1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended MARCH 31, 2001
COMMISSION FILE NUMBER 000-24147
KILLBUCK BANCSHARES, INC.
(Exact name of registrant as specified in its Charter)
OHIO 34-1700284
---- ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
165 N. MAIN STREET, KILLBUCK, OH 44637
--------------------------------------
(Address of principal executive offices and zip code)
(330) 276-2771
--------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
--- ---
State the number of shares outstanding for each of the issuer's classes of
common equity as of the latest practicable date:
Class: Common Stock, no par value
Outstanding at April 21, 2001: 697,579
2
KILLBUCK BANCSHARES, INC.
INDEX
Page Number
-----------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited):
Consolidated Balance Sheet as of
March 31, 2001 and December 31, 2000 3
Consolidated Statements of Income for the
three months ended March 31, 2001 and 2000 4
Consolidated Statements of Changes In Shareholders'
Equity for the three months ended March 31, 2001 5
Consolidated Statements of Cash Flows for the
three months ended March 31, 2001 and 2000 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition
And Results of Operations 8-13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 2. Changes in Securities 14
Item 3. Default Upon Senior Securities 14
Item 4. Submissions of Matters to a Vote of Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
SIGNATURES 15
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3
KILLBUCK BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
March 31, December 31,
2001 2000
-------------- -------------
ASSETS
Cash and cash equivalents:
Cash and amounts due from depository institutions $ 10,816,116 $ 9,512,736
Federal funds sold 20,700,000 11,000,000
------------- -------------
Total cash and cash equivalents 31,516,116 20,512,736
------------- -------------
Investment securities:
Securities available for sale 36,116,505 47,477,388
Securities held to maturity (market value of $37,859,321
and $36,601,277) 36,701,661 36,129,625
------------- -------------
Total investment securities 72,818,166 83,607,013
------------- -------------
Loans (net of allowance for loan losses of $2,208,590 and
$2,358,759) 152,509,354 149,061,901
Loans held for sale 0 520,000
Premises and equipment, net 4,744,969 4,528,169
Accrued interest receivable 2,238,937 1,885,665
Other assets 1,816,782 1,884,545
------------ ------------
Total assets $265,644,324 $262,000,029
============ ============
LIABILITIES
Deposits:
Noninterest bearing demand $ 30,802,452 $ 31,815,997
Interest bearing demand 27,145,522 27,833,483
Money market 9,900,737 10,249,064
Savings 29,279,002 28,493,290
Time 125,769,557 120,776,058
------------- -------------
Total deposits 222,897,270 219,167,892
Federal Home Loan Bank advances 5,923,326 6,197,930
Short-term borrowings 3,965,002 4,315,768
Accrued interest and other liabilities 586,280 577,274
------------- -------------
Total liabilities 233,371,878 230,258,864
------------- -------------
SHAREHOLDERS' EQUITY
Common stock - No par value: 1,000,000 shares authorized,
718,431 issued 8,846,670 8,846,670
Retained earnings 24,339,816 23,614,590
Accumulated other comprehensive income 444,065 168,141
Treasury stock, at cost (20,852 and 15,883 shares) (1,358,105) (888,236)
------------- -------------
Total shareholders' equity 32,272,446 31,741,165
------------- -------------
Total liabilities and shareholders' equity $ 265,644,324 $ 262,000,029
============= =============
See accompanying notes to the consolidated financial statements.
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4
KILLBUCK BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Three Months Ended
March 31,
2001 2000
----------- ----------
INTEREST INCOME
Interest and fees on loans $ 3,719,864 $3,339,793
Federal funds sold 168,277 79,659
Investment securities:
Taxable 703,470 697,178
Exempt from federal income tax 400,531 394,884
----------- ----------
Total interest income 4,992,142 4,511,514
----------- ----------
INTEREST EXPENSE
Deposits 2,405,592 1,957,288
Federal Home Loan Bank advances 102,195 116,846
Short term borrowings 29,994 36,915
----------- ----------
Total interest expense 2,537,781 2,111,049
----------- ----------
NET INTEREST INCOME 2,454,361 2,400,465
Provision for loan losses 82,500 60,000
----------- ----------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 2,371,861 2,340,465
----------- ----------
OTHER INCOME
Service charges on deposit accounts 132,198 115,606
Gain on sale of loans, net 10,838 2,077
Other income 22,295 39,452
----------- ----------
Total other income 165,331 157,135
----------- ----------
OTHER EXPENSE
Salaries and employee benefits 739,878 674,761
Occupancy and equipment expense 235,735 215,794
Professional fees 89,820 90,631
Franchise tax 98,026 77,688
Other expenses 399,207 335,577
----------- ----------
Total other expense 1,562,666 1,394,451
----------- ----------
INCOME BEFORE INCOME TAXES 974,526 1,103,149
Income taxes 249,300 269,361
----------- ----------
NET INCOME $ 725,226 $ 833,788
=========== ==========
EARNING PER COMMON SHARE $ 1.04 $ 1.18
=========== =========
AVERAGE SHARES OUTSTANDING 698,661 705,295
=========== =========
See accompanying notes to the unaudited consolidated financial statements.
