U. S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30,_1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from __________ to __________
Commission file number 0-10241
AMERICAN_BANCSHARES_OF_HOUMA,_INC.
(Exact name of registrant as specified in its charter)
LOUISIANA 72-0695017
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
801_Barrow_Street,_Houma,_Louisiana 70360
(Address of principal executive offices)
Issuer's telephone number: (504)_872-1434
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 of common stock, $3.00 par value,
outstanding as of September 30, 1995, was 229,564.
Transitional Small Business Disclosure Format (check one): Yes ___.
No _X_.
TABLE OF CONTENTS
PART I--FINANCIAL INFORMATION
Item 1. Financial Statements.
Consolidated Statements of Condition -
September 30, 1995 and December 31, 1994............................
Consolidated Statements of Income -
Periods Ended September 30, 1995 and 1994...........................
Consolidated Statements of Changes in Stockholders' Equity -
Periods Ended September 30, 1995 and 1994...........................
Consolidated Statements of Cash Flows -
Periods Ended September 30, 1995 and 1994...........................
Notes to Consolidated Financial Statements............................
Item 2. Management's Discussion and Analysis...........................
PART II--OTHER INFORMATION
Item 1. Legal Proceedings..............................................
Item 6. Exhibits and Reports on Form 8-K...............................
SIGNATURES................................................................
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Condition
September 30, 1995 and December 31, 1994
Thousands of Dollars
Unaudited
<CAPTION>
Sept 30, Dec. 31,
__1995__ __1994__
<S> <C> <C>
ASSETS
Cash and due from banks.......................................... $ 5,111 $ 4,667
Federal funds sold............................................... ____700 __5,700
Total cash and cash equivalents....................... 5,811 10,367
Investment securities:
Available-for-sale securities at fair value (amortized cost
of $18,718 and $9,885 in 1995 and 1994, respectively)........ 18,825 9,608
Held-to-maturity securities at amortized cost (fair value of
$7,381 and $8,042 in 1995 and 1994, respectively)............ __7,354 __8,380
Total investment securities........................... 26,179 17,988
Loans............................................................ 51,257 51,652
Less: Unearned income......................................... (157) (161)
Allowance for loan losses............................... _(1,079) _(1,133)
Loans, net............................................ 50,021 50,358
Premises and equipment........................................... 2,065 1,970
Real estate acquired by foreclosure.............................. 313 335
Other assets..................................................... __1,261 __1,329
Total assets........................................ $ 85,650 $ 82,347
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits (Note 2):
Noninterest-bearing............................................ $ 15,965 $ 16,372
Interest-bearing............................................... _60,023 _57,889
Total deposits........................................ 75,988 74,261
Federal funds purchased and securities sold under
repurchase agreements.......................................... 310 168
Other liabilities................................................ ____897 ____394
Total liabilities..................................... _77,195 _74,823
Stockholders' equity:
Common stock ($3.00 par value; 1,000,000 shares
authorized; 258,737 shares issued)........................... 776 776
Paid-in capital................................................ 4,263 4,263
Retained earnings.............................................. 4,279 3,602
Net unrealized gains (losses) on available-for-sale securities. 71 (183)
Treasury stock (Cost of 29,173 shares)......................... ___(934) __(934)
Total stockholders' equity............................ __8,455 __7,524
Total liabilities and stockholders' equity.......... $ 85,650 $ 82,347
======= =======
See notes to consolidated financial statements.
</TABLE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Income
Periods Ended September 30, 1995 and 1994
Thousands of Dollars Except for Per Share Data
Unaudited
<CAPTION>
Three_Months_Ended Nine_Months_Ended_
Sept 30, Sept 30, Sept 30, Sept 30,
__1995__ __1994__ __1995__ __1994__
Interest income:
<S> <C> <C> <C> <C>
Interest and fees on loans.............. $ 1,137 $ 1,075 $ 3,365 $ 2,839
Taxable securities income............... 353 297 1,002 1,052
Nontaxable securities income............ 27 17 60 30
Interest on federal funds sold.......... _____41 _____16 ____121 _____64
Total interest income............... __1,558 __1,405 __4,548 __3,985
Interest expense:
Interest on deposits (Note 2)........... 622 441 1,793 1,229
Interest on federal funds purchased and
securities sold under repurchase
agreements............................ ______7 ______6 _____12 ______9
Total interest expense.............. ____629 ____447 __1,805 __1,238
Net interest income..................... 928 958 2,743 2,747
Provisions for loan losses.............. ____--- ____--- ____--- ______5
Net interest income after provisions
for loan losses....................... 928 958 2,743 2,742
Noninterest income, excluding investment
securities gains and losses (Note 3).. 354 291 966 965
Investment securities gains (losses).... --- 33 (1) 33
Noninterest expense (Note 4)............ ____811 ____842 __2,586 __2,535
Earnings before income taxes............ 471 440 1,122 1,205
Provision for income taxes.............. ____156 ____148 ____353 ____395
Net earnings............................ $ 315 $ 292 $ 769 $ 810
======= ======= ======= =======
PER SHARE DATA:
Net earnings............................ $ 1.37 $ 1.27 $ 3.35 $ 3.53
======= ======= ======= =======
Average common shares outstanding....... 229,564 229,564 229,564 229,564
======= ======= ======= =======
See notes to consolidated financial statements.
