NSS BANK THRIFT INCENTIVE PLAN
FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1997, 1996 AND 1995
(WITH INDEPENDENT AUDITOR'S REPORT THEREON)
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the Securities Exchange Act of 1934
Year Ended December 31, 1997
Commission File Number: 0-22937
NSS BANK THRIFT INCENTIVE PLAN
NSS BANCORP, INC.
48 WALL STREET
NORWALK, CT 06852
(203) 838-4545
<PAGE>
Item 1. CHANGES IN THE PLAN None
- ----------------------------
Item 2. CHANGES IN INVESTMENT POLICY None
- -------------------------------------
Item 3. CONTRIBUTIONS UNDER THE PLAN
- -------------------------------------
For the years ended December 31, 1997, 1996, 1995, 1994 and 1993, the
amount of employer contributions under the Plan were $85,114, $84,024,
$60,159, $0 and $0, respectively.
Item 4. PARTICIPATING EMPLOYEES
- --------------------------------
At December 31, 1997, there were 107 participating employees in the Plan.
The number of participating employees in each investment program at
December 31, 1997 was as follows:
MUTUAL FUNDS:
Federated Managed Income Fund 26
Federated Managed Growth and Income Fund 35
Federated Managed Growth Fund 49
Federated Managed Aggressive Growth Fund 60
Trust for US Treasury Obligations Fund 22
OTHER:
NSS Bancorp, Inc. Common Stock 37
-1-
<PAGE>
Item 5. ADMINISTRATION OF THE PLAN
- -----------------------------------
The Plan is administered by a committee appointed by NSS Bank's Board of
Directors. The committee has full power and authority to administer the
Plan and to interpret its provisions. The Committee has designated an
officer of the Bank to act as the Plan's Administrator.
Item 6. CUSTODIANS OF INVESTMENTS
- ----------------------------------
(a) NSS Bank, through its Trust Department, is the Plan's trustee as of
December 31, 1997. NSS Bank is located at 48 Wall Street, Norwalk,
Connecticut. Federated Securities Corp., Pittsburgh, Pennsylvania,
is investment manager for investments other than NSS Bancorp, Inc.
common stock. State Street Bank and Trust Company, Boston, Massachusetts,
is custodian for all investments other than NSS Bancorp, Inc. common stock.
Compulife Investor Services, Inc., Midlothian, Virginia, is securities broker
and custodian of investments in NSS Bancorp, Inc. common Stock.
(b) Investment and administrative expenses aggregating $19,469, $6,712, and
$10,059 during the years ended December 31, 1997, 1996 and 1995, were borne
by NSS Bank, the Plan's sponsor.
(c) The Plan is insured by a fidelity bond against losses through fraud or
dishonesty for the maximum amount of $4,000,000 by the Great American
Insurance Company, Cincinnati, Ohio.
Item 7. REPORTS TO PARTICIPATING EMPLOYEES
- -------------------------------------------
Participating employees receive a summary annual report and have the right
to obtain upon request a copy of the full annual report of the Plan or any
part thereof. Individual participant statements are also provided on a
quarterly basis.
-2-
<PAGE>
Item 8. INVESTMENT OF FUNDS
- ----------------------------
Participants may direct their contributions into any one of the
following six investment options:
1) Federated Managed Income Fund
2) Federated Managed Growth and Income Fund
3) Federated Managed Growth Fund
4) Federated Managed Aggressive Growth Fund
5) Trust for U.S. Treasury Obligations Fund
6) NSS Bancorp, Inc. Common Stock - Party-in-interest to the Plan
-3-
<PAGE>
Item 9. FINANCIAL STATEMENTS AND SCHEDULES
- ------------------------------------------- Page(s)
Financial Statements:
Independent Auditor's Report F-1 - F-2
Statements of Net Assets Available for
Plan Benefits as of December 31, 1997 and 1996 F-3
Statements of Changes in Net Assets Available
for Plan Benefits for the Years Ended
December 31, 1997, 1996 and 1995 F-4
Notes to Financial Statements F-5 - F-9
Supplemental Schedules:
Reportable Transactions for the Year Ended
December 31, 1997 F-10
Non-Exempt Transactions of Parties-in-Interest
for the Year Ended December 31, 1997 F-11
Schedule of the Allocation of Plan Assets and
Liabilities to Investment Programs as of
December 31, 1997 and 1996 F-12 - F-13
Schedule of Plan Income and Changes in Equity
in Investment Programs for the Years Ended
December 31, 1997, 1996 and 1995 F-14 - F-16
-4-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
administrative committee of the Plan has duly caused this annual report
to be signed by the undersigned thereunto duly authorized.
