,355,283) 10,899,307
Proceeds from Federal Home Loan Bank advances -- 4,600,000
Payments on Federal Home Loan Bank advances and
other borrowings -- (21,270,000)
Proceeds from other borrowings 15,190,000 11,125,000
Repayments of other borrowings (17,945,000) --
Issuance of stock in public offering -- --
Repayment of ESOP loan 12,780 --
Increase (decrease) in advances from borrowers for
taxes and insurance (30,585) (42,981)
------------ ------------
Net cash provided by financing activities (4,128,088) 5,311,326
------------ ------------
Net increase (decrease) in cash and cash equivalents 3,079,699 2,867,275
Cash and cash equivalents at beginning of year 2,834,538 3,256,053
------------ ------------
Cash and cash equivalents at end of year $ 5,914,237 $ 6,123,328
============ ============
Supplemental Disclosures of Cash Flow Information:
Cash paid (received) during the year for:
Interest $ 4,011,988 $ 2,200,605
Taxes $ 712,972 $ --
11
DutchFork Bancshares, Inc.
Notes to Financial Statements
December 31, 2000
Note 1 - Organization
DutchFork Bancshares, Inc. was incorporated under the laws of
Delaware in February 2000 for the purpose of serving as the holding company of
Newberry Federal Savings Bank ("Newberry Federal" or the "Bank") as part of the
Bank's conversion from the mutual to stock form of organization. The conversion,
completed on July 5, 2000, resulted in the Company issuing an aggregate of
1,560,550 shares of its common stock, par value $.01 per share, at a price of
$10 per share. Prior to the conversion, the Company had not engaged in any
material operations and had no assets or income. The Company is a savings and
loan holding company and subject to regulation by the Office of Thrift
Supervision and the Securities and Exchange Commission.
Note 2 - Accounting Principles
The accompanying unaudited financial statements of the Bank have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with instruction to Form 10-QSB and of Regulation S-B.
Accordingly, the financial statements do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of a normal recurring nature) considered necessary for a fair presentation have
been included. Operating results for the three months ended December 31, 2000
are not necessarily indicative of the results that may be expected for the
current fiscal year.
Note 3 - Earnings Per Share
Earnings per share for the three months ended December 31, 2000 were
calculated based upon 1,560,550 shares outstanding during the period. No
earnings per share amounts have been presented for the three months ended
December 31, 1999, since no shares were outstanding during the periods
presented.
Note 4 - Sale of Branch
The Company has entered into an agreement to sell its Chapin branch,
which has approximately $13,000,000 in deposits. The sale will be completed in
February 2001, and the Company will pay to the acquirer the amount of the
deposit liability, less the value of the assets transferred and the premium to
be received on the deposits.
To generate funds for the deposit liability, the Company sold
approximately $10,600,000 of loans at a gain of approximately $35,000.
Note 5 - Other Subsequent Events
After December 31, 2000, the Company sold approximately $16,000,000
of loan servicing at a gain of approximately $145,000.
12
Item 2.
Forward Looking Statements
This prospectus contains forward looking statements that are based on
assumptions and describe future plans, strategies and expectations of DutchFork
Bancshares and its wholly owned subsidiary, Newberry Federal. These forward
looking statements are generally identified by use of the words "believe",
"expect", "intend", "anticipate", "estimate", "project" or similar expressions.
DutchFork Bancshares and Newberry Federal's ability to predict results or the
actual effect of future plans or strategies is inherently uncertain. Factors
which could have a material adverse effect on the operations of DutchFork
Bancshares and Newberry Federal include, but are not limited to, changes in
interest rates, general economic conditions, legislative/regulatory changes,
monetary and fiscal policies of the U.S. Reserve Board, the quality and
composition of the loan or investment portfolios, demand for loan products,
deposit flow, competition, demand for financial services in and DutchFork
Bancshares' and Newberry Federal's market area and accounting principles. These
risks and uncertainties should be considered in evaluating forward looking
statements and undue reliance should not be placed on such statements.
Operating Strategy
DutchFork Bancshares' wholly owned subsidiary, Newberry Federal, is
an independent, community-oriented savings bank, delivering quality customer
service and offering a wide range of deposit and loan products to its customers.
Because of weak loan demand in Newberry Federal's primary market area,
management has maintained a substantial investment in investment securities and
mortgage-backed securities classified as available-for-sale. Management's
objective in managing the securities portfolio is to maintain a portfolio of
high quality, highly liquid investments with competitive returns in order to
maximize current income without compromising credit quality.
