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<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 31, 1999
Commission File Number 0-11928
AMERICAN BANCORP, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
LOUISIANA 72-0951347
- ------------------------------- -----------------------------
(State or other jurisdiction of (I R S Employer I. D. Number)
incorporation or organization)
328 EAST LANDRY STREET, OPELOUSAS, LA 70571-1579
- --------------------------------------- ----------
(Address of principal executive office) (Zip Code)
(318) 948-3056
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
- --------------------------------------------------------------------------------
(Former name, address, fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter periods 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
------ ------
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Common stock, $5 Par Value------117,739 shares as of April 30, 1999
<PAGE> 2
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEET
March 31, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
ASSETS 1999 1998
----------- ----------
<S> <C> <C>
Cash on deposit with subsidiary 61 67
Investment in subsidiary 9,551 8,668
Dividend receivable 0 0
Due from subsidiary 123 121
----------- ----------
TOTAL ASSETS $ 9,735 $ 8,856
=========== ==========
LIABILITIES
Federal income taxes payable 117 116
Other liabilities 0 0
----------- ----------
TOTAL LIABILITIES $ 117 $ 116
----------- ----------
SHAREHOLDERS' EQUITY
Net unrealized gain (loss) on securities
available for sale, net of tax 180 120
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
118,186 and 119,250 shares outstanding,
respectively 600 600
Surplus 2,150 2,150
Retained earnings 6,788 5,910
Treasury stock, 1,814 and 750 shares at cost,
respectively (100) (40)
----------- ----------
TOTAL SHAREHOLDERS' EQUITY $ 9,618 $ 8,740
----------- ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 9,735 $ 8,856
=========== ==========
</TABLE>
<PAGE> 3
AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
March 31, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
1999 1998
ASSETS --------- ---------
<S> <C> <C>
Cash and Due From Banks 4,345 4,411
Interest Bearing Deposits 1,486 1,190
Securities Held to Maturity 5,898 11,004
Securities Available for Sale 28,153 16,103
Federal Funds Sold 8,850 4,950
Loans - Net of allowance for loan losses 25,036 27,896
Bank Premises and Equipment 1,102 1,185
Other Real Estate 0 0
Accrued Interest Receivable 637 634
Deferred Tax Asset 0 0
Other Assets 470 451
--------- ---------
TOTAL ASSETS $ 75,977 $ 67,824
========= =========
LIABILITIES
Deposits:
Non-Interest Bearing 23,528 18,536
Interest Bearing 42,400 40,170
--------- ---------
Total Deposits 65,928 58,706
Accrued Interest Payable 130 114
Deferred Income Tax Liability 55 34
Other Liabilities 246 230
--------- ---------
TOTAL LIABILITIES $ 66,359 $ 59,084
--------- ---------
SHAREHOLDERS' EQUITY
Unrealized Gain (Loss) on Securities
Available for Sale, net of tax 180 120
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
118,186 and 119,250 shares outstanding,
respectively 600 600
Surplus 2,150 2,150
Retained Earnings 6,788 5,910
Treasury stock, 1,814 and 750 shares at cost,
respectively (100) (40)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY $ 9,618 $ 8,740
--------- ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 75,977 $ 67,824
========= =========
</TABLE>
See Notes to Financial Statements.