NSS BANK THRIFT INCENTIVE PLAN
Date: June 26, 1998 By: /s/ Jere T. Dorney
Jere T. Dorney
Plan Administrator
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN
FINANCIAL STATMENTS AND SCHEDULES
DECEMBER 31, 1997, 1996 AND 1995
(WITH INDEPENDENT AUDITOR'S REPORT THEREON)
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN
CONTENTS
Independent Auditor's Report
FINANCIAL STATEMENTS
Statements of net assets available for plan benefits Exhibit A
Statements of changes in net assets available for
plan benefits Exhibit B
Notes to financial statements
SUPPLEMENTAL SCHEDULES
Assets held for investment Schedule 1
Reportable transactions Schedule 2
Non-exempt transactions of parties-in-interest Schedule 3
Allocation of plan assets and liabilities to
investment programs Schedule 4
Plan income and changes in equity in
investment programs Schedule 5
<PAGE>
INDEPENDENT AUDITOR'S REPORT
The Plan Administrator of the
NSS Bank Thrift Incentive Plan
Norwalk, Connecticut
We have audited the accompanying statement of net assets available for
plan benefits of the NSS Bank Thrift Incentive Plan as of December 31, 1997,
and the related statement of changes in net assets available for plan
benefits for the year ended December 31, 1997. 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 audit. The
statements of net assets available for plan benefits as of December 31, 1996
and the related statements of changes in net assets available for plan
benefits for the years ended December 31, 1996 and 1995 were audited by other
auditors whose report dated August 1, 1997 expressed an unqualified opinion
on those statement.
We conducted our audit 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 the Plan's management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
F-1
<PAGE>
The Plan Administrators of the
NSS Bank Thrift Incentive Plan
Page Two
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of
the NSS Bank Thrift Incentive Plan as of December 31, 1997, and the changes
in its net assets available for plan benefits for the year ended December
31, 1997, in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules are
presented for purposes of complying with the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 and are not a required part of the basic
financial statements. The supplemental schedules 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.
FRIEDBERG, SMITH & CO., P.C.
Bridgeport, Connecticut
June 24, 1998
F-2
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN EXHIBIT A
==============================
STATEMENTS OF
NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1997 AND 1996
--------------------------------------
ASSETS 1997 1996
- ------ ---- ----
<TABLE>
<S> <C> <C>
Investments (Notes 1, 2 and 3)
- ------------------------------
At Fair Value:
- -------------
Federated Managed Income Fund $307,208 $314,914
Federated Managed Growth & Income Fund 278,818 278,936
Federated Managed Growth Fund 668,179 530,175
Federated Managed Aggressive Growth Fund 566,472 364,203
Trust for U.S. Treasury Obligations Fund 307,869 188,152
NSS Bancorp, Inc. Common Stock 102,114 32,053
--------- ---------
2,230,660 1,708,433
--------- ---------
Other (Notes 1 and 2)
- ---------------------
Participants' Loans Receivable 124,173 117,694
Employer's Contributions Receivable 23,349 19,546
Short-Term Investment Fund 9,900 11,166
--------- ---------
Total Other 157,422 148,406
--------- ---------
TOTAL ASSETS 2,388,082 1,856,839
--------- ---------
LIABILITIES - -
--------- ---------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS (Note 4) $2,388,082 $1,856,839
========== ==========
</TABLE>
See notes to financial statements.
