<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, 1995
DERBY SAVINGS BANK THRIFT PLAN
DS BANCOR, INC.
33 Elizabeth Street
Derby, CT 06418
<PAGE>
ITEM 1. CHANGES IN THE PLAN
The Plan revised its adoption agreement in March 1995 to comply
with IRS regulations. The Basic Plan Document prototype was
changed from the Fleet Bank prototype to the Universal Pensions
prototype. An IRS determination letter dated April 1995 was
received to confirm approval of the change.
ITEM 2. CHANGES IN INVESTMENT POLICY None
ITEM 3. CONTRIBUTIONS UNDER THE PLAN
For the years ended December 31, 1995 and 1994, the six-
month period ended December 31, 1993 and the fiscal years ended June 30, 1993
and 1992, the amount of employer contributions under the Plan were $84,510;
$88,266; $44,658; $60,105 and $51,472, respectively.
ITEM 4. PARTICIPATING EMPLOYEES
At December 31, 1995, there were 177 participants in the
Plan.
The number of participants in each investment program at December
31, 1995 was as follows:
Fleet Stable Assets Fund 114
Galaxy Intermediate Bond Fund 68
Galaxy Equity Value Fund 121
Galaxy International Equity Fund 75
INVESCO Industrial Income Fund 25
DS Bancor, Inc. Common Stock Fund 175
-1-
<PAGE>
ITEM 5. ADMINISTRATION OF THE PLAN
The Plan is administered by a designated person of the Board of
Directors of Derby Savings Bank. The Plan's administrator has full
power and authority to administer the plan and delegate the
performance of such fiduciary and non-fiduciary responsibilities. The
current Plan administrator is as follows:
Harry P. DiAdamo Jr. President -
Derby Savings Bank
The Plan's administrator received no compensation for services from
the Plan during the Plan's year ended December 31, 1995.
ITEM 6. CUSTODIANS OF INVESTMENTS
(a) Fleet Financial Services is the Plan's investment manager,
custodian of investments and directed trustee as of December 31,
1995. Fleet Financial Services is located at One Constitution
Plaza, Hartford, Ct 06115, and offers various financial services.
(b) Investment and administrative expenses aggregating $17,703 during
the year ended December 31, 1995, were borne by Derby Savings
Bank.
(c) The Plan is insured by a fidelity bond against losses through
fraud or dishonesty for the maximum amount of $5,000,000 by the
Continental Casualty Co., Chicago, Illinois.
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) Fleet Stable Asset Fund - Funds are invested in
guaranteed investment contracts issued by highly
rated life insurance companies.
2) Galaxy Intermediate Government Income Bond Fund
- Funds are invested in investment grade debt
obligations, rated within the three highest
categories of Standard & Poor's or Moody's and
issued or guaranteed by the U.S. Government, and
money market instruments.
3) Galaxy Equity Value Fund - Funds are invested in a diverse
portfolio of stocks.
4) Galaxy International Equity Fund - Funds are invested in
equity securities of foreign issuers.
5) INVESCO Industrial Income Fund - Funds are invested in
common and preferred stocks and convertible bonds which will
provide a relatively high yield and, secondarily, capital
appreciation.
6) DS Bancor,Inc. common stock
-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 F-3
Plan Benefits as of December 31, 1995
and 1994
Statements of Changes in Net Assets
Available for Plan Benefits for the
Years Ended December 31, 1995 and 1994
and the Six-Month Period Ended
December 31, 1993
Notes to Financial Statements F-5 - F-10
Supplemental Schedules:
Assets Held for Investment at F-11 - F-12
December 31, 1995 and 1994
Reportable Transactions for the F-13 - F-14
Years Ended December 31, 1995
and 1994
Non-Exempt Transactions of Parties- F-15
in-Interest for the Years Ended
December 31, 1995 and 1994
Schedule of the Allocation of Plan F-16 - F-17
Assets and Liabilities to Investment
Programs as of December 31, 1995 and
1994
Schedule of Plan Income and Changes F-18 - F-20
in Equity in Investment Programs for
the Years Ended December 31, 1995 and
1994 and six months ended December 31,
1993
-4-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Trustees (or other persons who administer the plan) have duly caused this annual
report to be signed by the undersigned thereunto duly authorized.
