-----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, G5ErVKaxhIGww4toG94d9i3OMIashVC8n/DoZ7HXuYdgx7Gc2gvNApqRgtGlNBNc oVzpljFph8TKVYZVtpP4Zw== 0001000301-98-000026.txt : 19981026 0001000301-98-000026.hdr.sgml : 19981026 ACCESSION NUMBER: 0001000301-98-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981023 ITEM INFORMATION: FILED AS OF DATE: 19981023 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: SEC FILE NUMBER: 000-27036 FILM NUMBER: 98729533 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 AMBANC ANNOUNCES THIRD QUARTER EARNINGS 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 October 23, 1998 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 October 23, 1998, the Registrant issued the press release attached hereto as Exhibit 99 announcing its earnings for the three and nine-months ended September 30, 1998. 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: October 23, 1998 By: --------------------------- --------------------------------- Lauren T. Barnett President & Chief Executive Officer Exhibit Number Description - ------- --------------------------------------------------- 99 Press release dated October 23, 1998 EX-99 2 AMBANC ANNOUNCES THIRD QUARTER EARNINGS FOR IMMEDIATE RELEASE Contacts: Lauren T. Barnett, President and CEO Tel: (518) 842-7200 Fax: (518) 842-7500 Harold A. Baylor, Jr., Vice Pres., CFO & Treasurer Tel: (518) 842-7200 Fax: (518) 842-1688 Ambanc Holding Co., Inc. Announces Earnings for the Three and Nine-Months Ended September 30, 1998 Amsterdam, N.Y., October 23, 1998 -- Lauren T. Barnett, President and CEO of Ambanc Holding Co., Inc. (NASDAQ National Market under the symbol "AHCI") announced that the Company's net income for the three and nine-months ended September 30, 1998, as compared to the corresponding periods in 1997, declined due to certain nonrecurring charges against earnings. Mr. Barnett stated that the Company's net income after excluding nonrecurring items had increased for the quarter ended September 30, 1998 to approximately $637,000 from approximately $533,000 in 1997 with net interest income increasing by $204,000, or 5.26%, to $4.1 million. Mr. Barnett also stated that net income after excluding nonrecurring items for the nine-months ended September 30, 1998 declined to approximately $1.6 million from approximately $1.7 million in the corresponding 1997 period. Net interest income for the nine-months ended September 30, 1998 experienced a slight decline, decreasing by $114,000, or 0.96%, to $11.8 million. Net income for the three and nine-months ended September 30, 1998 was $478,000, or $0.13 per diluted share, and $1.0 million, or $0.27 per diluted share, respectively. For the corresponding periods in 1997, respectively, the Company had net income of $736,000, or $0.19 per diluted share, and $2.0 million, or $0.49 per diluted share. Mr. Barnett attributed the earnings declines for the three and nine-months ended September 30, 1998, as compared to 1997, primarily to the nonrecurring items. During the quarter ended September 30, 1998, the Company recorded net losses on security transactions of $60,000 compared to net gains on security transactions of $328,000 in 1997. Also contributing to the decline in earnings in the third quarter of 1998, as compared to 1997, were charges against operating results of $132,000 that were incurred by the Company to defend against and settle legal actions initiated by a shareholder and a one-time charge of $67,000 to substantially modify repurchase agreements with its counterparty. During the nine-months ended September 30, 1998, the Company incurred net losses on security transactions of $165,000 compared to net gains of $505,000 in the corresponding period of 1997. Also contributing to the decline in earnings for the nine-month period in 1998, as compared to the same period in 1997, were charges of $291,000 related to the shareholder legal action and settlement, $399,000 related to the termination and consulting agreements entered into with the former President and CEO, and the $67,000 modification charge on repurchase agreements. -MORE- Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The Company's primary subsidiary, Amsterdam Savings Bank, FSB, operates twelve (12) banking offices in Montgomery (4), Saratoga (4), Albany (2), Schenectady (1), and Fulton (1) counties in the Capital Region of upstate New York. -END- -----END PRIVACY-ENHANCED MESSAGE-----