F-3
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN EXHIBIT B
==============================
STATEMENTS OF
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
-------------------------------------------------
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
1997 1996 1995
------------ ------------ ------------
<TABLE>
<S> <C> <C> <C>
Additions to Net Assets:
- -----------------------
Net Investment Income
(Loss) (Notes 1, 2 and 3):
- -------------------------
Net Appreciation
(Depreciation) in Fair
Value of Investments $ 84,522 $ 51,242 $ 125,584
Investment Income -
Investments and Loans 177,388 99,298 55,394
---------- ---------- ----------
261,910 150,540 180,978
Contributions (Notes 1 and 2):
- -----------------------------
Employer 85,714 84,024 60,159
Participants 318,514 233,449 169,161
---------- ---------- ----------
Total Additions 666,138 468,013 410,298
Deductions from Net Assets (Note 1):
- -----------------------------------
Benefits Paid
to Participants (134,895) (91,901) (83,774)
---------- ---------- ----------
Net Increase (Note 4) 531,243 376,112 326,524
Net Assets Available for Benefits:
- ---------------------------------
Beginning of Period 1,856,839 1,480,727 1,154,203
--------- --------- ---------
End of Period $2,388,082 $1,856,839 $1,480,727
========= ========= =========
</TABLE>
See notes to financial statements.
F-4
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN
==============================
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
-----------------------------
NOTE 1 - PLAN DESCRIPTION
- -------------------------
The following brief description of the NSS Bank Thrift Incentive Plan
(Plan) is provided for general information purposes only. Participants
should refer to the Plan agreement for more complete information. The
Plan, as amended, became effective on January 1, 1988, and is subject to
the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
The Plan is a defined contribution plan covering substantially all
employees of NSS Bank and its subsidiaries (Bank) who have one year of
eligible service and are age twenty-one or older.
NSS Bank is a wholly-owned subsidiary of NSS Bancorp, Inc., (Bancorp)
a bank holding company organized as of October 1, 1997.
Each year participants may contribute between one and fifteen percent
of their pre-tax annual compensation, as defined in the Plan. The Bank
matches contributions in an amount equal to 50 percent of a participant's
first 4% contribution, subject to certain limitations as defined in the
Plan. Additionally, the Bank can make discretionary contributions at the
option of the Bank's Board of Directors.
Participants' accounts are credited with their contributions, plus
allocated Bank contributions and Plan earnings. Bank contributions
are allocated based on the ratio that each qualifying participant's
compensation for the plan year bears to the total compensation of all
qualifying participants. Plan earnings are allocated based on a
participant's account balance in various investments and their respective
earnings. All administrative expenses of the Plan are paid and borne by
the Bank.
Participants are immediately 100 percent vested in their contributions
and become fully vested after seven years in any Bank matching and
discretionary contributions, and earnings thereon. A withdrawing
participant who is not 100 percent vested forfeits the non-vested portion
of Bank matching and discretionary contributions. Forfeited amounts are
used to reduce Bank contributions. Forfeited contributions were $4,890
and $5,942 at December 31, 1997 and 1996, respectively.
F-5
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN
==============================
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
-----------------------------
NOTE 1 - PLAN DESCRIPTION (continued)
- -------------------------------------
Participants may direct their contributions in any of the following
six investment options:
Mutual Funds:
- ------------
1. Federated Managed Income Fund
2. Federated Managed Growth and Income Fund
3. Federated Managed Growth Fund
4. Federated Managed Aggressive Growth Fund
5. Trust for U.S. Treasury Obligations Fund
Common Stocks:
- -------------
6. NSS Bancorp, Inc. - Party-in-interest to the Plan
Participants may change their invested funds daily, and may change
the amount and/or the direction of contributions withheld at each
periodic payroll.
F-6
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN
==============================
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
-----------------------------
NOTE 1 - PLAN DESCRIPTION (continued)
- -------------------------------------
Participants may borrow against a defined amount of their vested account
balances. Loan terms range to a maximum of five years. The loans are
secured by a participant's account balance and bear interest at a fixed
rate equal to 100 basis points above the Bank's Prime rate at the time
the loan is originated. Principal and interest are repaid ratably
through biweekly payroll deductions.
Benefits are payable to participants upon termination, death, disability
or retirement in a lump-sum distribution.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- ---------------------------------------------------
(a) The accompanying financial statements and schedules have been prepared
in accordance with Rule 6A of the regulation S-X of the Securities and
Exchange Commission and the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974 (ERISA). The financial statements are presented on the accrual
basis of accounting.
