SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report July 28, 1997
AMBANC HOLDING CO., INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-27036 14-1783770
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
11 Division Street, Amsterdam, New York 12010-4303
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 842-7200
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On July 22, 1997, the Registrant issued the press release attached hereto
as Exhibit 99.1 announcing its earnings for the Second quarter ended June 30,
1997.
On July 25, 1997, the Registrant issued the press release attached hereto
as Exhibit 99.2 announcing the first regular quarterly cash dividend to be paid
out.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
The Exhibits referred to in Item 5 of this Report and listed on the
accompanying Exhibit Index are filed as part of this Report and are incorporated
herein by reference.
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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.
AMBANC HOLDING CO., INC.
Date: November 4, 1996 By: /s/Robert J. Brittain
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Robert J. Brittain
President & Chief Executive Officer
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Exhibit
Number Description
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99.1 Press release dated July 22, 1997
99.2 Press release dated July 25, 1997
FOR IMMEDIATE RELEASE
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Contacts:
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Robert J. Brittain, President and CEO
Tel: (518) 842-7200
Fax: (518) 842-7500
Harold A. Baylor, Jr., Vice President, CFO and Treasurer
Tel: (518) 842-7200
Fax: (518) 842-1688
Ambanc Holding Co., Inc. Announces Earnings for the Quarter and the Six-months
Ended June 30, 1997
Amsterdam, N.Y., July 22, 1997 - Ambanc Holding Co., Inc. (NASDAQ - AHCI) today
announced that net income increased 12.2% in this year's second quarter, to
$572,000, or $0.14 a share, from $510,000, or $0.10 a share, in the second
quarter of 1996. Robert J. Brittain, President and C.E.O., attributed the
improvement in second quarter 1997 earnings to an increase in net interest
income, a decrease in the provision for loan losses, and to an increase in net
gains on sales of securities, partially offset by increases in non-interest
expenses.
For the six months ended June 30, 1997, net income was $1.2 million, or $0.30 a
share, compared to $196,000, or $0.04 a share in 1996. Mr. Brittain stated that
the improvement in net income for the six-months ended June 30, 1997, resulted
primarily from a decrease of $1.4 million in the provision for loan losses. In
the first six months of 1996, the Company incurred a charge to provision for
loan losses of $1.5 million related to a lending relationship with a lease
finance company that filed for Chapter 11 bankruptcy protection on March 29,
1996. Also contributing to the earnings improvement were increases in net
interest income, non-interest income and an increase in gains on security sales,
partially offset by an increase in non-interest expenses, which were related
mainly to the Company's ESOP and other employee stock compensation plans.
Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The
Company's primary subsidiary, Amsterdam Savings Bank, F.S.B., operates twelve
banking offices in Montgomery (4), Saratoga (4), Fulton (1), Schenectady (1),
and Albany (2) counties in the Capital Region of upstate New York.
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Ambanc Holding Co., Inc.
Selected Consolidated Financial Information
(unaudited)
June 30, Dec. 31,
1997 1996
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(In Thousands)
Selected Consolidated Financial Condition Data:
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Total assets ................................... $484,979 $472,421
Securities available for sale, at fair value ... 184,020 200,539
Loans receivable, net of unamortized fees ...... 271,547 251,532
Allowance for loan losses....................... 3,798 3,438
Deposits ....................................... 326,139 298,082
Total borrowings ............................... 87,830 108,780
Total equity ................................... 62,754 61,518
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
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(In Thousands)
Selected Consolidated Operations Data:
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Total interest income .............. $8,773 $7,562 $17,448 $14,477
Total interest expense ............. 4,765 3,681 9,420 6,943
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Net interest income ................ 4,008 3,881 8,028 7,534
Provision for loan losses .......... 275 433 638 2,061
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Net interest income after
provision for loan losses ........ 3,733 3,448 7,390 5,473
Fees and service charges ........... 195 173 376 349
Net gain (loss) on sales of
AFS securities ................... 178 0 177 (98)
Other non-interest income .......... 96 59 150 113
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Total non-interest income .......... 469 232 703 364
Total non-interest expense ......... 3,313 2,878 6,128 5,570
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Income before taxes ............... 889 802 1,965 267
Income tax provision ............... 317 29 741 71
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Net income ......................... $572 $510 $1,224 $196
======== ======== ======== ========
Net income per common share
outstanding ...................... $0.14 $0.10 $0.30 $0.04
Weighted average number of shares
issued and outstanding ........... 4,024,536 5,002,525 4,017,979 4,995,722
========= ========= ========= =========
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For the Three Months For the Six Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
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(unaudited)
Performance Ratios:
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Return on average assets .............. 0.47 0.47 0.51 0.09
Return on average equity .............. 3.72 2.74 4.00 0.52
Interest rate spread .................. 2.60 2.90 2.67 2.89
Net interest margin ................... 3.43 3.83 3.48 3.87
Efficiency ratio ...................... 73.97 66.18 68.80 66.12
Ratio of average interest-earning
assets to average interest-bearing
liabilities ......................... 120.31 125.50 119.75 127.43
June 30, Dec. 31,
1997 1996
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Asset Quality Ratios:
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Non-performing assets to total assets
at end of period .................... 0.63 1.18
Non-performing loans to total loans ... 1.02 1.94
Allowance for loan losses to
non-performing loans ................ 137.01 70.47
Allowance for loan losses to loans
receivable .......................... 1.40 1.37
Capital Ratios:
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Equity to total assets at end of period 12.94 13.02
Average equity to average assets ...... 12.84 15.95
Book value per share:
Equity net of after-tax effect from
unrealized (losses) on securities
available for sale .................. $14.29 $14.01
Equity before after-tax effect from
unrealized (losses) on securities
available for sale .................. $14.38 $14.02
Other Data:
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Number of full-service offices ........ 12 9
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FOR IMMEDIATE RELEASE
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Contacts:
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Robert J. Brittain, President and CEO
Tel:(518) 842-7200
Fax:(518) 842-7500
Harold A. Baylor, Jr., Vice President, CFO and Treasurer
Tel:(518) 842-7200
Fax:(518) 842-1688
Ambanc Holding Co., Inc. Announces Regular Quarterly Cash Dividend
Amsterdam, N.Y., July 25, 1997 - Ambanc Holding Co., Inc. (NASDAQ - AHCI) today
announced its first, regular quarterly cash dividend of 5 cents a share. The
dividend will be paid on August 31, 1997, to stockholders of record as of August
15, 1997. The company recently announced an earnings increase of 12.2% for the
second quarter of 1997 to $572,000, or $0.14 a share, from $510,000, or $0.10 a
share, in 1996. The company also recently announced a stock buy-back of up to
216,890 shares in the open market from time to time at prevailing market prices.
The repurchased shares will be used to fund the company's Recognition and
Retention Plan (RRP).
Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The
company's primary subsidiary, Amsterdam Savings Bank, F.S.B., operates twelve
(12) full-service banking offices in Montgomery (4), Saratoga (4), Fulton (1),
Schenectady (1), and Albany (2) Counties in the Capital Region of upstate New
York.
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