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5
KILLBUCK BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2001
Accumulated
Other Total
Common Retained Comprehensive Treasury Shareholders' Comprehensive
Stock Earnings Income Stock Equity Income
---------- ---------- ------------ ----------- ------------ --------------
BALANCE, DECEMBER 31, 2000 $8,846,670 $23,614,590 $168,141 $ (888,236) $31,741,165
Net income 725,226 725,226 $ 725,226
Purchase of Treasury stock (469,869) (469,869)
Other comprehensive income:
Net unrealized gain on securities 275,924 275,924 275,924
----------
Comprehensive income $1,001,150
---------- ----------- -------- ----------- ----------- ==========
BALANCE, MARCH 31, 2001 $8,846,670 $24,339,816 $444,065 $(1,358,105) $32,272,446
========== =========== ======== =========== ===========
See accompanying notes to the unaudited consolidated financial statements.
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KILLBUCK BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Three Months Ended
March 31,
2001 2000
---------- -----------
OPERATING ACTIVITIES
Net income $ 725,226 $ 833,788
Adjustments to reconcile net income to net cash provided by
Operating activities:
Provision for loan losses 82,500 60,000
Gain on sale of loans - (2,077)
Provision for depreciation and amortization 129,332 105,936
Origination of loans held for sale (1,059,900) (525,700)
Proceeds from the sale of loans 1,579,900 883,777
Federal Home Loan Bank stock dividend (18,100) (15,800)
Net change in:
Accrued interest and other assets (427,652) (815,731)
Accrued expenses and other liabilities 9,006 98,447
----------- -----------
Net cash provided by operating activities 1,020,312 622,640
----------- -----------
INVESTING ACTIVITIES
Investment securities available for sale:
Proceeds from maturities and repayments 11,795,800 3,100,000
Purchases - (2,000,000)
Investment securities held to maturity:
Proceeds from maturities and repayments 356,656 -
Purchases (946,729) (242,843)
Net increase in loans (3,529,953) (3,662,080)
Purchase of premises and equipment (326,845) (234,757)
------------ -----------
Net cash provided by (used in) investing activities 7,348,929 (3,039,680)
------------ -----------
FINANCING ACTIVITIES
Net decrease in demand, money market and savings deposits (1,264,121) (2,426,619)
Net increase in time deposits 4,993,499 4,926,216
Repayment of Federal Home Loan Bank advances (274,604) (229,251)
Net decrease in short term borrowings (350,766) (544,999)
Purchase of Treasury stock (469,869) (8,806)
------------ -----------
Net cash provided by financing activities 2,634,139 1,716,541
------------ -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 11,003,380 (700,499)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 20,512,736 16,823,806
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $31,516,116 $16,123,307
=========== ===========
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash Paid During the Period For:
Interest on deposits and borrowings $ 2,550,356 $ 2,106,968
=========== ===========
Income taxes $ - $ -
=========== ===========
See accompanying notes to the unaudited consolidated financial statements.
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KILLBUCK BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION
The consolidated financial statements include the accounts of Killbuck
Bancshares, Inc. (the "Company") and its wholly-owned subsidiary Killbuck
Savings Bank Company (the "Bank"). All significant intercompany balances and
transactions have been eliminated in the consolidation.
The accompanying reviewed consolidated financial statements have been prepared
in accordance with the instructions to Form 10-Q and, therefore, do not
necessarily include all information that would be included in audited financial
statements. The information furnished reflects all adjustments which are, in the
opinion of management, necessary for a fair statement of the results of
operations. All such adjustments are of a normal recurring nature. The results
of operations for the interim periods are not necessarily indicative of the
results to be expected for the full year.
