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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 12, 1999
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AMERICAN BANCSHARES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Florida 0-27474 65-0624640
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
Incorporation) Identification Number)
4502 Cortez Road West, Bradenton, Florida 34210-2801
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (941) 795-3050
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ITEM 5. OTHER EVENTS.
On March 12, 1999, American Bancshares, Inc., a Florida corporation
(the "Company"), issued a press release announcing that it will increase by
$400,000 the allowance for loan losses of its wholly owned banking subsidiary,
American Bank (the "Bank"). This additional allowance for loan losses (i)
reflects the twenty-two percent (22%) compound annual growth of the Bank's loan
portfolio over the past five years and recent loan loss history, and (ii) has
been charged against the Company's 1998 fiscal year end financial results. A
copy of the press release is attached hereto as exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not Applicable
(b) Not Applicable
(c) Exhibits required by Item 601 of Regulation S-K
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EXHIBIT NO. DESCRIPTION
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99.1 Press Release, issued March 12, 1999, regarding the increase
in allowance for loan losses of American Bank.
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[Rest of Page Intentionally Blank. Signatures on following Page.]
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SIGNATURE
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 hereunto duly authorized.
AMERICAN BANCSHARES, INC.
Date: March 16, 1999 By: /s/ Brian M. Watterson
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Brian M. Watterson
Executive Vice President and
Chief Operating Officer
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EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION
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99.1 Press Release, issued March 12, 1999, regarding increase in
allowance for loan losses for American Bank.
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EXHIBIT 99.1
AMERICAN BANCSHARES, INC.
4502 Cortez Road West
Bradenton, Florida 34210
Phone: (941) 795-3050
Fax: (941) 794-6427
FOR IMMEDIATE RELEASE SYMBOL: ABAN
Friday, March 12, 1999 TRADED: Nasdaq
AMERICAN BANCSHARES ELECTS TO ADD TO RESERVES
BRADENTON, Fla., March 12--American Bancshares, Inc. today reported
that it has added $400,000 to the allowance for loan losses of its American Bank
subsidiary and charged the additional allowance against 1998 results. The
company said this additional allowance reflects the 22 percent compound annual
growth in its loan portfolio over the past five years and recent loan-loss
history.
For the year ended December 31, 1998, earnings before this addition,
one-time legal costs and charges related to the Murdock acquisition were
$2,733,000, equal to 54 cents per diluted share. Net income amounted to
$1,627,000 or 32 cents per diluted share after absorbing the allowance for loan
losses, one-time charges and the costs of the Murdock acquisition. For the prior
year, the company earned $1,920,000 or 38 cents per share. Revenue reached
$36,430,000, up 26.6 percent from 1997 revenue of $28,787,000.
As of December 31, 1998, American Bancshares' total assets were $455
million, up 28.6 percent from December 31, 1997. Total deposits increased 13.9
percent to $345 million and total loans increased 33.1 percent to $337 million.
Shareholders' equity was $27.4 million versus $26.1 million a year earlier.
American Bancshares is a one-bank holding company headquartered in
Bradenton, Florida. Its wholly-owned subsidiary, American Bank, with nine branch
offices is a leading and one of the largest independent community banks on the
west coast of Florida.
Except for historical information contained herein, this news release
contains forward-looking statements that are subject to risks, uncertainties and
other factors detailed in the company's SEC reports, including the report on
Form 10-K for the year ended December 31, 1997.
. . . more
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Page 2 AMERICAN BANCSHARES ELECTS TO ADD TO RESERVES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands except per-share amounts)
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THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
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Total interest income................. $8,318 $6,782 $31,185 $24,631
Total interest expense................ $4,386 $3,588 $16,172 $12,917
Net interest income................... $3,982 $3,194 $15,013 $11,714
Provision for loan losses............. $ 750 $ 235 $ 1,180 $ 921
Net income before income taxes........ $ 608 $ 695 $ 2,504 $ 3,037
Provision for income taxes............ $ 213 $ 215 $ 877 $ 1,117
Net income............................ $ 395 $ 480 $ 1,627 $ 1,920
Earnings per share:
Basic............................ $ .08 $ .10 $ .33 $ .38
Diluted.......................... $ .08 $ .10 $ .32 $ .38
Average number of shares outstanding:
Basic............................ 4,994,984 4,994,484 4,994,765 4,988,318
Diluted.......................... 5,011,114 5,021,041 5,019,291 5,019,484
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AS OF AS OF
12/31/98 12/31/97
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Total assets........................... $455,164 $353,901
Total deposits......................... $344,845 $302,746
Total loans............................ $336,966 $252,993
Shareholders' equity................... $ 27,427 $ 26,079
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FOR FURTHER INFO: Gerald L. Anthony, President and CEO, or
Brian M. Watterson, Exec. Vice President and CFO
American Bancshares, Inc.
941/761-2128
-or-
Investor Relations Consultants, Inc.
727/781-5577
E-mail:[email protected]