<PAGE> 4
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
INCOME STATEMENT
For the Three Month Periods Ended March 31, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
1999 1998
--------- ---------
<S> <C> <C>
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary $ 50 $ 50
OPERATING EXPENSES
Directors fees 3 0
Other expenses 1 1
--------- ---------
TOTAL EXPENSES 4 1
--------- ---------
Earnings before income tax
and equity in undistributed earnings of
subsidiary 46 49
Provision for income taxes 0 0
--------- ---------
Earnings before equity in undistributed
earnings of subsidiary 46 49
Equity in undistributed earnings of
subsidiary 218 196
--------- ---------
Net Income $ 264 $ 245
========= =========
</TABLE>
<PAGE> 5
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Three Month Periods Ended March 31, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
INCREASE
1999 1998 (DECREASE)
INTEREST INCOME: --------- --------- ----------
<S> <C> <C> <C>
Interest and fees on loans $ 600 $ 647 (47)
Interest on investment securities:
Taxable 355 371 (16)
Tax-Exempt 77 40 37
Other Interest 133 90 43
--------- --------- ---------
TOTAL INTEREST INCOME 1,165 1,148 17
--------- --------- ---------
INTEREST EXPENSE:
Interest on deposits 362 352 10
Interest on short-term borrowings 0 2 (2)
--------- --------- ---------
TOTAL INTEREST EXPENSE 362 354 8
--------- --------- ---------
NET INTEREST INCOME 803 794 9
Provision for possible loan losses 0 0 0
--------- --------- ---------
Net Interest Income after provision for
possible loan losses 803 794 9
--------- --------- ---------
NON-INTEREST INCOME:
Service charges on deposit accounts 138 118 20
Investment securities gains (losses) 0 0 0
Other 29 31 (2)
--------- --------- ---------
TOTAL NON-INTEREST INCOME 167 149 18
--------- --------- ---------
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 297 272 25
Net Occupancy Expense 122 142 (20)
Net cost of operation of O.R.E.O. (2) 5 (7)
Other 190 175 15
--------- --------- ---------
TOTAL NON-INTEREST EXPENSE 607 594 13
--------- --------- ---------
INCOME BEFORE INCOME TAXES 363 349 14
Provision for income taxes 99 104 (5)
--------- --------- ---------
NET INCOME $ 264 $ 245 19
========= ========= =========
Net income per share of common stock $ 2.23 $ 2.06 $ 0.17
========= ========= =========
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 6
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Three Month Periods Ended March 31, 1999 & 1998
(In Thousands)
<TABLE>
<CAPTION>
ACCUMULATED
OTHER
STOCK RETAINED COMPREHENSIVE TREASURY COMPREHENSIVE
AMOUNT SURPLUS EARNINGS INCOME STOCK INCOME TOTAL
------ ------- -------- ------------ -------- ------------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Balance 12/31/97 $ 600 $ 2,150 $ 5,665 $ 100 ($ 2) $ 0 $ 8,513
Comprehensive income
Net Income (Loss) -- 245 -- -- 245 245
Other comprehensive income,
net of tax:
Change in Unrealized gains (losses)
on securities available for sale -- -- 20 -- 20 20
-------
Total comprehensive income -- -- -- -- $ 265
=======
Purchase of treasury stock -- -- -- (38) (38)
Dividends paid -- 0 -- -- 0
------- ------- ------- ------- ------- -------
Balance, March 31, 1998 $ 600 $ 2,150 $ 5,910 $ 120 $ (40) $ 8,740
======= ======= ======= ======= ======= =======
Balance 12/31/98 $ 600 $ 2,150 $ 6,524 $ 256 ($ 85) $ 0 $ 9,445
Comprehensive income
Net Income (Loss) -- 264 -- -- 264 264
Other comprehensive income,
net of tax:
Change in Unrealized gains (losses)
on securities available for sale -- -- (76) -- (76) (76)
-------
Total comprehensive income -- -- -- -- $ 188
=======
Purchase of treasury stock -- -- -- (15) (15)
Dividends paid -- 0 -- -- 0
------- ------- ------- ------- ------- -------
Balance, March 31, 1998 $ 600 $ 2,150 $ 6,788 $ 180 $ (100) $ 9,618
======= ======= ======= ======= ======= =======
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 7
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Month Periods Ended March 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
---------- ---------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 264 $ 245
Adjustments to reconcile net income to net cash
provided by operating activities:
Premium amortization, net of accretion on
investment securities (2) 2
Depreciation 34 47
(Gain) loss on disposal of assets 0 0
(Increase) decrease in assets:
Write down of other real estate owned 0 7
Accrued interest receivable (28) (15)
Other assets 30 17
Increase (decrease) in liabilities:
Accrued interest payable (14) (6)
Other liabilities 84 133
---------- ---------
Net cash provided by operating activities $ 368 $ 430
---------- ---------
INVESTING ACTIVITIES
Proceeds from sales & maturities of available for sale securities $1,937 $77