</TABLE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Changes in Stockholders' Equity
Nine Months Ended September 30, 1995 and 1994
Thousands of Dollars
Unaudited
<CAPTION>
Net unreal-
ized Gains
(Losses) on
Available-
Common Paid-in Retained Treasury for-Sale
Stock_ Capital Earnings _Stock__ Securities_ Total
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1993.. $ 776 4,263 2,818 (934) 292 7,215
Net earnings.................. --- --- 810 --- --- 810
Dividends ($0.25 per share)... (57) (57)
Change in net unrealized gains
or losses on available-for-
sale securities............. __--- __--- __--- __--- _(384) _(384)
Balance at Sept 30, 1994...... $ 776 4,263 3,571 (934) (92) 7,584
===== ===== ===== ===== ===== =====
Balance at December 31, 1994.. $ 776 4,263 3,602 (934) (183) 7,524
Net earnings.................. --- --- 769 --- --- 769
Dividends ($0.40 per share)... (92) (92)
Change in net unrealized gains
or losses on available-for-
sale securities............. __--- __--- __--- __--- __254 __254
Balance at Sept 30, 1995...... $ 776 4,263 4,279 (934) 71 8,455
===== ===== ===== ===== ===== =====
See notes to consolidated financial statements.
</TABLE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 1995 and 1994
Thousands of Dollars
Unaudited
<CAPTION>
Nine_Months_Ended_
Sept 30, Sept 30,
__1995__ __1994__
<S> <C> <C>
Cash flows from operating activities:
Interest received....................................... $ 4,535 $ 3,908
Fees and commissions received........................... 1,037 1,078
Interest paid........................................... (1,636) (1,174)
Other expenses paid..................................... (2,399) (2,404)
Income taxes paid....................................... __(299) ___(72)
Net cash provided by operating activities............. _1,238 _1,336
Cash flows from investing activities:
Proceeds from sales of available-for-sale securities.... 999 4,337
Proceeds from paydowns and maturities
of available-for-sale securities...................... 1,623 3,886
Purchases of available-for-sale securities.............. (11,505) (1,530)
Proceeds from paydowns and maturities
of held-to-maturity securities........................ 1,228 665
Purchases of held-to-maturity securities................ --- (2,467)
Loan originations, net of repayments.................... 217 (12,329)
Capital expenditures.................................... (245) (314)
Proceeds from sales of foreclosed assets................ 127 55
Net decrease (increase) in other assets................. ___(13) ____(8)
Net cash provided by (used in) investment activities.. (7,569) (7,705)
Cash flows from financing activities:
Net increase (decrease) in deposits..................... 1,727 4,599
Net increase (decrease) in securities sold
under repurchase agreements........................... 142 188
Dividends paid.......................................... (92) (57)
Net increase (decrease) in other liabilities............ ____(2) _____7
Net cash provided by (used in) financing activities... _1,775 _4,737
Net increase (decrease) in cash and cash equivalents...... (4,556) (1,632)
Cash and cash equivalents at beginning of period.......... 10,367 _7,034
Cash and cash equivalents at end of period................ $ 5,811 $ 5,402
====== ======
(continued)
See notes to consolidated financial statements.