DERBY SAVINGS BANK THRIFT PLAN
By: /s/ Harry P. DiAdamo, Jr.
Harry P. DiAdamo, Jr. Plan Administrator
Dated: June 18, 1996
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN
YEAR ENDED DECEMBER 31, 1995
<PAGE>
DERBY SAVINGS BANK THRIFT 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>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
The Administrator of the
Derby Savings Bank Thrift Plan
Derby, Connecticut
We have audited the accompanying statements of net assets available for plan
benefits of the Derby Savings Bank Thrift Plan as of December 31, 1995 and 1994,
and the related statements of changes in net assets available for plan benefits
for the years ended December 31, 1995 and 1994 and the six-month period ended
December 31, 1993 (Note 5). 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 audits.
We conducted our audits 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 audits provide a reasonable basis for our
opinion.
F-1
<PAGE>
The Administrator of the
Derby Savings Bank Thrift 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 Derby
Savings Bank Thrift Plan as of December 31, 1995 and 1994, and the changes in
its net assets available for plan benefits for the years ended December 31, 1995
and 1994 and the six-month period ended December 31, 1993, in conformity with
generally accepted accounting principles.
Our audits were 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.
/S/ Friedberg, Smith & Co., P.C.
FRIEDBERG, SMITH & CO., P.C.
Bridgeport, Connecticut
June 18, 1996
F-2
<PAGE>
EXHIBIT A
DERBY SAVINGS BANK THRIFT PLAN
STATEMENTS OF
NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1995 AND 1994
(Note 5)
A S S E T S 1995 1994
- ----------- ---------- ----------
INVESTMENTS (NOTES 1, 2, 3 AND 6)
AT FAIR VALUE:
Fleet Stable Asset Fund $1,034,229 $1,190,594
Galaxy Intermediate
Government Income Bond Fund 253,999 238,820
Galaxy Equity Value Fund 654,664 414,214
Galaxy International Equity Fund 292,361 257,576
DS Bancor, Inc. Common Stock Fund 353,634 193,908
INVESCO Industrial Income Fund 90,495 -
---------- ----------
2,679,382 2,295,112
---------- ----------
OTHER (NOTES 1, 2 AND 6)
Participants' Loans Receivable 127,378 72,204
Employer's Contributions Receivable 13,149 11,628
Participants' Contributions Receivable 44,216 34,649
Accrued Income Receivable 9,351 7,619
Short-Term Investment Fund 9,663 -
Cash, Non-Interest Bearing 61 28
---------- ----------
Total Other 203,818 126,128
---------- ----------
TOTAL ASSETS 2,883,200 2,421,240
LIABILITIES - 10,679
---------- ----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS (Note 4) $2,883,200 $2,410,561
---------- ----------
---------- ----------
See notes to financial statements.
F-3
<PAGE>
EXHIBIT B
DERBY SAVINGS BANK THRIFT PLAN
STATEMENTS OF
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1995 AND 1994
AND SIX-MONTH PERIOD ENDED DECEMBER 31, 1993
(Notes 1, 2 and 5)
Six-Month
Year Ended Year Ended Period Ended
December 31, December 31, December 31,
1995 1994 1993
------------ ------------ ------------
ADDITIONS TO NET ASSETS:
NET INVESTMENT INCOME (LOSS):
Net Appreciation
(Depreciation) in Fair
Value of Investments $ 168,441 $ (94,536) $ (3,078)
Interest and Dividends -
Investments 163,349 127,042 52,824
Interest - Loans 8,645 4,997 2,053
Net Realized Gains
(Losses) - Investments 11,042 (6,289) -
------------ ------------ ------------
351,477 31,214 51,799
CONTRIBUTIONS:
Employer (Note 3) 84,510 88,266 44,658
Participants 345,017 371,277 164,695
Rollover 53,680 45,288 -
------------ ------------ ------------
Total Additions 834,684 536,045 261,152
DEDUCTIONS FROM NET ASSETS:
Benefits Paid
to Participants (362,045) (68,085) (5,078)
------------ ------------ ------------
Net Increase (Note 4) 472,639 467,960 256,074
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of Period 2,410,561 1,942,601 1,686,527
------------ ------------ ------------
End of Period $ 2,883,200 $ 2,410,561 $ 1,942,601
------------ ------------ ------------
------------ ------------ ------------
See notes to financial statements.
