UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 5TH STREET, N.W.
WASHINGTON, D. C. 20549
FORM 10-QSB
(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, 2000
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 No. 0-25088
PERRY COUNTY FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Missouri 43-1694505
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
14 North Jackson Street, Perryville, Missouri 63775-1334
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (573) 547-4581
Not applicable
(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 Sections 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 the issuer's classes of common
stock, as of the latest practicable date.
Class Outstanding March 31, 2000
Common Stock, par value $.01 per share 741,928 Shares
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
FORM 10-QSB
FOR THE QUARTER ENDED MARCH 31, 2000
INDEX
PAGE NO.
PART I - Financial Information (Unaudited)
Consolidated Balance Sheets 1
Consolidated Statements of Operations 2,4
Consolidated Statements of Comprehensive Earnings (Loss) 3,5
Consolidated Statements of Cash Flows 6
Notes to Consolidated Financial Statements 7
Management's Discussion and Analysis of
Financial Condition and Results of Operations 8
PART II - Other Information 12
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
March 31, September 30,
Assets 2000 1999
Cash and cash equivalents $ 43,228,896 2,702,394
Securities available for sale, at market
value (amortized cost of $40,689,812) - 37,598,925
Federal Home Loan Bank stock 750,000 750,000
Mortgage-backed securities available for sale,
at market value (amortized cost of $31,209,324
and $37,243,056) 29,871,182 36,491,591
Loans receivable, net 17,050,166 16,600,996
Premises and equipment, net 299,868 311,740
Accrued interest receivable:
Securities - 497,458
Mortgage-backed securities 170,129 203,805
Loans receivable 74,916 79,191
Deferred tax asset 1,349,704 1,325,803
Refundable income taxes 845,320 -
Other assets 41,980 55,047
Total assets $ 93,682,161 96,616,950
Liabilities and Stockholders' Equity
Deposits $ 67,001,589 67,747,445
Accrued interest on deposits 139,919 151,751
Advances from FHLB of Des Moines 15,000,000 15,000,000
Advances from borrowers for taxes and insurance 149,683 288,846
Other liabilities 31,268 89,218
Income taxes payable - 122,812
Total liabilities 82,322,459 83,400,072
Commitments and contingencies
Serial preferred stock, $.01 par value,
1,000,000 shares authorized; none issued
and outstanding - -
Common stock, $.01 par value; 5,000,000 shares
authorized; 856,452 shares issued 8,565 8,565
Additional paid-in capital 8,240,797 8,220,541
Common stock acquired by ESOP (432,290) (455,275)
Common stock acquired by MRP (96,432) (141,056)
Unrealized gain (loss) on securities and MBSs
available for sale, net (843,030) (2,420,682)
Treasury stock at cost, 114,524 and 114,524 shares (2,193,325) (2,193,325)
Retained earnings - substantially restricted 6,675,417 10,198,110
Total stockholders' equity 11,359,702 13,216,878
Total liabilities and stockholders' equity $ 93,682,161 96,616,950
See accompanying notes to consolidated financial statements.
1
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31,
2000 1999
Interest income:
Loans receivable $ 318,195 303,566
Mortgage-backed securities 536,526 564,205
Securities 495,404 644,406
Other interest-earning assets 209,882 90,737
Total interest income 1,560,007 1,602,914
Interest expense:
Deposits 829,815 824,049
Advances from FHLB 208,681 206,387
Total interest expense 1,038,496 1,030,436
Net interest income 521,511 572,478
Provision for loan losses - 5,000
Net interest income after provision
for loan losses 521,511 567,478
Noninterest income:
Service charges on NOW accounts 6,268 5,538
Loss on sale of securities available
for sale (5,261,062) -
Gain (loss) on sale of mortgage-backed
securities available for sale (50,718) 50,218
Other 4,899 1,222
Total noninterest income (5,300,613) 56,978
Noninterest expense:
Compensation and benefits 142,562 150,893
Occupancy expense 7,154 7,433
Equipment and data processing expense 25,192 23,343
SAIF deposit insurance premium 3,590 9,775
Other 31,018 41,026
Total noninterest expense 209,516 232,470
Earnings (loss) before income taxes (4,988,618) 391,986
Income taxes (1,668,036) 155,685
Net earnings (loss) $ (3,320,582) 236,301
Basic earnings (loss) per common share $ (4.76) .31
Diluted earnings (loss) per common share $ (4.76) .31
Dividends per share $ .00 .50
See accompanying notes to consolidated financial statements.