(b) The Plan's investments at December 31, 1997 and 1996 are stated at
fair value, which is based on quoted market prices. Net appreciation
or depreciation on investments is recorded in the Statements of Changes
in Net Assets Available for Plan Benefits.
(c) Discretionary contributions are recorded in the year and in the amount
authorized by the Bank's Board of Directors. Matching contributions and
contributions from participants are recorded in the year in which the
participant's contributions are withheld.
F-7
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN
==============================
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
-----------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
- ---------------------------------------------------------------
(d) Benefits are recorded when paid.
(e) Short-Term Investment Funds are money market funds that are
maintained for liquidity purposes, but are not insured deposits.
(f) Net appreciation or depreciation in fair value in the Statements of
changes in net assets available for plan benefits reflects activity from
participants' directed investment choices, which requires the redemption
and reinvestment in units between funds, and the unrealized appreciation
or depreciation in the underlying assets of the respective funds and NSS
Bancorp, Inc. common stock.
(g) Investment and administrative expenses are borne by the sponsor and
therefore are not reflected in the Plan's financial statements.
(h) The preparation of the accompanying financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, additions to or deductions from net assets, and disclosure of
contingent assets and liabilities. Actual results could differ
significantly from those estimates.
NOTE 3 - INVESTMENTS
- --------------------
A summary of the Plan's investments by type as of December 31 is as follows:
Units/ Fair
December 31, 1997 Shares Value Cost
----------------- ------ ----- ----
<TABLE>
<S> <C> <C> <C>
Federated Managed Income Fund 28,630.711 $307,208 $297,070
Federated Managed Growth and
Income Fund 24,500.716 278,818 272,782
Federated Managed Growth Fund 54,813.704 668,179 649,413
Federated Managed Aggressive
Growth Fund 43,946.662 566,472 544,995
Trust for U.S. Treasury
Obligations Fund 307,869.040 307,869 307,869
NSS Bancorp, Inc. Common Stock 2,705 102,114 69,278
------- -------
Total $2,230,660 $2,141,407
========= =========
</TABLE>
F-8
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN
==============================
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
-----------------------------
NOTE 3 - INVESTMENTS (continued)
- --------------------------------
Units/ Fair
December 31, 1996 Shares Value Cost
----------------- ------ ----- ----
<TABLE>
<S> <C> <C> <C>
Federated Managed Income Fund 30,280.228 $ 314,914 $ 312,572
Federated Managed Growth and
Income Fund 25,197.491 278,936 277,678
Federated Managed Growth Fund 44,968.157 530,175 519,571
Federated Managed Aggressive
Growth Fund 30,124.286 364,203 362,196
Trust for U.S. Treasury
Obligations Fund 188,152.17 188,152 188,152
NSS Bancorp, Inc. Common Stock 1,380 32,053 30,800
--------- ---------
Total $1,708,433 $1,690,969
========= =========
</TABLE>
During the years ended December 31, 1997 and 1996, the Plan purchased
common stock of Bancorp (Note 1) aggregating 1,325 and 1,380 shares at
a cost of $38,478 and $30,800, respectively. No shares were purchased
during the year ended December 31, 1995 and no shares were sold during
the years ended December 31, 1997, 1996 or 1995.
NOTE 4 - TAX STATUS
- -------------------
The Plan has received a favorable determination letter dated June 5, 1997
from the Internal Revenue Service, which qualifies the Plan for favorable
tax treatment under Sections 401(k) and 401(a) of the Internal Revenue Code
and therefore, is exempt from federal income taxes under provisions of
Section 501(a).
F-9
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 1
==============================
SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1997
-----------------------------------
Carrying
Basis at
Redemption/Purchase Transaction
Price Date Gain/(Loss)
------------------- ----------- -----------
<TABLE>
<S> <C> <C> <C>
Redemption- Federated
Managed Income Fund
- 8,864.182 units $ 92,846 $ 91,478 $ 1,368
Redemption - Federated
Managed Growth Fund
- 9,206.772 units 115,184 106,338 8,846
Purchase - Federated
Managed Growth Fund
- 13,887.51 units 175,348 175,348 -
Purchase - Federated
Managed Aggressive Growth
Fund - 14,962.31 units 194,554 194,554 -
Purchase - Trust For U.S.
