Form 12b-25
[As last amended in Release No. 34-35113, December 19, 1994, 59 F.R. 67752.]
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[ ] Form 10-K Form 20-F [ ] Form 11-K[ ] Form 10-QSB[X] Form N-SAR
For Period Ended: September 30, 1996
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-K
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: ..................................
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Read Attached Instruction Sheet before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
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If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
...........................................................................
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Part I-Registrant Information
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Full Name of Registrant: United Community Bankshares, Inc.
Former Name if Applicable
..............................................................................
Address of Principal Executive Office (Street and Number)
100 East 4th Avenue, P.O. Box 594, Franklin, Virginia 23851
City, State and Zip Code
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Part II-Rules 12b-25(b) and (c)
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If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III
of this form could not be eliminated without unreasonable effort
or expense;
(b) The subject annual report, semi-annual report,
transition report on Form 10-K, Form 20-F, .........
[X] 11-K or Form N-SAR, or portion thereof will be filed on or
before the fifteenth calendar day following the prescribed due
date; or the subject quarterly report or transition report on
Form 10-Q, or portion thereof will
be filed on or before the fifth calendar day following the
prescribed due date; and
(c) The accountant's statement or other exhibit, required by
Rule 12b-25(c) has been attached if applicable.
<PAGE>
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Part III-Narrative
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State below in reasonable detail the reasons why Form 10-K, 20-F, 11-K,
10-Q, N-SAR or the transition report or portion thereof could not be
filed within the prescribed time period.
(Attached Extra Sheets if Needed)
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(1) Name and telephone number of person to contact in regard to
this notification
Wayne C. Carruthers (804) 562-5184
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13
or 15(d) of the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for
such shorter period that the registrant was required to file such
report(s) been filed? If the answer is no, identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will
be reflected by the earnings statements to be included in the subject
report or portion thereof?
[ ] Yes [X] No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
United Community Bankshares, Inc.
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date November 14, 1996 By /s/ Wayne C. Carruthers
Wayne C. Carruthers
Chief Financial Officer
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ATTENTION
Intentional misstatements or omissions of fact constitute
Federal Criminal Violations (See 18 U.S.C. 1001).
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<PAGE>
United Community Bankshares, Inc.
Franklin, Virginia
Form 12b-25
Part III - Narrative
The Company is still in the process of completing its Form 10-QSB
for the quarter ended September 30, 1996, due to unavoidable problems of
a technical nature involving the Company's accounting and reporting
systems. Specifically, the Company's new computer system "crashed," and
the Company is currently working with the manufacturer to correct this
problem. Attached hereto is a draft of the Company's Balance Sheet and
Income Statement for the period reported. The Statement of Cash Flows
and Management's Discussion and Analysis of Financial Condition and
Results of Operations and related materials are omitted due to the
problem described. The Company expects the difficulties to be resolved
shortly and the complete Form 10-QSB to be filed promptly thereafter,
but in no event later than November 19, 1996.
<PAGE>
DRAFT
Form 10-QSB
UNITED COMMUNITY BANKSHARES, INC.
Consolidated Balance Sheet
(In thousands)
<TABLE>
<CAPTION>
(Unaudited) (Audited)
September 30, December 31,
1996 1995
------------------ -----------
<S> <C>
Assets:
Cash and due from banks $ 5,419 $ 6,322
Federal funds sold 1,474 7,740
Securities available for sale 45,333 47,420
Securities held to maturity 10,346 10,698
Loans, net 78,169 66,182
Interest receivable 1,914 1,618
Property and equipment, net 1,994 2,055
Intangibles, net 732 770
Other assets 592 486
----------- -----------
Total assets $145,973 $143,291
======== ========
Liabilities:
Deposits:
Noninterest-bearing $ 17,627 $ 16,728
Interest-bearing 106,436 107,227
-------- --------
124,063 123,955
Federal funds purchased and securities
sold under agreement to repurchase 2,546 336
Accrued interest 500 383
Other liabilities 705 854
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Total liabilities 127,814 125,528
Stockholders' Equity:
Common stock 1,829 1,829
Additional paid-in capital 3,063 3,063
Retained earnings 13,234 12,398
Net unrealized gain on securities
available for sale (net of income taxes) 33 473
---------- ------------
Total stockholder's equity 18,159 17,763
---------- ----------
Total liabilities & stockholder's equity $145,973 $143,291
======== ========
</TABLE>
<PAGE>
DRAFT
UNITED COMMUNITY BANKSHARES, INC.
Consolidated Statement of Income
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
3 Months Ended September 30 9 Months Ended September 30
--------------------------- ---------------------------
1996 1995 1996 1995
------------------- --------------- --------------- ------------
<S> <C>
Interest Income:
Interest and fees on loans $ 1,812 $1,723 $5,087 $4,675
Interest on investment securities:
Taxable 574 495 1,781 1,505
Nontaxable 238 176 722 497
Interest on federal funds sold 16 91 140 257
-------- ------- -------- ------
Total interest income 2,640 2,485 7,730 6,934
Interest expense:
Interest on deposits 1,186 1,089 3,532 2,990
Interest on federal funds purchased 14 - 23 -
-------- -------- --------- ---------
Total interest expense 1,200 1,089 3,555 2,990
----- ----- ------- ------
Net interest income 1,440 1,396 4,175 3,944
Provision for loan losses 30 59 54 81
------- ------ -------- ------
Net interest income after provision
for loan losses 1,410 1,337 4,121 3,863
Noninterest income:
Gain (loss) on sale of securities (3) - 10 (2)
Service charges 164 146 512 415
Other 54 39 121 142
------- ------ -------- -------
Total noninterest income 215 185 643 555
Noninterest expenses:
Salaries and employee benefits 509 488 1,547 1,407
Equipment 55 62 164 164
FDIC insurance (net of refunds) 1 (20) 3 94
Occupancy 63 72 194 202
Professional fees 17 23 68 82
Postage 30 24 73 71
Merger Related 170 - 170 -
Other 221 206 680 596
------- ------ --------- --------
Total noninterest expenses 1,066 855 2,899 2,616
------ ------ -------- -------
Income before income taxes 559 667 1,865 1,802
Provision for income taxes 153 186 455 474
------ ------ -------- -------
Net income $ 406 $ 481 $1,410 $1,328
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Net income per common share $ 0.22 $ 0.26 $ 0.77 $ 0.73
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</TABLE>
