-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WLdRV7wL/lG1nmJDHvdCGjAm415CRRbRshcwtJptL9LbmYYAOtin1nMdKhQ7+BXO 5+61C3eUmEy8oWy9phfYjg== 0001000301-97-000034.txt : 19970514 0001000301-97-000034.hdr.sgml : 19970514 ACCESSION NUMBER: 0001000301-97-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19970513 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMBANC HOLDING CO INC CENTRAL INDEX KEY: 0001000301 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 141783770 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27036 FILM NUMBER: 97601860 BUSINESS ADDRESS: STREET 1: 11 DIVISION ST CITY: AMSTERDAM STATE: NY ZIP: 12010 BUSINESS PHONE: 5188427200 MAIL ADDRESS: STREET 1: PO BOX 669 CITY: AMSTERDAM STATE: NY ZIP: 12010 8-K 1 FIRST QUARTER EARNINGS RELEASE SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report March 31, 1997 AMBANC HOLDING CO., INC. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its Charter) Delaware 0-27036 14-1783770 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 11 Division Street, Amsterdam, New York 12010-4303 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (518) 842-7200 -------------------- N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events - -------------------- On May 1 1997, the Registrant issued the press release attached hereto as Exhibit 99 announcing its earnings for the first quarter ended March 31, 1997. Item 7. Financial Statements and Exhibits - ----------------------------------------- (c) Exhibits The Exhibits referred to in Item 5 of this Report and listed on the accompanying Exhibit Index are filed as part of this Report and are incorporated herein by reference. 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. AMBANC HOLDING CO., INC. Date: November 4, 1996 By: /s/ Robert J. Brittain --------------------------- --------------------------------- Robert J. Brittain President & Chief Executive Officer Exhibit Number Description - ------- --------------------------------------------------- 99 Press release dated MAY 1, 1997 EX-99 2 FIRST QUARTER PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Robert J. Brittain, President and CEO (518) 842-7200 Harold A. Baylor, Vice Pres. & Treas.(CFO) (518) 842-1445 Ambanc Holding Company, Inc. Announces Earnings for the Quarter Ended March 31, 1997. Amsterdam, N.Y., May 1, 1997.... Robert J. Brittain, President and Chief Executive Officer of Ambanc Holding Co., Inc. (NASDAQ: AHCI), today announced that the Company had net income of $652,000, or $0.16 per share, for the quarter ended March 31, 1997, compared to a net loss of $314,000, or $0.06 per share, in the comparable 1996 period. The net loss recorded in the 1996 period was attributable to an initial $1.5 million provision for loan losses related to the Chapter 11 bankruptcy filing on March 29, 1996 by the Bennett Funding Group, Inc. ("Bennett"), a lease financing company that had a $3.6 million aggregate loan relationship with the Company's wholly owned subsidiary bank, Amsterdam Savings Bank, FSB, as of the bankruptcy filing date. Excluding the Bennett provision, the Company would have earned approximately $593,000, or $0.12 per share, for the three months ended March 31, 1996. The improvement in net income was attributable primarily to a decline of $1.3 million in the Company's provision for loan losses to $363,000 for the quarter ended March 31,1997, compared to a provision of $1.6 million for the comparable 1996 quarter. Also contributing to the improvement in earnings for the three months ended March 31, 1997 was an increase in net interest income before provision for loan losses of $367,000, or 10.0%, to $4.0 million, compared to $3.7 million in the corresponding period last year. Total interest income increased by $1.8 million to $8.7 million, which more than offset an increase in total interest expense of $1.4 million. The increase in net interest income resulted from an increase in the average volume of interest-earning assets of $87.3 million, or 23.3%, to $462.2 million for the three months ended March 31, 1997, compared to $374.9 million for the corresponding 1996 period; partially offset by a narrowing in the Company's average net interest margin to 3.53% from 3.92%, a decline of 39 basis points. The increase in total average interest-earning assets was due mainly to an increase in securities available for sale (AFS) of $125.6 million to $201.5 million, partially offset by a decrease in federal funds sold of $39.1 million to $7.6 million. The decrease in the Company's average net interest margin was attributable primarily to a change in the composition or mix of the Company's average interest-bearing liabilities as a percentage of its total funding mix (comprised of interest-bearing liabilities and non-interest bearing funds). During the quarter ended March 31, 1996, the Company had no borrowed funds as part of its funding