Proceeds from sales & maturities of held to maturity securities 500 3,200
Purchases of available for sale securities (6,189) (3,958)
Purchases of held to maturity securities (699) 0
(Increase) decrease in loans 2,427 (61)
Net decrease (increase) in other real estate 0 0
Purchases of property & equipment (22) (5)
Other (3) (12)
---------- ----------
Net cash provided by (used in) investing activities $ (2,049) $ (759)
---------- ----------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings 1,375 2,537
Increase (decrease) in time deposits 733 313
Dividends paid 0 0
Purchase of treasury stock (16) (38)
---------- ----------
Net cash provided by (used in) financing activities $ 2,092 $ 2,812
---------- ----------
Increase (decrease) in cash and cash equivalents $ 411 $ 2,483
Cash and cash equivalents at beginning of year 14,270 8,068
---------- ----------
Cash and cash equivalents at end of period $ 14,681 $ 10,551
========== ==========
Cash payments for:
Interest expense $ 376 $ 360
========== ==========
Income taxes $ 0 $ 0
========== ==========
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 8
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1999
NOTE 1 - A BASIS OF PRESENTATION
The accompanying unaudited consolidated financial
statements have been prepared in accordance with generally
accepted principles of accounting for instructions to Form 10-Q
and Article 10 of Regulations S-X. Accordingly, they do not
include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary
for a fair presentation have been included.
NOTE 2 - IMPAIRED LOANS
On January 1, 1995 the Company adopted Statement of
Financial Accounting Standards (SFAS) No. 114, "Accounting by
Creditors for Impairment of a Loan." The adoption of SFAS No.
114 did not have a material impact on the financial condition
or operating results of the Company. Interest payments received
on impaired loans are applied to principal if there is doubt as
to the collectibility of the principal; otherwise, these
receipts are recorded as interest income.
As it relates to in-substance foreclosures, SFAS No. 114
requires that a creditor continue to follow loan classification
on the balance sheet unless the creditor receives physical
possession of the collateral. The Company had no in-substance
foreclosures in foreclosed assets to transfer to nonperforming
loans and no related reserve for losses to transfer to the
reserve for possible loan losses.
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Management's Discussion presents a review of the major factors and trends
affecting the performance of the Company and its bank subsidiary and should be
read in conjunction with the accompanying consolidated financial statements and
notes.
OVERVIEW
The Company reported net income of $ 264,000 for the first three months
of 1999 compared to $ 245,000 for the same period of 1998. On a per share
basis, the net income was $ 2.23 for the first three months of 1999 compared to
$ 2.06 for the same period of 1998. The Company recorded a provision for
possible loan losses of $ 0 for the three months ended March 31, 1999 and 1998,
respectively. Net interest income increased 1.1% to $ 803,000 for the first
three months of 1999 compared to $ 794,000 for the same period of 1998.
Total assets were $ 75,977,000 at March 31, 1999, an increase of
$ 8,153,000 from March 31, 1998. Loans decreased by $ 2,860,000 or 10.2% from
$ 27,896,000 at March 31, 1998 to $ 25,036,000 at March 31, 1999. Deposits
increased by $ 7,222,000 or 12.3% from $ 58,706,000 at March 31, 1998 to
$ 65,928,000 at March 31, 1999.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the three months ended March
31, 1999 totaled $ 803,000, a $ 9,000 increase from the same period in 1998.
Factors contributing to this increase include an increase in the average
balance of investment securities and federal funds sold. This positive effect
was partially negated by a decrease in the average balance of loans. The
overall effect of volume and rate changes on net interest income during the
three month period ended March 31, 1999 was favorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded no provision for
possible loan losses for both the first three months of 1999 and 1998. The
absence of a provision is the result of continued improvements in asset quality
and low net charge offs of loans. As a percentage of outstanding loans, the
allowance for possible loan losses was 2.32% and 2.12% at March 31, 1999 and
1998, respectively. The provision is determined by the level of net charge
offs, the size of the loan portfolio, the level of nonperforming loans,
anticipated economic conditions, and review of financial condition of specific
customers.