F-4
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 1 - PLAN DESCRIPTION
The following brief description of the Derby Savings Bank Thrift 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,
1985.
The Plan is a defined contribution plan covering sub- stantially all
full-time employees of Derby Savings Bank and its subsidiaries (Bank)
who have one-half year of eligible service and are age eighteen or
older. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Each year participants may contribute up to 10 percent of pre-tax
annual compensation, as defined in the Plan. The Bank matches
contributions in an amount equal to 50 percent of a participant's
contributions, 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. Effective August 31, 1993
(Note 5) all Bank contributions, both matching and discretionary, are
to be invested in DS Bancor, Inc. (DS Bancor) common stock. The Bank
is a wholly owned subsidiary of DS Bancor.
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 in any Bank matching and discretionary contributions, plus actual
earnings thereon.
F-5
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 1 - PLAN DESCRIPTION (CONTINUED)
Participants may direct their contributions in any of the following
six investment options:
1. Fleet Stable Asset Fund -
Funds are invested in guaranteed investment
contracts issued by highly rated life insurance
companies.
2. Galaxy Intermediate Bond Fund -
Funds are invested in investment grade debt obli-
gations rated within the three highest categories
of Standard & Poor's or Moody's and issued or
guaranteed by the U.S. Government, and money
market instruments.
3. Galaxy Equity Value Fund -
Funds are invested in a diverse portfolio of
stocks.
4. Galaxy International Equity Fund -
Funds are invested in equity securities of
foreign issuers.
5. INVESCO Industrial Income Fund -
Funds are invested in common and preferred stocks
and convertible bonds which will provide a
relatively high yield and, secondarily, capital
appreciation.
6. DS Bancor Common Stock -
Funds are invested in common stock of DS Bancor.
Participants may change their investment options daily effective April
1, 1995. Prior to the Plan's change to daily valuation, participants
could change their investment options on a quarterly basis.
F-6
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 1 - PLAN DESCRIPTION (CONTINUED)
Participants may borrow against their account balances. Loan amounts
can be a minimum of $1,000 to a maximum of the lesser of $50,000 or 50
percent of a participant's account balance. Loan terms range to a
maximum of 10 years if loan funds are used to purchase a participant's
primary residence. Loan funds used for any other purpose have a
maximum term of 5 years. The loans are secured by a participant's
account balance and bear interest at a fixed rate equal to 100 basis
points above Fleet Bank's Prime rate at the time the loan is
originated. Principal and interest are repaid ratably through
biweekly payroll deductions.
Upon termination of service due to death, disability or retirement at
age 65, participants may elect to receive a lump-sum amount equal to
the value of their account balance or installment payments in
accordance with the Plan. For terminations of service due to other
reasons, participants may receive the value of their account balance
as a lump-sum distribution.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) The accompanying financial statements and schedules have been
prepared in conformity with 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, 1995 and 1994 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.
F-7
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(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.
(d) Benefits are recorded when paid.
(e) Cash and Cash Equivalents - The Fleet short-term investment fund
is a money market fund whose units are cash equivalents but are
not insured.
(f) The average cost method is used for determining the cost of
investments sold.
