FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Commission file number 0-9785
TRI CITY BANKSHARES CORPORATION
----------------------------------------------------
(Exact name of registrant as specified in its charter)
Wisconsin 39-1158740
----------- ------------
(State or other jurisdiction of (IRS Employer ID Number)
incorporation or organization)
6400 S. 27th Street, Oak Creek, WI
--------------------------------------
(Address of principal executive offices)
53154
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Zip Code
(414) 761-1610
---------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 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
----- -----
The number of shares outstanding of $1.00 par value common stock, as of
June 30, 2000: 2,549,648
<PAGE>
FORM 10-Q
TRI CITY BANKSHARES CORPORATION
INDEX
PART I - FINANCIAL INFORMATION
Page #
Item 1 Financial Statements (Unaudited)
Consolidated Balance Sheets as of
June 30, 2000 and December 31, 1999 3
Consolidated Statements of Income
for the Three Months ended June 30, 2000
and 1999 4
Consolidated Statements of Income
for the Six Months ended June 30, 2000
and 1999 5
Consolidated Statements of Cash Flows
for the Six Months ended June 30, 2000
and 1999 6
Notes to Unaudited Consolidated Financial
Statements 7
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of
Operations 8
Item 3 Quantitative and Qualitative Disclosures
About Market Risk 14
PART II - OTHER INFORMATION
Item 4 Submission of Matters to a Vote of Security Holders 16
Item 6 Exhibits and Reports on Form 8-K 19
Signatures 20
<PAGE>
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED BALANCE SHEETS
ASSETS June 30, 2000 December 31,
(Unaudited) 1999
------------- -------------
Cash and due from banks $ 33,109,921 $ 42,781,918
Federal funds sold 26,475,000 2,700,000
------------- -------------
Cash and cash equivalents 59,584,921 45,481,918
Investment securities:
Held-to-maturity (fair
value of 2000 - $133,973,115
1999 - $139,237,806) 136,986,883 142,022,068
Loans 343,955,249 318,899,435
Allowance for loan losses (4,443,404) (4,340,357)
------------- -------------
Net Loans 339,511,845 314,559,078
Premises and equipment 20,666,311 20,824,179
Other assets 4,464,784 6,303,572
------------- -------------
TOTAL ASSETS $ 561,214,744 $ 529,190,815
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 129,036,423 $ 128,079,686
Interest bearing (over $100,000) 27,426,000 26,092,149
Interest bearing 283,115,054 305,298,102
------------- -------------
Total Deposits 439,577,477 459,469,937
Short-term borrowings:
Securities sold under agreements to
repurchase 48,943,831 0
Other 5,347,132 4,579,060
------------- -------------
54,290,963 4,579,060
Other Liabilities 1,572,386 2,016,985
------------- -------------
TOTAL LIABILITIES 495,440,826 466,065,982
Stockholders' equity:
Cumulative Preferred stock,
par value -$1 per share
authorized - 200,000 shares;
issued and outstanding-none
Common stock,
par value-$1 per share
authorized-5,000,000 shares;
Issued and
outstanding: 2000 - 2,549,648 shares;
1999 - 2,538,232 share 2,549,648 2,538,232
Additional paid in capital 10,753,163 10,335,369
Retained earnings 52,471,107 50,251,232
------------- -------------
TOTAL STOCKHOLDERS' EQUITY 65,773,918 63,124,833
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 561,214,744 $ 529,190,815
============= =============
See Notes to Unaudited Consolidated Financial Statements.
