<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 June 30, 2000
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-------117,697 shares as of July 17, 2000
<PAGE> 2
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEET
(In Thousands Except for Per Share Data)
<TABLE>
<CAPTION>
June 30, 2000 Dec 31, 1999
ASSETS ------------- ------------
(Unaudited) (Note 1)
<S> <C> <C>
Cash on deposit with subsidiary 24 32
Investment in subsidiary 10,079 9,468
Dividend receivable 0 0
Due from subsidiary 48 33
-------- --------
TOTAL ASSETS $ 10,151 $ 9,533
======== ========
LIABILITIES
Accrued income taxes payable 42 27
Other liabilities 0 0
-------- --------
TOTAL LIABILITIES $ 42 $ 27
-------- --------
SHAREHOLDERS' EQUITY
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
117,697 and 118,186 shares outstanding,
respectively 600 600
Surplus 2,150 2,150
Retained earnings 8,080 7,439
Treasury stock, 2,303 and 1,814 shares at cost,
respectively (130) (129)
Net unrealized gain (loss) on securities
available for sale, net of tax (591) (554)
-------- --------
TOTAL SHAREHOLDERS' EQUITY $ 10,109 $ 9,506
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 10,151 $ 9,533
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 3
AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands Except for Per Share Data)
<TABLE>
<CAPTION>
June 30, 2000 Dec 31, 1999
-------------- -------------
ASSETS (Unaudited) (Note 1)
<S> <C> <C>
Cash and Due From Banks 4,568 6,049
Federal Funds Sold 2,350 8,105
-------- --------
Total Cash and Cash Equivalents 6,918 14,154
Interest Bearing Deposits With Banks 694 1,090
Securities Held to Maturity 4,593 2,800
Securities Available for Sale 32,694 31,423
Loans - Net of allowance for loan losses 29,389 28,253
Bank Premises and Equipment 1,444 1,108
Other Real Estate 0 0
Accrued Interest Receivable 661 616
Other Assets 785 788
-------- --------
TOTAL ASSETS $ 77,178 $ 80,232
======== ========
LIABILITIES
Deposits:
Non-Interest Bearing Demand Deposits 23,844 23,803
Interest Bearing Deposits:
NOW Accounts 8,891 13,613
Money Market Accounts 3,436 2,351
Savings 9,264 9,399
Time Deposits $ 100,000 or More 4,348 4,618
Other Time Deposits 16,895 16,650
-------- --------
Total Deposits 66,678 70,434
Accrued Interest Payable 146 132
Other Liabilities 245 160
-------- --------
TOTAL LIABILITIES $ 67,069 $ 70,726
-------- --------
SHAREHOLDERS' EQUITY
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
117,697 and 118,186 shares outstanding,
respectively 600 600
Surplus 2,150 2,150
Retained Earnings 8,080 7,439
Treasury stock, 2,303 and 1,814 shares at cost,
respectively (130) (129)
Unrealized Gain (Loss) on Securities
Available for Sale, net of tax (591) (554)
-------- --------
TOTAL SHAREHOLDERS' EQUITY $ 10,109 $ 9,506
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 77,178 $ 80,232
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 4
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
INCOME STATEMENT
(Unaudited)
(In Thousands )
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2000 1999 2000 1999
----- ----- ----- -----
<S> <C> <C> <C> <C>
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary $ 0 $ 0 $ 0 $ 50
OPERATING EXPENSES
Directors fees 3 3 6 6
Other expenses 0 (1) 1 0
----- ----- ----- -----
TOTAL EXPENSES 3 2 7 6
----- ----- ----- -----
Earnings before income tax
and equity in undistributed earnings of
subsidiary (3) (2) (7) 44
Provision for income taxes 0 0 0 0
----- ----- ----- -----
Earnings before equity in undistributed
earnings of subsidiary (3) (2) (7) 44
Equity in undistributed earnings of
subsidiary 315 308 648 526
----- ----- ----- -----
Net Income $ 312 $ 306 $ 641 $ 570
===== ===== ===== =====
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE> 5
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands Except for Per Share Data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2000 1999 2000 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $ 679 $ 599 $ 1,346 $ 1,199
