<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 September 30, 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----117,712 shares as of October 30, 1999
<PAGE> 2
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEET
September 30, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
ASSETS 1999 1998
- ------ ------- -------
<S> <C> <C>
Cash on deposit with subsidiary 27 24
Investment in subsidiary 9,685 9,380
Dividend receivable 0 0
Due from subsidiary 70 44
------- -------
TOTAL ASSETS $ 9,782 $ 9,448
======= =======
LIABILITIES
- -----------
Federal income taxes payable 64 38
Other liabilities 0 0
------- -------
TOTAL LIABILITIES $ 64 $ 38
------- -------
SHAREHOLDERS' EQUITY
- --------------------
Net unrealized gain (loss) on securities
available for sale, net of tax (281) 303
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
117,724 and 118,507 shares outstanding,
respectively 600 600
Surplus 2,150 2,150
Retained earnings 7,378 6,438
Treasury stock, 2,276 and 1,493 shares at cost,
respectively (129) (81)
------- -------
TOTAL SHAREHOLDERS' EQUITY $ 9,718 $ 9,410
------- -------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 9,782 $ 9,448
======= =======
</TABLE>
<PAGE> 3
AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
September 30, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
1999 1998
-------- --------
<S> <C> <C>
ASSETS
Cash and Due From Banks 4,575 4,173
Interest Bearing Deposits 1,288 892
Securities Held to Maturity 4,298 7,502
Securities Available for Sale 32,320 22,453
Federal Funds Sold 5,703 2,375
Loans - Net of allowance for loan losses 26,882 28,283
Bank Premises and Equipment 1,102 1,129
Other Real Estate 0 0
Accrued Interest Receivable 617 687
Deferred Tax Asset 151 0
Other Assets 486 466
-------- --------
TOTAL ASSETS $ 77,422 $ 67,960
======== ========
LIABILITIES
Deposits:
Non-Interest Bearing 22,947 19,214
Interest Bearing 44,364 38,876
-------- --------
Total Deposits 67,311 58,090
Accrued Interest Payable 139 128
Deferred Income Tax Liability 0 121
Other Liabilities 254 211
-------- --------
TOTAL LIABILITIES $ 67,704 $ 58,550
-------- --------
SHAREHOLDERS' EQUITY
Unrealized Gain (Loss) on Securities
Available for Sale, net of tax (281) 303
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
117,724 and 118,507 shares outstanding,
respectively 600 600
Surplus 2,150 2,150
Retained Earnings 7,378 6,438
Treasury stock, 2,276 and 1,493 shares at cost,
respectively (129) (81)
-------- --------
TOTAL SHAREHOLDERS' EQUITY $ 9,718 $ 9,410
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 77,422 $ 67,960
======== ========
</TABLE>
See Notes to Financial Statements.
<PAGE> 4
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
INCOME STATEMENT
For the Nine Month Periods Ended September 30, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
1999 1998
---- ----
INCOME FROM SUBSIDIARY
<S> <C> <C>
Dividends from bank subsidiary $ 50 $ 55
OPERATING EXPENSES
Director fees 9 6
Other Expenses 1 1
---- ----
TOTAL EXPENSES $ 10 $ 7
---- ----
Earnings before income tax
and equity in undistributed earnings of
subsidiary $ 40 $ 48
Provision for income taxes 0 0
---- ----
Earnings before equity in undistributed
earnings of subsidiary $ 40 $ 48
Equity in undistributed earnings of
subsidiary 814 725
---- ----
Net Income $854 $773
==== ====
</TABLE>
<PAGE> 5
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Nine Month Periods Ended September 30, 1999 and 1998
(In Thousands)
<TABLE>
<CAPTION>
INCREASE
1999 1998 (DECREASE)
------- ------- ----------
<S> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $ 1,813 $ 1,993 (180)
Interest on investment securities:
Taxable 1,142 1,125 17
Tax-Exempt 243 155 88
Other Interest 404 216 188
------- ------- -------
TOTAL INTEREST INCOME $ 3,602 $ 3,489 113
------- ------- -------
INTEREST EXPENSE:
Interest on deposits 1,124 1,073 51
Interest on short-term borrowings 0 2 (2)
------- ------- -------
TOTAL INTEREST EXPENSE $ 1,124 $ 1,075 49
------- ------- -------
NET INTEREST INCOME $ 2,478 $ 2,414 64
Provision for possible loan losses 0 0 0
------- ------- -------
Net Interest Income after provision for
possible loan losses $ 2,478 $ 2,414 64
------- ------- -------
NON-INTEREST INCOME:
Service charges on deposit accounts 410 363 47
Investment securities gains (losses) 0 0 0
Other 65 63 2
------- ------- -------
TOTAL NON-INTEREST INCOME $ 475 $ 426 49