These statements should be read in conjunction with the consolidated statements
of and for the year ended December 31, 2000 and related notes which are included
on the Form 10-K (file no. 000-24147)
NOTE 2 - EARNINGS PER SHARE
The Company currently maintains a simple capital structure; therefore, there are
no dilutive effects on earnings per share. As such, earnings per share are
calculated using the weighted number of shares for the period.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Private Securities Litigation Reform Act of 1995 contains safe harbor
provisions regarding forward-looking statements. When used in this discussion,
the words "believes", "anticipates", "contemplates", "expects", and similar
expressions are intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties, which could cause actual results
to differ materially from those projected. Those risks and uncertainties include
changes in interest rates, risks associated with the ability to control costs
and expenses, and general economic conditions. Killbuck Bancshares, Inc.
undertakes no obligation to publicly release the results of any revisions to
those forward-looking statements which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
The Company conducts no significant business or operations of its own other than
holding all of the outstanding stock of the Killbuck Savings Bank Company. As a
result, references to the Company generally refer to the Bank unless the context
indicates otherwise.
FINANCIAL CONDITION
Total assets at March 31, 2001 were approximately $265,644,000 compared to
$262,000,000 at December 31, 2000.
Cash and cash equivalents increased by $11,003,000 or 53.6% from December 31,
2000, to March 31, 2001, with federal funds sold increasing $9,700,000. This
increase improved the Bank's liquidity position for loan demand and for
available for sale investment security purchases at March 31, 2001.
Investment securities available for sale decreased by $11,361,000 or 23.9% from
December 31, 2000, as a result of maturities in excess of purchases, due to the
interest rates and terms being offered during the period being less favorable in
management's opinion. Investments held to maturity increased $572,000 or 1.6%.
Net loans increased by $3,447,000 or 2.3% from December 31, 2000, to March 31,
2001. An increase of $2,702,000 occurred in the commercial loan category while
real estate loan balances increased by $1,475,000 and consumer loan balances
decreased by $878,000.
Total deposits at March 31, 2001 were $222,897,000 compared to $219,168,000 at
December 31, 2000. Time deposits increased $4,993,000, demand accounts increased
$1,702,000 and money market and savings accounts decreased $437,000. Management
attributes these changes to normal transfers of funds within the deposit
accounts and disintermediation from the stock market.
Shareholders' Equity increased by $531,000 or 1.7%, which was mainly due to
earnings of $725,000 for the first three months of 2001 accentuated by a
$276,000 increase in the unrealized gain on securities included in other
comprehensive income and offset by the purchase of Treasury stock for $470,000.
Management monitors risk-based capital and leveraged capital ratios in order to
assess compliance of the regulatory guidelines. At March 31, 2001, the total
capital ratio was 18.93%; the Tier I capital ratio was 17.68%, and the leverage
ratio was 11.71%, compared to regulatory capital requirements of 8.00%, 4.00%
and 4.00% respectively. These ratios are well in excess of regulatory capital
requirements.
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9
RESULTS OF OPERATIONS
COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
Total interest income of $4,992,000 for the three month period ended March 31,
2001, compares to $4,512,000 for the same period in 2000, an increase of
$480,000 or 10.6%. The majority of the overall increase in total interest income
is attributed to an increase in interest and fees on loans of approximately
$380,000 or 79.2% of the overall increase. The increase in interest income
resulted primarily from an increase in the average volume of the underlying
principle balances of interest earning assets coupled with an increase in the
yield. See "Average Balance Sheet" for the three month periods ended March 31,
2001 and March 31, 2000.
Total interest expense of $2,538,000 for the three month period ending March 31,
2001, represents an increase of $427,000 from the $2,111,000 reported for the
same three month period in 2000. The increase in interest expense resulted
primarily from an increase in the average volume of the underlying principle
balances of interest bearing liabilities coupled with an increase in the yield.
See "Average Balance Sheet" for the three month periods ended March 31, 2001 and
March 31, 2000.
Net interest income of $2,454,000 for the three months ended March 31, 2001,
compares to $2,401,000 for the same three month period in 2000, an increase of
$53,000 or 2.2%.
Total other income for the three month period ended March 31, 2001, of $165,000
compares to $157,000 for the same three month period in 2000, an increase of
$8,000 or 5.1%. Gains on sale of loans increased $9,000 due to increased
activity caused by declining fixed loan rates and other income decreased $17,000
due to a decrease of $18,000 in alternative investment income. The decrease in
alternative investment income is attributable to the absence of permanent
personnel in this area.
Total other expense of $1,563,000 for the three months ended March 31, 2001,
compares to $1,394,000 for the same three month period in 2000. This represents
an increase of $169,000 or 12.1%. Salary and employee benefits increased
approximately $65,000 due to additional staff being hired as a result of the
addition of the branch in Sugarcreek, Ohio and normal increases in salaries and
employee benefits. The increases in the remaining expense accounts were
attributable to the branch in Sugarcreek, Ohio becoming fully operational in the
spring of 2000 and to expenditures that are considered normal and recurring in
nature.