Interest on investment securities:
Taxable 442 389 858 744
Tax-Exempt 105 76 208 153
Other Interest 71 138 162 271
------- ------- ------- -------
TOTAL INTEREST INCOME 1,297 1,202 2,574 2,367
------- ------- ------- -------
INTEREST EXPENSE:
Interest on deposits 380 377 751 739
Interest on short-term borrowings 0 0 0 0
------- ------- ------- -------
TOTAL INTEREST EXPENSE 380 377 751 739
------- ------- ------- -------
NET INTEREST INCOME 917 825 1,823 1,628
Provision for possible loan losses 0 0 0 0
------- ------- ------- -------
Net Interest Income after provision for
possible loan losses 917 825 1,823 1,628
------- ------- ------- -------
NON-INTEREST INCOME:
Service charges on deposit accounts 135 136 268 274
Investment securities gains (losses) 0 0 0 0
Other 37 19 88 48
------- ------- ------- -------
TOTAL NON-INTEREST INCOME 172 155 356 322
------- ------- ------- -------
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 347 303 667 600
Net Occupancy Expense 143 121 270 243
Net cost of operation of O.R.E.O 0 (39) 0 (41)
Other 172 168 367 358
------- ------- ------- -------
TOTAL NON-INTEREST EXPENSE 662 553 1,304 1,160
------- ------- ------- -------
INCOME BEFORE INCOME TAXES 427 427 875 790
Provision for income taxes 115 121 234 220
------- ------- ------- -------
NET INCOME $ 312 $ 306 $ 641 $ 570
======= ======= ======= =======
Net income per share of common stock $ 2.65 $ 2.60 $ 5.45 $ 4.83
======= ======= ======= =======
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 6
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Six Month Periods Ended June 30, 2000 & 1999
(Unaudited)
(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 December 31, 1998 $ 600 $ 2,150 $ 6,524 $ 256 $ (85) $ 0 $ 9,445
Comprehensive income
Net Income (Loss) -- 570 -- -- 570 570
Other comprehensive income,
net of tax:
Change in Unrealized gains (losses)
on securities available for sale -- -- (464) -- (464) (464)
---------
Total comprehensive income -- -- -- -- $ 106
=========
Purchase of treasury stock -- -- -- (43) (43)
Dividends paid -- 0 -- -- 0
-------- -------- -------- -------- -------- --------
Balance, June 30, 1999 $ 600 $ 2,150 $ 7,094 $ (208) $ (128) $ 9,508
======== ======== ======== ======== ======== ========
Balance December 31, 1999 $ 600 $ 2,150 $ 7,439 $ (554) $ (129) $ 0 $ 9,506
Comprehensive income
Net Income (Loss) -- 641 -- -- 641 641
Other comprehensive income,
net of tax:
Change in Unrealized gains (losses)
on securities available for sale -- -- (37) -- (37) (37)
--------
Total comprehensive income -- -- -- -- $ 604
========
Purchase of treasury stock -- -- -- (1) (1)
Dividends paid -- 0 -- -- 0
-------- -------- -------- -------- -------- --------
Balance, June 30, 2000 $ 600 $ 2,150 $ 8,080 $ (591) $ (130) $ 10,109
======== ======== ======== ======== ======== ========
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 7
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)
<TABLE>
<CAPTION>
Six Months Ended June 30,
-------------------------
2000 1999
-------- --------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 641 $ 570
Adjustments to reconcile net income to net cash
provided by operating activities:
Premium amortization, net of accretion on
investment securities (45) (9)
Depreciation 70 66
(Gain) loss on disposal of assets (9) 0
(Increase) decrease in assets:
Other real estate owned 0 0
Accrued interest receivable (44) 7
Other assets 21 (2)
Increase (decrease) in liabilities:
Accrued interest payable 14 (6)
Other liabilities 85 61
-------- --------
Net cash provided by operating activities $ 733 $ 687
-------- --------
INVESTING ACTIVITIES
(Increase) decrease in interest bearing deposits with banks $ 396 $ (199)
Proceeds from sales & maturities of available for sale securities 3,001 2,500