Treasury Obligations Fund -
145,163 units 145,163 145,163 -
------- ------- -------
$723,095 $712,881 $10,214
======= ======= ======
</TABLE>
See independent auditor's report.
F-10
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 2
==============================
SCHEDULE OF NON-EXEMPT TRANSACTIONS
OF PARTIES-IN-INTEREST
YEARS ENDED DECEMBER 31, 1997
-----------------------------------
1 9 9 7
NONE
See independent auditor's report.
F-11
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 3
============================== Page 1 of 2
SCHEDULE OF ALLOCATION OF PLAN
ASSETS AND LIABILITIES TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1997
---------------------------------------------
Participants' Employer's Short Term
ASSETS Loans Contribution Investment
Investment Receivable Receivable Fund TOTAL
<TABLE>
<S> <C> <C> <C> <C> <C>
Federated
Managed
Income Fund $307,208 $ - $1,995 $ - $309,203
Federated
Managed
Growth and
Income Fund 278,818 - 2,693 - 281,511
Federated
Managed
Growth Fund 668,179 - 5,170 - 673,349
Federated
Managed
Aggressive
Growth Fund 566,472 - 7,309 - 573,781
Trust for
US Treasury
Obligations
Fund 307,869 - 2,478 - 310,347
NSS Bancorp,
Inc. Common
Stock (1) 102,114 - 3,704 9,900 115,718
Participants'
Loans
Receivable - 124,173 - - 124,173
------- ------- ------- -------- -------
Net Assets
Available
For Plan
Benefits $2,230,660 $124,173 $23,349 $9,900 $2,388,082
========= ======= ====== ===== =========
</TABLE>
(1) Party-in-interest to the Plan
See independent auditor's report.
F-12
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 3
============================== Page 2 of 2
SCHEDULE OF THE ALLOCATION OF PLAN
ASSETS AND LIABILITIES TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1996
---------------------------------------------
Participants' Employer's Short Term
ASSETS Loans Contribution Investment
Investment Receivable Receivable Fund TOTAL
<TABLE>
<S> <C> <C> <C> <C> <C>
Federated
Managed
Income Fund $314,914 $ - $ 1,849 $ - $316,763
Federated
Managed
Growth and
Income Fund 278,936 - 2,302 - 281,238
Federated
Managed
Growth Fund 530,175 - 5,459 - 535,634
Federated
Managed
Aggressive
Growth Fund 364,203 - 6,798 - 371,001
Trust for
US Treasury
Obligations
Fund 188,152 - 1,768 - 189,920
NSS Bancorp,
Inc. Common
Stock (1) 32,053 - 1,370 11,166 44,589
Participants'
Loans
Receivable - 117,694 - - 117,694
------- ------- ------- ------- -------
Net Assets
Available
For Plan
Benefits $1,708,433 $117,694 $19,546 $11,166 $1,856,839
========= ======= ====== ====== =========
</TABLE>
(1) Party-in-interest to the Plan
See independent auditor's report.
F-13
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 4
============================== Page 1 of 3
SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY
IN INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1997
----------------------------
(DOLLARS IN THOUSANDS)
A B C D E F G TOTAL
------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Investment
- --------------
Income (Loss):
- --------------
Net Appreciation
(Depreciation)
in Fair Value $ 9 $ 9 $ 15 $ 21 $ - $ 31 $ - $ 85
Investment Income
- Interest and
Dividends 21 28 66 42 15 5 - 177
--- --- --- --- --- --- --- ----
Net Investment
Income (Loss) 30 37 81 63 15 36 - 262
Contributions:
- -------------
Current Period 40 44 80 103 42 38 - 347
Rollovers 11 1 3 2 40 - - 57
Interfund Transfers (83) (73) 42 67 38 2 7 -
Benefits Paid to
Participants (6) (8) (69) (32) (16) (3) (1) (135)
---- ---- ---- ---- ---- ---- ---- ----
Net Change in Equity
during the period (8) 1 137 203 119 73 6 531
Balance at beginning
of period 317 281 536 371 191 43 118 1,857
---- ---- ---- ---- ---- ---- ---- -----
Balance at end
of period $309 $282 $673 $574 $310 $116 $124 $2,388
==== ==== ==== ==== ==== ==== ==== ======
</TABLE>
A= Federated Managed Income Fund
B= Federated Managed Growth and Income Fund
C= Federated Managed Growth Fund
D= Federated Managed Aggressive Growth Fund
E= Trust For US Treasury Obligations Fund
F= NSS Bancorp, Inc. Common Stock - Party-in-Interest to the Plan
G= Participants' Loans Receivable
See independent auditor's report.
