SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT
For the transition period from to
------------ -------------
Commission File Number 0-22535
Sistersville Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware 31-1516424
- -------- ----------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
726 Wells Street, Sistersville, WV 26175
(Address of principal executive offices)
(304) 652-3671
(Registrant's telephone number, including area code)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or 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 of each of the issuer's classes of
common equity as of the latest practicable date:
Class: Common Stock, par value $.10 per share
Outstanding at August 3, 1998: 628,357 shares
2 SISTERSVILLE BANCORP, INC.
INDEX
Page
Number
------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheet (Unaudited) as of
June 30, 1998 and March 31, 1998 3
Consolidated Statement of Income (Unaudited)
for the Three Months ended June 30, 1998 and 1997 4
Consolidated Statement of Comprehensive Income
Unaudited)for the Three Months ended June 30,
1998 and 1997 5
Consolidated Statement of Cash Flows (Unaudited)
for the Three Months ended June 30, 1998 and 1997 6
Notes to Unaudited Consolidated Financial Statements 7 - 8
Item 2. Management's Discussion and Analysis 8 - 11
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 2. Changes in Securities 12
Item 3. Default Upon Senior Securities 12
Item 4. Submissions of Matters to a Vote of Security Holders 12
Item 5. Other Information 12
Item 6. Exhibits and Reports on Form 8-K 12
SIGNATURES 13
3 SISTERSVILLE BANCORP, INC.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
June 30, March 31,
1998 1998
----------- -----------
ASSETS
Cash and Cash Equivalents:
Cash and amounts due from banks $ 105,545 $ 97,009
Interest-bearing deposits with other institutions 595,816 1,469,028
----------- -----------
Total cash and cash equivalents 701,361 1,566,037
Investment Securities:
Securities held to maturity (fair value of
$469,648 and $536,365) 456,903 527,006
Securities available for sale 5,344,533 5,387,243
----------- -----------
Total investment securities 5,801,436 5,914,249
Loans receivable, (net of allowance for
loan losses of $169,600 and $168,850) 24,171,424 23,646,924
Office properties and equipment, net 443,533 378,362
Accrued interest receivable (net of reserve for
uncollected interest of $4,471 and $5,504) 231,477 202,166
Other assets 26,411 27,244
----------- -----------
TOTAL ASSETS $31,375,642 $31,734,982
=========== ===========
LIABILITIES
Deposits $20,182,413 $20,595,965
Deferred income taxes 294,615 354,210
Accrued interest payable and other liabilities 314,259 203,361
----------- -----------
TOTAL LIABILITIES 20,791,287 21,153,536
----------- -----------
STOCKHOLDERS' EQUITY
Preferred Stock, $.10 par value;
500,000 shares authorized, none issued - -
Common Stock, $.10 par value; 2,000,000 shares
authorized, 661,428 issued, and 628,357 outstanding 66,143 66,143
Additional paid - in capital 6,164,821 6,152,518
Treasury Stock, at cost (33,071 shares) (529,136) (529,136)
Retained Earnings - substantially restricted 4,699,245 4,686,573
Unearned Employee Stock Ownership Plan shares (ESOP) (458,760) (480,989)
Accumulated other comprehensive income 642,042 686,337
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 10,584,355 10,581,446
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $31,375,642 $31,734,982
=========== ===========
See accompanying notes to the unaudited consolidated financial statements.
4
SISTERSVILLE BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Three Months Ended June 30,
1998 1997
------------ ------------
INTEREST AND DIVIDEND INCOME
Taxable interest on loans $ 503,076 $ 475,898
Taxable interest on investments 87,476 68,931
Dividends on Federal Home Loan Bank Stock 3,650 3,231
Dividends on Federal Home Loan
Mortgage Corporation Stock 681 2,270
----------- -----------
Total interest and dividend income 594,883 550,330
INTEREST EXPENSE
Deposits 213,329 261,114
----------- -----------
NET INTEREST INCOME 381,554 289,216
Provision for loan losses 1,050 1,950
---------- -----------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 380,504 287,266
---------- -----------
NONINTEREST INCOME
Service charges 7,614 5,874
Gain on sale securities available for sale 92,927 -
Other income 456 480
---------- -----------
Total noninterest income 100,997 6,354
---------- -----------
NONINTEREST EXPENSE
Compensation and employee benefits 213,396 90,841
Occupancy 8,916 9,155
Furniture and equipment expense 7,940 8,470
Deposit insurance premiums 3,305 3,434
Supervisory examination, audit and legal fees 25,554 6,550
Advertising and public relations 6,199 6,495
Service bureau expense 13,815 17,334
Franchise, payroll and other taxes 15,165 10,389
Other expenses 15,620 14,558
---------- -----------
Total noninterest expense 309,910 167,226
---------- -----------
Income before income taxes 171,591 126,394
Income taxes 61,557 42,544
---------- -----------
NET INCOME $ 110,034 $ 83,850
========== ===========
EARNINGS PER SHARE (Note 4)
Basic and diluted $ .19 $ N/A
========== ===========
AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED 581,595 -
========== ===========
See accompanying notes to the unaudited consolidated financial statements.