mix. However, as part of the Company's strategy to increase earnings, the Company borrowed funds to purchase securities AFS and simultaneously pledged the bulk of these securities as securities sold under agreements to repurchase (reverse repos). Average borrowed funds for the quarter ended March 31,1997, increased to $104.7 million at an average rate of 5.93%, primarily reverse repos, which increased to $102.5 million. For the three months ended March 31, 1997, average interest-bearing liabilities increased to 83.9% of the Company's total average funding mix compared to 77.2% for the comparable 1996 period. At March 31, 1997, Ambanc Holding Co., Inc., which operates nine banking locations in the Capital Region of upstate New York through its subsidiary bank and has approvals to open three new branch offices in 1997, had total assets of $478.1 million and total shareholders' equity of $60.8 million. AMBANC HOLDING CO., INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) March 31, Dec. 31, 1997 1996 -------- -------- (In Thousands) Selected Consolidated Financial Condition Data: - ----------------------------------------------- Total assets ......................................... $478,117 $472,421 Securities available for sale, at fair value ......... 202,733 200,539 Loans receivable, net of unamortized fees ............ 251,792 251,532 Allowance for loan losses ............................ 3,712 3,438 Deposits ............................................. 311,471 298,082 Total borrowings ..................................... 102,310 108,780 Total equity ......................................... 60,819 61,518 For the Three Months Ended March 31, --------------------- Selected Consolidated Operations Data: 1997 1996 - -------------------------------------- ---- ---- (In thousands except for per share data) Total interest income ................................ $ 8,675 $ 6,915 Total interest expense ............................... 4,655 3,262 ------- ------- Net interest income .................................. 4,020 3,653 Provision for loan losses ............................ 363 1,628 ------- ------- Net interest income after provision for loan losses ........................... 3,657 2,025 Fees and service charges ............................. 181 176 Net loss on sales and redemptions of investment and mortgage-backed securities ...................... (1) (98) Other non-interest income ............................ 54 54 ------- ------- Total non-interest income ............................ 234 132 Total non-interest expense ........................... 2,815 2,692 ------- ------- Income(loss) before taxes ............................ 1,076 (535) Income tax provision (benefit) ....................... 424 (221) ------- ------- Net income (loss) .................................... $ 652 $ (314) ======= ======= Net income (loss) per common share (4,011,349 and 4,988,924 weighted average number of shares issued and outstanding, for the three months ended March 31, 1997 and 1996, respectively).. $ 0.16 $ (0.06) -MORE- AMBANC HOLDING CO., INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) March 31, ------------------ 1997 1996 ------- ------- Selected Consolidated Financial Ratios and Other Data (1): - ------------------ Performance Ratios: - ------------------- Return on average assets ............................. 0.55% (0.30)% Return on average equity ............................. 4.22 (1.65) Average interest rate spread ......................... 2.76 2.88 Average net interest margin .......................... 3.53 3.92 Efficiency ratio ..................................... 63.57 66.06 Ratio of average interest-earning assets to average interest-bearing liabilities .............. 119.18 29.57 Asset Quality Ratios: March 31, Dec. 31, - -------------------- 1997 1996 -------- -------- Non-performing assets to total assets at end of period 1.06 1.18 Non-performing loans to total loans .................. 1.76 1.94 Allowance for loan losses to non-performing loans .... 83.87 70.47 Allowance for loan losses to loans receivable ........ 1.47 1.37 Capital Ratios & Book Value per Share: - ------------------------------------- Equity to total assets at end of period .............. 12.72 13.02 Average equity to average assets ..................... 13.01 15.95 Book Value per Share: Equity net of after-tax effect from unrealized gains(losses) on securities available for sale $ 13.85 $ 14.01 Equity before after-tax effect from unrealized gains(losses) on securities available for sale $ 14.21 $ 14.02 Other Data: - ---------- Number of full-service offices 9 9 - -------------------------------------------------------------------------------- (1) All ratios, unless otherwise indicated, have been calculated by including the after-tax effect of unrealized losses on securities AFS. -END- -----END PRIVACY-ENHANCED MESSAGE-----