Net income for the three month period ended March 31, 2001, was $725,000, a
decrease of $109,000 or 13.1% from the $834,000 reported at March 31, 2000.
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LIQUIDITY
Management monitors projected liquidity needs and determines the level desirable
based in part on the Company's commitments to make loans and management's
assessment of the Company's ability to generate funds.
The primary sources of funds are deposits, repayment of loans, maturities of
investments, funds provided from operations and advances from the FHLB of
Cincinnati. While scheduled repayments of loans and maturities of investment
securities are predictable sources of funds, deposit flows and loan repayments
are greatly influenced by the general level of interest rates, economic
conditions and competition. The Company uses its sources of funds to fund
existing and future loan commitments, to fund maturing time deposits and demand
deposit withdrawals, to invest in other interest-earning assets, to maintain
liquidity, and to meet operating expenses.
Cash and amounts due from depository institutions and federal funds sold totaled
$31,516,000 at March 31, 2001. These assets provide the primary source of
liquidity for the Company. In addition, management has designated a substantial
portion of the investment portfolio, $36,117,000 as available for sale and has
an available unused line of credit of $14,100,000 with the Federal Home Loan
Bank of Cincinnati to provide additional sources of liquidity at March 31, 2001.
As of March 31, 2001, the Company had commitments to fund loans of approximately
$16,159,000.
Cash was provided during the three month period ended March 31, 2001, mainly
from operating activities of $1 million, a net increase in deposits of $3.7
million and the maturities and repayments of investment securities of $12.2
million. Cash was used during the three month period ended March 31, 2001,
mainly to fund a net increase in loans of $3.5 million, and for the purchase of
investment securities of $.9 million. In addition $.6 million was also used to
reduce Federal Home Loan Bank advances and short term borrowings during the
first three months of 2001 and $.5 million was used to purchase Treasury Stock.
Cash and cash equivalents totaled $31.5 million at March 31, 2001, an increase
of $11.0 million from $20.5 million at December 31, 2000.
Management is not aware of any conditions, including any regulatory
recommendations or requirements, which would adversely affect its liquidity or
ability to meet its funding needs in the normal course of business.
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RISK ELEMENTS
The table below presents information concerning nonperforming assets including
nonaccrual loans, renegotiated loans, loans 90 days or more past due, other real
estate loans and repossessed assets at March 31, 2001, and December 31, 2000. A
loan is classified as nonaccrual when, in the opinion of management, there are
doubts about collectability of interest and principal. At the time the accrual
of interest is discontinued, future income is recognized only when cash is
received. Renegotiated loans are those loans which terms have been renegotiated
to provide a reduction or deferral of principal or interest as of result of the
deterioration of the borrower.
March 31, December 31,
2001 2000
------------ ------------
(dollars in thousands)
Loans on nonaccrual basis $341 $298
Loans past due 90 days or more 206 340
Renegotiated loans - -
---- ----
Total nonperforming loans 547 638
Other real estate - -
Repossessed assets - -
---- ----
Total nonperforming assets $547 $638
==== ====
Nonperforming loans as a percent of total loans 0.35% 0.42%
Nonperforming loans as a percent of total assets 0.21% 0.24%
Nonperforming assets as a percent of total assets 0.21% 0.24%
Management monitors impaired loans on a continual basis. As of March 2001,
impaired loans had no material effect on the Company's financial position or
results from operations.
The allowance for loan losses at March 31, 2001, totaled $2,209,000 or 1.43% of
total loans as compared to approximately $2,359,000 or 1.55% at December 31,
2000. Provisions for loan losses were $82,500 for the three months ended March
31, 2001 and $60,000 for the three months ended March 31, 2000.
The level of funding for the provision is a reflection of the overall loan
portfolio. Nonperforming loans consist of approximately $186,000 in one to four
family residential mortgages, $169,000 in commercial real estate, $161,000 in
commercial loans and $31,000 in consumer loans. The collateral requirements on
such loans reduce the risk of potential losses to an acceptable level in
management's opinion.
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Management performs a quarterly evaluation of the allowance for loan losses. The
evaluation incorporates internal loan review, actual historical losses, as well
as any negative economic trends in the local market. The evaluation is presented
to and approved by the Board of Directors. Although the Company maintains its
allowance for loan losses at a level that it considers to be adequate to provide
for the inherent risk of loss in its portfolio, there can be no assurance that
future losses will not exceed estimated amounts or that additional provisions
for loan losses will not be required in future periods.