2
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Comprehensive Earnings (Loss)
(Unaudited)
Three Months Ended
March 31,
2000 1999
Net earnings (loss) $ (3,320,582) 236,301
Other comprehensive earnings - unrealized
gain (loss) on securities available
for sale, net:
Reclassification adjustment for loss
(gain), net of income taxes,
included in net earnings 3,505,775 (31,637)
Unrealized holding gains (losses), net (32,904) (246,473)
Comprehensive earnings (loss) $ 152,289 (41,809)
See accompanying notes to consolidated financial statements.
3
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Operations
(Unaudited)
Six Months Ended
March 31,
2000 1999
Interest income:
Loans receivable $ 635,745 605,767
Mortgage-backed securities 1,116,158 1,131,687
Securities 1,187,171 1,214,594
Other interest-earning assets 254,566 235,310
Total interest income 3,193,640 3,187,358
Interest expense:
Deposits 1,663,390 1,664,274
Advances from FHLB 419,655 417,361
Total interest expense 2,083,045 2,081,635
Net interest income 1,110,595 1,105,723
Provision for loan losses - 5,000
Net interest income after provision
for loan losses 1,110,595 1,100,723
Noninterest income:
Service charges on NOW accounts 12,785 11,673
Loss on securities available for sale (5,747,625) -
Gain (loss) on sale of mortgage-backed
securities available for sale (238,216) 50,218
Other 5,296 2,375
Total noninterest income (5,967,760) 64,266
Noninterest expense:
Compensation and benefits 302,296 306,762
Occupancy expense 14,364 15,257
Equipment and data processing expense 47,130 50,577
SAIF deposit insurance premium 13,645 19,095
Other 68,094 88,316
Total noninterest expense 445,529 480,007
Earnings (loss) before income taxes (5,302,694) 684,982
Income taxes (1,780,857) 271,762
Net earnings (loss) $ (3,521,837) 413,220
Basic earnings (loss) per common share $ (5.05) .54
Diluted earnings (loss) per common share $ (5.05) .54
Dividends per share $ .00 .50
See accompanying notes to consolidated financial statements.
4
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Comprehensive Earnings (Loss)
(Unaudited)
Six Months Ended
March 31,
2000 1999
Net earnings (loss) $ (3,521,837) 413,220
Other comprehensive earnings (loss) -
unrealized gain (loss) on securities
available for sale, net:
Reclassification adjustment for loss
(gain), net of income taxes,
included in net earnings 3,950,655 (31,637)
Unrealized holding gains (losses), net (2,373,003) (427,012)
Comprehensive earnings (loss) $ (1,944,185) (45,429)
See accompanying notes to consolidated financial statements.