NONINTEREST INCOME. For the first three months of 1999 noninterest
income increased $ 18,000 or 12.1% compared to the same period of 1998.
Service charges on deposit accounts increased by $ 20,000 or 16.9% compared to
the same period of 1998. Part of this increase is the result of an increase in
deposit accounts for the first quarter of 1999.
There were no securities gains in the three month periods ended March 31, 1999
and 1998.
<PAGE> 10
NONINTEREST EXPENSE. For the first three months of 1999 noninterest
expense increased $ 13,000 or 2.2% compared to the same period in 1998.
Salaries and employee benefits , the largest component of noninterest expense,
increased by $ 25,000 or 9.2% for the first three months of 1999 as compared
to the same period in 1998. This increase was attributed to an overall increase
in salaries as well as an increase in the employee medical insurance .
Other non-interest expense increased by $ 15,000 or 8.6% for the first three
months of 1999 as compared to the same period of 1998. Included in this
increase was an increase in data processing expenses of $ 5,000 or 26.3% for
the first three months of 1999 compared to the same period of 1998. This
increase was primarily due to expenses related to continued improvements in
technology and Year 2000 compliance.
The Company expects to continue incurring charges related to Year 2000
compliance; however, these costs have not been material to date and are not
expected to have a material impact on the Company's earnings in the future.
The Company formed the "Y2K (Year 2000) Steering Committee" in 1997 to address
the Year 2000 issue. The objective of this committee was to detail a plan of
action for conversion of its computer applications to Year 2000 compliant
applications, to ensure compliance with all "Federal Financial Institutions
Examination Council" regulations regarding the Year 2000 by the end of the
second quarter 1999, and to ensure uninterrupted service to its customers. The
Bank has undertaken an extensive awareness campaign both internally and
externally in an effort to maintain heightened awareness of Year 2000
implications to its employees, Board of Directors, suppliers, and customers.
The Bank developed a comprehensive inventory and risk assessment plan to
identify all systems and processes which could potentially be effected by the
century date change. Because core processing systems are acquired from third
party vendors, the Bank has very little control over the remediation of these
systems. However, the Bank has maintained close contact with its core system
and all other vendors identified in the inventory and risk assessment,
complying with FFIEC guidelines regarding assessment of the status of these
third party vendor's Year 2000 readiness efforts. As of March 31, 1999, all of
the Bank's core processing systems have been replaced or upgraded with Year
2000 compliant systems and software. The majority of these systems and
processes have been tested.
INCOME TAXES. The Company recorded provisions for income taxes of $
99,000 for the three month period ended March 31, 1999 as compared to $ 104,000
for the same period of 1998. Effective January 1, 1992, the company adopted
Statement of Financial Accounting Standards No. 109, "Accounting for Income
Taxes." Due to limitations related to the valuation of deferred tax assets,
there was no cumulative effect adjustment at adoption.
FINANCIAL CONDITION
LOANS. Loans were $ 25,036,000 at March 31, 1999; down by $ 2,860,000 or
10.3% from March 31, 1998.
TABLE I - COMPOSITION OF LOAN PORTFOLIO
<TABLE>
<CAPTION>
March 31, 1999 March 31, 1998
-------------- --------------
<S> <C> <C>
Commercial, Financial and Agricultural Loans $ 6,105 $ 6,780
Real Estate Construction Loans 95 556
Real Estate Mortgage Loans 14,686 15,969
Consumer Loans 4,590 4,924
Industrial Revenue Bonds 156 272
------- -------
TOTAL LOANS $25,632 $28,501
Allowance for possible loan losses 596 605
Unearned income 0 0
------- -------
$25,036 $27,896
======= =======
</TABLE>
<PAGE> 11
SECURITIES HELD TO MATURITY. Securities held to maturity were $ 5,898,000
at March 31, 1999; down by $ 5,106,000 or 46.4% from March 31, 1998.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$ 28,153,000 at March 31, 1999; up by $ 12,050,000 or 74.8% from March 31, 1998.