</TABLE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 1995 and 1994
Thousands of Dollars
Unaudited
<CAPTION>
Nine_Months_Ended_
Sept 30, Sept 30,
__1995__ __1994__
<S> <C> <C>
Reconciliation of net income to net cash provided
by operating activities:
Net earnings.............................................. $ ___769 $ ___810
Adjustments to reconcile net income to
net cash provided by operating activities:
Provisions for loan losses............................ --- 5
Investment securities losses.......................... 1 (33)
Depreciation and amortization of premises
and equipment....................................... 149 124
Losses (gains) on disposals of premises and equipment. 1 36
Write-downs of foreclosed assets...................... 33 69
Losses (gains) on sales of foreclosed assets.......... (15) (70)
Decrease (increase) in interest receivable............ (76) (154)
Amortization of goodwill.............................. 10 10
Amortization of premiums and (accretion of discounts)
on investment securities............................ 69 57
Decrease (increase) in prepaid expenses............... 1 (16)
Increase (decrease) in accrued expenses............... 73 86
Increase (decrease) in interest payable............... 169 64
Increase (decrease) in current income taxes payable... 38 45
Decrease (increase) in net deferred tax asset......... 16 278
Net increase (decrease) in deferred loan fees
and other unearned income........................... ___--- ____25
Total adjustments................................. ___469 ___526
Net cash provided by operating activities................. $ 1,238 $ 1,336
====== ======
Supplemental schedule of noncash investing activities:
Assets acquired through foreclosure of loans............ $ 263 $ 43
====== ======
Loans made to finance sales of foreclosed assets........ $ 140 $ 73
====== ======
See notes to consolidated financial statements.
</TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Notes to Consolidated Financial Statements
September 30, 1995 and 1994
Unaudited
(1) Summary of Significant Accounting Policies
No significant changes in accounting policies have occurred since the
filing of the Form 10-KSB report on March 30, 1995, for the fiscal
year ended December 31, 1994, other than the adoption of Statement of
Financial Accounting Standards No.'s 114 and 118 as previously
disclosed in the Form 10-QSB/A (as amended) for the quarter ended
March 31, 1995.
Certain reclassifications have been made to conform to the 1995
presentation of financial information.
(2) Deposits
Included in interest-bearing deposits are certificates of deposit of
$100,000 or more, which totaled $9,319,355 at September 30, 1995, and
$7,411,193 at December 31, 1994.
Interest expense on certificates of deposit of $100,000 or more
totaled $351,754 and $153,304 for the nine months ended September 30,
1995 and 1994, respectively. For the quarters ended September 30,
1995 and 1994, interest expense on certificates of deposit of $100,000
or more totaled $130,295 and $59,655, respectively.
<TABLE>
(3) Noninterest Income
Details of noninterest income, excluding investment securities gains and losses, are
as follows:
<CAPTION>
Three_Months_Ended Nine_Months_Ended_
(Thousands of Dollars) Sept 30, Sept 30, Sept 30, Sept 30,
__1995__ __1994__ __1995__ __1994__
<S> <C> <C> <C> <C>
Service charges on deposit accounts..... $ 244 $ 222 $ 705 $ 640
Secondary market loan origination fees.. 59 24 100 134
Other loan fee income................... 5 13 18 68
Other................................... ______46 ______32 _____143 _____123
$ 354 $ 291 $ 966 $ 965
======== ======== ======== ========
</TABLE>
<TABLE>
(4) Noninterest Expense
Details of noninterest expense are as follows:
<CAPTION>
Three_Months_Ended Nine_Months_Ended_
(Thousands of Dollars) Sept 30, Sept 30, Sept 30, Sept 30,
__1995__ __1994__ __1995__ __1994__
<S> <C> <C> <C> <C>
Salaries and employee benefits.......... $ 419 $ 395 $ 1,260 $ 1,264
Net occupancy expense of premises....... 105 102 301 312
Equipment expense....................... 68 59 191 173
Advertising, marketing and promotion.... 23 11 66 38
FDIC and state assessments.............. 1 42 89 123
Stationery, printing and supplies....... 29 36 92 110
Data processing......................... 35 35 101 104
Directors' fees......................... 37 22 122 74
Legal and professional fees............. 14 35 85 76
Postage................................. 19 20 58 55
Telephone expense....................... 16 17 50 48
Net foreclosed assets expense (income).. (15) 8 (8) (21)
Other................................... ______60 ______60 _____179 _____179
$ 811 $ 842 $ 2,586 $ 2,535
======== ======== ======== ========
</TABLE>
AMERICAN BANCSHARES OF HOUMA. INC.
Management's Discussion and Analysis
American Bancshares of Houma, Inc. (the Company) is a one-bank holding
company whose primary asset is the 100% ownership of American Bank and
Trust Company of Houma (the Bank) domiciled in Houma, Louisiana.