<PAGE>
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR THREE MONTHS ENDED JUNE 30, 2000 AND 1999
(UNAUDITED)
2000 1999
----------- -----------
Interest income:
Loans, including fees $ 7,506,505 $ 6,288,324
Investment securities:
Taxable 863,076 999,071
Exempt from federal income tax 908,773 973,634
Federal funds sold 624,289 29,610
----------- -----------
TOTAL INTEREST INCOME 9,902,643 8,290,639
Interest expense:
Deposits 2,766,282 2,606,068
Short-term borrowings 855,813 55,700
----------- -----------
TOTAL INTEREST EXPENSE 3,622,095 2,661,768
----------- -----------
NET INTEREST INCOME 6,280,548 5,628,871
Provision for loan losses (75,000) (75,000)
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 6,205,548 5,553,871
Other income:
Service charge income 748,566 818,225
Rental income 242,918 239,977
Gain on Sale of Loans 2,993 12,138
Other 592,702 768,257
----------- -----------
TOTAL OTHER INCOME 1,587,179 1,838,597
Other expense:
Salaries and employee benefits 2,931,510 2,705,857
Net occupancy 744,422 688,240
Equipment 366,148 356,363
Data processing 283,789 287,599
Advertising 144,020 161,255
Regulatory agency assessments 51,580 40,601
Office supplies 119,912 199,098
Other 657,960 693,926
----------- -----------
TOTAL OTHER EXPENSE 5,299,341 5,132,939
----------- -----------
Income before income taxes 2,493,386 2,259,529
Provision for income taxes 652,000 522,000
----------- -----------
NET INCOME $ 1,841,386 $ 1,737,529
=========== ===========
Per share data:
Net income $ 0.72 $ 0.69
Average shares outstanding 2,548,508 2,528,037
See Notes to Unaudited Consolidated Financial Statements.
<PAGE>
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(UNAUDITED)
2000 1999
------------ ------------
Interest income:
Loans, including fees $ 14,511,287 $ 12,382,391
Investment securities:
Taxable 1,762,567 1,966,084
Exempt from federal income tax 1,826,453 1,880,369
Federal funds sold 642,112 174,620
------------ ------------
TOTAL INTEREST INCOME 18,742,419 16,403,464
Interest expense:
Deposits 5,459,131 5,220,411
Short-term borrowings 1,046,230 77,513
------------ ------------
TOTAL INTEREST EXPENSE 6,505,361 5,297,924
------------ ------------
NET INTEREST INCOME 12,237,058 11,105,540
Provision for loan losses (150,000) (150,000)
------------ ------------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 12,087,058 10,955,540
Other income:
Service charge income 1,518,300 1,587,508
Rental income 489,159 485,538
Gain on Sale of Loans 5,499 25,824
Other 1,919,228 1,391,140
------------ ------------
TOTAL OTHER INCOME 3,932,186 3,490,010
Other expense:
Salaries and employee benefits 5,851,212 5,417,220
Net occupancy 1,476,070 1,371,046
Equipment 692,625 721,666
Data processing 563,107 535,060
Advertising 297,091 284,555
Regulatory Agency Assessments 102,294 80,764
Office Supplies 276,872 358,537
Other 1,273,295 1,376,178
------------ ------------
TOTAL OTHER EXPENSE 10,532,566 10,145,026
------------ ------------
Income before income taxes 5,486,678 4,300,524
Provision for income taxes 1,488,000 964,000
------------ ------------
NET INCOME $ 3,998,678 $ 3,336,524
============ ============
Per share data:
Net income $ 1.57 $ 1.32
Common stock investment $ 25.84 $ 24.01
Dividends $ 0.700 $ 0.600
Average shares outstanding 2,545,715 2,525,873
See Notes to Unaudited Consolidated Financial Statements.
