-----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, Tf9rprQt+vFVg97tcr2mUePtRJokcIMD66bL21GX93llJi78SwFGhWKIl0XN7nCV QePi4t8l3f5HfbHhUySyOQ== 0001000301-97-000036.txt : 19970730 0001000301-97-000036.hdr.sgml : 19970730 ACCESSION NUMBER: 0001000301-97-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970630 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19970729 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: 97646748 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 SECOND QUARTER EARNINGS-QUARTERLY CASH DIVIDEND 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 July 28, 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 July 22, 1997, the Registrant issued the press release attached hereto as Exhibit 99.1 announcing its earnings for the Second quarter ended June 30, 1997. On July 25, 1997, the Registrant issued the press release attached hereto as Exhibit 99.2 announcing the first regular quarterly cash dividend to be paid out. 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 - ------- --------------------------------------------------- 99.1 Press release dated July 22, 1997 99.2 Press release dated July 25, 1997 EX-99.1 2 SECOND QUARTER EARINGS PRESS RELEASE FOR IMMEDIATE RELEASE --------------------- Contacts: - -------- Robert J. Brittain, President and CEO Tel: (518) 842-7200 Fax: (518) 842-7500 Harold A. Baylor, Jr., Vice President, CFO and Treasurer Tel: (518) 842-7200 Fax: (518) 842-1688 Ambanc Holding Co., Inc. Announces Earnings for the Quarter and the Six-months Ended June 30, 1997 Amsterdam, N.Y., July 22, 1997 - Ambanc Holding Co., Inc. (NASDAQ - AHCI) today announced that net income increased 12.2% in this year's second quarter, to $572,000, or $0.14 a share, from $510,000, or $0.10 a share, in the second quarter of 1996. Robert J. Brittain, President and C.E.O., attributed the improvement in second quarter 1997 earnings to an increase in net interest income, a decrease in the provision for loan losses, and to an increase in net gains on sales of securities, partially offset by increases in non-interest expenses. For the six months ended June 30, 1997, net income was $1.2 million, or $0.30 a share, compared to $196,000, or $0.04 a share in 1996. Mr. Brittain stated that the improvement in net income for the six-months ended June 30, 1997, resulted primarily from a decrease of $1.4 million in the provision for loan losses. In the first six months of 1996, the Company incurred a charge to provision for loan losses of $1.5 million related to a lending relationship with a lease finance company that filed for Chapter 11 bankruptcy protection on March 29, 1996. Also contributing to the earnings improvement were increases in net interest income, non-interest income and an increase in gains on security sales, partially offset by an increase in non-interest expenses, which were related mainly to the Company's ESOP and other employee stock compensation plans. Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The Company's primary subsidiary, Amsterdam Savings Bank, F.S.B., operates twelve banking offices in Montgomery (4), Saratoga (4), Fulton (1), Schenectady (1), and Albany (2) counties in the Capital Region of upstate New York. Ambanc Holding Co., Inc. Selected Consolidated Financial Information (unaudited) June 30, Dec. 31, 1997 1996 -------- -------- (In Thousands) Selected Consolidated Financial Condition Data: - ---------------------------------------------- Total assets ................................... $484,979 $472,421 Securities available for sale, at fair value ... 184,020 200,539 Loans receivable, net of unamortized fees ...... 271,547 251,532 Allowance for loan losses....................... 3,798 3,438 Deposits ....................................... 326,139 298,082 Total borrowings ............................... 87,830 108,780 Total equity ................................... 62,754 61,518 For the Three Months For the Six Months Ended June 30, Ended June 30, 1997 1996 1997 1996 -------- -------- -------- -------- (In Thousands) Selected Consolidated Operations Data: - ------------------------------------- Total interest income .............. $8,773 $7,562 $17,448 $14,477 Total interest expense ............. 