Overview
The Company earned $769,000 or $3.35 per share for the nine month
period ending September 30, 1995, providing a 1.23% return on average
assets and a 12.78% return on average equity. Year-to-date net earnings
decreased by $41,000 or $0.18 per share from the same period in 1994 due
primarily to increased overhead expenses and reduced investment securities
gains realized. Third quarter earnings increased by $23,000 or $0.10 per
share due primarily to increased noninterest income and reduced overhead
expenses.
During 1995, the Company's total assets grew by 4.01%, after
experiencing growth of 13% to 14% for the year 1994. Total deposits
increased $1,727,000 or 2.3% in 1995 due to increased time deposit
balances.
At September 30, 1995, nonaccrual loans totaled $137,000, restructured
loans totaled $965,000, loans past due 90 days or more totaled $68,000, and
foreclosed assets totaled $346,000. Overall, total nonperforming assets
increased by $47,000 or 3.2% since December 31, 1994, primarily due to an
increase in nonperforming consumer loans. During 1994, the Bank increased
its portfolio of indirect automobile loans significantly by offering
financing through several local dealers. Management monitors the portfolio
closely and has stepped up collection efforts to minimize delinquencies and
potential losses. During the third quarter of 1995, total nonperforming
assets decreased by $78,000 or 4.9%.
Net_Interest_Income
Year-to-date net interest income remained consistent with 1994 levels.
The negative effects of a decrease in the net interest margin from 5.30% in
1994 to 4.88% in 1995 were offset by a 9.1% increase in the volume of
average interest earning assets. Net interest margin decreased due
primarily to the increased cost of funds resulting from higher interest
rates and a shift in deposit mix from NOW, money market and savings
accounts to certificates of deposit with higher interest rates. An
increase in income due to higher loan volume offset the decrease in income
due to reduced margin.
Detailed analysis of the components of and changes in net interest
income on a taxable equivalent basis is provided in the "Summary of Average
Balance Sheets, Interest, and Interest Rates" and "Comparative Changes in
Interest Income and Expense" tables that follow this discussion.
Allowance_and_Provisions_for_Loan_Losses
No provisions for loan losses were made during the nine months ending
September 30, 1995, as the $1,079,000 allowance (representing 2.1% of the
portfolio) is deemed to be adequate by Bank management. During the same
period in 1994, provisions for loan losses totaled $5,000. The Bank
recorded year-to-date net charge-offs of $54,000 in 1995 compared to net
recoveries of $59,000 for the same period in 1994.
Noninterest_Income
Year-to-date noninterest income, excluding investment securities gains
and losses, also remained consistent with 1994 levels. Increased service
charge income on deposit accounts largely offset reduced secondary market
mortgage loan origination and other loan fee income. Service charge income
increased primarily due to a new pricing structure on high-volume
commercial accounts and increased NSF volume. The volume of mortgage loans
originated for sale in the secondary market decreased in 1995 due primarily
to higher mortgage interest rates. Third quarter volume has increased,
however, as interest rates have come down. Details of other noninterest
income are provided in note 3 to the consolidated financial statements.
Noninterest_Expense
Year-to-date total overhead expenses increased by $51,000 or 2.0% over
the same period in 1994. Total salaries and employee benefits decreased
slightly as reduced accruals for retirement plan contributions offset
increased wages and other benefits. Accruals for retirement plan
contributions decreased by $74,000 in 1995 due to the 1994 contribution of
$92,000 to Employee Stock Ownership Plan which increased retirement plan
expense in that year. Directors' fees increased by $48,000 due to an
increased fee schedule and additional committee meetings. Advertising
expense increased by $28,000 due to an expanded marketing program.
Equipment expense increased by $18,000 in 1995 due to higher depreciation
expense resulting from capital improvements. During the third quarter of
1995, the F.D.I.C. reduced deposit insurance premiums retroactive to June
1, 1995. As a result, year-to-date F.D.I.C. and state assessments
decreased by $34,000. Stationery and supplies expense decreased by $18,000
due to improved technology and purchasing practices. Additional
information on other expenses is provided in note 4 to the consolidated
financial statements.