5
SISTERSVILLE BANCORP, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended June 30,
1998 1997
---------- ----------
NET INCOME $ 110,034 $ 83,850
---------- ----------
Other comprehensive income, net of tax:
Unrealized gains on securities:
Unrealized holding gains arising
during the period 16,637 124,832
Reclassification adjustment for gains
included in net income (60,932) -
---------- ----------
Other comprehensive income (loss) (44,295) 124,832
---------- ----------
COMPREHENSIVE INCOME $ 65,739 $ 208,682
========== ==========
See accompanying notes to the unaudited consolidated financial statements.
6 SISTERSVILLE BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Three Months Ended June 30,
1998 1997
----------- -----------
OPERATING ACTIVITIES
Net income $ 110,034 $ 83,850
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, amortization and accretion, net 8,917 9,318
Gain on sale of available for sale securities (92,927) -
Provision for loan losses 1,050 1,950
Deferred federal income taxes (34,678) (600)
ESOP amortization 34,532 -
Decrease (increase) in accrued interest
receivable and other assets (28,478) 119,285
Increase (decrease) in accrued interest
payable and other liabilities 95,445 39,019
Increase (decrease) in accrued federal
income taxes 15,455 (11,739)
----------- -----------
Net cash provided by operating activities 109,350 241,083
----------- -----------
INVESTING ACTIVITIES
Proceeds from sale of available for sale securities 94,907 -
Purchase of available for sale securities (22,400) (425,000)
Principal collected on mortgage-backed securities 65,089 17,060
Net increase in loans (525,550) (549,264)
Purchases of office properties and equipment (75,158) (4,273)
----------- -----------
Net cash used for investing activities (463,112) (961,477)
----------- -----------
FINANCING ACTIVITIES
Net increase (decrease) in deposits (413,552) (146,630)
Dividends paid (97,362) -
Proceeds from sale of common stock - 5,664,987
---------- -----------
Net cash provided by (used for) financing activities (510,914) 5,518,357
---------- -----------
Change in cash and cash equivalents (864,676) 4,797,963
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 1,566,037 1,794,459
---------- -----------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 701,361 $ 6,592,422
========== ===========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest on deposits and borrowings $ 213,983 $ 260,349
Income taxes 40,090 28,000
See accompanying notes to the unaudited consolidated financial statements.
7
SISTERSVILLE BANCORP, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
The consolidated financial statements of Sistersville Bancorp, Inc. (the
"Company"), include its wholly-owned subsidiary, First Federal Savings Bank
(the "Bank"). All significant intercompany balances and transactions have
been eliminated.
The accompanying unaudited consolidated financial statements have been
prepared in accordance with the instructions to Form 10-QSB 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 fiscal year ended March 31,
1999.
These statements should be read in conjunction with the consolidated
statements as of and for the fiscal year ended March 31, 1998, and related
notes which are included in the Company's Annual Report on Form 10-KSB (file
no. 0-22535).
NOTE 2 - CONVERSION TO STOCK FORM OF OWNERSHIP AND FORMATION OF HOLDING
COMPANY
On December 5, 1996, the Board of Directors of First Federal Savings and Loan
Association of Sistersville (the "Association") approved a plan of conversion
(the "Plan") providing for the conversion of the Association from a
federally chartered mutual savings and loan to a federally chartered stock
savings bank and the simultaneous issuance of all of its outstanding stock to
a newly formed holding company, Sistersville Bancorp, Inc. After approval by
the regulatory authorities and the Association's members, the Conversion was
completed on June 25, 1997. As a result of the conversion, the Company was
formed and the Bank became a wholly-owned subsidiary of the Company.
In connection with the completion of the Conversion on June 25, 1997, the
Company completed the sale of 661,428 shares of stock at $10.00 per share.
From the proceeds, $66,143 was allocated to common stock based on a par value
of $.10 per share and $6,127,984, which is net of conversion costs of
$420,153, was allocated to additional paid in capital.
