IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Financial Statements and Schedules
December 31, 1996 and 1995
(With Independent Auditors' Report Thereon)
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Table of Contents
-----------------
Page
----
Independent Auditors' Report 1
Financial statements for the years ended December 31, 1996 and 1995:
Statements of Net Assets Available for Plan Benefits at
December 31, 1996 and 1995 2-3
Statements of Changes in Net Assets Available for Plan
Benefits for the Years Ended December 31, 1996 and 1995 4-5
Notes to financial statements 6-11
Supplemental schedules as of and for the year ended December 31, 1996:
Item 27a Schedule of Assets Held for Investment Purposes - Income Fund 12
Item 27a Schedule of Assets Held for Investment Purposes - Equity Fund 13
Item 27a Schedule of Assets Held for Investment Purposes - Balanced Fund 14
Item 27a Schedule of Assets Held for Investment Purposes - Common Stock
Fund 15
Item 27a Schedule of Assets Held for Investment Purposes - Employee Loan
Fund 16
Item 27d Schedule of Reportable (5%) Transactions 17
INDEPENDENT AUDITORS' REPORT
----------------------------
The Pension Plan Trustees of Iroquois Bancorp, Inc.
401(k) Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of Iroquois Bancorp, Inc. 401(k) Savings Plan as of December 31, 1996
and 1995, and the related statements of changes in net assets available for plan
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of Iroquois
Bancorp, Inc. 401(k) Savings Plan as of December 31, 1996 and 1995, and the
changes in net assets available for plan benefits for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules, as listed in
the accompanying index, are presented for the purpose of additional analysis and
are not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The fund information in the statements of net assets available for
benefits and the statements of changes in net assets available for benefits is
presented for purposes of additional analysis rather than to present the net
assets available for plan benefits and changes in net assets available for plan
benefits of each fund. The supplemental schedules and fund information have
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/KPMG PEAT MARWICK LLP
Syracuse, New York
March 14, 1997
-1-
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1996
Common Employee
Income Equity Balanced Stock Loan
Assets Fund Fund Fund Fund Fund Total
------ -------- ------- -------- --------- ------- --------
Investments:
Cash $ -- -- 300 -- -- 300
Money market funds 17,863 87,563 55,104 23,428 -- 183,958
U.S. Government securities -- -- 108,836 -- -- 108,836
Corporate bonds 324,457 -- 44,362 -- -- 368,819
Contracts with insurance companies 19,441 -- -- -- -- 19,441
Common stocks -- 841,613 176,856 1,979,140 -- 2,997,609
Preferred stock 10,600 -- -- -- -- 10,600
Employees' loans -- -- -- -- 204,552 204,552
------- ------- ------- --------- ------- ---------
372,361 929,176 385,458 2,002,568 204,552 3,894,115
------- ------- ------- --------- ------- ---------
Receivables:
Accrued interest and
dividends 268 2,098 3,431 55 -- 5,852
------- ------- ------- --------- ------- ---------
Net assets available for plan
benefits 372,629 931,274 388,889 2,002,623 204,552 3,899,967
======= ======= ======= ========= ======= =========
See accompanying notes to financial statements.
-2-
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1995
Common Employee
Income Equity Balanced Stock Loan
Assets Fund Fund Fund Fund Fund Total
------ ------ ------ -------- ------ -------- -----
Investments:
Cash $ -- 169 51 -- -- 220
Money market funds 4,424 129,639 36,669 15,787 -- 186,519
U.S. Government securities -- -- 96,964 -- -- 96,964
Corporate bonds 364,604 -- 40,542 -- -- 405,146
Contracts with insurance
companies 49,158 -- -- -- -- 49,158
Common stocks -- 594,332 134,680 1,482,917 -- 2,211,929
Preferred stock 10,600 -- -- -- -- 10,600
Employees' loans -- -- -- -- 229,111 229,111
-------- ------- ------- --------- ------- ---------
428,786 724,140 308,906 1,498,704 229,111 3,189,647
-------- ------- ------- --------- ------- ---------
Receivables:
Accrued interest and dividends 270 1,234 3,420 50 -- 4,974
Due from employees 7,122 11,673 5,143 5,055 -- 28,993
Due from employer -- -- -- 7,702 -- 7,702
-------- ------- ------- -------- ------- ---------
7,392 12,907 8,563 12,807 -- 41,669
-------- ------- ------- -------- ------- ---------
Net assets available for plan
benefits 436,178 737,047 317,469 1,511,511 229,111 3,231,316
======== ======= ======= ========= ======= =========
See accompanying notes to financial statements.
