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Previous: GROWTH TRUST, 40-17F2, 1998-10-23 |
Next: DATAWORKS CORP, 8-K, 1998-10-23 |
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 October 23, 1998
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)
<PAGE>
Item 5. Other Events
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On October 23, 1998, the Registrant issued the press release attached
hereto as Exhibit 99 announcing its earnings for the three and nine-months ended
September 30, 1998.
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.
<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.
AMBANC HOLDING CO., INC.
Date: October 23, 1998 By:
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Lauren T. Barnett
President & Chief Executive Officer
<PAGE>
Exhibit
Number Description
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99 Press release dated October 23, 1998
FOR IMMEDIATE RELEASE
Contacts:
Lauren T. Barnett, President and CEO
Tel: (518) 842-7200 Fax: (518) 842-7500
Harold A. Baylor, Jr., Vice Pres., CFO & Treasurer
Tel: (518) 842-7200 Fax: (518) 842-1688
Ambanc Holding Co., Inc. Announces Earnings for the
Three and Nine-Months Ended September 30, 1998
Amsterdam, N.Y., October 23, 1998 -- Lauren T. Barnett, President and CEO
of Ambanc Holding Co., Inc. (NASDAQ National Market under the symbol "AHCI")
announced that the Company's net income for the three and nine-months ended
September 30, 1998, as compared to the corresponding periods in 1997, declined
due to certain nonrecurring charges against earnings.
Mr. Barnett stated that the Company's net income after excluding
nonrecurring items had increased for the quarter ended September 30, 1998 to
approximately $637,000 from approximately $533,000 in 1997 with net interest
income increasing by $204,000, or 5.26%, to $4.1 million. Mr. Barnett also
stated that net income after excluding nonrecurring items for the nine-months
ended September 30, 1998 declined to approximately $1.6 million from
approximately $1.7 million in the corresponding 1997 period. Net interest income
for the nine-months ended September 30, 1998 experienced a slight decline,
decreasing by $114,000, or 0.96%, to $11.8 million.
Net income for the three and nine-months ended September 30, 1998 was
$478,000, or $0.13 per diluted share, and $1.0 million, or $0.27 per diluted
share, respectively. For the corresponding periods in 1997, respectively, the
Company had net income of $736,000, or $0.19 per diluted share, and $2.0
million, or $0.49 per diluted share.
Mr. Barnett attributed the earnings declines for the three and nine-months
ended September 30, 1998, as compared to 1997, primarily to the nonrecurring
items. During the quarter ended September 30, 1998, the Company recorded net
losses on security transactions of $60,000 compared to net gains on security
transactions of $328,000 in 1997. Also contributing to the decline in earnings
in the third quarter of 1998, as compared to 1997, were charges against
operating results of $132,000 that were incurred by the Company to defend
against and settle legal actions initiated by a shareholder and a one-time
charge of $67,000 to substantially modify repurchase agreements with its
counterparty. During the nine-months ended September 30, 1998, the Company
incurred net losses on security transactions of $165,000 compared to net gains
of $505,000 in the corresponding period of 1997. Also contributing to the
decline in earnings for the nine-month period in 1998, as compared to the same
period in 1997, were charges of $291,000 related to the shareholder legal action
and settlement, $399,000 related to the termination and consulting agreements
entered into with the former President and CEO, and the $67,000 modification
charge on repurchase agreements.
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<PAGE>
Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The
Company's primary subsidiary, Amsterdam Savings Bank, FSB, operates twelve (12)
banking offices in Montgomery (4), Saratoga (4), Albany (2), Schenectady (1),
and Fulton (1) counties in the Capital Region of upstate New York.
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