Proceeds from sales & maturities of held to maturity securities 0 3,991
Purchases of available for sale securities (4,284) (8,727)
Purchases of held to maturity securities (1,791) (1,196)
(Increase) decrease in loans (1,136) 1,108
Purchases of property & equipment (414) (36)
Other (3) (5)
Proceeds from sale of property & equipment 18 0
-------- --------
Net cash provided by (used in) investing activities $ (4,213) $ (2,564)
-------- --------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings (3,731) (279)
Increase (decrease) in time deposits (24) 1,521
Dividends paid 0 0
Purchase of treasury stock (1) (44)
-------- --------
Net cash provided by (used in) financing activities $ (3,756) $ 1,198
-------- --------
Increase (decrease) in cash and cash equivalents $ (7,236) $ (679)
Cash and cash equivalents at beginning of year 14,154 12,883
-------- --------
Cash and cash equivalents at end of period $ 6,918 $ 12,204
======== ========
SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest expense $ 737 $ 376
======== ========
Income taxes $ 222 $ 0
======== ========
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 8
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2000
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. Operating results
for the six month period ended June 30, 2000 are not necessarily
indicative of the results that may be expected for the year ended
December 31, 2000.
The balance sheet at December 31, 1999 has been derived from
the audited financial statements at that date, but does not include all
of the information and footnotes required by generally accepted
accounting principles for complete financial statements.
For further information, refer to the consolidated financial
statements and footnotes thereto included in American Bancorp, Inc.'s
annual report on Form 10-K for the year ended December 31, 1999.
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.
NOTE 3 - RELATED PARTIES
Directors, executive officers, and 10 % shareholders and their
related interest had loans outstanding totaling $ 1,584,000 at June 30,
2000.
NOTE 4- EARNING PER SHARE
The earnings per share computations are based on weighted
average number of shares outstanding during each quarter of 117,697
and 117,736 for the quarters ended June 30, 2000 and 1999, respectively
and during each six month period of 117,700 and 118,048 for the six
month periods ended June 30, 2000 and 1999, respectively.
<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 $641,000 for the first six months of
2000 compared to $570,000 for the same period of 1999. The Company reported net
income of $312,000 for the three months ended June 30, 2000 compared to $306,000
for the same period of 1999. On a per share basis, the net income was $5.45 for
the first six months of 2000 compared to $4.83 for the same period on 1999 and
$2.65 for the quarter ended June 30, 2000 compared to $2.60 for the same quarter
of 1999. The Company recorded a provision for possible loan losses of $0 for the
six month periods ended June 30, 2000 and 1999 and $0 for the three month
periods ended June 30, 2000 and 1999. Net interest income increased 12.0% to
$1,823,000 for the six month period ended June 30, 2000 compared to $1,628,000
for the same period of 1999. Net interest income increased 11.2% to $917,000 for
the three month period ended June 30, 2000 compared to $825,000 for the same
period of 1999.
Total assets were $77,178,000 at June 30, 2000, a decrease of
$3,054,000 from December 31, 1999. Loans increased by $1,136,000 or 4.02% from
$28,253,000 at December 31, 1999 to $29,389,000 at June 30, 2000. Deposits
decreased by $3,756,000 or 5.33% from $70,434,000 at December 31, 1999 to
$66,678,000 at June 30, 2000.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the six months ended June
30, 2000 totaled $1,823,000, a $ 195,000 increase from the same period in 1999.