5
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
March 31,
2000 1999
Cash flows from operating activities:
Net earnings (loss) $ (3,521,837) 413,220
Adjustments to reconcile net earnings (loss)
to net cash provided by (used for)
operating activities:
Depreciation expense 13,570 14,380
Provision for loan losses - 5,000
Loss on sale of securities available
for sale 5,747,625 -
Gain (loss) on sale of mortgage-backed
securities available for sale 238,216 (50,218)
ESOP expense 43,241 47,884
MRP expense 44,624 40,251
Amortization of premiums, discounts
and loan fees, net (265,994) (207,421)
Decrease (increase) in:
Accrued interest receivable 535,409 (67,089)
Deferred tax asset (950,459) -
Refundable income taxes (845,320) -
Other assets 13,067 (24,175)
Increase (decrease) in:
Accrued interest on deposits (11,832) (16,465)
Other liabilities (57,950) 25,616
Income taxes payable (122,812) 169,080
Net cash provided by (used for)
operating activities 859,548 350,063
Cash flows from investing activities:
Loans originated, net of principal collections (449,170) (393,408)
Mortgage-backed securities available for sale:
Purchased (2,007,928) (8,918,461)
Principal collections 2,018,144 5,585,669
Proceeds from sale 5,787,068 2,205,526
Securities available for sale:
Purchased - (20,136,479)
Proceeds from maturity or call 500,000 14,150,000
Proceeds from sale 34,706,413 -
Purchase of premises and equipment, net (1,698) (2,593)
Net cash provided by (used for)
investing activities 40,552,829 (7,509,746)
Cash flows from financing activities:
Net increase (decrease) in:
Deposits (745,856) 3,933,658
Advances from borrowers for taxes and
insurance (139,163) 24,485
Repayments - -
Purchase of treasury stock - (225,688)
Dividends paid to stockholders (856) (380,386)
Net cash provided by (used for)
financing activities (885,875) 3,352,069
Net increase (decrease) in cash
and cash equivalents 40,526,502 (3,807,614)
Cash and cash equivalents at beginning of period 2,702,394 11,796,514
Cash and cash equivalents at end of period $ 43,228,896 7,988,900
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest on deposits $ 1,675,222 1,680,739
Interest on advances from FHLB 419,655 417,361
Federal and state income taxes $ 132,336 102,682
See accompanying notes to consolidated financial statements.
6
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Unaudited)
(1) The information contained in the accompanying consolidated financial
statements is unaudited. In the opinion of management, the consolidated
financial statements contain all adjustments (none of which were other
than normal recurring entries) necessary for a fair statement of the
results of operations for the interim periods. The results of
operations for the interim periods are not necessarily indicative of
the results which may be expected for the entire fiscal year. These
consolidated financial statements should be read in conjunction with
the consolidated financial statements of the Company for the year ended
September 30, 1999 contained in the 1999 Annual Report to Stockholders
which is filed as an exhibit to the Company's Annual Report on
Form 10-KSB.
(2) Following is a summary of basic and diluted earnings (loss) per common
share for the three months ended March 31, 2000 and 1999:
Three Months Ended
March 31,
2000 1999
Net earnings (loss) $ (3,320,582) 236,301
Weighted-average shares - Basic EPS 698,124 762,495
Stock options under treasury stock method - 4,029
Weighted-average shares - Diluted EPS 698,124 766,524
Basic earnings (loss) per common share $ (4.76) .31
Diluted earnings (loss) per common share $ (4.76) .31
Following is a summary of basic and diluted earnings (loss) per common
share for the six months ended March 31, 2000 and 1999:
Six Months Ended
March 31,
2000 1999
Net earnings (loss) $ (3,521,837) 413,220
Weighted-average shares - Basic EPS 697,549 762,426
Stock options under treasury stock method - 4,029
Weighted-average shares - Diluted EPS 697,549 766,455
Basic earnings (loss) per common share $ (5.05) .54
Diluted earnings (loss) per common share $ (5.05) .54
Options to purchase 49,387 shares of common stock at $19.00 per share
were outstanding during the three and six months ended March 31, 2000,
but were not included in the computation of diluted earnings (loss) per
share since the exercise price was greater than the average market
price of the common stock.
7
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Management's Discussion and Analysis of
Financial Condition and Results of Operations
General
Perry County Financial Corporation (Company) has no significant assets other
than common stock of Perry County Savings Bank, FSB (Bank), the loan to the
ESOP and net proceeds retained by the Company following the conversion. The
Company's principal business is the business of the Bank. Therefore, the
discussion in the Management's Discussion and Analysis of Financial Condition
and Results of Operations relates to the Bank and its operations.