<PAGE>
TRI CITY BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(UNAUDITED)
2000 1999
------------ ------------
OPERATING ACTIVITIES
Net income $ 3,998,678 $ 3,336,524
Adjustments to reconcile net income to
net cash provided by operating activities:
Proceeds from sale of loans
held for sale 1,564,300 11,441,915
Origination of loans held
for sale (1,564,300) (11,441,915)
Amortization of investment
securities premiums and
accretion of discounts 113,831 94,584
Provision for loan losses 150,000 150,000
Provision for depreciation 937,506 967,996
(Increase) in interest receivable (137,527) (242,427)
(Decrease) in interest payable (27,020) (60,726)
Other 1,558,737 289,319
------------ ------------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 6,594,205 4,535,270
INVESTING ACTIVITIES
Investment Securities Held to Maturity:
Proceeds from maturities and redemptions
of investment securities 5,921,354 13,306,743
Purchase of investment securities (1,000,000) (29,461,638)
Net (increase) in loans (25,102,768) (15,698,132)
Purchases of premises and equipment (779,638) (2,198,409)
------------ ------------
NET CASH USED
BY INVESTING ACTIVITIES (20,961,052) (34,051,436)
FINANCING ACTIVITIES
Net (decrease) in deposits (19,892,460) (9,114,591)
Net increase in short-term
borrowings 49,711,903 4,211,019
Sale of Common Stock 429,210 308,993
Cash dividends (1,778,803) (1,513,512)
------------ ------------
NET CASH PROVIDED (USED)
BY FINANCING ACTIVITIES 28,469,850 (6,108,091)
------------ ------------
INCREASE IN CASH
AND CASH EQUIVALENTS 14,103,003 (35,624,257)
Cash and cash equivalents at the
beginning of the period 45,481,918 76,201,647
------------ ------------
CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD $ 59,584,921 $ 40,577,390
============ ============
See Notes to Unaudited Consolidated Financial Statements.
<PAGE>
TRI CITY BANKSHARES CORPORATION
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(A) BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by Generally Accepted Accounting Principles for complete
financial statements. These financial statements should be read in conjunction
with the financial statements and the notes thereto included in the Annual
Report on Form 10-K of Tri City Bankshares Corporation ("Tri City") for the year
ended December 31, 1999. The December 31, 1999 financial information included
herein is derived from the December 31, 1999 Consolidated Balance Sheet of Tri
City which is included in the aforesaid Annual Report on Form 10-K.
In the opinion of Tri City's Management, the accompanying unaudited consolidated
financial statements contain all adjustments, consisting of normal recurring
accruals, necessary to present fairly Tri City's financial position as of June
30, 2000 and the results of its operations for the three month and six month
periods ended June 30, 2000 and 1999 and cash flows for the six months ended
June 30, 2000 and 1999. The operating results for the first six months of 2000
are not necessarily indicative of the results which may be expected for the
entire 2000 fiscal year.
<PAGE>
TRI CITY BANKSHARES CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion contains certain "forward-looking statements",
including statements concerning objectives and future events or performance, and
other statements which are other than historical fact. Factors which may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, but are not limited to, the following
possibilities: (i) lower than anticipated loan and deposit growth due to a
variety of factors, including changes in the interest rate environment and an
increase in competitive pressures in the banking and financial services
industry; (ii) insufficient reserves for loan losses; (iii) poorer than expected
general economic conditions; (iv) legislation or regulatory changes which
adversely affect the banking industry; and (v) other unanticipated occurrences.
CHANGES IN FINANCIAL POSITION
Total assets for Tri City Bankshares Corporation (the "Corporation") have
increased $32.0 million (6.1%) during the first six months of 2000 compared to a
decrease of $2.5 million (0.5%) during the first six months of 1999. The
Corporation's banking subsidiary has retained approximately $49.0 million of the
funding agreements entered into at the end of the first quarter.
Cash and cash equivalents increased $14.1 million (31.0%) in the first half of
2000 compared to a decrease of $35.6 million (46.7%) during the same period in
1999. Loan demand has been good during the current year and management has been
able to increase the Corporation's loan portfolio rather than placing excess
funds into agency or municipal securities, which historically provide a lower
yield.
Investment Securities decreased $5.0 million (3.5%) during the first six months
<PAGE>
of 2000 compared to an increase of $15.0 million (11.2%) during the first six
months of 1999. Since loan demand has been high, management has been funding new
loans and not investing in securities. The average yield on securities has only
increased slightly and remains 175 basis points lower than the yield on loans.