Liquidity
The Bank's liquidity ratio, which is a measure of net cash, short-term
and marketable assets as a percent of net deposits and short-term
liabilities, equaled 31.7% at September 30, 1995, compared to 26.7% at
December 31, 1994. Management strives to maintain a minimum liquidity
ratio of 25%. Total loans, net of unearned discounts, represented 67.2% of
total deposits at September 30, 1995, compared to 69.3% at December 31,
1994. Federal funds sold and investments in short-term, high quality U.
S. Government and U. S. Government Agency securities provide a source of
ongoing liquidity for the Bank. The investment portfolio is structured to
provide a ladder of maturities to ensure that funds will be available when
needed. Also, a significant portion of the investment portfolio is
classified as available-for-sale in accordance with Statement of Financial
Accounting Standards No. 115. While the Bank has the intent to hold these
securities indefinitely, they are available for disposal and may be sold
for liquidity as well as other reasons. The Bank also has the ability to
purchase federal funds from correspondent banks and to pledge securities
for other borrowings if necessary to satisfy temporary liquidity needs.
Management believes that these factors place the Bank in a sound liquidity
position.
Capital_Adequacy_&_Dividends
Regulatory capital guidelines set forth minimum ratios of total
capital to total "risk-weighted" assets of 8.0%, "Tier 1" capital to total
"risk-weighted" assets of 4.0%, and a leverage ratio ("Tier 1" capital to
total assets) of 4%. Because the Company has total consolidated assets of
less than $150 million and meets certain other conditions, the guidelines
are applied on a bank-only basis. For the Bank, "Tier 1" capital consists
of its shareholders' equity, excluding net unrealized market gains or
losses on available-for-sale securities. Total capital consists of "Tier
1" capital plus an allowable portion of the allowance for loan losses. At
September 30, 1995, the Bank's total capital to total "risk-weighted"
assets ratio equaled 18.32%, its "Tier 1" capital to total "risk-weighted"
assets ratio equaled 17.06%, and its leverage ratio equaled 9.55%.
In June of 1995, the Company declared dividends totaling $0.40 per
share, which included a $0.25 regular dividend and a $0.15 special
dividend. These dividends were paid in July. In 1994, mid-year dividends
totaling $0.25 per share were declared in July and paid in August.
Regulatory_Matters
On February 8, 1994, the Bank entered into a Memorandum of Understanding
(MOU) with the Federal Deposit Insurance Corporation (FDIC) regarding
regulatory compliance issues. The MOU resulted from a compliance
examination of the Bank conducted by the FDIC on October 1, 1993, in which
several violations of federal regulations were noted, primarily record-
keeping and disclosure violations. The MOU requires the bank to improve
its compliance program to insure adequate management supervision, training,
and review procedures to insure compliance with federal record-keeping and
disclosure requirements. The MOU originally required the Bank to make
quarterly progress reports to the FDIC. Based on progress reports made,
the FDIC removed the quarterly reporting requirement on April 17, 1995.
While the MOU must remain in effect until the next compliance examination
of the Bank, management believes it has taken the necessary steps to insure
future compliance.
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Summary of Average Balance Sheets, Interest, and Interest Rates
Nine Months Ended September 30, 1995 and 1994
Tax Equivalent Basis, Thousands of Dollars
Unaudited
<CAPTION>
___________________Nine_Months_Ended_____________________
_______Sept_30,_1995_______ _______Sept_30,_1994_______
Average Average Average Average
Balance Interest _Rate__ Balance Interest _Rate__
<S> <C> <C> <C> <C> <C> <C>
ASSETS
INTEREST-EARNING ASSETS:
Loans, net of unearned income* $50,817 ___3,365 8.85% $44,529 ___2,839 8.52%
Investment securities: **
Taxable...................... 20,595 1,002 6.50 21,877 1,052 6.43
Nontaxable................... _1,770 ______87 6.57 ___844 ______44 6.97
Total investment securities. 22,365 1,089 6.51 22,721 1,096 6.45
Federal funds sold............ _2,771 _____121 5.84 _2,365 ______64 3.62
Total interest-earning assets 75,953 ___4,575 8.05 69,615 ___3,999 7.68
NONINTEREST-EARNING ASSETS AND
ALLOWANCE FOR LOAN LOSSES:
Cash and due from banks....... 4,884 4,504
Bank premises and equipment... 2,015 1,909
Other assets.................. 1,554 1,520
Allowance for loan losses..... (1,106) (1,189)
Total assets................ $83,300 $76,359
====== ======
LIABILITIES_AND
STOCKHOLDERS'_EQUITY
INTEREST-BEARING LIABILITIES:
NOW accounts.................. $10,441 167 2.14 $10,755 161 2.00
Money market accounts......... 7,313 150 2.74 8,163 159 2.60
Savings deposits.............. 9,064 193 2.85 9,757 200 2.70
Time deposits................. 31,743 __1,283 5.40 23,945 _____709 3.96
Total interest-bearing
deposits................... 58,561 1,793 4.09 52,620 1,229 3.12
Short-term borrowings......... ___207 _____12 7.75 ___170 _______9 7.08
Total interest-bearing
liabilities................ 58,768 __1,805 4.11 52,790 ___1,238 3.14
NONINTEREST-BEARING LIABILITIES
AND STOCKHOLDERS' EQUITY:
Noninterest-bearing deposits.. 15,909 15,739
Other liabilities............. 581 416
Stockholders' equity.......... _8,042 _7,414
Total liabilities and
stockholders' equity....... $83,300 $76,359
====== ======
Net interest earned on total
interest-earning assets...... $75,953 2,770 4.88% $69,615 2,761 5.30%
====== ======= ====== =======
*Nonaccruing loan balances are included in loans for purposes of this analysis.