-3-
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1996
Common Employee
Income Equity Balanced Stock Loan
Fund Fund Fund Fund Fund Total
-------- ------- -------- ---------- --------- ---------
Investment income:
Dividends on Iroquois
Bancorp, Inc. common
stock -- -- -- 37,765 -- 37,765
Interest and dividends 2,911 21,144 16,383 271 17,713 58,422
Net appreciation in fair
value of investments 23,853 155,362 30,446 459,858 -- 669,519
------- ------- ------- --------- ------- ---------
26,764 176,506 46,829 497,894 17,713 765,706
------- ------- ------- --------- ------- ---------
Contributions:
Employees 50,543 154,145 64,187 57,020 -- 325,895
Employer -- -- -- 126,309 -- 126,309
------- ------- ------- --------- ------- ---------
50,543 154,145 64,187 183,329 -- 452,204
------- ------- ------- --------- ------- ---------
Total additions 77,307 330,651 111,016 681,223 17,713 1,217,910
------- ------- ------- --------- ------- ---------
Benefits paid to participants 142,677 158,524 40,900 180,414 -- 522,515
Administrative expenses 2,828 11,353 5,543 7,020 -- 26,744
------- ------- ------- --------- ------- ---------
Total deductions 145,505 169,877 46,443 187,434 -- 549,259
------- ------- ------- --------- ------- ---------
Transfers among funds 4,649 33,453 6,847 (2,677) (42,272) --
------- ------- ------- --------- ---------
Net increase(decrease) (63,549) 194,227 71,420 491,112 (24,559) 668,651
Net assets available for plan
benefits:
Beginning of year 436,178 737,047 317,469 1,511,511 229,111 3,231,316
------- ------- ------- --------- ------- ---------
End of year 372,629 931,274 388,889 2,002,623 204,552 3,899,967
======= ======= ======= ========= ======= =========
See accompanying notes to financial statements.
-4-
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1995
Common Employee
Income Equity Balanced Stock Loan
Fund Fund Fund Fund Fund Total
------ ------- -------- ------- -------- ---------
Investment income:
Dividends on Iroquois
Bancorp, Inc. common
stock -- -- -- 34,041 -- 34,041
Interest and dividends 6,666 18,120 13,695 365 13,250 52,096
Net appreciation in fair
value of investments 21,407 123,549 50,347 533,010 -- 728,313
------- ------- ------- --------- -------- ---------
28,073 141,669 64,042 567,416 13,250 814,450
------- ------- ------- --------- -------- ---------
Contributions:
Employees 71,289 119,652 60,730 22,976 -- 274,647
Employer -- -- -- 107,965 -- 107,965
------- ------- ------- --------- -------- ---------
71,289 119,652 60,730 130,941 -- 382,612
------- ------- ------- --------- -------- ---------
Total additions 99,362 261,321 124,772 698,357 13,250 1,197,062
------- ------- ------- --------- -------- ---------
Benefits paid to participants 43,123 86,506 57,507 112,176 -- 299,312
Administrative expenses 2,845 8,658 4,599 3,807 -- 19,909
------- ------- ------- --------- -------- ---------
Total deductions 45,968 95,164 62,106 115,983 -- 319,221
------- ------- ------- --------- -------- ---------
Transfers among funds (96,631) 6,925 (26,960) 44,757 71,909 --
------- ------- ------- --------- -------- ---------
Net increase(decrease) (43,237) 173,082 35,706 627,131 85,159 877,841
Net assets available for plan
benefits:
Beginning of year 479,415 563,965 281,763 884,380 143,952 2,353,475
------- ------- ------- --------- ------- ---------
End of year 436,178 737,047 317,469 1,511,511 229,111 3,231,316
======= ======= ======= ========= ======= =========
See accompanying notes to financial statements.
-5-
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Notes to Financial Statements
December 31, 1996
(1) Description of the Plan
-----------------------
The following description of the Iroquois Bancorp, Inc. 401(K) Savings Plan
(Plan) is provided for general informational purposes only. Participants
should refer to the Plan agreement for more complete information.