NOTE 3 - INVESTMENTS
In October 1993, the Plan entered into an agreement with Fleet
Investment Services (Fleet) to act as investment manager and as
directed trustee. Pursuant to the agreement, the assets of the Plan
were transferred to Fleet and invested in various investment options
as directed by participants (Notes 1 and 5).
Prior to the agreement, Plan investments were maintained by
Connecticut General Life Insurance Company (CGLIC) and invested in a
guaranteed investment contract with CGLIC (Note 5).
During the years ended December 31, 1995 and 1994, the Plan purchased
common stock of DS Bancor (Note 1) aggregating 5,636 and 9,812 shares
at a cost of $143,012 and $254,552, respectively, and sold 1,206 and
1,097 shares for proceeds aggregating $29,961 and $31,377,
respectively. The cost of the stock sold was $29,775 and $28,331,
respectively. 1,115 shares were acquired through two 5% stock
dividends and 392 shares distributed as a part of employee
terminations during 1995. No purchases or sales occurred during the
six-month period ended December 31, 1993.
During the years ended December 31, 1995 and 1994, and for the six-
month period ended June 30, 1993, investment and administrative
expenses aggregating $17,703, $10,010 and $8,198, respectively, were
borne by Derby Savings Bank.
F-8
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 4 - TAX STATUS
The Plan has received a favorable determination letter 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).
NOTE 5 - PLAN AMENDMENTS
Effective August 31, 1993, the Bank's Board of Directors approved a
plan amendment that authorized the transfer of plan assets from CGLIC
to Fleet and appointed Fleet as investment manager and directed
trustee. The amendment authorized participants to invest their
account balances in various investment options, including DS Bancor
common stock, and also provided that, henceforth, Bank matching and
discretionary contributions would be invested solely in shares of DS
Bancor common stock.
Contemporaneously with the transfer of the Plan's assets to Fleet, the
Plan's fiscal year-end was changed from June 30 to December 31. As a
result, the accompanying Statements of Changes in Net Assets Available
for Plan Benefits reflects activity during the years ended December
31, 1995 and 1994 and the six-month short period ended December 31,
1993 necessary to affect the change in plan year-end.
The Plan revised its Adoption Agreement in March 1995 to comply with
IRS regulations. The Basic Plan Document prototype was changed from
the Fleet Bank prototype to the Universal Pensions prototype. An IRS
determination letter dated April 1995 was received to confirm approval
of the change.
F-9
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 6 - DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
The following methods and assumptions were used to estimate the fair
value of each class of financial instruments for which it is
practicable to estimate that value:
CASH AND CASH EQUIVALENTS
The carrying amount of the short-term investment fund is equivalent to
its fair value.
INVESTMENTS
The fair values of investments are based on quoted market prices.
PARTICIPANTS' LOANS RECEIVABLE
The carrying amount of the participant loans is estimated to
approximate their fair value as the loans provide for offset of the
loan principal balance against the fair value of participant's
investment if a participant is terminated. The loan terms include
fixed interest equivalent to the prime rate plus 1% at the time of
origination and maximum maturities of 5 to 10 years.
ACCRUED INCOME RECEIVABLE
The carrying amount approximates fair value.
CONTRIBUTIONS RECEIVABLE
The carrying amount approximates fair value.
NOTE 7 - RECLASSIFICATION
Certain 1994 and 1993 balances have been reclassified to conform to
the 1995 presentation.