------- ------- -------
NON-INTEREST EXPENSE:
Salaries and Employee Benefits $ 925 $ 860 65
Net Occupancy Expense 373 410 (37)
Net cost of operation of O.R.E.O (40) 3 (43)
Other 514 472 42
------- ------- -------
TOTAL NON-INTEREST EXPENSE $ 1,772 $ 1,745 27
------- ------- -------
INCOME BEFORE INCOME TAXES $ 1,181 $ 1,095 86
Provision for income taxes 327 322 5
------- ------- -------
NET INCOME $ 854 $ 773 81
======= ======= =======
Net income per share of common stock $ 7.24 $ 6.49 $ 0.75
======= ======= =======
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 6
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Nine Month Periods Ended September 30, 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) -- -- 773 -- -- 773 773
Other comprehensive income,
net of tax:
Change in Unrealized gains (losses)
on securities available for sale -- -- -- 203 -- 203 203
-------
Total comprehensive income -- -- -- -- -- $ 976 --
=======
Purchase of treasury stock -- -- -- -- (79) (79)
Dividends paid -- -- -- -- -- 0
------- ------- ------- ------- ------- -------
Balance, September 30, 1998 $ 600 $ 2,150 $ 6,438 $ 303 ($ 81) $ 9,410
======= ======= ======= ======= ======= =======
Balance 12/31/98 $ 600 $ 2,150 $ 6,524 $ 256 ($ 85) $ 0 $ 9,445
Comprehensive income
Net Income (Loss) -- -- 854 -- -- 854 854
Other comprehensive income,
net of tax:
Change in Unrealized gains (losses)
on securities available for sale -- -- -- (537) -- (537) (537)
-------
Total comprehensive income -- -- -- -- -- $ 317 --
=======
Purchase of treasury stock -- -- -- -- (44) (44)
Dividends paid -- -- 0 -- -- 0
------- ------- ------- ------- ------- -------
Balance, September 30, 1999 $ 600 $ 2,150 $ 7,378 ($ 281) ($ 129) $ 9,718
======= ======= ======= ======= ======= =======
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 7
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Month Periods Ended September 30, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
-------- --------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 854 $ 773
Adjustments to reconcile net income to net cash
provided by operating activities:
Premium amortization, net of accretion on
investment securities (29) 5
Depreciation 98 128
(Gain) loss on disposal of assets (40) 0
(Increase) decrease in assets:
Write down of other real estate owned 0 7
Accrued interest receivable (8) (67)
Other assets 13 8
Increase (decrease) in liabilities:
Accrued interest payable (6) 8
Other liabilities 128 201
-------- --------
Net cash provided by operating activities $ 1,010 $ 1,063
-------- --------
INVESTING ACTIVITIES
Proceeds from sales & maturities of available for sale securities $ 4,429 $ 1,997
Proceeds from sales & maturities of held to maturity securities 3,500 6,700
Purchases of available for sale securities (13,520) (11,953)
Purchases of held to maturity securities (2,099) 0
(Increase) decrease in loans 581 (448)
Proceeds from the sale of assets 40 0
Net decrease (increase) in other real estate 0 0
Purchases of property & equipment (87) (30)
Other (6) (110)
-------- --------
Net cash provided by (used in) investing activities ($ 7,162) ($ 3,844)
-------- --------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings 271 1,205
Increase (decrease) in time deposits 3,221 1,027
Dividends paid 0 0
Purchase of treasury stock (44) (79)
-------- --------
Net cash provided by (used in) financing activities $ 3,448 $ 2,153
-------- --------
Increase (decrease) in cash and cash equivalents ($ 2,704) ($ 628)
Cash and cash equivalents at beginning of year 14,270 8,068
-------- --------
Cash and cash equivalents at end of period $ 11,566 $ 7,440
======== ========
Cash payments for:
Interest expense $ 1,129 $ 1,067
======== ========
Income taxes $ 250 $ 302
======== ========
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 8
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 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 $854,000 for the first nine months of
1999 compared to $773,000 for the same period of 1998. On a per share basis, the
net income was $7.24 for the first nine months of 1999 compared to $6.49 for the
same period of 1998. The Company recorded a provision for possible loan losses
of $0 for the nine months ended September 30, 1999 and 1998, respectively. Net
interest income increased 2.7% to $2,478,000 for the first nine months of 1999
compared to $2,414,000 for the same period of 1998.
