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 June 30, 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 June 30, 2000
Common Stock, par value $.01 per share 741,928 Shares
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
FORM 10-QSB
FOR THE QUARTER ENDED JUNE 30, 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)
June 30, September 30,
Assets 2000 1999
Cash and cash equivalents $ 38,094,127 2,702,394
Securities available for sale, at market
value (amortized cost of $4,914,865
and $40,689,812) 4,927,800 37,598,925
Federal Home Loan Bank stock 750,000 750,000
Mortgage-backed securities available for sale,
at market value (amortized cost of $29,763,585
and $37,243,056) 28,677,640 36,491,591
Loans receivable, net 17,451,881 16,600,996
Premises and equipment, net 293,077 311,740
Accrued interest receivable:
Securities 28,889 497,458
Mortgage-backed securities 164,178 203,805
Loans receivable 74,384 79,191
Deferred tax asset 1,251,605 1,325,803
Refundable income taxes 786,545 -
Other assets 66,177 55,047
Total assets $ 92,566,303 96,616,950
Liabilities and Stockholders' Equity
Deposits $ 65,746,848 67,747,445
Accrued interest on deposits 140,755 151,751
Advances from FHLB of Des Moines 15,000,000 15,000,000
Advances from borrowers for taxes and insurance 184,390 288,846
Other liabilities 118,761 89,218
Income taxes payable - 122,812
Total liabilities 81,190,754 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 8,246,543 8,220,541
Common stock acquired by ESOP (420,798) (455,275)
Common stock acquired by MRP (73,683) (141,056)
Unrealized gain (loss) on securities and MBSs
available for sale, net (675,994) (2,420,682)
Treasury stock at cost, 114,524 and 114,524 shares (2,193,325) (2,193,325)
Retained earnings - substantially restricted 6,484,241 10,198,110
Total stockholders' equity 11,375,549 13,216,878
Total liabilities and stockholders' equity $ 92,566,303 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
June 30,
2000 1999
Interest income:
Loans receivable $ 325,024 306,074
Mortgage-backed securities 500,202 570,833
Securities 60,147 681,279
Other interest-earning assets 617,190 73,200
Total interest income 1,502,563 1,631,386
Interest expense:
Deposits 832,567 830,887
Advances from FHLB 208,680 208,721
Total interest expense 1,041,247 1,039,608
Net interest income 461,316 591,778
Provision for loan losses - -
Net interest income after provision
for loan losses 461,316 591,778
Noninterest income:
Service charges on NOW accounts 5,904 6,498
Gain (loss) on sale of mortgage-backed
securities available for sale - 56,069
Other 1,324 5,261
Total noninterest income 7,228 67,828
Noninterest expense:
Compensation and benefits 152,965 149,462
Occupancy expense 6,950 6,910
Equipment and data processing expense 22,436 22,559
SAIF deposit insurance premium 3,488 9,694
Other 34,703 37,940
Total noninterest expense 220,542 226,565
Earnings (loss) before income taxes 248,002 433,041
Income taxes 90,977 168,385
Net earnings (loss) $ 157,025 264,656
Basic earnings (loss) per common share $ .22 .35
Diluted earnings (loss) per common share $ .22 .35
Dividends per share $ .50 .00
See accompanying notes to consolidated financial statements.
2
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Comprehensive Earnings (Loss)
(Unaudited)
Three Months Ended
June 30,
2000 1999
Net earnings (loss) $ 157,025 264,656
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 - (35,323)
Unrealized holding gains (losses), net 167,036 (477,022)
Comprehensive earnings (loss) $ 324,061 (247,689)
See accompanying notes to consolidated financial statements.
3
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Operations
(Unaudited)
Nine Months Ended
June 30,
2000 1999
Interest income:
Loans receivable $ 960,769 911,841
Mortgage-backed securities 1,616,360 1,702,520
Securities 1,247,318 1,895,873
Other interest-earning assets 871,756 308,510
Total interest income 4,696,203 4,818,744
Interest expense:
Deposits 2,495,957 2,495,161
Advances from FHLB 628,335 626,082
Total interest expense 3,124,292 3,121,243
Net interest income 1,571,911 1,697,501
Provision for loan losses - 5,000
Net interest income after provision
for loan losses 1,571,911 1,692,501
Noninterest income:
Service charges on NOW accounts 18,689 18,171
Loss on securities available for sale (5,747,625) -
Gain (loss) on sale of mortgage-backed
securities available for sale (238,216) 106,287
Other 6,620 7,636
Total noninterest income (5,960,532) 132,094
Noninterest expense:
Compensation and benefits 455,261 456,224
Occupancy expense 21,314 22,167
Equipment and data processing expense 69,566 73,136
SAIF deposit insurance premium 17,133 28,789
Other 102,797 126,256
Total noninterest expense 666,071 706,572
Earnings (loss) before income taxes (5,054,692) 1,118,023
Income taxes (1,689,880) 440,147
Net earnings (loss) $ (3,364,812 677,876
Basic earnings (loss) per common share $ (4.82) .89
Diluted earnings (loss) per common share $ (4.82) .89
Dividends per share $ .50 .50
See accompanying notes to consolidated financial statements.