In December, management entered into a definitive agreement to sell
the Chapin facility to another bank. This was the only operating facility the
Bank maintained outside of Newberry County, and the sale of the Chapin branch is
an effort to maintain and strengthen the Bank's market share within Newberry
County. The sale of the Chapin facility will better maximize marketing and sales
efforts by creating improved cost efficiencies and a stronger competitive
position. Management believes this should lead to improved profit, increased
shareholder value and better risk management over the long term.
13
Comparison of Financial Condition at December 31, 2000 and September 30, 2000:
Total assets increased by $8.9 million from $224.1 million at
September 30, 2000 to $233.0 million at December 31, 2000, primarily as a result
of a $5.0 million increase in investment securities and a $3.1 million increase
in cash and cash equivalents. The increase in cash and cash equivalents and
investments and mortgage-backed securities was primarily due to an increase in
the accounts payable liability for securities purchased.
At December 31, 2000, total equity was $34.8 million, after a $1.2
million unrealized loss, net of taxes, on the investment and mortgage-backed
securities portfolios classified as available-for-sale. This compares with total
equity at September 30, 2000 of $31.3 million, after a $4.2 million unrealized
loss, net of taxes, on the investment and mortgage-backed securities portfolios
classified as available-for-sale.
During the three months ended December 31, 2000, the market values of
investments and mortgage-backed securities increased by $4,849,274, and after
the tax effect of $1,841,767, equity increased by $3,007,507 from this increase
in market values.
Comparison of Operating Results for the Three Months Ended December 31, 2000 and
December 31, 1999:
Net Income
Net income for the three months ended December 31, 2000 increased by
$227,000 to $526,000 when compared to the same period for the prior year. Net
interest income, after the provision for loan losses, increased by $336,000, and
non-interest income increased by $209,000, with these increases in income being
partially offset by an increase in non-interest expense and income taxes of
$317,000.
Net Interest Income
Net interest income increased from $1.6 million for the three months
ended December 31, 1999 to $1.8 million for the same period in 2000. The average
interest rate spread decreased slightly with a significant increase in average
net interest earning assets of $12.3 million, resulting primarily from the
additional capital raised in the conversion and public offering.
14
Provision for Loan Losses
The provision for loan losses for the three months ended December 31,
2000 was $0, compared to $160,000 for the same period in 1999. The allowance was
carefully evaluated and determined to be adequate at its current level based
upon current market trends. Although management uses the best information
available, future adjustments to the allowance may be necessary due to changes
in economic, operating, regulatory and other conditions that may be beyond the
Company's control. While the Company maintains its allowance for loan losses at
a level which it considers adequate to provide for estimated losses, there can
be no assurance that further additions will not be made to the allowance for
loan losses and that actual losses will not exceed estimated losses.
Non-Interest Income
Non-interest income increased by $209,000, primarily as a result of
$195,000 in gains on the sale of securities.
Non-Interest Expense
Non-interest expense increased from $1.2 million for the three months
ended December 31, 1999 to $1.4 million for the three months ended December 31,
2000. The increase was primarily a result of increases in compensation and
benefits of $128,000, ESOP expense of $13,000 and costs of $68,000 related to
interest rate caps and floors. The cost of the interest rate caps and floors are
due to efforts to limit exposure to the changing interest rate environment.
Provision for Income Taxes
Income tax increased by $135,000 due to the increase in income before
income taxes.
Liquidity and Capital Resources
Management believes that the Company's liquidity remains adequate to
meet operating, investment and loan funding requirements. Cash and cash
equivalents, along with investments and mortgage-backed securities available for
sale represented 60.8% of assets at December 31, 2000.
Liquidity management is both a daily and long-term responsibility of
management. The Company adjusts its investments in liquid assets based upon
management's assessment of expected loan demand, expected deposit flows, yields
available on interest-earning deposits and investment securities and the
objectives of its asset/liability management program. Excess liquid assets are
invested generally in interest-earning overnight deposits and short- and
intermediate-term U.S. Government and agency obligations and mortgage-backed
securities. If the Company requires funds beyond its ability to generate them
internally, it has additional borrowing capacity with the Federal Home Loan Bank
of Atlanta.
15
The desired level of liquidity for the Company is determined by
management in conjunction with the Asset/Liability Committees of the Bank. The
level of liquidity is based on management's strategic direction for the
Company's commitments to make loans and the Committees' assessment of the Bank's
ability to generate funds. Historically, sources of liquidity have included net
deposits to savings accounts, amortization and prepayments of loans, Federal
Home Loan Bank advances, reverse repurchase agreements and sales of securities
and loans held for sale.
The Bank is subject to various regulatory capital requirements
imposed by the Office of Thrift Supervision. At December 31, 2000, the Bank was
in compliance with all applicable capital requirements.