Certain statements in this report which relate to the Company's plans,
objectives or future performance may be deemed to be forward-looking
statements within the meaning of the Private Securities Litigation Act of
1995. Such statements are based on management's current expectations.
Actual strategies and results in future periods may differ materially from
those currently expected because of various risks and uncertainties.
Additional discussion of factors affecting the Company's business and
prospects is contained in periodic filings with the Securities and Exchange
Commission.
Office of Thrift Supervision Directive
As a result of an examination, the OTS directed the Board of Directors to
obtain the use of a qualified professional investment advisor independent of
brokers utilized to date. The Board and management were also directed to
revise the Bank's interest rate risk (IRR) reduction plan to effect the
disposition of securities at a level which would improve the IRR postshock
ratio, as calculated by the OTS, to 6 percent or greater. Prior to IRR .
reduction plan approval, the Bank is directed not to sell, purchase, or
exchange, or otherwise change positions with any security owned without
first notifying, and receiving, a "no objection" to the transaction from the
OTS.
Asset and Liability Management and Market Risk
The Bank's net interest income is dependent primarily upon the difference or
spread between the average yield earned on loans, securities and MBS and the
average rate paid on deposits, as well as the relative amounts of such assets
and liabilities. The Bank, as other thrift institutions, is subject to
interest rate risk to the degree that its interest-bearing liabilities mature
or reprice at different times, or on a different basis, than its interest-
earning assets. The Bank does not purchase derivative financial instruments
or other financial instruments for trading purposes. Further, the Bank is
not subject to foreign currency exchange rate risk, commodity price risk or
equity price risk.
The Bank's principal financial objective is to achieve long-term profitability
while managing its exposure to fluctuating interest rates. The Bank has an
exposure to interest rate risk, including short-term U.S. prime interest rates.
The Bank has employed various strategies intended to minimize the adverse effect
of interest rate risk on future operations by providing a better match
between the interest rate sensitivity of its assets and liabilities.
Although the Bank has originated adjustable rate mortgage loans (AMLs) in the
past, recently the Bank has originated primarily 20-year, fixed rate loans.
The Bank purchased long-term, fixed rate MBSs during the years ended
September 30, 1999 and 1998 of $11.3 million and $10.0 million, respectively.
Advances from the FHLB with a 10-year term, callable in 5 years, were used
primarily to fund the purchases. As a result of the sale of the fixed rate
securities and MBSs, management expects the financial objectives, strategies
and instruments used to manage its interest rate risk exposure will change
significantly in the near future.
The OTS provides a net market value methodology to measure the interest rate
risk exposure of thrift institutions. This exposure is a measure of the
potential decline in the net portfolio value (NPV) of the institution based
upon the effect of an assumed 200 basis point increase or decrease in interest
rates, whichever produces the lower value. NPV is the present value of the
8
expected net cash flows from the institution's financial instruments (assets,
liabilities and off-balance sheet contracts). Loans, deposits, and investments
are valued taking into consideration similar maturities, related discount rates
and applicable prepayment assumptions.
Year 2000
The Bank reviewed its computer applications with its outside data processing
service bureau and other software vendors to ensure operational and financial
systems are not adversely affected by "year 2000" software failures. All
major customer applications are processed through the outside service bureau
which has been tested. Other major systems have been tested. Connectivity
testing between Bank and vendor systems to ensure continued compatibility has
been completed.
No significant problems have been encountered with the year 2000 issue to date.
There are other reported dates which could cause software failures, and which
were part of the year 2000 review and testing. Any year 2000 or other date
compliance failure could result in additional expense to the Bank.
Liquidity and Capital Resources
The Bank's principal sources of funds are cash receipts from deposits, maturity
or call of securities, principal collections on mortgage-backed securities,
loan repayments by borrowers and net earnings. The Bank has an agreement
with the Federal Home Loan Bank of Des Moines to provide cash advances,
should the Bank need additional funds.
The minimum level of liquidity required by regulation is presently 4%. The
Bank's liquidity ratio exceeded the regulatory requirement at March 31,
2000.