NOTE 3 - RECENT ACCOUNTING STANDARDS
On April 1, 1998, the Company adopted Statement of Financial Accounting
Standards ("SFAS") No. 130, "Reporting Comprehensive Income," which
establishes standards for reporting and displaying comprehensive income and
its components (revenues, expenses, gains, and losses) in a full set of
general-purpose financial statements. SFAS No. 130 requires that all items
that are required to be recognized under accounting standards as components of
comprehensive income be reported in a financial statement that is displayed
with the same prominence as other financial statements and requires that an
enterprise (a) classify items of other comprehensive income by their nature in
a financial statement and (b) display the accumulated balance of other
comprehensive income separately from retained earnings and additional paid-in
capital in the equity section of the balance sheet. Under existing accounting
standards, other comprehensive income shall be classified separately into
foreign currency items, minimum pension liability adjustments, and unrealized
gains and losses on certain investments in debt and equity securities. The
effect on the Company was to classify unrealized gains and losses on
investments available-for-sale as a component of comprehensive income.
In June 1996, the Financial Accounting Standards Board ("FASB") issued
Statement No. 125, "Accounting for Transfers and Servicing of Financial Assets
and Extinguishment of Liabilities." The statement provides consistent
standards for distinguishing transfers of financial assets that are sales from
transfers that are secured borrowings based on a control-oriented
"financial-components" approach. Under this approach, after a transfer of
financial assets, an entity recognizes the financial and servicing assets it
controls and liabilities it has incurred, derecognizes financial assets when
control has been surrendered and derecognizes liabilities when extinguished.
The provisions of Statement No. 125 are effective for transactions occurring
after December 31, 1996, except those provisions relating to repurchase
agreements, securities lending, and other similar
8
transactions and pledged collateral, which have been delayed until after
December 31, 1997 by Statement No. 127, "Deferral of the Effective Date of
Certain Provisions of FASB Statement No. 125, an amendment of FASB Statement
No. 125." The adoption of these statements did not have a material impact
on the Company's consolidated financial position or results of operations.
On April 1, 1998, the Company adopted FASB Statement No. 132, "Employers'
Disclosure about Pensions and Other Postretirement Benefits". The new
standard revises employers' disclosures about pension and other postretirement
benefits plans. It does not change the measurement or recognition of those
plans. It standardizes the disclosure requirements for pensions and other
postretirement benefits to the extent practicable, requires additional
information on changes in the benefit obligation and fair values of plan
assets that will facilitate financial analysis, and eliminates certain
disclosure requirements that are no longer useful. The Statement suggests
combined formats for presentation of pension and other postretirement benefit
disclosures. The adoption of this statement did not have a material impact on
presentation and disclosure of pension and other postretirement benefits.
NOTE 4 - EARNINGS PER SHARE
Earnings for the period from the closing of the conversion on June 25, 1997,
to June 30, 1997, was determined not to be meaningful. The company accounts
for the 52,914 shares acquired by the ESOP in accordance with Statement of
Position 93-6; shares controlled by the ESOP are not considered in the
weighted average shares outstanding until the shares are committed for
allocation to employee accounts..
MANAGEMENT'S DISCUSSION AND ANALYSIS
Comparison of Financial Condition at June 30, 1998, and March 31, 1998
- ----------------------------------------------------------------------
Total assets decreased by approximately $359,000 to $31,376,000 at June 30,
1998, from $31,735,000 at March 31, 1998. Investment securities decreased
$113,000 from $5,914,000 at March 31, 1998, to $5,801,000 at June 30, 1998.
The decrease represented the sale of available-for-sale securities which had
an appreciated value of approximately $95,000. Net loans receivable increased
$525,000 from $23,646,000 at March 31, 1998, to $24,171,000 at June 30, 1998.
The increase in loans was attributable to an increase in one-to-four family
residential mortgage loans. Such increases primarily reflect the economic
health of the Bank's market area and the competitive pricing of the Bank's
loan product. The funding for loan growth was provided by a decrease in cash
and cash equivalents by $865,000 to $701,000 at June 30, 1998 from $1,566,000
at March 31, 1998. Deposits decreased approximately $414,000 to $20,182,000
at June 30, 1998, from $20,596,000 at March 31, 1998. This decrease primarily
represents funds withdrawn by depositors because of the competitive nature of
alternative investment products available to depositors.
Stockholders' equity increased $3,000 to $10,584,000 at June 30, 1998 compared
to $10,581,000 at March 31, 1998. The increase was attributable to net income
of $110,000 and recognition of shares in the Employee Stock Ownership Plan
amounting to $35,000 offset by a decrease in accumulated other comprehensive
income of $44,000 as a result of the Company realizing the gain on the sale
of an available-for-sale security in the amount of $61,000 net of tax and
recording an unrealized gain on the market value of securities in the amount
of $17,000 net of tax. Stockholders' equity was also reduced by dividends of
$97,000. Future dividend policies will be determined by the Board of
Directors in light of, among other factors, the earnings and financial
condition of the Company, including applicable governmental regulations and
policies.