TABLE II - INVESTMENT SECURITIES
A comparison of the book value and estimated market value of investment
securities is as follows:
<TABLE>
<CAPTION>
March 31, 1999
--------------------------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
<S> <C> <C> <C> <C>
U.S. Treasury $ 3,395 $ 3,409 $ 3,507 $ 3,553
U.S. Government Agencies 2,503 2,514 10,931 10,920
Mortgaged-backed securities 0 0 6,388 6,394
State & Political Subdivisions 0 0 6,958 7,189
Equity Securities 0 0 97 97
------- ------- ------- -------
TOTAL $ 5,898 $ 5,923 $27,881 $28,153
======= ======= ======= =======
March 31, 1998
--------------------------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
U.S. Treasury $ 2,993 $ 3,017 $ 2,500 $ 2,517
U.S. Government Agencies 8,011 8,051 8,439 8,501
Mortgaged-backed securities 0 0 1,599 1,652
State & Political Subdivisions 0 0 3,383 3,433
------- ------- ------- -------
TOTAL $11,004 $11,068 $15,921 $16,103
======= ======= ======= =======
</TABLE>
<PAGE> 12
TABLE III - NONPERFORMING ASSETS
Non-performing assets include nonaccrual loans, loans which are contractually
90 days past due, restructured loans, and foreclosed assets. Restructured loans
are loans which, due to a deteriorated financial condition of the borrower,
have a below market yield. Interest payments received on nonperforming loans
are applied to reduce principal if there is doubt as to the collectibility of
the principal; otherwise, these receipts are recorded as interest income.
Certain nonperforming loans are current as to principal and interest payments
are classified as nonperforming because there is a question concerning full
collectibility of both principal and interest.
Nonperforming assets totaled $ 51,000 at March 31, 1999, a $ 227,000 (81.6%)
decrease from March 31, 1998. The composition of nonperforming assets are
illustrated below:
<TABLE>
<CAPTION>
Non-Performing Loans: March 31, 1999 March 31, 1998
-------------- --------------
<S> <C> <C>
Loans on Non-Accrual $ 42 $ 265
Restructured loans which are not
on non-accrual 9 13
----- ------
Total nonperforming loans 51 278
Other Real Estate and repossessed assets
received in complete or partial
satisfaction of loan obligation 0 0
----- ------
TOTAL NONPERFORMING ASSETS $ 51 $ 278
===== ======
Loans past due 90 days or more as to
principal or interest, but not on
non-accrual $ 9 $ 5
===== ======
</TABLE>
TABLE IV - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
<TABLE>
<CAPTION>
March 31, 1999 March 31, 1998
-------------- --------------
<S> <C> <C>
Beginning balance $ 596 $ 600
Charge-offs:
Commercial, financial and agricultural loans - -
Real estate - construction loans - -
Real estate - mortgage loans - -
Installment loans to individuals 1 2
------ ------
Total charge-offs 1 2
------ ------
Recoveries:
Commercial, financial and agricultural loans - -
Real estate - construction loans - -
Real estate - mortgage loans - -
Installment loans to individuals 1 7
------ ------
Total recoveries 1 7
------ ------
Net (charge-offs) recovery 0 5
------ ------
Provision charged against income - -
------ ------
Balance at end of period $ 596 $ 605
====== ======
Ratio of net (charge-offs) recoveries during the period
to average loans outstanding during the period 0.00% 0.02%
====== ======
</TABLE>
The present level of the allowance for loan losses is considered adequate to
absorb future potential loan losses. In making this determination, management
considered asset quality, the level of net loan charge-offs, as well as current
economic conditions and market trends.
<PAGE> 13
TABLE V - ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES
The allowance for possible loan losses has been allocated according to the
amount deemed to be reasonably necessary to provide for the possibility of
losses being incurred within the following categories of loans.
