-----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, F88bh1BrIeJ8GhuSgf3Q4jeEze0JbENt+jgi4ZCWsTKtg3AekxGs5cgJaN6VRt20 A04jJVe1Ycy979fZpxSS2Q== 0001000301-97-000058.txt : 19971111 0001000301-97-000058.hdr.sgml : 19971111 ACCESSION NUMBER: 0001000301-97-000058 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 ITEM INFORMATION: FILED AS OF DATE: 19971110 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: 97711432 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 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 November 3, 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 October 24, 1997, the Registrant issued the press release attached hereto as Exhibit 99 announcing its earnings for the Third quarter ended September 30, 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 3, 1997 By: /s/Robert J. Brittain --------------------------- --------------------------------- Robert J. Brittain President & Chief Executive Officer Exhibit Number Description - ------- --------------------------------------------------- 99 Press release dated October 24, 1997 EX-99 2 THIRD QUARTER EARNINGS PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Robert J. Brittain, President and CEO Tel:(518) 842-7200 Fax:(518) 842-7500 Harold A. Baylor, Jr., Vice Pres., CFO, and Treas. Tel:(518) 842-7200 Fax:(518) 842-1688 Ambanc Holding Co., Inc. Announces Earnings for the Quarter and the Nine-months Ended September 30, 1997 Amsterdam, N.Y., October 24, 1997 - Ambanc Holding Co., Inc. (NASDAQ - AHCI) today announced that net income increased 28.7% in this year's third quarter, to $736,000, or $0.19 a share, from $572,000, or $0.12 a share, in the third quarter of 1996. Robert J. Brittain, President and C.E.O., attributed the improvement in third quarter 1997 earnings primarily to a decrease in the provision for loan losses and to an increase in net gains on the sales of securities. For the nine-months ended September 30, 1997, net income was $2.0 million, or $0.49 a share, compared to $768,000, or $0.16 a share, in 1996. Mr. Brittain stated that the improvement in net income for the nine-months ended September 30, 1997, resulted primarily from a decrease of $1.7 million in the provision for loan losses. In 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 gains on security sales, net interest income, and non-interest income. Partially offsetting these positive factors was an increase in non-interest expenses, mainly related to the Company's ESOP and other employee stock compensation plans and the opening of three new branch offices in May of this year. 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. - MORE -
Ambanc Holding Co., Inc. Selected Consolidated Financial Information (unaudited) September 30, December 31, 1997 1996 ------------------- ------------------- (In Thousands) Selected Consolidated Financial Condition Data: Total assets $529,309 $472,421 Securities available for sale, at fair value 210,562 200,539 Loans receivable, net of unamortized fees 280,546 251,532 Allowance for loan losses 4,147 3,438 Deposits 330,658 298,082 Total borrowings 103,950 108,780 Total equity 60,204 61,518
For the Three Months For the Nine Months Ended September 30, Ended September 30, 1997 1996 1997 1996 -------------------- ------------------- ------------------- --------------- (In Thousands) Selected Consolidated Operations Data: Total interest income $8,827 $8,825 $26,275 $23,302 Total interest expense 4,946 4,594 14,366 11,537 -------------------- ------------------- ------------------- --------------- Net interest income 3,881 4,231 11,909 11,765 Provision for loan losses 225 549 863 2,610 -------------------- ------------------- ------------------- --------------- Net interest income after provision for loan losses 3,656 3,682 11,046 9,155 Fees and service charges 204 200 580 549 Net gain (loss) on sales of AFS securities 328 9 505 (89) Other non-interest income 46 57 196 170 -------------------- ------------------- ------------------- --------------- Total non-interest income 578 266 1,281 630 Total non-interest expense 3,046 3,051 9,174 8,621 -------------------- ------------------- ------------------- --------------- Income before taxes 1,188 898 3,153 1,164 Income tax provision 452 325 1,193 396 -------------------- ------------------- ------------------- --------------- Net income $736 $573 $1,961 $768 ==================== =================== =================== =============== Net income per common share outstanding $0.19 $0.12 $0.49 $0.16 ==================== =================== =================== =============== Weighted average number of shares issued and outstanding 3,897,275 4,662,564 3,977,302 4,883,859 ==================== =================== =================== ===============
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For the Three Months For the Nine Months Ended September 30, Ended September 30, 1997 1996 1997 1996 ---------- ---------- ---------- ---------- (unaudited) Performance Ratios: Return on average assets 0.61 0.47 0.54 0.23 Return on average equity 4.84 3.20 4.27 1.38 Interest rate spread 2.51 2.67 2.62 2.81 Net interest margin 3.28 3.57 3.41 3.76 Efficiency ratio 72.57 54.10 70.03 61.80 Ratio of average interest-earning assets to average interest-bearing liabilities 118.33 123.08 119.26 125.74
September 30, December 31, 1997 1996 --------------- --------------- Asset Quality Ratios: Non-performing assets to total assets at end of period 0.73 1.18 Non-performing loans to total loans 1.29 1.94 Allowance for loan losses to non-performing loans 114.78 70.47 Allowance for loan losses to loans receivable 1.49 1.37 Capital Ratios: Equity to total assets at end of period 11.37 13.02 Average equity to average assets 12.63 15.95 Book value per share (1): Equity net of after-tax effect from unrealized (losses) on securities available for sale $13.98 $14.01 Equity before after-tax effect from unrealized (losses) on securities available for sale $14.03 $14.02 Other Data: Number of full-service offices 12 9 (1) Calculation considers ESOP and MRP shares as outstanding
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