<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, 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)
321 EAST LANDRY STREET, OPELOUSAS, LA 70570
--------------------------------------------------------------------------------
(Address of principal executive office) (Zip Code)
(337) 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----117,637 shares as of October 20, 2000
<PAGE> 2
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEET
(In Thousands Except for Per Share Data)
<TABLE>
<CAPTION>
Sept 30, 2000 Dec 31, 1999
-------------- ------------
ASSETS (Unaudited) (Note 1)
<S> <C> <C>
Cash on deposit with subsidiary $ 31 $ 32
Investment in subsidiary 10,643 9,468
Dividend receivable 0 0
Due from subsidiary 65 33
------------ ------------
TOTAL ASSETS $ 10,739 $ 9,533
============ ============
LIABILITIES
Accrued income taxes payable $ 60 $ 27
Other liabilities 0 0
------------ ------------
TOTAL LIABILITIES $ 60 $ 27
------------ ------------
SHAREHOLDERS' EQUITY
Common stock, $5 par value; authorized 10,000,000 shares; issued 120,000 shares;
117,637 and 117,712 shares outstanding,
respectively 600 600
Surplus 2,150 2,150
Retained earnings 8,398 7,439
Treasury stock, 2,363 and 2,288 shares at cost,
respectively (134) (129)
Net unrealized gain (loss) on securities
available for sale, net of tax (335) (554)
------------ ------------
TOTAL SHAREHOLDERS' EQUITY $ 10,679 $ 9,506
------------ ------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 10,739 $ 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>
Sept 30, 2000 Dec 31, 1999
-------------- ------------
ASSETS (Unaudited) (Note 1)
<S> <C> <C>
Cash and Due From Banks $ 4,799 $ 6,049
Federal Funds Sold 3,400 8,105
------------ ------------
Total Cash and Cash Equivalents 8,199 14,154
Interest Bearing Deposits With Banks 397 1,090
Securities Held to Maturity 5,096 2,800
Securities Available for Sale 31,963 31,423
Loans - Net of allowance for loan losses 29,606 28,253
Bank Premises and Equipment 1,462 1,108
Other Real Estate 0 0
Accrued Interest Receivable 624 616
Other Assets 698 788
------------ ------------
TOTAL ASSETS $ 78,045 $ 80,232
============ ============
LIABILITIES
Deposits:
Non-Interest Bearing Demand Deposits $ 24,039 $ 23,803
Interest Bearing Deposits:
NOW Accounts 9,191 13,613
Money Market Accounts 3,364 2,351
Savings 9,257 9,399
Time Deposits $ 100,000 or More 5,267 4,618
Other Time Deposits 15,841 16,650
------------ ------------
Total Deposits 66,959 70,434
Accrued Interest Payable 144 132
Other Liabilities 263 160
------------ ------------
TOTAL LIABILITIES $ 67,366 $ 70,726
------------ ------------
SHAREHOLDERS' EQUITY
Common Stock, $5 par value; authorized 10,000,000 shares; issued 120,000 shares;
117,637 and 117,712 shares outstanding,
respectively 600 600
Surplus 2,150 2,150
Retained Earnings 8,398 7,439
Treasury stock, 2,363 and 2,288 shares at cost,
respectively (134) (129)
Unrealized Gain (Loss) on Securities
Available for Sale, net of tax (335) (554)
------------ ------------
TOTAL SHAREHOLDERS' EQUITY $ 10,679 $ 9,506
------------ ------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 78,045 $ 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 Nine Months Ended
Sept 30, Sept 30,
----------------------- -----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary $ 14 $ 0 $ 14 $ 50
OPERATING EXPENSES
Directors fees 3 3 9 9
Other expenses 1 1 2 1
---------- ---------- ---------- ----------
TOTAL EXPENSES 4 4 11 10
---------- ---------- ---------- ----------
Earnings before income tax
and equity in undistributed earnings of
subsidiary 10 (4) 3 40
Provision for income taxes 0 0 0 0
---------- ---------- ---------- ----------
Earnings before equity in undistributed
earnings of subsidiary 10 (4) 3 40
Equity in undistributed earnings of
subsidiary 308 288 956 814
---------- ---------- ---------- ----------
Net Income $ 318 $ 284 $ 959 $ 854
========== ========== ========== ==========
</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 Nine Months Ended
Sept 30, Sept 30,
----------------------- -----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $ 706 $ 614 $ 2,052 $ 1,813
Interest on investment securities:
Taxable 451 398 1,309 1,142
Tax-Exempt 103 90 311 243
Other Interest 51 133 213 404
---------- ---------- ---------- ----------
TOTAL INTEREST INCOME 1,311 1,235 3,885 3,602
---------- ---------- ---------- ----------
INTEREST EXPENSE:
Interest on deposits 393 385 1,144 1,124
Interest on short-term borrowings 0 0 0 0
---------- ---------- ---------- ----------
TOTAL INTEREST EXPENSE 393 385 1,144 1,124
---------- ---------- ---------- ----------
NET INTEREST INCOME 918 850 2,741 2,478
Provision for possible loan losses 0 0 0 0
---------- ---------- ---------- ----------
Net Interest Income after provision for
possible loan losses 918 850 2,741 2,478
---------- ---------- ---------- ----------
NON-INTEREST INCOME:
Service charges on deposit accounts 138 136 406 410
Investment securities gains (losses) 0 0 0 0
Other 21 17 109 65
---------- ---------- ---------- ----------
TOTAL NON-INTEREST INCOME 159 153 515 475
---------- ---------- ---------- ----------
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 332 325 999 925
Net Occupancy Expense 148 130 418 373
Net cost of operation of O.R.E.O 0 1 0 (40)
Other 162 156 529 514
---------- ---------- ---------- ----------
TOTAL NON-INTEREST EXPENSE 642 612 1,946 1,772
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 435 391 1,310 1,181
Provision for income taxes 117 107 351 327
---------- ---------- ---------- ----------
NET INCOME $ 318 $ 284 $ 959 $ 854
========== ========== ========== ==========
Net income per share of common stock $ 2.70 $ 2.41 $ 8.15 $ 7.24
========== ========== ========== ==========
</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 Sept 30, 2000 & 1999
(Unaudited)
(In Thousands)
<TABLE>
<CAPTION>
ACCUMULATED
OTHER COMPREHENSIVE
STOCK RETAINED COMPREHENSIVE TREASURY INCOME
AMOUNT SURPLUS EARNINGS INCOME STOCK 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) -- 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 , Sept 30, 1999 $ 600 $ 2,150 $ 7,378 $ (281) $ (129) $ 9,718
========== ========== ========== -========= ========== ==========
Balance December 31, 1999 $ 600 $ 2,150 $ 7,439 $ (554) $ (129) $ 0 $ 9,506
Comprehensive income
Net Income (Loss) -- 959 -- -- 959 959
Other comprehensive income,
net of tax:
Change in Unrealized
gains (losses) on
securities available
for sale -- -- 219 -- 219 219
----------
Total comprehensive income -- -- -- -- $ 1,178
==========
Purchase of treasury stock - - - (5) (5)
Dividends paid - 0 - - 0
---------- ---------- ---------- ---------- ---------- ----------
Balance , Sept 30, 2000 $ 600 $ 2,150 $ 8,398 $ (335) $ (134) $ 10,679
========== ========== ========== -========= ========== ==========
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 7
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)
<TABLE>
<CAPTION>
Nine Months Ended Sept 30,
----------------------------
2000 1999
------------ ------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 959 $ 854
Adjustments to reconcile net income to net cash
provided by operating activities:
Premium amortization, net of accretion on
investment securities (72) (29)
Depreciation 116 98
(Gain) loss on disposal of assets (9) (40)
(Increase) decrease in assets:
Other real estate owned 0 0
Accrued interest receivable (8) (8)
Other assets (17) 13
Increase (decrease) in liabilities:
Accrued interest payable 12 (6)
Other liabilities 104 128
------------ ------------
Net cash provided by operating activities $ 1,085 $ 1,010
------------ ------------
INVESTING ACTIVITIES
(Increase) decrease in interest bearing deposits with banks $ 693 $ 99
Proceeds from sales & maturities of available for sale securities 5,022 4,429
Proceeds from sales & maturities of held to maturity securities 0 3,500
Purchases of available for sale securities (5,160) (13,520)
Purchases of held to maturity securities (2,293) (2,099)
(Increase) decrease in loans (1,353) 581
Purchases of property & equipment (478) (87)
Other (8) (6)
Proceeds from sale of property & equipment 18 40
------------ ------------
Net cash provided by (used in) investing activities $ (3,559) $ (7,063)
------------ ------------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings (3,516) 271