<TABLE>
<CAPTION>
March 31, 1999 March 31, 1998
------------------------- -----------------------
% OF LOANS % OF LOANS
TO TOTAL TO TOTAL
AMOUNT LOANS AMOUNT LOANS
------ ---------- ------ ----------
<S> <C> <C> <C> <C>
Commercial, financial and
agricultural loans $141 24% $145 24%
Real estate - construction loans 1 0% 12 2%
Real estate - mortgage loans 340 57% 339 56%
Consumer loans 108 18% 103 17%
Industrial revenue bonds 6 1% 6 1%
---- ----
$596 100% $605 100%
==== ====
</TABLE>
DEPOSITS. As of March 31, 1999 total deposits have increased by
$ 7,222,000 or 12.3% from March 31, 1998. Noninterest bearing deposits increased
by $ 4,992,000 or 26.9% from March 31, 1998 to March 31, 1999. Interest
bearing deposits increased by $ 2,230,000 or 5.6% from March 31, 1998 to March
31, 1999.
CAPITAL. Shareholders' equity totaled $ 9,618,000 at March 31, 1999,
compared to $ 8,740,000 at March 31, 1998. The increase is primarily the result
of net income over the most recent 12 months. Risk-based capital and leverage
ratios for the Company and the bank subsidiary exceed the ratios required for
the designation as a "well-capitalized" institution under regulatory
guidelines.
TABLE VI - CAPITAL RATIOS
<TABLE>
<CAPTION>
March 30,
-----------------------
AMERICAN BANK & TRUST COMPANY 1999 1998
(Bank subsidiary) ----- -----
<S> <C> <C>
Risk-based capital:
Tier 1 risk-based capital ratio 29.43% 26.16%
Total risk-based capital ratio 30.08% 27.41%
Leverage ratio 12.61% 12.71%
</TABLE>
INSIDERS. Directors, executive officers and 10% shareholders and their
related interest had loans outstanding totaling $ 1,259,000 at March 31, 1999.
CONTINGENT LIABILITIES. In the normal course of business, the bank
becomes involved in legal proceedings. It is the opinion of management that the
resulting liability, if any, for pending litigation is negligible.
<PAGE> 14
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 to sign on behalf of the registrant.
AMERICAN BANCORP, INC.
(Registrant)
May 4, 1999
- -------------------- /s/ Salvador L. Diesi
DATE ------------------------------------
Salvador L. Diesi
Chairman of the Board / President
May 4, 1999
- -------------------- /s/ Ronald J. Lashute
DATE ------------------------------------
Ronald J. Lashute
Secretary/Treasurer
of the Board
<PAGE> 15
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 4,345
<INT-BEARING-DEPOSITS> 1,486
<FED-FUNDS-SOLD> 8,850
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 28,153
<INVESTMENTS-CARRYING> 5,898
<INVESTMENTS-MARKET> 5,923
<LOANS> 25,632
<ALLOWANCE> 596
<TOTAL-ASSETS> 75,977
<DEPOSITS> 65,928
<SHORT-TERM> 0
<LIABILITIES-OTHER> 246
<LONG-TERM> 0
0
0
<COMMON> 600
<OTHER-SE> 8,838
<TOTAL-LIABILITIES-AND-EQUITY> 75,977
<INTEREST-LOAN> 600
<INTEREST-INVEST> 432
<INTEREST-OTHER> 133
<INTEREST-TOTAL> 1,165
<INTEREST-DEPOSIT> 362
<INTEREST-EXPENSE> 362
<INTEREST-INCOME-NET> 803
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 190
<INCOME-PRETAX> 363
<INCOME-PRE-EXTRAORDINARY> 363
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 264
<EPS-PRIMARY> 2.23
<EPS-DILUTED> 0
<YIELD-ACTUAL> 5.01
<LOANS-NON> 42
<LOANS-PAST> 9
<LOANS-TROUBLED> 9
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 596
<CHARGE-OFFS> 1
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 596
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 596
</TABLE>
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