**Investment securities are shown at amortized cost, with net market gains or losses on
available-for-sale securities included in other assets.
</TABLE>
<TABLE>
AMERICAN BANCSHARES OF HOUMA, INC.
Comparative Changes in Interest Income and Expense
For the Nine Months Ended September 30, 1995 and 1994
Tax Equivalent Basis, Thousands of Dollars
Thousands of Dollars
Unaudited
<CAPTION>
1995 Compared to 1994 1994 Compared to 1993
Increase_(Decrease)_Due_To Increase_(Decrease)_Due_To
Change Change Change Change
in in in in
Volume _Rate_ Total Volume _Rate_ Total
<S> <C> <C> <C> <C> <C> <C>
INTEREST_INCOME
Loans........................ $__413 ___113 __526 $__578 __(116) __462
Investment securities:
Taxable..................... (62) 12 (50) (323) (87) (410)
Nontaxable.................. ___46 ____(3) ___43 ___39 ____(2) ___37
Total investments.......... (16) 9 (7) (284) (89) (373)
Federal funds sold........... ___12 ____45 ___57 ___14 ____12 ___26
Total interest income...... __409 ___167 __576 __308 __(193) __115
INTEREST_EXPENSE
Interest-bearing deposits:
NOW accounts................ (5) 11 6 3 4 7
Money market accounts....... (17) 8 (9) (25) --- (25)
Savings deposits............ (15) 8 (7) --- (10) (10)
Time deposits............... __271 ___303 __574 ___24 ____34 ___58
Total interest-bearing
deposits.................. 234 330 564 2 28 30
Short-term borrowings....... ____2 _____1 _____3 __--- _____3 _____3
Total interest expense..... __236 ___331 ___567 ____2 ____31 ____33
Net interest income........ $ 173 (164) 9 $ 306 (224) 82
===== ====== ====== ===== ====== ======
NOTE: The change in interest due to both volume and rate has been allocated to change
due to volume and change due to rate in proportion to the relationship of the absolute
dollar amounts of change in each.
</TABLE>
PART II - OTHER INFORMATION
Item_1._Legal_Proceedings.
(a) Alfred P. Cenac, Jr., et al. v. American Bank and Trust Company, et al.
Regarding the suit of Alfred P. Cenac, Jr., et al. previously
disclosed in the 1994 Annual Report on Form 10-KSB filed on March 30, 1995,
the plaintiffs filed an appeal on May 11, 1995, in the United States
District Court. On July 18, 1995, the Court dismissed the plaintiffs'
appeal without prejudice. Bank management and its legal counsel now
consider this case closed.
(b) State of Louisiana, ex rel, William J. Guste, Jr., Attorney General and
the Louisiana Economic Development Corporation v. American Bank and
Trust Company of Houma and KTK Holding, Inc.
It was previously disclosed in the 1994 Annual Report on Form 10-KSB
filed on March 30, 1995, that the Trustee of the bankruptcy estate of Kirk
Manufacturing of Houma, Inc. ("Kirk") may attempt to recover approximately
$278,000 in payments made by Kirk during the one year period preceding
Kirk's filing for Chapter 11 relief. The statute of limitations on the
time period allowed to bring such action against the Bank has expired,
eliminating any potential liability of the Bank for these payments.
No other material developments have occurred in this case.
Item_6._Exhibits_and_Reports_on_Form_8-K.
During the quarter ended September 30, 1995, no reports on Form 8-K
have been filed.
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
American_Bancshares_of_Houma,_Inc.
(Registrant)
Date: November 10, 1995 /s/_Robert_W._Boquet______________
Robert W. Boquet
President and C.E.O.
Principal Financial Officer
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