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AVERAGE BALANCE SHEET
March 31, 2001 March 31, 2000
------------------------------------------ -------------------------------------
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
------------ --------- ---- ------------ ---------- ----
Assets
Interest earnings assets
Loans (2)(2)(3) $153,620,485 $3,719,864 9.69% $144,793,844 $3,339,793 9.23%
Securities-taxable (4) 42,857,115 685,302 6.40% 43,331,082 682,476 6.30%
Securities-nontaxable 34,436,009 400,531 4.65% 32,987,717 394,884 4.79%
Securities-equity (4)(5) 1,336,448 18,168 5.44% 1,193,235 14,702 4.93%
Federal funds sold 14,239,439 168,277 4.73% 5,687,208 79,659 5.60%
------------ ---------- ---- ------------ ---------- -----
Total interest earnings assets 246,489,496 4,992,142 8.10% 227,993,086 4,511,514 7.92%
------------ --------- ---- ------------ ---------- -----
Noninterest earning assets
Cash and due from other institutions 7,429,300 7,406,413
Premises and equipment, net 4,677,888 3,975,932
Accrued interest 1,500,234 1,372,428
Other assets 2,350,782 2,345,541
Less allowance for loan losses (2,188,589) (1,922,662)
------------ ------------
Total noninterest earnings assets 13,769,615 13,177,652
------------ ------------
Total Assets $260,259,111 $241,170,738
=========== ============
Liabilities and Shareholders Equity
Interest bearing liabilities:
Interest bearing demand $ 27,740,407 165,877 2.39% $ 29,981,895 190,625 2.54%
Money market accounts 10,951,941 99,816 3.65% 9,911,350 83,982 3.39%
Savings deposits 28,531,479 220,704 3.09% 27,902,132 214,567 3.08%
Time deposits 123,889,809 1,919,195 6.20% 107,148,377 1,468,114 5.48%
Short term borrowings 3,680,125 29,994 3.26% 4,048,988 36,915 3.65%
Federal Home Loan Advances 6,024,880 102,195 6.78% 6,947,056 116,846 6.73%
------------ ---------- ---- ------------ ---------- -----
Total interest bearing liabilities 200,818,641 2,537,781 5.05% 185,939,798 2,111,049 4.54%
------------ ---------- ---- ------------ ---------- -----
Noninterest bearing liabilities:
Demand deposits 26,624,575 25,962,940
Accrued expenses and other liabilities 1,070,982 433,452
------------ ------------
Total noninterest bearing liabilities 27,695,557 26,396,392
------------ ------------
Shareholder's equity 31,744,913 28,834,548
------------ ------------
Total Liabilities and Equity $260,259,111 $241,170,738
============ ============
Net interest income $2,454,361 $2,400,465
========== ==========
Interest rate spread (6) 3.05% 3.38%
==== ====
Net yield on interest earning assets (7) 3.98% 4.21%
==== ====
(1) For purposes of these computations, the daily average loan amounts
outstanding are net of deferred loan fees.
(2) Included in loan interest income are loan related fees of $77,093 and
$76,833 in 2001 and 2000, respectively.
(3) Nonaccrual loans are include in loan totals and do not have a material
impact on the information presented.
(4) Average balance is computed using the carrying value of securities.
The average yield has been computed using the historical amortized cost
average balance for available for sale securities.
(5) Equity securities is comprised of common stock of the Federal Home Loan
Bank, Federal Reserve Bank and Great Lakes Bankers Bank.
(6) Interest rate spread represents the difference between the average yield
on interest earning assets and the average cost of interest bearing
liabilities.
(7) Net yield on interest earning assets represents net interest income as a
percentage of average interest earning assets.
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PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
None
Item 2 - Changes in the rights of the Company's security holders
None
Item 3 - Defaults by the Company on its senior securities
None
Item 4 - Results of votes of security holders
None
Item 5 - Other Information
None
Item 6 - Exhibits and Reports on Form 8-K
a) The following exhibits are included in this report or incorporated
herein by reference:
3(i) Articles of Incorporation of Killbuck Bancshares, Inc.*
3(ii) Code of Regulations of Killbuck Bancshares, Inc.*
10 Agreement and Plan of Reorganization with Commercial and
Savings Bank Co.*
21 Subsidiaries of Registrant*
99 Independent Accountant's Report
b) No reports on Form 8-K were filed during the quarter of the period
covered by this report.
*Incorporated by reference to an identically numbered exhibit to
the Form 10 (file No. 0-24147) filed with SEC on April 30, 1998
and subsequently amended on July 8, 1998 and July 31, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused the report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Killbuck Bancshares, Inc.
Date: _______________ By:/s/Luther E. Proper
----------------------------
Luther E. Proper
President and
Chief Executive Officer
Date: ________________ By:/s/Diane Knowles
----------------------------
Diane Knowles
Chief Financial Officer
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