Increase (decrease) in time deposits 40 3,221
Dividends paid 0 0
Purchase of treasury stock (5) (44)
------------ ------------
Net cash provided by (used in) financing activities $ (3,481) $ 3,448
------------ ------------
Increase (decrease) in cash and cash equivalents $ (5,955) $ (2,605)
Cash and cash equivalents at beginning of year 14,154 12,883
------------ ------------
Cash and cash equivalents at end of period $ 8,199 $ 10,278
============ ============
SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest expense $ 1,132 $ 1,129
============ ============
Income taxes $ 324 $ 250
============ ============
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE> 8
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 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 nine month period ended Sept 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 $1,590,000 at Sept 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 117,657 and 117,727 for
the quarters ended Sept 30, 2000 and 1999, respectively and during each
nine month period of 117,686 and 117,941 for the nine month periods ended
Sept 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 $959,000 for the first nine months of
2000 compared to $854,000 for the same period of 1999. The Company reported net
income of $318,000 for the three months ended Sept 30, 2000 compared to $284,000
for the same period of 1999. On a per share basis, the net income was $8.15 for
the first nine months of 2000 compared to $7.24 for the same period on 1999 and
$2.70 for the quarter ended Sept 30, 2000 compared to $2.41 for the same
quarter of 1999. The Company recorded a provision for possible loan losses of $0
for the nine month periods ended Sept 30, 2000 and 1999 and $0 for the three
month periods ended Sept 30, 2000 and 1999. Net interest income increased 10.6%
to $2,741,000 for the nine month period ended Sept 30, 2000 compared to
$2,478,000 for the same period of 1999. Net interest income increased 8.0% to
$918,000 for the three month period ended Sept 30, 2000 compared to $850,000 for
the same period of 1999.
Total assets were $78,045,000 at Sept 30, 2000, a decrease of $2,187,000
from December 31, 1999. Loans increased by $1,353,000 or 4.8% from $28,253,000
at December 31, 1999 to $29,606,000 at Sept 30, 2000. Deposits decreased by
$3,475,000 or 4.9% from $70,434,000 at December 31, 1999 to $66,959,000 at Sept
30, 2000.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the nine months ended Sept 30,
2000 totaled $2,741,000, a $263,000 increase from the same period in 1999. Net
interest income for the three months ended Sept 30, 2000 totaled $918,000 a
$68,000 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 nine month period
ended Sept 30, 2000 and the three month period ended Sept 30, 2000 was
favorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded no provision for
possible loan losses for both the first nine months of 2000 and 1999 and no
provision for the three month periods ended Sept 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 1.89% and 2.01% at Sept 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 nine months of 2000 noninterest income
increased $40,000 or 8.4% compared to the same period of 1999. For the three
month period ended Sept 30, 2000 noninterest income increased $6,000 or 3.9%
compared to the same period of 1999.
Other non-interest income increased by $44,000 or 67.7% for the nine month
period ended Sept 30, 2000 compared to the same period of 1999. Other
noninterest increased by $4,000 or 23.5% for the three month period ended Sept
30, 2000 compared to the same period of 1999. Part of these increases is the
result of an an increase in miscellaneous income and a gain on the sale of fixed
assets in the first nine months of 2000.
There were no securities gains in the nine month periods ended Sept 30, 2000 and
1999 nor in the three month periods ended Sept 30, 2000 and 1999.
<PAGE> 10
NONINTEREST EXPENSE. For the first nine months of 2000 noninterest expense
increased $174,000 or 9.8% compared to the same period in 1999. For the three
month period ended Sept 30, 2000 noninterest expense increased $30,000 or 4.9%
compared to the same period in 1999.