General
-------
The Plan is a defined contribution plan sponsored by Iroquois Bancorp, Inc.
(the "Company") for the benefit of its employees and the employees of its
wholly owned subsidiaries, Cayuga Bank and The Homestead Savings (FA).
Employees may elect to participate in the Plan after completion of 1,000 hours
of service in a Plan year and attainment of age 21. Participants may not be
subject to the terms of a collective bargaining agreement with the Company, or
its subsidiaries.
Description of Funds
--------------------
Participants elect to have their contributions allocated to any combination of
the Plan's funds. The following is a description of the investment of each
fund:
Income Fund - Contracts issued by insurance companies, Series B preferred
-----------
stock of the Company, money market and other fixed income funds,
interest-bearing savings accounts, term accounts and certificates of
deposit.
Equity Fund - Common stock, securities convertible into common stock and
-----------
money market funds.
Balanced Fund - Common stock, securities convertible into common stock,
-------------
bonds, notes, debentures, and money market funds.
Common Stock Fund - Common stock of the Company and money market funds or
-----------------
interest-bearing savings accounts.
Contributions
-------------
Contributions to the Plan are determined as follows:
(1) Employee contributions are 1% to 10% of the participant's compensation,
as defined, and are subject to IRS limitations for any Plan year.
(2) Employer matching contributions are equal to 50% of employee
contributions for any Plan year up to 6% of compensation, as defined.
The Company may also contribute to the Plan a discretionary amount as
determined by the Board of Directors. The Company's contributions to the
Plan must be allocated to the common stock fund, the purpose of which is
to acquire common stock of the Company.
-6-
2
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Notes to Financial Statements
(1) Description of the Plan (continued)
-----------------------
Participants' Accounts
----------------------
An account is maintained for each participant. The fair value of each
participant's account is determined as of each valuation date. The change in
the fair value of each participant's account includes the effect of employer
and employee contributions, income collected or accrued, realized and
unrealized appreciation or depreciation of assets, distributions, withdrawals,
expenses, and all other transactions affecting the assets.
Participants may elect to transfer their interest between funds in multiples
of 10% of either account balance or annual contributions.
Net investment income by fund is allocated to each participant's account based
on the proportion in which the value of each participant's account bears to
the total value of all participants' accounts.
Participants who have attained age 59 1/2 may withdraw the portion of their
account attributed to employee contributions prior to normal retirement (age
65).
Forfeitures are applied to the Company's matching and discretionary
contributions as a reduction of those contributions.
As of any valuation date, a participant with a hardship, as defined in the
Internal Revenue Code, may withdraw funds available for hardship withdrawal.
Participants have the right to borrow from their accounts, amounts not
exceeding 50% of the participant's vested balance and not less than $1,000.
The interest rate charged on employee loans is based on the prime rate at the
time a loan is granted. Loans shall be for a period of not less than one year
and not more than five years. These loans are subject to terms and conditions
as set forth by the plan administrator.
Vesting
-------
Cumulative employer contributions and related income become vested at the rate
of 20% per year during the first five years of employment. After five years
of employment, employer contributions vest immediately to the benefit of the
employee. Upon attaining age 65, retirement, death, full or partial Plan
termination, or a change in control of the Company, as defined, a participant
becomes 100% vested in the portion of their accounts attributable to employer
contributions.
Payment of Benefits
-------------------
Vested benefits are payable in a lump-sum payment.
Participants' Claims Upon Plan Termination
------------------------------------------
Although it has not expressed any intent to do so, the Company may terminate
the Plan, subject to the provisions of ERISA, at any time. In the event the
Plan is terminated, participants will become fully vested in their asset
accounts and their accounts will be paid to them as provided by the Plan
document.
-7-
3
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Notes to Financial Statements
(2) Summary of Significant Accounting Policies
------------------------------------------
Basis of Presentation
---------------------
The accompanying financial statements have been prepared on the accrual basis
of accounting, adjusted for fair value changes of assets. Management of the
Plan has made estimates and assumptions relating to the reporting of net
assets available for plan benefits to prepare the financial statements.
Actual results could differ from those estimates.
Investment Valuation and Income Recognition
-------------------------------------------
Marine Midland Bank, N.A. is Custodian and Trustee for the Plan. Clover
Capital Management, Inc. manages the equity and balanced funds and Marine
Midland Bank, N.A. manages the income, common stock and employee loan funds.