F-14
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 4
============================= Page 2 of 3
SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY
IN INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1996
----------------------------
(DOLLARS IN THOUSANDS)
1 2 3 4 A B C D E F G TOTAL
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Investment
- --------------
Income (Loss):
- --------------
Net Appreciation
(Depreciation)
in Fair Value $ - $ 4 $ 10 $ 12 $ 2 $ 2 $ 17 $ 3 $ - $ 1 $ - $ 51
Investment
Income -
Interest and
Dividends 11 - - - 13 12 33 18 10 3 - 100
--- --- --- --- --- --- --- --- --- --- --- ---
Net
Investment
Income (Loss) 11 4 10 12 15 14 50 21 10 4 - 151
Contributions - - - - 43 41 95 94 29 15 - 317
Interfund
Transfers (670) (71)(282)(351) 261 229 373 242 21 23 36 -
Benefits
Paid to
Participants - - - - (10) (10) (1) (4) (64) (2) (1) (92)
--- --- --- --- --- --- --- --- --- --- --- ---
Net change
in equity
during the
period (659)(67) (272)(339) 309 274 517 353 185 40 35 376
Balance at
Beginning
of period 659 67 272 339 8 7 19 18 6 3 83 1,481
--- --- --- --- --- --- --- --- --- --- --- -----
Balance at
end of
period $ - $ - $ - $ - $317 $281 $536 $371 $191 $ 43 $118 $1,857
=== === === === === === === === === === === =====
</TABLE>
1= Wright Investors Money Market Fund
2= Wright Investors Bond Fund
3= Wright Investors Blue Chip Fund
4= Wright Investors Managed Fund
A= Federated Managed Income Fund
B= Federated Managed Growth and Income Fund
C= Federated Managed Growth Fund
D= Federated Managed Aggressive Growth Fund
E= Trust For US Treasury Obligations Fund
F= NSS Bancorp, Inc. Common Stock - Party-in-interest to the Plan
G= Participants' Loans Receivable
See independent auditor's report.
F-15
<PAGE>
NSS BANK THRIFT INCENTIVE PLAN SCHEDULE 4
============================== Page 3 of 3
SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY
IN INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1995
----------------------------
(DOLLARS IN THOUSANDS)
1 2 3 4 X G TOTAL
-----------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Net Investment Income (Loss):
- -----------------------------
Net Appreciation
(Depreciation)
in Fair Value $ - $ 8 $ 59 $ 59 $ - $ - $126
Investment Income -
Interest and Dividends 35 4 3 7 - 6 55
--- --- --- --- --- --- ---
Net Investment
Income (Loss) 35 12 62 66 - 6 181
Contributions 105 6 32 27 60 - 230
Interfund Transfers 126 (21) 5 (118) - 8 -
Benefits Paid to Participants (19) (2) (15) (48) - - (84)
--- --- --- --- --- --- ---
Net change in equity
during the period 247 (5) 84 (73) 60 14 327
Balance at beginning
of period 412 72 188 413 - 69 1,154
--- --- --- --- --- --- -----
Balance at end of period $659 $ 67 $272 $340 $ 60 $ 83$1,481
=== === === === === === =====
</TABLE>
1= Wright Investors Money Market Fund
2= Wright Investors Bond Fund
3= Wright Investors Blue Chip Fund
4= Wright Investors Managed Fund
X= Various Federated Managed Funds
G= Participants' Loans Receivable
See independent auditor's report.
F-16