Salaries and employee benefits , the largest component of noninterest expense,
increased by $74,000 or 8% for the first nine 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 $7,000 or 2.2% for the
three month period ended Sept 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 $351,000
for the nine month period ended Sept 30, 2000 as compared to $327,000 for the
same period of 1999. The provision for income taxes recorded for the three month
period ended Sept 30, 2000 is $117,000 compared to $107,000 for the same period
in 1999.
FINANCIAL CONDITION
LOANS. Loans were $29,606,000 at Sept 30, 2000; up by $1,353,000 or 4.8%
from December 31, 1999.
TABLE I - COMPOSITION OF LOAN PORTFOLIO
<TABLE>
<CAPTION>
Sept 30, 2000 Dec 31, 1999
------------- ------------
<S> <C> <C>
Commercial, Financial and Agricultural Loans $ 6,662 $ 7,326
Real Estate Construction Loans 406 949
Real Estate Mortgage Loans 18,217 15,809
Consumer Loans 4,890 4,748
Industrial Revenue Bonds 0 0
------------ ------------
TOTAL LOANS $ 30,175 $ 28,832
Allowance for possible loan losses 569 579
Unearned income 0 0
------------ ------------
$ 29,606 $ 28,253
============ ============
</TABLE>
<PAGE> 11
SECURITIES HELD TO MATURITY. Securities held to maturity were $5,096,000
at Sept 30, 2000; up by $2,296,000 or 82% from December 31, 1999.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$31,963,000 at Sept 30, 2000; up by $540,000 or 1.7% 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>
September 30, 2000
---------------------------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
<S> <C> <C> <C> <C>
U.S. Treasury $ 4,596 $ 4,597 $ 0 $ 0
U.S. Government Agencies 500 497 15,408 15,116
Mortgaged-backed securities 0 0 7,580 7,445
State & Political Subdivisions 0 0 9,333 9,253
Equity Securities 0 0 149 149
------------ ------------ ------------ ------------
TOTAL $ 5,096 $ 5,094 $ 32,470 $ 31,963
============ ============ ============ ============
</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 $4,000 at Sept 30, 2000, a $105,000 (96.3%)
decrease from December 31, 1999. The composition of nonperforming assets are
illustrated below:
<TABLE>
<CAPTION>
Non-Performing Loans: Sept 30, 2000 Dec 31, 1999
------------- ------------
<S> <C> <C>
Loans on Non-Accrual $ 0 $ 70
Restructured loans which are not
on non-accrual 4 39
------------ ------------
Total nonperforming loans 4 109
Other Real Estate and repossessed assets
received in complete or partial
satisfaction of loan obligation 0 0
------------ ------------
TOTAL NONPERFORMING ASSETS $ 4 $ 109
============ ============
Loans past due 90 days or more as to
principal or interest, but not on
non-accrual $ 15 $ 8
============ ============
</TABLE>
TABLE IV - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
<TABLE>
<CAPTION>
Sept 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>
Sept 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 $ 125 22% $ 120 25%
Real estate - construction loans 6 1% 5 3%
Real estate - mortgage loans 347 61% 238 55%
Consumer loans 91 16% 216 17%
Industrial revenue bonds 0 0% 0 0%
---------- ----------
$ 569 100% $ 579 100%
========== ==========
</TABLE>
DEPOSITS. As of Sept 30, 2000 total deposits have decreased by $3,475,000
or 4.9% from December 31, 1999. Noninterest bearing deposits increased by
$236,000 or 1% from December 31, 1999 to Sept 30, 2000. Interest bearing
deposits decreased by $3,711,000 or 8% from December 31, 1999 to Sept 30,
2000. The decrease in interest bearing deposits is attributable to the decrease
in deposits by a local public body.
CAPITAL. Shareholders' equity totaled $10,679,000 at Sept 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 Sept 30, 2000 Dec 31, 1999
(Bank subsidiary) ------------- -------------
<S> <C> <C>
Risk-based capital:
Tier 1 risk-based capital ratio 30.48% 28.57%
Total risk-based capital ratio 31.73% 29.82%
Leverage ratio 14.12% 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)
Oct 26, 2000 /s/ Salvador L. Diesi
--------------------- ---------------------------------------
DATE Salvador L. Diesi
Chairman of the Board / President
Oct 26, 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>