Under the capital adequacy guidelines and regulatory framework for prompt
corrective action, the Bank must meet specific capital guidelines that
involve quantitative measures of the Bank's assets, liabilities, and certain
off-balance sheet items as calculated under regulatory accounting practices.
Capital adequacy guidelines require Tier 1 (core) capital of at least 4% (3%
under certain circumstances) of total assets, Tier 1 capital of 4% of risk-
weighted assets and total capital (risk-based capital) of 8% of risk-weighted
assets. As of March 31, 2000, the Bank was categorized as well
capitalized under the regulatory framework for prompt corrective action.
Subsequent to March 31, 2000, a dividend of $.50 per share was declared,
payable May 19, 2000 to shareholders of record on May 8, 2000.
The Bank's regulatory capital and regulatory capital requirements at
March 31, 2000 are summarized as follows:
Minimum Required Minimum Required
for Capital to be "Well
Actual Adequacy Capitalized"
Amount Ratio Amount Ratio Amount Ratio
(Dollars in Thousands)
Consolidated stockholders' equity $11,360
Stockholders' equity of Company (1,618)
Unrealized loss on securities and
MBSs available for sale, net 843
Deferred tax asset not includable
in regulatory capital (1,344)
Tangible capital 9,241 10.0% $1,383 1.5%
General valuation allowance 30
Total capital to risk-weighted
assets $ 9,271 43.5% $1,703 8.0% $2,129 10.0%
Tier 1 capital to risk-weighted
assets $ 9,241 43.4% $ 852 4.0% $1,278 6.0%
Tier 1 capital to total assets $ 9,241 10.0% $3,387 4.0% $4,609 5.0%
Commitments to originate mortgage loans and fund loans in process at
March 31, 2000 amounted to $638,000, expiring in 180 days or less.
9
Financial Condition
Cash and cash equivalents increased from $2.7 million at September 30, 1999 to
$43.2 million at March 31, 2000 due to the sale of all securities available for
sale and $5.8 million of MBSs available for sale. As a result, a net loss of
$3.3 million was incurred for the three months ended March 31, 2000.
In spite of the loss, all of the Bank's capital ratios substantially exceed the
amounts required by OTS regulations. The securities were sold to restructure
the balance sheet of the Bank and reduce interest rate risk. The decision was
based on regulatory concerns regarding the Bank's interest rate risk exposure.
The Bank is now working on a plan, utilizing an investment security advisor,
to re-invest the proceeds in assets designed to maximize earnings while
minimizing interest rate risk.
Loans receivable, net increased from $16.6 million at September 30, 1999 to
$17.1 million at March 31, 2000. Deferred tax assets and refundable income
taxes increased as a result of sale of investment securities and MBSs.
Deposits decreased from $67.7 million at September 30, 1999 to $67.0 million at
March 31, 2000. Advances from borrowers for taxes and insurance decreased as a
result of payment of real estate taxes on behalf of borrowers in December, 1999.
Other liabilities decreased due to the timing of payments of certain payables.
Asset Quality
Loans are placed on a nonaccrual status when contractually delinquent more than
ninety days. Nonaccrual loans, consisting of two residential properties,
amounted to $222,000 at March 31, 2000. The nonaccrual status on both loans is
due to the financial circumstances of the borrowers rather than an impairment in
value of the related properties. Both properties are in the process of
foreclosure and no loss is expected based on appraised values of the
properties.
Following is a summary of activity in the allowance for loan losses:
Balance at September 30, 1999 $ 25,000
Charge-offs -
Recoveries -
Provision for loan loss 5,000
Balance at March 31, 2000 $ 30,000
Results of Operations
Net Earnings (Loss)
Net losses for the three and six months ended March 31, were $3.3 million and
$3.5 million, respectively. Net earnings for the three and six months ended
March 31, 1999 were $236,000 and $413,000, respectively. The net losses are the
result of restructuring the investment and MBSs portfolios.