The Plan's investments are stated at fair value. The fair values are
determined as follows:
Stocks and corporate bonds are valued at the closing prices on national
exchanges.
Investments in certificates of deposit, money market funds, savings accounts
and employee loans are stated at cost which approximates fair value.
Investments in U.S. Government and U.S. Government Agency obligations are
stated at fair value based on quoted market prices.
Investment contracts with insurance companies are stated at the cost of the
underlying contract plus interest earned to date as reported to the Plan,
which approximates fair value.
Security transactions are accounted for on a trade date basis. Realized gains
and losses on securities are derived using the specific identification method
for determining the cost of securities.
Administrative Expenses
-----------------------
All normal expenses of operating and administering the Plan are paid by the
Plan except to the extent paid by the Company.
Federal Income Taxes
--------------------
The Internal Revenue Service issued its latest determination letter on
November 3, 1993 which stated that the Plan and its underlying trust qualify
under the applicable provisions of the Internal Revenue Code and, therefore,
are exempt from federal income taxes. In the opinion of the plan
administrator, the Plan and its underlying trust have operated within the
terms of the Plan and remain qualified under the applicable provisions of the
Internal Revenue Code.
-8-
4
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Notes to Financial Statements
(3) Investments
-----------
The following table presents the fair value of investments. Investments that
represent 5 percent or more of the Plan's net assets available for plan
benefits are separately identified.
December 31, 1996
Number of
Shares or
Principal
Amount
--------- ----------------------------------------------------------
Common Employee
Income Equity Balanced Stock Loan
Fund Fund Fund Fund Fund Total
------- ------- -------- --------- -------- --------
Investments at Fair Value
as Determined by Quoted
Market Price:
Cash -- -- -- 300 -- -- 300
Money market funds 183,958 17,863 87,563 55,104 23,428 -- 183,958
U.S. Government securities 103,207 -- -- 108,836 -- -- 108,836
Corporate bonds:
Marine Midland Collective Trust 16,684 324,457 -- -- -- -- 324,457
Other 45,000 -- -- 44,362 -- -- 44,362
Common stocks:
Iroquois Bancorp, Inc. 116,420 -- -- -- 1,979,140 -- 1,979,140
Other 46,106 -- 841,613 176,856 -- -- 1,018,469
Preferred stock 106 10,600 -- -- -- -- 10,600
-----------------------------------------------------------
352,920 929,176 385,458 2,002,568 -- 3,670,122
Investments valued at cost
plus interest earned which
approximates fair value:
Fixed rate interest contracts
(6.64% maturing December 31, 1996) 19,441 19,441 -- -- -- -- 19,441
Investments valued at cost,
which approximates fair value:
Employee loans -- -- -- -- 204,552 204,552
372,361 929,176 385,458 2,002,568 204,552 3,894,115
============================================================
-9-
5
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Notes to Financial Statements
(3) Investments (continued)
-----------
December 31, 1995
Number of
Shares or
Principal
Amount
--------- -------------------------------------------------------------
Common Employee
Income Equity Balanced Stock Loan
Fund Fund Fund Fund Fund Total
------- ------- ---------- --------- -------- -----
Investments at Fair Value
as Determined by Quoted
Market Price:
Cash -- -- 169 51 -- -- 220
Money market funds:
Provident Institutional Funds 166,308 -- 129,639 36,669 -- -- 166,308
Other 20,211 4,424 -- -- 15,787 -- 20,211
U.S. Government securities 90,051 -- -- 96,964 -- -- 96,964
Corporate bonds:
Marine Midland Collective Trust 19,912 364,604 -- -- -- -- 364,604
Other 40,000 -- -- 40,542 -- -- 40,542
Common stocks:
Iroquois Bancorp, Inc. 114,177 -- -- -- 1,482,917 -- 1,482,917
Other 43,035 -- 594,332 134,680 -- -- 729,012