Comparison of the Results of Operations for the Three Months Ended June 30,
- ---------------------------------------------------------------------------
1998 and 1997
- -------------
Net income increased by $26,000 or 31.2% from net income of $84,000 for the
three months ended June 30, 1997, to net income of $110,000 for the three
months ended June 30, 1998.
Interest and dividend income increased $45,000, or 8.1%, to $595,000 for the
three months ended June 30, 1998, compared to $550,000 for the three months
ended June 30, 1997. The increase in interest income resulted from an
increase in earnings
9
on loans of $27,000, or 5.7%, and an increase in earnings on investments,
including interest-bearing deposits, of $18,000, or 2.6%. These increases
were due to an increase in the average balance of loans of $1.7 million and
investments, including interest-bearing deposits of $1.6 million for the three
months ended June 30, 1998, compared with the same three month period ending
in 1997.
Interest expense decreased $48,000 for the three months ended June 30, 1998 to
$213,000 as compared to the same period in 1997. A decrease in the average
balance of interest-bearing liabilities of $2.4 million to $20.3 million from
$22.7 million and a reduction in the cost of funds from 4.6% for the three
months ended June 30, 1997, as compared to 4.2% for the same period in 1998
resulted in the decrease in interest expense.
Net interest income increased $92,000, or 31.9%, from $289,000 for the three
months ended June 30, 1997, to $381,000 for the three months ended June 30,
1998. The increase is primarily attributable to an increase in average
interest-earning assets of $3.3 million from $27.9 million for the three
months ended June 30, 1997 to $31.2 million for the three months ended June
30, 1998. The Company's net yield on interest-earning assets increased from
4.14% for the three months ended June 30, 1997 to 4.89% for the three months
ended June 30, 1998.
Management regularly performs an analysis to identify the inherent risk of
loss in its loan portfolio. This analysis includes evaluation of
concentrations of credit, past loss experience, current economic conditions,
amount and composition of the loan portfolio (including loans being
specifically monitored by management), estimated fair value of underlying
collateral, loan commitments outstanding, delinquencies, and other factors.
Based on this analysis, management established an allowance for loan losses.
The allowance for loan losses is adjusted periodically by a provision for loan
losses which is charged to operations based on management's evaluation of the
losses that may be incurred in the Bank's loan portfolio. The provision for
loan losses decreased to $1,050 for the three months ended June 30, 1998, from
$1,950 for the three months ended June 30, 1997 based on management's analysis
of the reserve's adequacy.
The Bank will continue to monitor its allowance for loan losses and make
future additions to the allowance through the provision for loan losses as
economic conditions dictate. Although the Bank 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 loan 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. In addition, the
Bank's determination as to the amount of its allowance for loan losses is
subject to review by its primary federal regulator, the Office of Thrift
Supervision ("OTS"), as part of its examination process, which may result in
the establishment of an additional allowance based upon the judgment of the
OTS after a review of the information available at the time of the OTS
examination.
Noninterest income increased by $95,000 from $6,000 for the three months
ended June 30, 1997, to $101,000 for the three months ended June 30, 1998. The
increase is primarily attributable to a gain on the sale of available-for-sale
securities in the 1998 period of $93,000 which was not present in the 1997
period. The remaining portion of noninterest income is comprised primarily of
service charges on deposit accounts.
Noninterest expense increased by $143,000 from $167,000 for the three months
ended June 30, 1997, to $310,000 for the three months ended June 30, 1998.
Compensation and employee benefits increased by $122,000 from $91,000 for the
three months ended June 30, 1997, to $213,000 for the three months ended June
30, 1998. The increase is due to compensation costs associated with the
Employee Stock Ownership Plan and by special one-time retirement agreements
executed by four directors resulting in a pre-tax charge of approximately
$94,000 in the three month period ending June 30, 1998. Under terms of the
agreements, the four directors accepting the offer relinquished their
positions as directors on July 2, 1998. Supervisory Examination, Audit, and
Legal expenses increased by $19,000 from $7,000 for the three months ended
June 30, 1997 to $26,000 for the three months ended June 30, 1998, as a result
of additional costs associated with public stock ownership and regulatory
requirements.
Income tax expense increased by $19,000 from $43,000 for the three months
ended June 30, 1997 to $62,000 for the three months ended June 30, 1998. The
increase is due to an increase in pre-tax income.