4
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Comprehensive Earnings (Loss)
(Unaudited)
Nine Months Ended
June 30,
2000 1999
Net earnings (loss) $ (3,364,812) 677,876
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 (66,961)
Unrealized holding gains (losses), net (2,205,967) (904,033)
Comprehensive earnings (loss) $ (1,620,124) (293,118)
See accompanying notes to consolidated financial statements.
5
PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
June 30,
2000 1999
Cash flows from operating activities:
Net earnings (loss) $ (3,364,812) 677,876
Adjustments to reconcile net earnings (loss)
to net cash provided by (used for)
operating activities:
Depreciation expense 20,361 21,200
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 (106,287)
ESOP expense 60,479 71,731
MRP expense 67,373 60,377
Amortization of premiums, discounts
and loan fees, net (278,791) (359,297)
Decrease (increase) in:
Accrued interest receivable 513,003 (116,262)
Deferred tax asset (950,459) -
Refundable income taxes (786,545) -
Other assets (11,130) (21,955)
Increase (decrease) in:
Accrued interest on deposits (10,996) (4,049)
Other liabilities 29,543 6,851
Income taxes payable (122,812) 3,563
Net cash provided by (used for)
operating activities 1,151,055 238,748
Cash flows from investing activities:
Loans originated, net of principal collections (850,885) (291,632)
Mortgage-backed securities available for sale:
Purchased (2,007,928) (15,881,389)
Principal collections 3,460,991 7,631,381
Proceeds from sale 5,787,068 4,195,315
Securities available for sale:
Purchased (4,899,173) (20,636,912)
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 36,694,788 (10,835,830)
Cash flows from financing activities:
Net increase (decrease) in:
Deposits (2,000,597) 3,948,252
Advances from borrowers for taxes and
insurance (104,456) 82,852
Purchase of treasury stock - (814,439)
Dividends paid to stockholders (349,057) (380,386)
Net cash provided by (used for)
financing activities (2,454,110) 2,836,279
Net increase (decrease) in cash
and cash equivalents 35,391,733 (7,760,803)
Cash and cash equivalents at beginning of period 2,702,394 11,796,514
Cash and cash equivalents at end of period $ 38,094,127 4,035,711
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest on deposits $ 2,506,953 2,499,210
Interest on advances from FHLB 628,335 626,082
Federal and state income taxes $ 164,538 239,956
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 June 30, 2000 and 1999:
Three Months Ended
June 30,
2000 1999
Net earnings (loss) $ 157,025 264,656
Weighted-average shares - Basic EPS 699,273 761,116
Stock options under treasury stock method - 3,751
Weighted-average shares - Diluted EPS 699,273 764,869
Basic earnings per common share $ .22 .35
Diluted earnings per common share $ .22 .35
Following is a summary of basic and diluted earnings (loss) per common
share for the nine months ended June 30, 2000 and 1999:
Nine Months Ended
June 30,
2000 1999
Net earnings (loss) $ (3,364,812) 677,876
Weighted-average shares - Basic EPS 698,124 756,163
Stock options under treasury stock method - 3,753
Weighted-average shares - Diluted EPS 698,124 762,916
Basic earnings (loss) per common share $ (4.82) .89
Diluted earnings (loss) per common share $ (4.82) .89
Options to purchase 49,387 shares of common stock at $19.00 per share were
outstanding during the three and nine months ended June 30, 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 post-shock NPV ratio, as
calculated by the OTS, to 6 percent or greater. The Bank has hired a new
investment advisor and the OTS has approved the revised investment policy.
The post-shock NPV ratio as calculated by the OTS exceeded the 6 percent
level at March 31, 2000, the date of the latest available report.
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, the Bank originated primarily 20-year, fixed rate loans for the past few
years. Perry County recently began originating balloon and fixed rate loans and
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, the financial objectives, strategies and instruments
used to manage its interest rate risk exposure have changed. Management
expects to purchase adjustable-rate and intermediate term MBSs, as well as
short and intermediate term agency securities.