16
Newberry Federal Savings Bank
Yields on Average Interest Earning Assets and Rates
On Average Interest Bearing Liabilities
(In Thousands)
Three Months Ended December 31, Three Months Ended December 31,
2000 1999
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
------- -------- ---------- ---------- ---------- ----------
Interest earning assets:
Loans receivable $ 78,709 $ 1,660 8.44% $ 74,946 $ 1,478 7.89%
Interest-bearing deposits 808 12 5.94% 2,052 68 3.31%
Investment securities 21,112 364 6.90% 22,967 595 7.77%
Mortgage-backed securities 113,683 2,105 7.41% 104,976 1,632 6.22%
Federal funds sold 713 11 6.17% -- -- --
Other 2,872 38 5.29% 133 1 3.01%
----------- ----------- ----------- ----------- ----------- -----------
Total interest earning assets 217,897 4,190 7.69% 205,074 3,774 7.36%
Non-interest earning assets 8,628 11,009
----------- -----------
Total assets $ 226,525 $ 216,083
=========== ==========
Interest bearing liabilities:
Deposits:
Passbook accounts $ 15,805 $ 17,490
NOW and Money Market
accounts 31,113 28,192
Certificates of deposit 99,537 103,229
----------- -----------
Total deposits 146,455 1,835 5.01% 148,911 1,622 4.36%
Federal Home Loan Bank
advances 35,000 502 5.74% 35,073 494 5.63%
Other borrowings 7,457 47 2.52% 4,417 27 2.45%
----------- ----------- ----------- ----------- ----------- -----------
Total interest bearing
liabilities 188,912 2,384 5.05% 188,401 2,143 4.55%
Non-interest bearing liabilities 5,053 10,911
----------- -----------
Total liabilities 193,965 199,312
Total retained earnings 32,560 16,771
----------- -----------
Total liabilities and retained
earnings $ 226,525 $ 216,083
=========== ===========
Net interest-earning assets $ 1,806 2.64% $ 1,631 2.81%
Net interest margin as a percentage
of interest-earning assets 3.32% 3.18%
17
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
There are no material legal proceedings to which the Company or any of its
subsidiaries is a party or which any of their property is the subject.
Item 2. Changes in Securities and Use of Proceeds
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
3.1 Certificate of incorporation of DutchFork Bancshares, Inc. (1)
3.2 Bylaws of DutchFork Bancshares, Inc. (1)
4.0 Specimen Stock Certificate of DutchFork Bancshares, Inc. (1)
10.1 Newberry Federal Savings Bank Employment Agreement with J. Thomas
Johnson (2)
10.2 Newberry Federal Savings Bank Employment Agreement with Steve P.
Sligh (2)
10.3 DutchFork Bancshares, Inc. Employment Agreement with J. Thomas
Johnson (2)
10.4 DutchFork Bancshares, Inc. Employment Agreement with Steve P. Sligh (2)
10.5 Newberry Federal Savings Bank Employee Severance Compensation Plan (2)
10.6 Newberry Federal Savings Bank Supplemental Executive Retirement Plan (2)
10.7 Adoption Agreement for Employees' Savings & Profit Sharing Plan &
Trust (1)
10.8 DutchFork Bancshares, Inc. 2001 Stock-Based Incentive Plan (3)
- -----------------------
(1) Incorporated herein by reference from the Exhibits to Form SB-2,
Registration Statement and amendments thereto, initially filed on March 8,
2000, Registration No. 333-31986.
(2) Incorporated herein by reference from the Exhibits to the Annual Report on
Form 10-KSB for the fiscal year ended September 30, 2000.
(3) Incorporated herein by reference from the Definitive Proxy Statement for
the 2001 Annual Meeting of Stockholders.
18
(b) Reports on Form 8-K
On November 3, 2000, the Company filed a Current Report on Form 8-K
announcing the date of the 2001 annual meeting of stockholders. The
press release announcing the annual meeting date was attached as an
exhibit to the Form 8-K.
On December 20, 2000, the Company filed a Current Report on Form 8-K
announcing that Newberry Federal and First Community Bank, NA, the
wholly-owned subsidiary of First Community Corp. signed a definitive
agreement by which First Community Bank will purchase the Chapin,
South Carolina branch office from Newberry Federal. The press release
announcing the agreement was attached as an exhibit to the Form 8-K.
19
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
DUTCHFORK BANCSHARES, INC.
--------------------------
(Registrant)
Date: February 14, 2001 By: /S/ J. Thomas Johnson
-----------------------------------
J. Thomas Johnson
President and Chief Executive Officer
By: /S/ Steve P. Sligh
-----------------------------------
Steve P. Sligh
Executive Vice President and Chief
Financial Officer