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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 25049
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
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[_] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________________ to _________________
Commission File Number 1-14266
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MOORESVILLE SAVINGS BANK, SSB EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
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(Full title of the Plan)
CODDLE CREEK FINANCIAL CORP.
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(Name of issuer of the securities)
347 North Main Street
Post Office Box 117
Mooresville, North Carolina 28115
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(Address of Principal executive office) (Zip code)
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Item 4.
The following is being provided in lieu of Items 1-3, whereby plans subject to
the Employee Retirement Income Security Act of 1974 ("ERISA") may file plan
financial statements and schedules prepared in accordance with the financial
reporting requirements of ERISA. Due to the number of plan participants, this
plan is not subject to the audit requirements of ERISA.
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MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
FINANCIAL REPORT
(COMPILED)
DECEMBER 31, 1997
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CONTENTS
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INDEPENDENT ACCOUNTANT'S REPORT 1
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FINANCIAL STATEMENTS
Statements of net assets available for benefits 3
Statement of changes in net assets available for benefits (with fund information) 4 - 5
SUPPLEMENTARY INFORMATION
Item 27a - Schedule of assets held for investment purposes 6
Item 27d - Schedule of reportable transactions 7
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</TABLE>
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INDEPENDENT ACCOUNTANT'S REPORT
To the Plan Administrator
Mooresville Savings Bank, SSB
Employees Savings and Profit Sharing Plan
Mooresville, North Carolina
We have compiled the accompanying statements of net assets available for
benefits of the Mooresville Savings Bank, SSB Employees Savings and Profit
Sharing Plan as of December 31, 1997 and 1996, and the related statement of
changes in net assets available for benefits (with fund information) for the
year ended December 31, 1997 in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of Certified
Public Accountants.
A compilation is limited to presenting information that is the representation of
management in the form of financial statements. We have not audited or reviewed
the accompanying financial statements or supplementary schedules and,
accordingly, do not express an opinion or any other form of assurance on them.
The Plan Administrator has elected to omit substantially all of the disclosures
required by generally accepted accounting principles. If the omitted
disclosures were included in the financial statements, they might influence the
user's conclusions about the plan's net assets available for benefits and
changes therein. Accordingly, these financial statements are not designed for
those who are not informed about such matters.
Charlotte, North Carolina
October 7, 1998
1
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2
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MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1997 and 1996
See Accountant's Report
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<CAPTION>
1997 1996
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<S> <C> <C>
ASSETS
Investments, at fair value
Certificates of deposit $ 37,000 $ 1,006,284
Money market account 10,503 --
Mutual funds 284,878 --
Loans to participants 85,898 102,152
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Total investments 418,279 1,108,436
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Receivables
Due from broker for securities transaction pending 877,700 --
Accrued interest and dividends 3,872 --
Accrued employer contributions 50,000 --
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931,572 --
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Total assets 1,349,851 1,108,436
LIABILITIES
Trust and record keeping fees payable 335 --
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Net assets available for benefits $ 1,349,516 $ 1,108,436
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</TABLE>
3
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MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
Year Ended December 31, 1997
See Accountant's Report
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Government
Certificates Mooresville Equity Money
of Deposit Stock Index Market
Fund Fund Fund Fund
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<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair
value of investments $ -- $ -- $ 18,433 $ --
Interest 57,852 17,503 2,991 --
Dividends -- -- -- 220
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57,852 17,503 21,424 220
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Contributions:
Employer 67,534 -- -- --
Participants 56,643 12,641 2,179 --
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124,177 12,641 2,179 --
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Total additions 182,029 30,144 23,603 220