Net Interest Income
Net interest income decreased from $572,000 for the three months ended March
31, 1999 to $522,000 for the three months ended March 31, 2000. Net interest
income increased from $1,106,000 for the six months ended March 31, 1999 to
$1,111,000 for the six months ended March 31, 2000. Interest income on MBSs
decreased in both the 2000 periods due to sale of MBS. Interest on securities
decreased in both 2000 periods due to sales of securities. Proceeds from the
sale of securities and MBSs have been invested primarily in the FHLB daily time
account, which resulted in higher interest on other-earning assets in 2000.
Components of interest income vary from time to time based on the availability
and interest rates of loans, securities, MBSs and other interest-bearing
assets. Net interest income for the three months ended March 31, 2000
decreased from the prior period level since the rate earned on the FHLB daily
time account, which reprices daily, was lower than the yield on the long-
term, fixed rate securities and MBSs sold. Net interest income will continue
to be adversely affected until the funds are reinvested in securities, MBSs
or loans.
10
Provision for Loan Losses
Provision for loan losses is based upon management's consideration of economic
conditions which may affect the ability of borrowers to repay the loans.
Management also reviews individual loans for which full collectibility may not
be reasonably assured and considers, among other matters, the risks inherent
in the Bank's portfolio and the estimated fair value of the underlying
collateral. This evaluation is ongoing and results in variations in the
Bank's provision for loan losses. As a result of this evaluation, the Bank
recognized a provision for loan losses for the three and six months ended March
31, 1999 of $5,000. There was no provision for loan losses for the three
and six months ended March 31, 2000.
Noninterest Income
Noninterest income was lower as a result of the loss on sale of MBSs and
securities.
Noninterest Expense
Noninterest expense decreased from $232,000 for the three months ended March
31, 1999 to $210,000 for the three months ended March 31, 2000. Noninterest
expense decreased from $480,000 for the six months ended March 31, 1999 to
$446,000 for the six months ended March 31, 2000. The decreases were due
primarily to higher professional fees and year 2000 expenses in the 1999
periods than in the 2000 periods.
Income Taxes
Income taxes for the three and six month periods ended March 31, 2000 reflect
the tax benefit of the loss on sale of securities and MBSs. The effective tax
benefit rates for the three and six months ended March 31, 2000 are lower than
the effective rates for the 1999 periods due to state taxes. The laws under
which financial institutions are taxed do not permit carryback or carryforward
of net operating losses for Missouri tax purposes.
11
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
PART II - Other Information
Item 1 - Legal Proceeding
There are no material legal proceedings to which the Holding Company or
the Bank is a party or of which any of their property is subject. From
time to time, the Bank is a party to various legal proceedings incident to
its business.
Item 2 - Changes in Securities
None.
Item 3 - Defaults upon Senior Securities
Not applicable.
Item 4 - Submission of Matters to a Vote of Security Holders
(a) On January 19, 2000 the Company held its Annual Meeting of
Stockholders.
(b) At the meeting Thomas L. Hoeh was elected for a term to expire
in 2003.
(c) Stockholders voted on the following matters:
(i) The election of the following directors of the Company
DIRECTOR FOR WITHHELD
Thomas L. Hoeh 438,074 109,074
(ii) The ratification of the appointment of Michael Trokey & Company,
P.C. as auditors for the Company for the fiscal year ended
September 30, 2000:
VOTES FOR AGAINST ABSTAIN
547,148 525,065 21,200 883
(iii) Stockholder proposal to retain investment banker:
VOTES FOR AGAINST NON VOTES ABSTAIN
621,841 301,158 230,723 87,890 2,070
Item 5 - Other Information
None.
Item 6 - Exhibits and Reports on Form 8-K.
(a) Exhibits: none
(b) Reports on Form 8-K: dated March 17, 2000 related to sale of
investment securities.
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.
PERRY COUNTY FINANCIAL CORPORATION
(Registrant)
DATE: May 5, 2000 BY: Leo J. Rozier
Leo J. Rozier, President, Chief Executive
Officer and Duly Authorized Officer
and Principal Financial Officer
12