Management is very diligent in its efforts to increase profits without
jeopardizing the liquidity or the quality of the Corporation's earning assets.
The loan portfolio increased $25.1 million (7.9%) during the first six months of
2000 compared to an increase of $16.6 million (6.0%) during the same period in
1999. Loan demand has remained high and management feels that by providing funds
for high quality loans, the Corporation will increase its' profitability and
will be reinvesting in the community. The reserve for loan loss has increased
$103,000 (2.4%) during the first six months of 2000 compared to an increase of
$48,600 (1.1%) during the first six months of 1999. The reserve for loan loss is
adequate in management's opinion to absorb any losses.
The Corporation has not made any substantial investments in premises or
equipment during 2000, however plans are underway for a new banking facility in
South Milwaukee, Wisconsin.
Total deposits for the Corporation have decreased $19.9 million (4.3%) during
the first half of the year 2000 compared to a decrease of $9.1 million (2.0%)
during the first half of 1999. The increase in rates during the past several
months has spurred a transitional movement of investor funds into higher
yielding investments. Management is reviewing its menu of deposit choices and
working on ways to maintain the Corporation's deposit base. The Corporation is
currently borrowing funds in the short-term until it can attract new deposits.
LIQUIDITY
The ability to provide the necessary funds for the day-to-day operations of the
Corporation depends on a sound liquidity position. Management has continued to
monitor the Corporation's liquidity position by reviewing the maturity
distribution between interest earning assets and interest bearing liabilities.
Fluctuations in interest rates can be the primary cause for the flow of funds
<PAGE>
into or out of a financial institution. The Corporation continues to offer
products that are competitive and encourage depositors to leave their money in
the Corporation's banking subsidiary. Management continues to research and
examine the market in order to provide new savings instruments that will help
attract new deposits and stimulate growth. If the Corporation's primary source
of liquidity, the core deposits of its banking subsidiary, is insufficient to
meet current liquidity needs, the banking subsidiary has available to meet
demand $35.0 million in federal funds purchased facilities as well as $38.0
million reverse repurchase agreement facilities through its correspondent bank
relationship. As an additional source of liquidity, the Corporation's banking
subsidiary established a credit facility for $49.2 million through the Federal
Reserve Bank of Chicago Loan and Discount Window.
CAPITAL RESOURCES
During the first quarter of 2000, the Corporation completed its acquisition of a
building in southeastern Milwaukee County. Management plans to use this building
to establish a new branch for its subsidiary bank in order to better serve its
customers in this area. The original building will be demolished and a new one
built in its place. The cost of this construction will be funded internally and
is expected to be approximately $1.2 million and will not be completed until
late 2001.
Although management continually examines ways in which to provide better
customer service or to help in the expansion of the Corporation, there are no
other major projects planned for the current year. However, if opportunity
presents itself management of the Corporation will pursue such opportunities if
they are in the best interests of the Corporation.
RESULTS OF OPERATIONS
The Corporation's net income increased $103,900 (6.0%) in the second quarter of
2000 compared to a decrease of $78,700 (4.3%) in the second quarter of 1999. The
increase in loan income was the primary reason for this increase. This was due
to both portfolio growth in total outstanding and an increase in the yield due
to upward movement of rates.
<PAGE>
Interest income and fees on loans increased $1.2 million (19.4%) during the
second quarter of 2000 compared to a decrease of $157,000 (2.4%) during the
second quarter of 1999. Since loan demand has been good, management has been
able to increase the Corporation's loan portfolio substantially. Although the
market has been brisk, management's credit underwriting process was not
compromised. The standards set by the credit committee have been adhered to and
the quality of the loan portfolio has been maintained. Although the Corporation
wants to increase its profitability, it will do so by maintaining the guidelines
set and not risk quality for quantity in the process.