10
Year 2000
- ---------
A great deal of information has been disseminated about the global computer
crash that may occur in the year 2000. Many computer programs that can only
distinguish the final two digits of the year entered (a common programming
practice in earlier years) are expected to read entries for the year 2000 as
the year 1900 and compute payment, interest and delinquency based on the wrong
date or are expected to be unable to compute payment, interest or delinquency.
Rapid and accurate data processing is essential to the operation of the Bank.
Data Processing is also essential to most other financial institutions and
many other companies. All of the material data processing of the Bank that
could be affected by this problem is provided by a third party service bureau.
The service bureau of the Bank has advised the Bank that it expects to resolve
this potential problem before the year 2000. However, if the service bureau
is unable to resolve this potential problem in time, the Bank would likely
experience significant data processing delays, mistakes or failures. These
delays, mistakes or failures could have a significant adverse impact on the
financial condition and results of operations of the Bank
Liquidity and Capital Resources
- -------------------------------
The Bank's primary sources of funds are deposits, amortization and prepayment
of loans, maturities of investment securities, and funds provided from
operations. While scheduled loan repayments are a relatively predictable
source of funds, deposit flows and loan prepayments are greatly influenced by
general interest rates, economic conditions, and competition. In addition,
the Bank invests excess funds in overnight deposits which provide liquidity to
meet lending requirements.
The Bank has other sources of liquidity if a need for additional funds arises.
Additional sources of funds include a line of credit with the Federal Home
Loan Bank ("FHLB") of Pittsburgh amounting to $2.2 million. As of June 30,
1998, the Bank had no outstanding advances from the FHLB.
As of June 30, 1998, the Bank had $1,040,000 in outstanding mortgage and
construction loan commitments. Management believes that it has adequate
sources to meet the actual funding requirements.
Management monitors the Bank's tangible, core, and risk-based capital ratios
in order to assess compliance with OTS regulations. At June 30, 1998, the
Bank exceeded the minimum capital ratios requirements imposed by the OTS.
At June 30, 1998, the Bank's capital ratios were as follows:
Bank
Requirement Actual
----------- ------
Tangible capital 1.50% 27.16%
Core capital 4.00% 27.16%
Risk-based capital 8.00% 56.02%
11
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. A loan is classified as nonaccrual
when, in the opinion of management, there are serious doubts about
collectibility 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 a result of the
deterioration of the borrower.
June 30, March 31,
1998 1998
---------- ----------
(dollars in thousands)
Loans on nonaccrual basis $ 123 $ 166
Loans past due 90 days or more - -
Renegotiated loans - -
---------- ----------
Total nonperforming loans 123 166
---------- ----------
Other real estate - -
Repossessed assets - -
---------- ----------
Total nonperforming assets $ 123 $ 166
========== ==========
Nonperforming loans as a percent
of total loans 0.51% 0.70%
========== ==========
Nonperforming assets as a percent
of total assets 0.39% 0.52%
========== ==========
Allowance for loan losses to
nonperforming loans 138.21% 101.81%
========== ==========
Management monitors impaired loans on a continual basis. As of June 30, 1998,
the Company had no impaired loans.
During the three months ended June 30, 1998, loans increased $525,000 and
nonperforming loans decreased $43,000 while the allowance for loan losses
increased $750 for the same period. The percentage of allowance for loan
losses to loans outstanding remained .7% during this time period.
Nonperforming loans were primarily made up of one to four family residential
mortgages at June 30, 1998. The collateral requirements on such loans reduce
the risk of potential losses to an acceptable level in management's opinion.
12
PART II. OTHER INFORMATION
Item 1. Legal proceedings
The registrant was not engaged in any material pending legal proceedings
as of the date of this Report. From time to time, the Bank is a party to
legal proceedings within the normal course of business wherein it enforces its
security interest in loans made by it, and other matters of a like kind.
Item 2. Changes in securities
NONE
Item 3. Defaults upon senior securities
NONE
Item 4. Submission of matters to a vote of security holders
NONE
Item 5. Other information
NONE
Item 6. Exhibits and Reports on Form 8-K
Financial Data Schedule
13
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.
SISTERSVILLE BANCORP, INC.
Date: August 3, 1998 By: /s/ Stanley M. Kiser
----------------------------------
Stanley M. Kiser
President and Chief Executive Officer
(Duly Authorized Officer)
Date: August 3, 1998 By: /s/ Stanley M. Kiser
---------------------------------
Stanley M. Kiser
President and Chief Executive Officer
(Principal Executive and Financial
Officer)