Net interest income for the three months ended June 30, 2000 totaled $917,000 a
$92,000 increase from the same period of 1999. Factors contributing to these
increases include an increase in the average balance of investment securities
and of loans as well as an increase in the average rate earned on taxable
investment securities and on loans. This positive effect was partially negated
by a decrease in the average balance of federal funds sold. The overall effect
of volume and rate changes on net interest income during the six month period
ended June 30, 2000 and the three month period ended June 30, 2000 was
favorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded no provision
for possible loan losses for both the first six months of 2000 and 1999 and no
provision for the three month periods ended June 30, 2000 and 1999. 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 1.90% and 2.01% at June 30, 2000 and December 31,
1999, 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 six months of 2000 noninterest income
increased $34,000 or 10.6% compared to the same period of 1999. For the three
month period ended June 30, 2000 noninterest income increased $17,000 or 11%
compared to the same period of 1999.
Other non-interest income increased by $40,000 or 83.3% for the six month period
ended June 30, 2000 compared to the same period of 1999. Other noninterest
increased by $18,000 or 94.7% for the three month period ended June 30, 2000
compared to the same period of 1999. Part of these increases is the result of an
increase in miscellaneous income and a gain on the sale of fixed assets in the
first six months of 2000.
There were no securities gains in the six month periods ended June 30, 2000 and
1999 nor in the three month periods ended June 30, 2000 and 1999.
<PAGE> 10
NONINTEREST EXPENSE. For the first six months of 2000 noninterest
expense increased $144,000 or 12.4% compared to the same period in 1999. For
the three month period ended June 30, 2000 noninterest expense increased
$109,000 or 19.7% compared to the same period in 1999.
Salaries and employee benefits, the largest component of noninterest expense,
increased by $67,000 or 11.2% for the first six months of 2000 as compared to
the same period in 1999. This increase was attributed to an overall increase in
salaries. Salaries and employee benefits increased by $44,000 or 14.5% for the
three month period ended June 30, 2000 as compared to the same period of 1999.
This increase is also attributed to an overall increase in salaries.
INCOME TAXES. The Company recorded provisions for income taxes of
$234,000 for the six month period ended June 30, 2000 as compared to $220,000
for the same period of 1999. The provision for income taxes recorded for the
three month period ended June 30, 2000 is $115,000 compared to $121,000 for the
same period in 1999.
FINANCIAL CONDITION
LOANS. Loans were $29,389,000 at June 30, 2000; up by $1,136,000 or
4.02% from December 31, 1999.
TABLE I - COMPOSITION OF LOAN PORTFOLIO
<TABLE>
<CAPTION>
June 30, 2000 Dec 31, 1999
------------- ------------
<S> <C> <C>
Commercial, Financial and Agricultural Loans $ 4,749 $ 7,326
Real Estate Construction Loans 435 949
Real Estate Mortgage Loans 18,038 15,809
Consumer Loans 6,736 4,748
Industrial Revenue Bonds 0 0
------- -------
TOTAL LOANS $29,958 $28,832
Allowance for possible loan losses 569 579
Unearned income 0 0
------- -------
$29,389 $28,253
======= =======
</TABLE>
<PAGE> 11
SECURITIES HELD TO MATURITY. Securities held to maturity were
$4,593,000 at June 30, 2000; up by $1,793,000 or 64.04% from December 31, 1999.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$32,694,000 at June 30, 2000; up by $1,271,000 or 4.04% from December 31, 1999.