4,765 3,681 9,420 6,943 -------- -------- -------- ------- Net interest income ................ 4,008 3,881 8,028 7,534 Provision for loan losses .......... 275 433 638 2,061 -------- -------- -------- -------- Net interest income after provision for loan losses ........ 3,733 3,448 7,390 5,473 Fees and service charges ........... 195 173 376 349 Net gain (loss) on sales of AFS securities ................... 178 0 177 (98) Other non-interest income .......... 96 59 150 113 -------- -------- -------- -------- Total non-interest income .......... 469 232 703 364 Total non-interest expense ......... 3,313 2,878 6,128 5,570 -------- -------- -------- -------- Income before taxes ............... 889 802 1,965 267 Income tax provision ............... 317 29 741 71 -------- -------- -------- -------- Net income ......................... $572 $510 $1,224 $196 ======== ======== ======== ======== Net income per common share outstanding ...................... $0.14 $0.10 $0.30 $0.04 Weighted average number of shares issued and outstanding ........... 4,024,536 5,002,525 4,017,979 4,995,722 ========= ========= ========= ========= -MORE- For the Three Months For the Six Months Ended June 30, Ended June 30, 1997 1996 1997 1996 -------- -------- -------- -------- (unaudited) Performance Ratios: - ------------------ Return on average assets .............. 0.47 0.47 0.51 0.09 Return on average equity .............. 3.72 2.74 4.00 0.52 Interest rate spread .................. 2.60 2.90 2.67 2.89 Net interest margin ................... 3.43 3.83 3.48 3.87 Efficiency ratio ...................... 73.97 66.18 68.80 66.12 Ratio of average interest-earning assets to average interest-bearing liabilities ......................... 120.31 125.50 119.75 127.43 June 30, Dec. 31, 1997 1996 -------- -------- Asset Quality Ratios: - -------------------- Non-performing assets to total assets at end of period .................... 0.63 1.18 Non-performing loans to total loans ... 1.02 1.94 Allowance for loan losses to non-performing loans ................ 137.01 70.47 Allowance for loan losses to loans receivable .......................... 1.40 1.37 Capital Ratios: - -------------- Equity to total assets at end of period 12.94 13.02 Average equity to average assets ...... 12.84 15.95 Book value per share: Equity net of after-tax effect from unrealized (losses) on securities available for sale .................. $14.29 $14.01 Equity before after-tax effect from unrealized (losses) on securities available for sale .................. $14.38 $14.02 Other Data: - ---------- Number of full-service offices ........ 12 9 -END- EX-99.2 3 QUARTERLY CASH DIVIDEND PROGRAM FOR IMMEDIATE RELEASE --------------------- Contacts: - -------- Robert J. Brittain, President and CEO Tel:(518) 842-7200 Fax:(518) 842-7500 Harold A. Baylor, Jr., Vice President, CFO and Treasurer Tel:(518) 842-7200 Fax:(518) 842-1688 Ambanc Holding Co., Inc. Announces Regular Quarterly Cash Dividend Amsterdam, N.Y., July 25, 1997 - Ambanc Holding Co., Inc. (NASDAQ - AHCI) today announced its first, regular quarterly cash dividend of 5 cents a share. The dividend will be paid on August 31, 1997, to stockholders of record as of August 15, 1997. The company recently announced an earnings increase of 12.2% for the second quarter of 1997 to $572,000, or $0.14 a share, from $510,000, or $0.10 a share, in 1996. The company also recently announced a stock buy-back of up to 216,890 shares in the open market from time to time at prevailing market prices. The repurchased shares will be used to fund the company's Recognition and Retention Plan (RRP). Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The company's primary subsidiary, Amsterdam Savings Bank, F.S.B., operates twelve (12) full-service banking offices in Montgomery (4), Saratoga (4), Fulton (1), Schenectady (1), and Albany (2) Counties in the Capital Region of upstate New York. -END- /TEXT> -----END PRIVACY-ENHANCED MESSAGE-----