Total assets were $77,422,000 at September 30, 1999, an increase of
$9,462,000 from September 30, 1998. Loans decreased by $1,401,000 or 5% from
$28,283,000 at September 30, 1998 to $26,882,000 at September 30, 1999. Deposits
increased by $9,221,000 or 15.9% from $58,090,000 at September 30, 1998 to
$67,311,000 at September 30, 1999.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the nine months ended
September 30, 1999 totaled $2,478,000, a $64,000 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 nine
month period ended September 30, 1999 was favorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded no provision for
possible loan losses for both the first nine 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 2.15% and 2.09% at September 30, 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 nine month period ended September 30, 1999
noninterest income increased $49,000 or 11.5% compared to the same period of
1998. Service charges on deposit accounts increased by $47,000 or 12.9% compared
to the same period of 1998. Part of this increase is the result of an increase
in deposit accounts for the nine months period ended September 30, 1999.
There were no securities gains in the nine month periods ended September 30,
1999 and 1998.
<PAGE> 10
NONINTEREST EXPENSE. For the first nine months of 1999 noninterest expense
increased $27,000 or 1.5% compared to the same period in 1998.
Salaries and employee benefits , the largest component of noninterest expense,
increased by $65,000 or 7.5% for the first nine months of 1999 as compared to
the same period in 1998. This increase was attributed to an overall increase is
salaries as well as an increase in the employee medical insurance.
Other non-interest expense increased by $42,000 or 8.9% for the first nine
months of 1999 as compared to the same period of 1998. Included in this increase
was an increase in professional fees of $19,000 or 63% for the first nine months
of 1999 compared to the same period of 1998. This increase is the result of 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 by 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. These systems and processes have been tested.
INCOME TAXES. The Company recorded provisions for income taxes of $327,000
for the nine month period ended September 30, 1999 as compared to $322,000 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 $26,882,000 at September 30, 1999; down by $1,401,000
or 5% from September 30, 1998.
TABLE I - COMPOSITION OF LOAN PORTFOLIO
<TABLE>
<CAPTION>
Sept. 30, 1999 Sept. 30, 1998
-------------- ---------------
<S> <C> <C>
Commercial, Financial and Agricultural Loans $ 6,317 $ 7,465
Real Estate Construction Loans 871 77
Real Estate Mortgage Loans 15,235 15,944
Consumer Loans 5,035 5,207
Industrial Revenue Bonds 16 194
------- -------
TOTAL LOANS $27,474 $28,887
Allowance for possible loan losses 592 604
Unearned income 0 0
------- -------
$26,882 $28,283
======= =======
</TABLE>
<PAGE> 11
SECURITIES HELD TO MATURITY. Securities held to maturity were $4,298,000
at September 30, 1999; down by $3,204,000 or 42.7% from September 30, 1998.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$32,320,000 at September 30, 1999; up by $9,867,000 or 43.9% from September 30,
1998.
TABLE II - INVESTMENT SECURITIES
A comparison of the book value and estimated market value of investment
securities is as follows:
<TABLE>
<CAPTION>
September 30, 1999
----------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
<S> <C> <C> <C> <C>
U.S. Treasury $ 3,798 $ 3,799 $ 3,504 $ 3,518
U.S. Government Agencies 500 499 12,972 12,810
Mortgaged-backed securities 0 0 7,518 7,398
State & Political Subdivisions 0 0 8,603 8,445
Equity Securities 0 0 149 149
------- ------- ------- -------
TOTAL $ 4,298 $ 4,298 $32,746 $32,320
======= ======= ======= =======
September 30, 1998
----------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
U.S. Treasury $ 2,495 $ 2,526 $ 3,510 $ 3,569
U.S. Government Agencies 5,007 5,049 9,435 9,533
Mortgaged-backed securities 0 0 2,700 2,753
State & Political Subdivisions 0 0 6,252 6,501
Equity Securities 0 0 97 97
------- ------- ------- -------
TOTAL $ 7,502 $ 7,575 $21,994 $22,453
======= ======= ======= =======
</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.