F-10
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 1
Page 1 of 2
SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1995
Investments, including investments that are 5% or more of the Plan's net assets,
are as follows at December 31, 1995:
Units/ Fair
Shares Value Cost
------ ----- ----
Fleet Stable Asset Fund 103,422.88 $1,034,229 $1,034,229
Galaxy Intermediate Government
Income Bond Fund 24,352.74 253,999 252,404
Galaxy Equity Value Fund 47,370.76 654,664 625,358
Galaxy International Equity Fund 22,048.36 292,361 281,131
DS Bancor, Inc. Common Stock Fund 13,868.00 353,634 329,816
INVESCO Industrial Income Fund 7,114.35 90,495 85,616
--------- ---------
Total $2,679,382 $2,608,554
--------- ---------
--------- ---------
F-11
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 1
Page 2 of 2
SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1994
Investments, including investments that are 5% or more of the Plan's net assets,
are as follows at December 31, 1994:
Units/ Fair
Shares Value Cost
------ ----- ----
Fleet Stable Asset Fund 119,059.40 $1,190,594 $1,190,594
Galaxy Intermediate
Government Income Bond Fund 24,928.94 238,820 260,412
Galaxy Equity Value Fund 34,895.88 414,214 447,353
Galaxy International Equity Fund 21,009.38 257,576 268,145
DS Bancor, Inc. Common Stock Fund 8,715.00 193,908 226,221
--------- ---------
Total $2,295,112 $2,392,725
--------- ---------
--------- ---------
F-12
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 2
Page 1 of 2
SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1995
Carrying
Basis at
Sale/Purchase Transaction
Price Date Gain/(Loss)
------------ ----------- ---------
Purchase - Fleet Short-Term
Investment Fund
292,168 Units $ 292,168 $ 292,168 $ -
Sale - Fleet Short-Term
Investment Fund
282,507 Units 282,507 282,507 -
Purchase - Fleet Stable
Asset Fund
22,403.7562 Units 224,038 224,038 -
Sale - Fleet Stable
Asset Fund
38,040.2786 Units 380,403 380,403 -
Purchases - Galaxy
Equity Value Fund
20,622.315 Units 283,233 283,233 -
Purchases - DS Bancor, Inc.
Common Stock Fund
5,636 Shares 143,012 143,012 -
F-13
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 2
Page 2 of 2
SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
Carrying
Basis at
Sale/Purchase Transaction
Price Date Gain/(Loss)
------------- ----------- ----------
Purchase - Fleet Short-Term
Investment Fund -
821,168 Units $ 821,168 $ 821,168 $ -
Sale - Fleet Short-Term
Investment Fund -
1,784,861 Units 1,784,861 1,784,861 -
Purchase - Fleet Stable
Asset Fund -
132,769.55 Units 1,327,695 1,327,695 -
Sale - Fleet Stable
Asset Fund -
18,691.28 Units 186,913 186,913 -
Sale - Galaxy Intermediate
Government Income Bond Fund -
9,898.11 Units 97,309 103,228 (6,618)
Purchase - Galaxy Equity
Value Fund -
12,680.55 Units 160,741 160,741 -
Sale - Galaxy Equity
Value Fund -
54,018.55 Units 127,662 130,228 (2,566)
Purchase - Galaxy
International Equity Fund -
11,366.43 Units 145,966 145,966 -
Purchase - DS Bancor, Inc.