Interest income on investment securities has decreased $200,900 (10.2%) during
the second quarter of 2000 compared to an increase of $315,800 (19.2%) during
the second quarter of 1999. During 2000 investment securities have matured and
were not replaced. The average yield in the portfolio has decreased since the
securities that have matured carry a higher yield than those purchased most
recently. Management feels that by increasing the loan portfolio first and then
looking at investment securities they can increase profitability without undue
risk and maintain the earnings spread on average yield.
Interest on Federal Funds sold increased $594,700 in the second quarter of 2000
compared to a decrease of $161,000 in the second quarter of 1999. Portions of
proceeds from short-term funding agreements entered into during the first
quarter of this year, have been temporarily placed in Federal Funds sold.
During the second quarter of 2000, interest expense on deposits increased
$160,200 (6.1%) compared to a decrease of $120,500 (4.4%) during the second
quarter of 1999. Interest expense on borrowed funds increased $800,100 in the
second quarter of 2000 compared to an increase of $35,500 in the second quarter
of 1999 primarily due to the short-term funding agreements. Other income during
the second quarter decreased $251,400 (13.7%) compared to an increase of
$141,100 (8.5%) in the second quarter of 1999. The Corporation sold a portion of
<PAGE>
land owned during the second quarter of 1999 and this was the primary reason for
the increase in that quarter.
Other expenses increased $166,400 (3.2%) in the second quarter of 2000 compared
to an increase of $513,600 during the same period in 1999. The Corporation's
conversion of data processing systems and the purchase of new equipment as well
as the construction of a new facility for the banking subsidiary's operations
increased occupancy and equipment expenses in 1999.
A summarized change in income for the quarters appears below:
Three Months Ended June 30, June 30, 2000
2000 1999 Over(Under)
(UNAUDITED) (UNAUDITED) 1999
------ ------ ------
Revenue and Expenses: (000's)
Interest Income $9,903 $8,291 $1,612
Less: Interest Expense 3,622 2,662 960
------ ------ ------
Net Interest Income 6,281 5,629 652
Less: Provision for Loan Loss 75 75 0
Other Operating Expense
Net of Other Operating
Revenues 3,713 3,294 419
------ ------ ------
Income Before Income Taxes 2,493 2,260 233
Tax Provision 652 522 130
------ ------ ------
NET INCOME $1,841 $1,738 $ 103
====== ====== ======
Net income for the Corporation for the six-month period ending June 30, 2000
increased $662,200 (19.8%) compared to a decrease of $76,000 (2.2%) during the
same period in 1999. The sale of the Corporation's investment in the First
National Bank of Eagle River, Eagle River, Wisconsin in the first quarter of
this year is the primary reason for this increase. Net income for the
Corporation however would have increased in the first six months $169,300
(5.07%) without this transaction.
<PAGE>
Interest and fees on loans for the first six months of 2000 increased $2.1
million (17.2%) compared to a decrease of $357,000 (2.8%) in the first six
months of 1999. Loan demand has been good for the first half of 2000 and
management is very optimistic that the demand will continue for the remainder of
the year. Investment securities income decreased $257,400 (6.7%) in the first
half of 2000 compared to an increase of $511,000 (15.4%) during the same period
in 1999. Management has continued during 2000 to increase the loan portfolio
rather than replace securities, which have matured. The yield on loans is 175
basis points higher than the yield, which can be achieved from investment
securities.
Interest expense on deposits increased $238,700 (4.6%) during the first six
months of 2000 compared to a decrease of $106,700 (2.0%) during the same period
in 1999. This increase is split between higher average balances and increased
rates paid on deposits. During the first half of 2000 average interest bearing
deposits were $315.9 million compared to $306.9 million during the first half of
1999, while the average yield on deposits increased from 3.42% in 1999 to 3.51%
in 2000. Short-term borrowings interest expense increased almost $1 million
dollars in the first six months of 2000, primarily due to certain short term
funding agreements entered into late in the first quarter.