Preferred stock 106 10,600 -- -- -- -- 10,600
-------------------------------------------------------------
379,628 724,140 308,906 1,498,704 -- 2,911,378
Investments valued at cost
plus interest earned which
approximates fair value:
Fixed rate interest contracts
($22,578 at 7.80% maturing
December 31, 1995 and $26,580
at 6.64% maturing December 31,
1996) 49,158 49,158 -- -- -- -- 49,158
Investments valued at cost,
which approximates fair value:
Employee loans -- -- -- -- 229,111 229,111
-------------------------------------------------------------
428,786 724,140 308,906 1,498,704 229,111 3,189,647
=============================================================
-10-
6
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Notes to Financial Statements
(3) Investments (continued)
-----------
The Plan's investments (including investments bought, sold, and held during the
year) appreciated (depreciated) in value by $669,519 and $728,313 during 1996
and 1995, respectively, as follows:
Year ended December 31, 1996
Common Employee
Income Equity Balanced Stock Loan
Fund Fund Fund Fund Fund Total
---------- ------ -------- ------ -------- -----
U.S. Government
securities $ -- -- (2,325) -- -- (2,325)
Corporate bonds 23,853 -- (635) -- -- 23,218
Common stock -- 155,362 33,406 459,858 -- 648,626
-----------------------------------------------------------
$23,853 155,362 30,446 459,858 -- 669,519
===========================================================
Year ended December 31, 1995
Common Employee
Income Equity Balanced Stock Loan
Fund Fund Fund Fund Fund Total
--------- ------ -------- ------- -------- -----
U.S. Government
securities $ -- -- 7,683 -- -- 7,683
Corporate bonds 21,407 -- 4,914 -- -- 26,321
Common stock -- 123,549 37,750 533,010 -- 694,309
-----------------------------------------------------------
$ 21,407 123,549 50,347 533,010 -- 728,313
===========================================================
-11-
Schedule 1
----------
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes -
Income Fund
December 31, 1996
Number
of Shares
or Par Value Description Cost Fair Value
- ------------ ----------- ---- ----------
Money Market Funds
------------------
17,863 Marine Midland Collective Trust
Short Term Investment Funds $ 17,863 $ 17,863
-------- ----------
Corporate Bonds
---------------
16,684 Marine Midland Collective Trust
Managed Guaranteed Investment
Contract 285,437 324,457
-------- ----------
Contracts with Insurance Companies
----------------------------------
Group Pension Accounting Guaranteed
Interest Contract with State
Mutual Companies:
6.64% through December 31, 1996 19,441 19,441
-------- ----------
Preferred Stock
---------------
106 * Iroquois Bancorp, Inc. 10,600 10,600
-------- ----------
$333,341 $372,361
======== ========
* Party in interest
-12-
Schedule 2
----------
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes -
Equity Fund
December 31, 1996
Number
of Shares
or Par Value Description Cost Fair Value
- ------------ ----------- ---- ----------
Money Market Funds
------------------
87,563 Provident Institutional Funds $87,563 $87,563
------- -------
Common Stocks
-------------
1,300 Amphenol Corp. - Cl A 26,728 28,925
750 Avnet Inc. 36,458 43,687
700 California Microwave Inc. 18,638 10,413
2,500 Canadian Natl Ry Co. 59,560 95,000
3,300 Comcast Corp. Cl A Special 61,087 58,783
3,000 Frontier Corp. 62,108 67,875
500 Health & Retirement PPTYS SBI 4,758 9,625
900 IEC Electrs Corp. New 15,574 7,425
800 King World Productions Inc. 27,843 29,500
1,000 Kroger Co. 25,993 46,500
1,500 Mariam Corp. 16,922 19,500
600 Meditrust 13,366 24,000
3,025 Medpartners Inc. New 49,529 62,769
1,300 Pall Corp. 33,228 33,312
2,205 Pier 1 Imports Inc. 17,046 38,863
600 Policy Mgmt Sys Corp. 18,291 27,675
1,000 RJR Nabisco Hldgs Corp. New 33,362 34,000
700 ROC Communities Inc. 15,960 19,425
450 Salick Health Care Inc. 5,652 18,000
1,000 Sovran Self Storage Inc. 23,000 31,250
