FORM 11-K
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1997 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 0-23605
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Calvary Banking Profit Sharing 401(k) Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Calvary Bancorp, Inc.
114 West College Street
Murfreesboro, Tennessee 37130
THE PLAN IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA"). IN ACCORDANCE WITH ITEM NO. 4 OF REQUIRED INFORMATION, THE
PLAN FINANCIAL STATEMENTS AND SCHEDULES ATTACHED HERETO ARE PREPARED IN
ACCORDANCE WITH THE FINANCIAL REPORTING REQUIREMENTS OF ERISA.
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Calvary Banking Profit Sharing 401(k) Plan
Balance Sheet*
At At
January 1, 1997 December 31, 1997
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Assets
Total noninterest-bearing cash . . . 2,996 65,908
Receivables:
Employer contributions . . . . . . -- --
Participant contributions. . . . . -- --
Income . . . . . . . . . . . . . . 20,780 15,213
Other. . . . . . . . . . . . . . . -- --
Less allowance for doubtful accounts -- --
Total. . . . . . . . . . . . . . . 20,780 15,213
General investments:
Interest-bearing cash (including
money market funds). . . . . . . 188,149 878,832
Certificates of deposit. . . . . . -- --
U.S. Government securities . . . . 544,348 448,130
Corporate debt instruments:
Preferred. . . . . . . . . . . . 279,531 102,396
All other. . . . . . . . . . . . -- --
Corporate stocks:
Preferred. . . . . . . . . . . . -- --
Common . . . . . . . . . . . . . -- 376,200
Partnership/joint venture interests -- --
Real estate:
Income-producing . . . . . . . . -- --
Nonincome producing. . . . . . . -- --
Loans (other than to participants)
secured by mortgages:
Residential. . . . . . . . . . . -- --
Commercial . . . . . . . . . . . -- --
Loans to participants:
Mortgages. . . . . . . . . . . . -- --
Other. . . . . . . . . . . . . . -- --
Other loans . . . . . . . . . . . . -- --
Value of interest in common/
collective trusts. . . . . . . . -- --
Value of interest in pooled
separate accounts. . . . . . . . -- --
Value of interest in master trusts -- --
Value of interest in 103-12
investment companies . . . . . . -- --
Value of interest in registered
investment companies . . . . . . 314,430 --
Value of funds held in insurance
company general account
(unallocated contracts). . . . . -- --
Other. . . . . . . . . . . . . . . -- --
Total. . . . . . . . . . . . . . . 1,326,458 1,805,558
Employer-related investments:
Employer securities. . . . . . . . -- --
Employer real property . . . . . . -- --
Building and other property used in
plan operation . . . . . . . . . . -- --
Total assets . . . . . . . . . . . . 1,350,234 1,886,679
Liabilities
Benefit claims payables. . . . . . . -- --
Operating payables . . . . . . . . . -- --
Acquisitions indebtedness. . . . . . -- --
Other liabilities. . . . . . . . . . -- --
Total liabilities. . . . . . . . . . -- --
Net assets . . . . . . . . . . . . . 1,350,234 1,886,679
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* Prepared in accordance with the financial reporting requirements of the
Employee Retirement Income Security Act of 1974, as amended, applicable to
plans with fewer than 100 participants.
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Calvary Banking Profit Sharing 401(k) Plan
Statement of Income*
Amount Total
------ -----
Income
Contributions:
Received or receivable from:
Employers. . . . . . . . . . . . . 225,885 --
Participants . . . . . . . . . . . 209,492 --
Rollover contributions . . . . . . 1,998 --
Others . . . . . . . . . . . . . . -- --
Noncash contributions. . . . . . . . -- --
Total contributions. . . . . . . . . -- 437,345
Earnings on investments:
Interest:
Interest-bearing cash (including
money market funds). . . . . . . 15,873 --
Certificates of deposit. . . . . . -- --
U.S. Government securities . . . . 28,308 --
Corporate debt instruments . . . . 17,550 --
Mortgage loans . . . . . . . . . . -- --
Other loans. . . . . . . . . . . . -- --
Other interest . . . . . . . . . . -- --
Total interest . . . . . . . . . . . -- 61,731
Dividends:
Preferred stock. . . . . . . . . . -- --
Common stock . . . . . . . . . . . 4,749 --
Total dividends. . . . . . . . . . -- 4,749
Rents. . . . . . . . . . . . . . . . -- --
Net gain (loss) on sale of assets:
Aggregate proceeds . . . . . . . . 1,400,206 --
Aggregate carrying amount. . . . . 1,356,543 --
Subtract (B) from (A) and enter
result . . . . . . . . . . . . . -- 34,663
Unrealized appreciation (depreciation)
of assets. . . . . . . . . . . . . -- 49,382
Net investment gain (loss) from
common/collective trusts . . . . . -- --
Net investment gain (loss) from
pooled separate accounts . . . . . -- --
Net investment gain (loss) from
master trusts. . . . . . . . . . . -- --
Net investment gain (loss) from
103-12 investment entities . . . . -- --
Net investment gain (loss) from
registered investment companies. . -- 21,899
Other income . . . . . . . . . . . . -- --
Total income . . . . . . . . . . . . -- 609,769
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Calvary Banking Profit Sharing 401(k) Plan
Statement of Income (continued)*
Amount Total
------ -----
Expenses
Benefit payment and payments to
provide benefits:
Directly to participants or
beneficiaries. . . . . . . . . . 59,381 --
To insurance carriers for the
provision of benefits. . . . . . -- --
Excess contributions refunded. . . 13,943 --
Other. . . . . . . . . . . . . . . -- --
Total payments . . . . . . . . . . -- 73,324
Interest expense . . . . . . . . . . -- --
Administration expenses:
Salaries and allowances. . . . . . -- --
Accounting fees. . . . . . . . . . -- --
Actuarial fees . . . . . . . . . . -- --
Contract administrator fees. . . . -- --
Investment advisory and management
fees . . . . . . . . . . . . . . -- --
Legal fees . . . . . . . . . . . . -- --
Valuation/appraisal fees . . . . . -- --
Trustees fees/expenses (including
travel, seminars, meetings, etc.) -- --
Other. . . . . . . . . . . . . . . -- --
Total administrative expenses. . . . -- --
Total expenses . . . . . . . . . . . -- 73,324
Net income (loss). . . . . . . . . . -- 536,445
Transfers to (from) the plan . . . . -- --
Net assets at beginning of year. . . -- 1,350,234
Net assets at end of year. . . . . . -- 1,886,679
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* Prepared in accordance with the financial reporting requirements of the
Employee Retirement Income Security Act of 1974, as amended, applicable to
plans with fewer than 100 participants.
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SIGNATURE
The Plan. Pursuant to the requirements of the Securities and Exchange
Act of 1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
Calvary Banking Profit Sharing 401(k) Plan
Date: March 16, 1998 By: /s/ William S. Jones
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William S. Jones
Senior Vice President
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