Common Stock Fund -
9,812 Shares 254,552 254,552 -
F-14
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 3
SCHEDULE OF NON-EXEMPT TRANSACTIONS
OF PARTIES-IN-INTEREST
YEARS ENDED DECEMBER 31, 1995 AND 1994
1 9 9 5
NONE
1 9 9 4
NONE
F-15
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 4
Page 1 of 2
SCHEDULE OF THE ALLOCATION OF PLAN
ASSETS AND LIABILITIES TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Galaxy
Fleet Intermediate Galaxy INVESCO
Stable Government Equity Galaxy Industrial DS Bancor,
Asset Income Value International Income Inc. Common Participant
ASSETS Fund Bond Fund Fund Equity Fund Fund Stock Fund Loans Total
- ------- ---- ---------- ---- ------------ ---------- ----------- ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments $1,034,229 $253,999 $654,664 $292,361 $90,495 $353,634 $ - $2,679,382
Participants'
Loans Receivable - - - - - - 127,378 127,378
Employer's
Contributions
Receivable - - - - - 13,149 - 13,149
Participants'
Contributions
Receivable 12,945 4,419 15,304 6,495 2,865 2,188 - 44,216
Accrued Income
Receivable 5,594 1,331 - - 2,426 - - 9,351
Short-Term
Investment Fund - - - - - 9,663 - 9,663
Cash, Non-Interest
Bearing - - - - 2 59 - 61
------------------------------------------------------------------------------------------------------
Total Assets 1,052,768 259,749 669,968 298,856 95,788 378,693 127,378 2,883,200
------------------------------------------------------------------------------------------------------
Net Assets Available
for Plan Benefits $1,052,768 $259,749 $669,968 $298,856 $95,788 $378,693 $127,378 $2,883,200
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
</TABLE>
F-16
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 4
Page 2 of 2
SCHEDULE OF THE ALLOCATION OF PLAN
ASSETS AND LIABILITIES TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Galaxy
Fleet Intermediate Galaxy
Stable Government Equity Galaxy DS Bancor,
Asset Income Value International Inc. Common Participant
ASSETS Fund Bond Fund Fund Equity Fund Stock Fund Loans Total
- ------- ---- ---------- ---- ------------ ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments $1,190,594 $238,820 $414,214 $257,576 $193,908 $ - $2,295,112
Participants'
Loans Receivable - - - - - 72,204 72,204
Employer's Contributions
Receivable - - - - 11,628 - 11,628
Participants' Contributions
Receivable 11,595 3,655 11,002 7,638 759 - 34,649
Accrued Income Receivable 6,316 1,303 - - - - 7,619
Cash, Non-Interest Bearing 8 5 10 5 - - 28
---------------------------------------------------------------------------------------
Total Assets 1,208,513 243,783 425,226 265,219 206,295 72,204 2,421,240
Liabilities - - - - 10,679 - 10,679
---------------------------------------------------------------------------------------
Net Assets Available
for Plan Benefits $1,208,513 $243,783 $425,226 $265,219 $195,616 $72,204 $2,410,561
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
</TABLE>
F-17
<PAGE>
<TABLE>
<CAPTION>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 5
Page 1 of 3
SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY
IN INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1995
Galaxy
Fleet Intermediate Galaxy INVESCO
Stable Government Equity Galaxy Industrial DS Bancor,
Asset Income Value International Income Inc. Common Participant
Fund Bond Fund Fund Equity Fund Fund Stock Fund Loans Total
---- ---------- ---- ------------ ---------- ----------- ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME (LOSS)
Net Appreciation
(Depreciation) in
Fair Value of
Investments $ - $ 23,188 $ 62,445 $ 21,800 $ 4,878 $ 56,130 $ - $ 168,441
Interest and
Dividends -
Investments 72,669 16,301 61,203 9,355 3,227 594 - 163,349
Interest - Loans - - - - - - 8,645 8,645
Net Realized
Gains (Losses) -
Investments - (1,943) 9,381 2,973 445 186 - 11,042
-----------------------------------------------------------------------------------------------------
Net Investment
Income (Loss) 72,669 37,546 133,029 34,128 8,550 56,910 8,645 351,477
CONTRIBUTIONS
Employer - - - - - 84,510 - 84,510
Participants 125,224 33,725 103,243 57,482 11,684 13,659 - 345,017
Rollover 53,680 - - - - - - 53,680
Fund Transfers (236,872) (10,291) 103,711 (21,705) 75,554 40,038 49,565 -