TABLE II - INVESTMENT SECURITIES
A comparison of the book value and estimated market value of investment
securities is as follows:
<TABLE>
<CAPTION>
June 30, 2000
----------------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
<S> <C> <C> <C> <C>
U.S. Treasury $ 4,093 $ 4,074 $ 1,500 $ 1,500
U.S. Government Agencies 500 495 14,909 14,434
Mortgaged-backed securities 0 0 7,627 7,396
State & Political Subdivisions 0 0 9,404 9,215
Equity Securities 0 0 149 149
------- ------- ------- -------
TOTAL $ 4,593 $ 4,569 $33,589 $32,694
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
December 31, 1999
------------------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
<S> <C> <C> <C> <C>
U.S. Treasury $ 2,300 $ 2,276 $ 3,504 $ 3,501
U.S. Government Agencies 500 496 12,912 12,536
Mortgaged-backed securities 0 0 7,147 6,931
State & Political Subdivisions 0 0 8,550 8,306
Equity Securities 0 0 149 149
------- ------- ------- --------
TOTAL $ 2,800 $ 2,772 $32,262 $ 31,423
======= ======= ======= ========
</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 $5,000 at June 30, 2000, a $104,000 (95.4%)
decrease from December 31, 1999. The composition of nonperforming assets are
illustrated below:
<TABLE>
<CAPTION>
Non-Performing Loans: June 30, 2000 Dec 31, 1999
------------- ------------
<S> <C> <C>
Loans on Non-Accrual $ 0 $ 70
Restructured loans which are not
on non-accrual 5 39
---- -----
Total nonperforming loans 5 109
Other Real Estate and repossessed assets
received in complete or partial
satisfaction of loan obligation 0 0
---- -----
TOTAL NONPERFORMING ASSETS $ 5 $ 109
==== =====
Loans past due 90 days or more as to
principal or interest, but not on $ 12 $ 8
non-accrual ==== =====
</TABLE>
TABLE IV - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
<TABLE>
<CAPTION>
June 30, 2000 Dec 31, 1999
------------- ------------
<S> <C> <C>
Beginning balance $ 579 $ 596
Charge-offs:
Commercial, financial and agricultural
loans -- (13)
Real estate - construction loans -- --
Real estate - mortgage loans -- --
Installment loans to individuals (10) (7)
----- -----
Total charge-offs (10) (20)
----- -----
Recoveries:
Commercial, financial and agricultural loans -- --
Real estate - construction loans -- --
Real estate - mortgage loans -- --
Installment loans to individuals -- 3
----- -----
Total recoveries 0 3
----- -----
Net (charge-offs) recovery (10) (17)
----- -----
Provision charged against income -- --
----- -----
Balance at end of period $ 569 $ 579
===== =====
Ratio of net (charge-offs) recoveries during
the period to average loans
outstanding during the period (0.03)% (0.06)%
===== =====
</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>
June 30, 2000 December 31, 1999
-------------------------- -------------------------
% OF LOANS % OF LOANS
TO TOTAL TO TOTAL
AMOUNT LOANS AMOUNT LOANS
------ ---------- ------ ----------
<S> <C> <C> <C> <C>
Commercial, financial and
agricultural loans $ 91 16% $ 120 25%
Real estate - construction loans 6 1% 5 3%
Real estate - mortgage loans 341 60% 238 55%
Consumer loans 131 23% 216 17%
Industrial revenue bonds 0 0% 0 0%
----- -----
$ 569 100% $ 579 100%
===== =====
</TABLE>
DEPOSITS. As of June 30, 2000 total deposits have decreased by $3,756,000
or 5.33 % from December 31, 1999. Noninterest bearing deposits increased by $
41,000 or .17% from December 31, 1999 to June 30, 2000. Interest bearing
deposits decreased by $3,797,000 or 8.14% from December 31, 1999 to June 30,
2000. The decrease in interest bearing deposits is attributable to the decrease
in deposits by a local public body.
CAPITAL. Shareholders' equity totaled $10,109,000 at June 30, 2000,
compared to $9,506,000 at December 31, 1999. The increase is primarily the
result of year to date net income . 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>
AMERICAN BANK & TRUST COMPANY June 30, 2000 Dec 31, 1999
(Bank subsidiary) ------------- ------------
<S> <C> <C>
Risk-based capital:
Tier 1 risk-based capital ratio 29.90% 28.57%
Total risk-based capital ratio 31.15% 29.82%
Leverage ratio 13.68% 13.11%
</TABLE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
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.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
NONE
(b) Reports on Form 8-K
NONE
<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)
August 7, 2000
---------------------------- /s/ Salvador L. Diesi
DATE -------------------------------------------
Salvador L. Diesi
Chairman of the Board / President
August 7, 2000
---------------------------- /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>