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Deductions from net assets
attributed to:
Benefits paid to participants 4,245 -- -- --
Administrative expenses 33 634 339 11
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Total deductions 4,278 634 339 11
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Net increase
prior to interfund transfers 177,751 29,510 23,264 209
Interfund transfers (1,089,703) 866,803 237,204 10,294
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Net increase (decrease) (911,952) 896,313 260,468 10,503
Net assets available for benefits:
Beginning of year 1,006,284 -- -- --
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End of year $ 94,332 $ 896,313 $ 260,468 $ 10,503
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4
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<TABLE>
<CAPTION>
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International Growth Loan
Fund Fund Fund Total
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<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair
value of investments $ 16 $ 8 $ -- $ 18,457
Interest -- -- 9,792 88,138
Dividends -- -- -- 220
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16 8 9,792 106,815
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Contributions:
Employer -- -- -- 67,534
Participants -- 532 -- 71,995
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-- 532 -- 139,529
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Total additions 16 540 9,792 246,344
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Deductions from net assets
attributed to:
Benefits paid to participants -- -- -- 4,245
Administrative expenses 2 -- -- 1,019
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Total deductions 2 -- -- 5,264
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Net increase
prior to interfund transfers 14 540 9,792 241,080
Interfund transfers 1,448 -- (26,046) --
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Net increase (decrease) 1,462 540 (16,254) 241,080
Net assets available for benefits:
Beginning of year -- -- 102,152 1,108,436
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End of year $ 1,462 $ 540 $ 85,898 $ 1,349,516
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</TABLE>
5
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MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1997
Sponsor Federal I.D. #56-0326988 (Plan #002)
See Accountant's Report
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(a) (b) Identity of issue, lessor, (c) Description of investment (d) Cost (e) Current
or similar party including maturity date, rate Value
of interest, collateral, par or
maturity value
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<S> <C> <C> <C>
Certificates of deposits:
* Mooresville Savings Bank 6.77%, due 4/29/98 $ 37,000 $ 37,000
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Money market:
* Pentegra Group BGI Government money market fund 10,503 10,503
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Mutual funds:
* Pentegra Group BGI-equity index fund (21,216 shares) 242,051 260,468
* Pentegra Group BGI-international fund (158 shares) 1,446 1,462
* Pentegra Group BGI-growth fund (52 shares) 532 540
* Pentegra Group Collective short term
investment fund (22,408 shares) 22,408 22,408
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266,437 284,878
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* Loans to participants 85,898 85,898
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$ 399,838 $ 418,279
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* Represents a party in interest.
6
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MOORESVILLE SAVINGS BANK, SSB
EMPLOYEES SAVINGS AND PROFIT SHARING PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
For the Year Ended December 31, 1997
Sponsor Federal I.D. #56-0326988 (Plan #002)
See Accountant's Report
<TABLE>
<CAPTION>
Purchases
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Identity of Party Involved Description Purchase Current Value
of Asset Price of Asset on
Transaction
Date
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<S> <C> <C> <C>
*Mooresville Savings Bank
Mooresville Savings Bank Certificate of
Deposit $ 37,000 $ 37,000
*Bank of New York
Collective short term Mutual Fund 1,830,537 1,830,537
investment fund
*Bank of New York
BGI-Equity index fund Mutual Fund 242,375 242,375
<CAPTION>
Sales
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Identity of Party Involved Description Selling Cost of Current Value Net Gain or
of Asset Price Assets of Asset on (Loss)
Transaction
Date
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<S> <C> <C> <C> <C> <C>
*Mooresville Savings Bank
Mooresville Savings Bank Certificate of
Deposit $ 1,006,284 $ 1,006,284 $ 1,006,284 $ --
*Bank of New York
Collective short term Mutual Fund 1,808,129 1,808,129 1,808,129 --
investment fund
*Bank of New York
BGI-Equity index fund Mutual Fund 340 324 340 16
</TABLE>
* Represents a party in interest.
7
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Issuer has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CODDLE CREEK FINANCIAL CORP.
Dated October 23, 1998 By: /s/ George W. Brawley, Jr.
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George W. Brawley, Jr.
President and CEO
Dated October 23, 1998 By: /s/ Billy R. Williams
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Billy R. Williams
Secretary/Controller