900 Storage Tr Rlty Sh Ben Int 18,225 24,300
700 Sungard Data Sys Inc. 4,548 27,650
1,800 Union Tax Pete Hldgs Inc. 34,065 40,275
6,500 United Biscuit Group 31,882 23,361
1,200 Wheelabrator Technologies Inc. 18,660 19,500
------- -------
672,483 841,613
------- -------
$760,046 $929,176
======== ========
-13-
Schedule 3
----------
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes -
Balanced Fund
December 31, 1996
Number
of Shares
or Par Value Description Cost Fair Value
- ------------ ----------- -------- ----------
-- Cash $ 300 $ 300
---- ------- -------
Money Market Funds
------------------
55,104 Provident Institutional Funds $ 55,104 $ 55,104
------- -------
U.S. Government Securities
--------------------------
5,000 U.S. Treasury Note 6.25% 1/31/97 5,059 5,002
10,000 U.S. Treasury Note 6.00% 12/31/97 9,987 10,036
10,000 U.S. Treasury Note 9.25% 8/15/98 10,103 10,521
20,000 U.S. Treasury Note 5.50% 4/15/00 19,954 19,644
15,000 U.S. Treasury Note 7.50% 2/15/05 15,293 16,043
10,000 U.S. Treasury Note 9.375% 2/15/06 10,557 12,034
25,000 U.S. Treasury Note 7.50% 11/15/16 26,109 27,062
8,207 GNMA GTD Pass thru Ctf Pool #212177 8,507 8,494
------- -------
105,569 108,836
Corporate Bonds
---------------
10,000 Abbott Labs NT 5.60% 10/01/03 9,323 9,458
15,000 Canandaigua Wine Inc. SR NT
8.75% 12/15/03 14,606 14,625
10,000 Chrysler Corp. NT 10.40% 8/1/99 11,525 10,250
10,000 Martel Inc. SR NT 6.875% 8/1/97 9,731 10,029
------- -------
45,185 44,362
------- -------
Common Stocks
-------------
600 Amphenol Corp. 12,003 13,350
200 Avnet Inc. 9,722 11,650
300 California Microwave Inc. 7,987 4,462
400 Canadian Natl Ry Co. 9,150 15,200
700 Comcast Corp. Cl A 13,194 12,469
500 Frontier Corp. 10,219 11,313
200 King World Productions Inc. 6,930 7,375
300 Kroger Co. 7,798 13,950
150 Meditrust 2,542 6,000
726 Medpartners Inc. New 11,436 15,064
400 Pall Corp. 10,224 10,250
300 RJR Nabisco Hldgs Corp. New 10,008 10,200
300 ROC Communities Inc. 6,615 8,325
300 Storage Tr Rlty Sh Ben Int 6,590 8,100
300 Sungard Data Sys Inc. 1,955 11,850
500 Union Tax Pete Hldgs Inc. 9,463 11,188
1,700 United Biscuit Group 8,338 6,110
------- -------
144,174 176,856
------- -------
$350,332 $385,458
======== ========
-14-
Schedule 4
----------
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes -
Common Stock Fund
December 31, 1996
Number
of Shares Description Cost Fair Value
- --------- ----------- ---- ----------
Money Market Funds
------------------
23,428 Marine Midland Collective Trust
Short Term Investment Fund $ 23,428 $ 23,428
--------- ---------
Common Stocks
-------------
116,420 * Iroquois Bancorp, Inc. 1,094,575 1,979,140
--------- ---------
$1,118,003 $2,002,568
========= =========
* Party In Interest
-15-
Schedule 5
----------
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes -
Employee Loan Fund
December 31, 1996
Par
Value Description Cost Fair Value
- -------- ----------- ---- ----------
Employees' Loans
----------------
Loans to Employees at various rates
ranging from 6.0% to 9.0% with
maturities ranging from 1 year to
204,552 5 years $204,552 $204,552
======== ========
-16-
Schedule 6
----------
IROQUOIS BANCORP, INC.
401(K) SAVINGS PLAN
Item 27d - Schedule of Reportable (5%) Transactions -
Year ended December 31, 1996
Value of
Asset on
Purchase Selling Expenses Transaction Net Gain
Date Party/Description Price Price Incurred Cost Date or (loss)
- ---- ----------------- -------- ------- -------- ------- ----------- ---------
Various Marine Midland Bank
Collective Trust
Short Term Investment Fund
Directed -- 431,049 -- 431,049 431,049 --
Various Marine Midland Bank
Collective Trust
Short Term Investment Fund
Directed 452,130 -- -- 452,130 452,130 --
Various Iroquois Bancorp, Inc.
Common Stock 216,006 -- -- 216,006 216,006 --
Various Marine Midland Bank
Provident Institutional Funds -- 723,823 -- 723,823 723,823 --
Various Marine Midland Bank
Provident Institutional Funds 700,182 -- -- 700,182 700,182 --
-17-