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
8
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
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 June 30,
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 June 30, 2000, the Bank was categorized as well
capitalized under the regulatory framework for prompt corrective action.
The Bank's regulatory capital and regulatory capital requirements at
June 30, 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 $11,376
Stockholders' equity of Company (1,278)
Unrealized loss on securities and
MBSs available for sale, net 676
Deferred tax asset not includable
in regulatory capital (1,082)
Tangible capital 9,692 10.6% $1,371 1.5%
Amount required to be deducted (1) (12)
General valuation allowance 30
Total capital to risk-weighted
assets $ 9,710 45.8% $1,695 8.0% $2,118 10.0%
Tier 1 capital to risk-weighted
assets $ 9,692 45.7% $ 847 4.0% $1,271 6.0%
Tier 1 capital to total assets $ 9,692 10.6% $3,656 4.0% $4,570 5.0%
(1) Represents land loan with loan-to-value ratio greater than 80%.
9
Commitments to originate mortgage loans and fund loans in process at
June 30, 2000 amounted to $266,000, expiring in 180 days or less.
Financial Condition
Cash and cash equivalents increased from $2.7 million at September 30, 1999 to
$37.2 million at June 30, 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
$3.4 million was incurred for the nine months ended June 30, 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. The Bank purchased $4.9
million is agency securities during the quarter ended June 30, 2000.
Maturities range from 6 months to 2.5 years. In July 2000, the Bank
purchased $1.5 million of adjustable rate MBSs and $5.0 million of MBSs with
final maturity ranging from 1 to 7 years. Management expects to substantial-
ly reduce cash and cash equivalents during the third quarter as MBSs and
agency securities are purchased.
Loans receivable, net increased from $16.6 million at September 30, 1999 to
$17.5 million at June 30, 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 $65.7 million at June 30,
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 increased 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. The Bank had one single-family nonaccrual loan of $156,000 at June
30, 2000. The nonaccrual status of the loan is due to the financial
circumstances of the borrowers rather than an impairment in value of the related
properties. The property is 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 $ 30,000
Charge-offs -
Recoveries -
Provision for loan loss -
Balance at June 30, 2000 $ 30,000
Results of Operations
Net Earnings (Loss)
Net earnings for the three months ended June 30, 2000 was $157,000. Net loss
for the nine months ended June 30, 2000 was $3.4 million. Net earnings for the
three and nine months ended June 30, 1999 were $265,000 and $678,000,
respectively. The loss for the nine months ended June 30, 2000 relates to
restructuring the investment and MBSs portfolios.
Net Interest Income
Net interest income decreased from $592,000 for the three months ended June 30,
1999 to $461,000 for the three months ended June 30, 2000. Net interest income
increased from $1,698,000 for the nine months ended June 30, 1999 to
$1,572,000 for the nine months ended June 30, 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
10
and interest rates of loans, securities, MBSs and other interest-bearing
assets. Interest on other interest-bearing assets for the three and nine
months ended June 30, 2000 increased from the prior period level due to a
substantially higher average balance pending reinvestment. Net interest
income will continue to be adversely affected until the funds are reinvested in
securities, MBSs or loans.
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
recorded a provision for loan losses for the nine months ended June 30, 1999 of
$5,000. There was no provision for loan losses for the three and nine
months ended June 30, 2000.
Noninterest Income
Noninterest income for the three months ended June 30, 2000 decreased since the
1999 period included a gain on sale of MBSs. Interest income for the nine
months includes losses on sale of securities and MBSs of $6.0 million.
Noninterest Expense
Noninterest expense decreased from $227,000 for the three months ended June
30, 1999 to $221,000 for the three months ended June 30, 2000. Noninterest
expense decreased from $707,000 for the nine months ended June 30, 1999 to
$666,000 for the nine months ended June 30, 2000. The decreases were due
primarily to higher professional fees and "year 2000" expenses in the 1999
periods than in the 2000 periods. Management has retained a financial advisor
to assist in evaluation of strategic options for the Company and expects that
professional fees will increase in future reporting periods.
Income Taxes
Income taxes for the nine months ended June 30, 2000 reflects the tax benefit of
the loss on sale of securities and MBSs. The effective tax benefit rates for
the nine months ended June 30, 2000 is 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
None.
Item 5 - Other Information
None.
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.
PERRY COUNTY FINANCIAL CORPORATION
(Registrant)
DATE: August 7, 2000 BY: Leo J. Rozier
Leo J. Rozier, President, Chief Executive
Officer and Duly Authorized Officer
and Principal Financial Officer
12