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Commission File No. _____________
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
X Annual Report Pursuant to Section 15(d) of the Securities
--- Exchange Act of 1934
For the fiscal year ended December 31, 1998
OR
___ Transition Report Pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the transition period ________________
NCRIC, INC.
401(k) PLAN
(Full Title of the Plan)
NCRIC Group, Inc.
1115 30th Street, N.W.
Washington, D.C. 20007
(Name and Address of Issuer)
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The NCRIC, Inc. 401(k) Plan (the "Plan") is subject to the Employee
Retirement Income Security Act of 1974 ("ERISA") and the financial statements
and schedules have been prepared in accordance with the financial reporting
requirements of ERISA.
<TABLE>
<CAPTION>
At or For the
Year Ended December 31,
------------------------
1998 1997
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(unaudited)
<S> <C> <C>
Assets:
Cash................................................................. $ 1,183 $ 149
Receivables.......................................................... -- 128,298
Investments:
U.S. Government securities....................................... -- --
Corporate debt and equity instruments............................ -- --
Real estate and mortgages (other than to participants)........... -- --
Loans to participants:
Mortgages................................................ -- --
Other.................................................... -- --
Other............................................................ 1,805,670 346,521
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Total investments........................................ 1,805,670 346,521
Buildings and other property used in plan operations................. -- --
Other assets......................................................... -- --
------------ ----------
Total assets..................................................... 1,806,853 474,968
Liabilities:
Payables............................................................. -- --
Acquisition indebtedness............................................. -- --
Other liabilities.................................................... -- --
Total liabilities.................................................... -- --
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Net assets....................................................... $1,806,853 $ 474,968
============ ==========
Income:
Contributions received or receivable in cash from:
Employer(s)...................................................... $140,121 $128,298
Employees........................................................ 139,243 17,760
Other - rollover................................................. 881,052 328,743
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Total.................................................... 1,160,416 474,801
Noncash contributions................................................ -- --
Earnings from investments............................................ 140,951 --
Net realized gain (loss) on sale or exchange of assets............... (9) --
Other income......................................................... 41,105 167
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Total income..................................................... 1,342,463 474,968
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Expenses:
Distribution of benefits and payments to provide benefits:
Directly to participants or their beneficiaries.................. 10,578 --
Other............................................................ -- --
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Total distribution of benefits and payments to provide benefits.. 10,578 --
Administrative expense............................................... -- --
Other expenses....................................................... -- --
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Total expenses................................................... 10,578 --
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Net income (loss)........................................ $1,331,885 $474,968
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</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NCRIC, INC. 401(k) PLAN
June 16, 1999 By: /s/ R. Ray Pate, Jr.
----------------------
R. Ray Pate, Jr.
Trustee
June 16, 1999 By: /s/ Rebecca B. Crunk
----------------------
Rebecca B. Crunk
Trustee
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