Withdrawals and
Terminations (170,446) (45,014) (95,241) (36,268) - (12,040) (3,036) (362,045)
------------------------------------------------------------------------------------------------------
Increase (Decrease) in
Net Assets Available
for Plan Benefits (155,745) 15,966 244,742 33,637 95,788 183,077 55,174 472,639
NET ASSETS AVAILABLE
FOR PLAN BENEFITS:
Beginning of Period 1,208,513 243,783 425,226 265,219 - 195,616 72,204 2,410,561
-----------------------------------------------------------------------------------------------------
End of Period $1,052,768 $259,749 $669,968 $298,856 $95,788 $378,693 $127,378 $2,883,200
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
</TABLE>
F-18
<PAGE>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 5
Page 2 of 3
SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY
IN INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Galaxy
Fleet Intermediate Galaxy
Stable Government Equity Galaxy DS Bancor,
Asset Income Value International Inc. Common Participant
Fund Bond Fund Fund Equity Fund Stock Fund Loans Total
--------- ----------- -------- ------------ ----------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME (LOSS)
Net Appreciation (Depreciation)
in Fair Value of Investments $ - $(20,567) $(31,005) $(10,652) $(32,312) $ - $(94,536)
Interest and Dividends -
Investments 63,777 15,660 43,340 4,143 122 - 127,042
Interest - Loans - - - - - 4,997 4,997
Net Realized Gains (Losses) -
Investments - (6,619) (2,566) (151) 3,047 - (6,289)
---------------------------------------------------------------------------------------
Net Investment Income (Loss) 63,777 (11,526) 9,769 (6,660) (29,143) 4,997 31,214
Contributions
Employer - - - - 88,266 - 88,266
Participants 115,974 53,071 119,821 61,497 20,914 - 371,277
Rollover 12,379 - 14,205 18,704 - - 45,288
Fund Transfers 44,458 (75,144) (144,622) 61,147 107,861 6,300 -
Withdrawals and Terminations (43,467) (1,199) (2,355) (3,845) (16,017) (1,202) (68,085)
---------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
Available for Plan Benefits 193,121 (34,798) (3,182) 130,843 171,881 10,095 467,960
Net Assets Available
FOR PLAN BENEFITS:
Beginning of Period 1,015,392 278,581 428,408 134,376 23,735 62,109 1,942,601
---------------------------------------------------------------------------------------
End of Period $1,208,513 $243,783 $425,226 $265,219 $195,616 $72,204 $2,410,561
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
</TABLE>
F-19
<PAGE>
<TABLE>
<CAPTION>
DERBY SAVINGS BANK THRIFT PLAN SCHEDULE 5
Page 3 of 3
SCHEDULE OF PLAN INCOME AND CHANGES IN EQUITY
IN INVESTMENT PROGRAMS
SIX-MONTH PERIOD ENDED DECEMBER 31, 1993
Galaxy
CGLIC Fleet Intermediate Galaxy
Guaranteed Stable Government Equity Galaxy DS Bancor,
Investment Asset Income Value International Inc. Common Participant
Contract Fund Bond Fund Fund Equity Fund Stock Fund Loans Total
--------- ----- ----------- ----- ------------- ----------- -------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME (LOSS)
Net Appreciation (Depreciation)
in Fair Value of Investments $ - $ - $ (1,025) $ (2,135) $ 82 $ - $ - $ (3,078)
Interest and Dividends -
Investments 47,994 3,129 133 1,417 104 47 - 52,824
Interest - Loans - - - - - - 2,053 2,053
----------------------------------------------------------------------------------------------
Net Investment Income (Loss) 47,994 3,129 (892) (718) 186 47 2,053 51,799
CONTRIBUTIONS
Employer 15,674 5,479 - - - 23,505 - 44,658
Participants 62,281 78,999 6,370 12,285 4,686 74 - 164,695
Fund Transfers (1,781,694) 932,863 273,103 416,841 129,504 109 29,274 -
Withdrawals and Terminations - (5,078) - - - - - (5,078)
----------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
Available for Plan Benefits (1,655,745) 1,015,392 278,581 428,408 134,376 23,735 31,327 256,074
NET ASSETS AVAILABLE
FOR PLAN BENEFITS
Beginning of Period 1,655,745 - - - - - 30,782 1,686,527
----------------------------------------------------------------------------------------------
End of Period $ - $1,015,392 $278,581 $428,408 $134,376 $23,735 $62,109 $1,942,601
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
</TABLE>
F-20
