SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB
(Mark One)
[X] Annual report pursuant to section 13 or 15(d) of the Securities Exchange
Act of 1934 For the fiscal year ended December 31, 1999
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[ ] Transition report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to .
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Commission File No. 0-22587
SFB Bancorp, Inc.
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(Name of Small Business Issuer in Its Charter)
Tennessee 62-1683732
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(State or Other Jurisdiction of Incorporation (I.R.S. Employer
Organization) Identification No.)
632 East Elk Avenue, Elizabethton, Tennessee 37643
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(Address of Principal Executive Offices) (Zip Code)
(423) 543-1000
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(Issuer's Telephone Number, Including Area Code)
Securities registered under to Section 12(b) of the Exchange Act: None
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Securities registered under to Section 12(g) of the Exchange Act:
Common Stock, par value $0.10 per share
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(Title of Class)
Check whether the issuer: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 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 .
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Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [X ]
State issuer's revenues for its most recent fiscal year: $3,997,000
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The aggregate market value of the voting stock held by non-affiliates of the
registrant, based on the average bid and asked price of the registrant's Common
Stock on March 15, 2000 was $5.4 million.
As of March 15, 2000, there were issued and outstanding 639,417 shares of the
registrant's Common Stock.
Transition Small Business Disclosure Format (check one): YES NO X
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DOCUMENTS INCORPORATED BY REFERENCE
1. Portions of the Annual Report to Stockholders for the Fiscal Year ended
December 31, 1999. (Part II)
2. Portions of the Proxy Statement for the Annual Meeting of Stockholders for
the Fiscal Year ended December 31, 1999. (Part III)
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Item 13. Exhibits, List and Reports on Form 8-K
(a) Listed below are all exhibits filed as part of this report.
13 Auditor's Opinion
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 as of
April 28, 2000.
SFB BANCORP, INC.
By: /s/ Peter W. Hampton
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Peter W. Hampton
President and Director
(Duly Authorized Representative)
Pursuant to the requirement of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated as of April 28, 2000.
/s/Peter W. Hampton /s/Donald W. Tetrick
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Peter W. Hampton Donald W. Tetrick
President and Director Director
(Principal Executive Officer)
/s/Peter W. Hampton, Jr. /s/John R. Crockett, Jr.
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Peter W. Hampton, Jr. John R. Crockett, Jr.
Secretary, Treasurer and Director Director
/s/Michael L. McKinney
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Julian T. Caudill, Jr. Michael L. McKinney
Vice President and Director Director
/s/Bobby Hyatt
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Bobby Hyatt
Principal Accounting Officer
EXHIBIT 13
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[LOGO] Crisp
Hughes
Evans Certified Public Accountants & Consultants
LLP
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Affiliated worldwide through AGN International
Independent Auditors' Report
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To the Board of Directors
SFB Bancorp, Inc. and Subsidiary
We have audited the accompanying consolidated balance sheets of SFB Bancorp,
Inc. and Subsidiary (the "Company") as of December 31, 1998 and 1999, and the
related consolidated statements of income, comprehensive income, stockholders'
equity, and cash flows for the years then ended. These financial statements are
the responsibility of the Company'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 consolidated financial statements referred to above present
fairly, in all material respects, the financial position of the Company as of
December 31, 1998 and 1999, and the results of their operations and their cash
flows for the years then ended, in conformity with generally accepted accounting
principles.
/s/Crisp Hughes Evans LLP
Asheville, North Carolina
January 21, 2000
32 Orange Street 828 254 2254
PO Box 3049 Fax 828 254 6859
Asheville, NC 28802 www.che-llp.com