Non-performing assets totaled $84,000 at September 30, 1999, a $114,000 (57.6%)
decrease from September 30, 1998. The composition of nonperforming assets are
illustrated below:
<TABLE>
<CAPTION>
Sept. 30, 1999 Sept. 30, 1998
-------------- --------------
<S> <C> <C>
Non-Performing Loans:
Loans on Non-Accrual $ 77 $ 188
Restructured loans which are not
on non-accrual 7 10
----- -----
Total nonperforming loans 84 198
Other Real Estate and repossessed assets
received in complete or partial
satisfaction of loan obligation 0 0
----- -----
TOTAL NONPERFORMING ASSETS $ 84 $ 198
===== =====
Loans past due 90 days or more as to
principal or interest, but not on $ 21 $ 24
non-accrual ===== =====
TABLE IV - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
Sept. 30, 1999 Sept. 30, 1998
-------------- --------------
Beginning balance $ 596 $ 600
Charge-offs:
Commercial, financial and agricultural loans 2 --
Real estate - construction loans -- --
Real estate - mortgage loans -- --
Installment loans to individuals 4 5
----- -----
Total charge-offs 6 5
----- -----
Recoveries:
Commercial, financial and agricultural loans -- --
Real estate - construction loans -- --
Real estate - mortgage loans -- --
Installment loans to individuals 2 9
----- -----
Total recoveries 2 9
----- -----
Net (charge-offs) recovery (4) 4
----- -----
Provision charged against income -- --
----- -----
Balance at end of period $ 592 $ 604
===== =====
Ratio of net (charge-offs) recoveries during the period to average loans
outstanding during the period -0.02% 0.01%
===== =====
</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>
September 30, 1999 September 30, 1998
------------------ ------------------
% OF LOANS % OF LOANS
TO TOTAL TO TOTAL
AMOUNT LOANS AMOUNT LOANS
------ ---------- ------ ----------
<S> <C> <C> <C> <C>
Commercial, financial and
agricultural loans $136 23% $117 25%
Real estate - construction loans 18 3% 1 1%
Real estate - mortgage loans 326 55% 250 55%
Consumer loans 106 18% 233 18%
Industrial revenue bonds 6 1% 3 1%
---- ----
$592 100% $604 100%
==== ====
</TABLE>
DEPOSITS. As of September 30, 1999 total deposits have increased by
$9,221,000 or 15.9% from September 30, 1998. Noninterest bearing deposits
increased by $3,733,000 or 19.4% from September 30, 1998 to September 30, 1999.
Interest bearing deposits increased by $5,488,000 or 14.1% from September 30,
1998 to September 30, 1999.
CAPITAL. Shareholders' equity totaled $9,718,000 at September 30, 1999,
compared to $9,410,000 at September 30, 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>
September 30,
------------------
AMERICAN BANK & TRUST COMPANY 1999 1998
(Bank subsidiary) ------ ------
<S> <C> <C> <C>
Risk-based capital:
Tier 1 risk-based capital ratio 29.71% 27.66%
Total risk-based capital ratio 30.96% 28.91%
Leverage ratio 13.09% 13.40%
</TABLE>
INSIDERS. Directors, executive officers and 10% shareholders and their
related interest had loans outstanding totaling $1,773,000 at September 30,
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)
November 8, 1999
- -------------------------------- /s/ Salvador L. Diesi
DATE --------------------------
Salvador L. Diesi
Chairman of the Board / President
November 8, 1999
- -------------------------------- /s/ Ronald J. Lashute
DATE --------------------------
Ronald J. Lashute
Secretary/Treasurer
of the Board
<PAGE> 15
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
-------- -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 4,575
<INT-BEARING-DEPOSITS> 1,288
<FED-FUNDS-SOLD> 5,703
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 32,320
<INVESTMENTS-CARRYING> 4,298
<INVESTMENTS-MARKET> 4,298
<LOANS> 27,474
<ALLOWANCE> 592
<TOTAL-ASSETS> 77,422
<DEPOSITS> 67,311
<SHORT-TERM> 0
<LIABILITIES-OTHER> 254
<LONG-TERM> 0
0
0
<COMMON> 600
<OTHER-SE> 9,118
<TOTAL-LIABILITIES-AND-EQUITY> 77,422
<INTEREST-LOAN> 1,813
<INTEREST-INVEST> 1,385
<INTEREST-OTHER> 404
<INTEREST-TOTAL> 3,602
<INTEREST-DEPOSIT> 1,124
<INTEREST-EXPENSE> 1,124
<INTEREST-INCOME-NET> 2,478
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 514
<INCOME-PRETAX> 1,181
<INCOME-PRE-EXTRAORDINARY> 1,181
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 854
<EPS-BASIC> 7.24
<EPS-DILUTED> 0
<YIELD-ACTUAL> 4.96
<LOANS-NON> 77
<LOANS-PAST> 21
<LOANS-TROUBLED> 7
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 596
<CHARGE-OFFS> 6
<RECOVERIES> 2
<ALLOWANCE-CLOSE> 592
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 594
</TABLE>
