-----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, LCd9/hUr7Dnw9fs/JAFwNviWsiaTzdvKUz1cRyvhZ8D3+uI24uWrAfXC9s81T72d j/1s4N70HoIEpJ7vWk4/cg== 0001000301-96-000004.txt : 19961106 0001000301-96-000004.hdr.sgml : 19961106 ACCESSION NUMBER: 0001000301-96-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19961105 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: 96653999 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 THIRD 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 October 25, 1996 AMBANC HOLDING CO., INC. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its Charter) Delaware 0-27306 14-1783770 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File No.) IRS Employer of incorporation) Identification No.) 11 Division Street, Amsterdam, New York 12010-4303 - -------------------------------------------------------------------------------- (Adress 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 25, 1996, the Registrant issued the press release attached hereto as Exhibit 99 announcing its earnings for the third quarter ended September 30, 1996. 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 Sequential Number Description Page No. - ------- --------------------------------------------------- ---------- 99 Press release dated October 25, 1996 6 EX-99 2 THIRD QUARTER PRESS RELEASE FOR IMMEDIATE RELEASE October 25, 1996 Contact: Robert J. Brittain, President and CEO (518) 842-7200 Harold A. Baylor, Vice Pres. & Treas. (518) 842-1445 Ambanc Holding Co., Inc., the parent of Amsterdam Savings Bank, F.S.B., announces earnings for the quarter and the nine-months ended September 30, 1996. - -------------------------------------------------------------------------------- Amsterdam, N.Y. - Ambanc Holding Co., Inc. (NASDAQ - AHCI) ("Company"), the holding company of Amsterdam Savings Bank, F.S.B. ("Bank"), today reported earnings for the quarter ended September 30, 1996, of $572,000, or $0.12 per share, and earnings for the nine months ended September 30, 1996, of $768,000, or $0.16 per share, compared to earnings of $665,000 and $493,000 in the comparable periods in 1995. The Company's efficiency ratios for the three and nine months ended September 30,1996, improved to 54.2% and 61.5%, respectively. The comparable ratios for 1995 were 63.4% and 68.5%, respectively. As the result of a 10% stock repurchase program completed in early August 1996, shares issued and outstanding on September 30, 1996, were 4,880,025. Average shares outstanding (excluding unearned shares owned by the ESOP) were 4,657,401 and 4,881,147 for the three and nine months ended September 30, 1996, respectively. The Company's book value per share as of September 30, 1996, was $14.42. Prior to the consummation of the conversion on December 26, 1995, the Company had no significant assets, liabilities, outstanding shares of stock or operations. Accordingly, the consolidated data released represents the data of the Bank and its subsidiaries for the quarter and the nine-months ended September 30, 1995. Results of Operations For the Three Months Ended September 30, 1996 and 1995: - ----------------------------------------------------------------------------- The Company attributed its 1996 third quarter earnings decline primarily to increases in the provision for loan losses and non-interest expenses of $489,000 and $770,000, respectively, partially offset by an increase in net interest income of 39.0%, or $1.2 million. The improvement in net interest income resulted from an increase in average net earning assets of $47.7 million, or 119.8%, funded primarily by the proceeds received in the conversion and an increase in borrowed funds. The positive effect from the growth in average net earning assets was partially offset by a narrowing of five basis points in the Company's average net interest margin to 3.60% from 3.65% in 1995's third quarter. The increase in the provision for loan losses of $489,000 resulted from management's analysis of the Company's level of non-performing loans and the allowance for loan losses. Based on this analysis, management decided that it was prudent to significantly increase its provision expenses in the third quarter of 1996 as compared to the third quarter of 1995 . The increase in non-interest expenses was primarily attributable to an increase in losses and write-downs on real estate owned of $434,000. This increase was based on actual expenses incurred and management's estimates of lower fair values, less disposal costs. Also contributing to the increase in non-interest expenses were the addition of ESOP compensation costs, the new expenses related to rendering check imaging statements to the Bank's customers, and the occupancy, equipment, and compensation expenses related to the Company's third supermarket branch, which was opened in late 1995. Results of Operations For the Nine Months Ended September 30, 1996 and 1995: - ---------------------------------------------------------------------------- The improvement in net income of $275,000 for the nine months ended September 30, 1996, to $768,000 was attributable to a 21.5% increase in net interest income to $11.9 million from $9.8 million in 1995. This positive factor was partially offset by an increase in the provision for loan losses of $1.3 million due primarily to a $1.5 million provision taken on March 31, 1996, pertaining to the Bank's aggregate lending relationship with the Bennett Funding Group, a company that filed for Chapter 11 bankruptcy protection on March 29, 1996. Also impacting on the net interest income increase were a $158,000 decline in non-interest income, mainly due to losses on securities transactions of $89,000, and a modest increase in non-interest expenses of 1.9%, or $161,000. The improvement in net interest income resulted from growth in average net earning assets of $47 million, or 123.3%, funded primarily by the proceeds from the stock conversion and increased borrowings. The positive effect derived from the growth in average net earning assets was partially offset by a decrease in the Company's average net interest margin to 3.79% from 3.98% in the nine months ended September 30, 1995. Ambanc Holding Co., Inc. is a newly formed unitary savings and loan holding company. The Company's primary subsidiary, Amsterdam Savings Bank, F.S.B., operates nine banking offices in Montgomery (4), Saratoga (2), Fulton (1), Schenectady (1), and Albany (1) counties in New York. The Bank's deposits are insured by the FDIC through the Bank Insurance Fund (BIF). AMBANC HOLDING CO., INC. Selected Consolidated Financial Information (Unaudited) Sept. 30, Dec. 31, 1996 1995 ---------- ---------- (In Thousands) Selected Consolidated Financial Condition Data: Total assets ......................................... $496,505 $439,365 Loans receivable, net ................................ 272,553 249,991 Mortgage-backed securities, available for sale ....... 162,714 53,033 Investment securities, available for sale ............ 42,633 21,389 Due from brokers 0 18,128 Deposits ............................................. 299,991 311,239 Total borrowings ..................................... 122,390 0 Due to brokers ....................................... 0 46,880 Total equity ........................................ 70,362 76,015 For the Three Months For the Nine Months Ended Ended Sept.30, Sept.30, 1996 1995 1996 1995 --------------------------------------------- (In Thousands) Selected Consolidated Operations Data: Total interest income ............. $ 8,854 $ 6,405 $ 23,391 $ 19,103 Total interest expense ............ 4,595 3,341 11,538 9,343 -------- -------- -------- -------- Net interest income ............... 4,259 3,064 11,853 9,760 Provision for loan losses ......... 549 60 2,610 1,344 -------- -------- -------- -------- Net interest income after provision for loan losses ....... 3,710 3,004 9,243 8,416 Fees and service charges .......... 174 165 504 478 Net gain(loss) on sales and redemptions of AFS investment and mortgage-backed securities ... 9 1 (89) 1 Other non-interest income ......... 100 123 255 349 -------- -------- -------- -------- Total non-interest income ......... 283 289 670 828 Total non-interest expense ........ 3,030 2,262 8,549 8,388 -------- -------- -------- -------- Income before taxes ............... 963 1,031 1,364 856 Income tax provision .............. 391 366 596 363 -------- -------- -------- -------- Net income ........................ $ 572 $ 665 $ 768 $ 493 ======== ======== ======== ======== AMBANC HOLDING CO., INC. Selected Consolidated Financial Ratios and Other Data (Unaudited) For the For the Three-Months Nine-Months Ended Ended September 30, September 30, 1996 1995 1996 1995 ------------------ ----------------- Performance Ratios: Return on average assets 0.47% 0.77% 0.23% 0.19% Return on average equity (1) 3.20 9.76 1.38 2.38 Interest rate spread during period 2.71 3.11 2.85 3.48 Net interest margin during period 3.60 3.65 3.79 3.98 Efficiency ratio(2) 54.16 63.36 61.53 68.51 Ratio of non-interest expense to average total assets 2.47 2.63 2.54 3.28 Ratio of avg.interest-earning assets to average interest-bearing liabilities 125.09 113.61 130.50 113.15 Asset Quality Ratios: September 30, 1996 December 31,1995 ------------------ ---------------- Non-performing assets to total assets at end of period 3.63% 2.74% Non-performing loans to total loans 5.33 3.51 Allowance for loan losses to non-performing loans 31.88 30.10 Allowance for loan losses to loans receivable, net 1.70 1.05 Capital Ratios: Equity to total assets at end of period 14.17 17.30 Average equity to average assets 16.53 8.30 Other Data: Number of full-service offices 9 9 (1) Return on average equity includes the market value adjustment for available for sale securities. (2) Calculated net of expenses related to other real estate owned. -END- -----END PRIVACY-ENHANCED MESSAGE-----