Total other income increased $442,200 (12.7%) in the first six months of 2000
compared to an increase of $81,800 (2.5%) in the first six months of 1999. This
was primarily due to the sale of the Corporation's investment in the First
National Bank of Eagle River. The gain from this sale was approximately $490,000
after tax. Other expenses increased $387,500 (3.8%) in the first six months of
2000 compared to an increase of $775,000 (8.3%) during the same period in 1999.
Expenses associated with the conversion of data processing systems late in 1998
was experienced for a full year in 1999. Salary and employee benefits expense
increased $434,000 for the six months ended June 30, 2000 compared to an
increase of $16,600 for the six months ended June 30, 1999. Occupancy expense
increased $105,000 (7.7%) compared to an increase of $119,400 (9.5%) in 2000 and
1999, respectively.
<PAGE>
CAPITAL ADEQUACY
Federal banking regulatory agencies have established capital adequacy rules,
which take into account risk attributable to balance sheet assets and
off-balance-sheet activities. All banks and bank holding companies must meet a
minimum risk-based capital ratio of 8.0% of which 4.0% must be comprised of tier
1 capital.
The federal banking agencies also have adopted leverage capital guidelines which
banking organizations must meet. Under these guidelines, the most highly rated
banking organizations must meet a minimum leverage ratio of at least 3.0% tier 1
capital to total assets, while lower rated banking organizations must maintain a
ratio of at least 4.0% to 5.0%.
The risk-based capital ratio for the Corporation is 17.93% and its leverage
ratio is 11.54%.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Corporation's Annual Report on Form 10-K for the year ended December 31,
1999, contains certain disclosures about market risks affecting the Corporation.
There have been no material changes to the information provided which would
require additional disclosures as of the date of this filing.
<PAGE>
PART II - OTHER INFORMATION
Item 4 Submission of Matters to a Vote of Security Holders
On June 9, 1999, Tri City Bankshares Corporation held its annual shareholders
meeting. The only item held for a vote of shareholders was for the election of
Directors for the ensuing year. The number of shares of common stock represented
by proxy and in person was 2,220,316, which represented approximately 87.9% of
the total outstanding shares entitled to vote for directors. There was no
solicitation in opposition to management's nominees for directors and all such
nominees were elected pursuant to the following vote:
Director's Name: Frank Bauer
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
Director's Name: Sanford Fedderly
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
Director's Name: William Gravitter
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
<PAGE>
Director's Name: Henry Karbiner, Jr.
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
Director's Name: William L. Komisar
For 2,285,649
Against 0
Withheld 748
Abstain 0
Broker Non-Vote 0
Director's Name: Christ Krantz
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
Director's Name: Rudie Lauterbach
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
Director's Name: William McGovern
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
Director's Name: Robert Orth
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
<PAGE>
Director's Name: Ronald K. Puetz
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
Director's Name: John Rupcich
For 2,263,476
Against 0
Withheld 22,921
Abstain 0
Broker Non-Vote 0
Director's Name: David Ulrich, Jr.
For 2,285,868
Against 0
Withheld 529
Abstain 0
Broker Non-Vote 0
Director's Name: William Werry
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
<PAGE>
Director's Name: Scott A. Wilson
For 2,286,181
Against 0
Withheld 216
Abstain 0
Broker Non-Vote 0
Director's Name: Agatha T. Ulrich
For 2,286,256
Against 0
Withheld 141
Abstain 0
Broker Non-Vote 0
No other matters were voted on at the annual meeting.
<PAGE>
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit Number Description
-------------- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K
None
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
TRI CITY BANKSHARES CORPORATION
DATE: August 10, 2000 /s/Henry Karbiner, Jr.
---------------- ----------------------
Henry Karbiner, Jr.
President, Chief Executive Officer,
And Treasurer
DATE: August 10, 2000 /s/Thomas W. Vierthaler
---------------- -----------------------
Thomas W. Vierthaler
Vice President and Comptroller
(Chief Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
-------------- -----------
27 Financial Data Schedule
<PAGE>
