-----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, Jnye9L/ug1vmva/GzHbxulqGR2k0s5jWVVPTwjowIdryenGSiZTvas5svwGPjLtF +NqI+vdq4nBhbwLw9QVvEw== 0001000301-98-000004.txt : 19980219 0001000301-98-000004.hdr.sgml : 19980219 ACCESSION NUMBER: 0001000301-98-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 ITEM INFORMATION: FILED AS OF DATE: 19980218 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: 98544690 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 FOURTH 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 January 20, 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 January 20, 1998, the Registrant issued the press release attached hereto as Exhibit 99 announcing its earnings for the Three and Twelve Months Ended December 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: January 20, 1998 By: /s/Robert J. Brittain --------------------------- --------------------------------- Robert J. Brittain President & Chief Executive Officer Exhibit Number Description - ------- --------------------------------------------------- 99 Press release dated January 20, 1998 EX-99 2 FOURTH QUARTER EARNINGS PRESS RELEASE FOR IMMEDIATE RELEASE CONTACT: Robert J. Brittain, President & Chief Executive Officer Telephone: (518)842-7200 Fax: (518)842-7500 Harold A. Baylor, Jr., Vice President, CFO & Treasurer Telephone: (518)842-7200 Fax: (518)842-1688 Ambanc Holding Co., Inc. Reports Operating Results for the Three and Twelve Months Ended December 31, 1997 Amsterdam, N.Y., January 20, 1997...Robert J. Brittain, President and Chief Executive Officer of Ambanc Holding Co., Inc. (NASDAQ: AHCI), today announced that the Company recorded net income of $800,000, or basic earnings per share of $0.21 , and $2.8 million, or basic earnings per share of $0.70, for the quarter and year ended December 31, 1997, respectively. Diluted earnings per share for the 1997 reporting periods were $0.20 and $0.69, respectively. In the corresponding periods of 1996, the Company reported net losses of $4.6 million, or basic and diluted earnings per share of $(1.01) and $3.8 million or basic and diluted earnings per share of $(0.81). Mr. Brittain attributed the significant improvement in earnings primarily to reductions in the provision for loan losses and expenses related to real estate owned and repossessed assets. Also contributing to the earnings improvement were increases in gains on the sales of securities of $283,000 and $877,000 for the three and twelve months ended December 31, 1997, as compared, respectively, to the 1996 periods. The provision for loan losses for the quarter ended December 31, 1997, compared to the fourth quarter in 1996, decreased by $6.6 million to $225,000. For the year 1997, the Company's total provision for loan losses declined by $8.4 million to $1.1 million compared to $9.5 million in 1996. Additionally, expenses related to real estate owned and repossessed assets were reduced by $1.6 million to $64,000 for the quarter and by $2.2 million to $355,000 for all of 1997 when compared to the comparable 1996 periods. During the fourth quarter of 1996, the Company completed the bulk sales of certain loans and foreclosed real estate. The proceeds received from the bulk sales approximated 74 % of the book value of the assets sold. In addition, the Company increased its provision for loan losses related to the Company's lending relationship with the Bennett Funding Group by $1.3 million in the fourth quarter of 1996, bringing the total Bennett provision for loan losses for all of 1996 to $2.8 million on a total loan exposure of $3.6 million. 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), Albany (2), Schenectady (1), and Fulton (1) counties in the Capital Region of upstate New York. -MORE- Ambanc Holding Co., Inc. & Subsidiaries Selected Consolidated Financial Information (unaudited) December 31, December 31, 1997 1996 ------------------- (In Thousands) Selected Consolidated Financial Condition Data: Total assets $510,444 $472,421 Securities available for sale, at fair value 205,842 200,539 Loans receivable, net of unamortized fees 284,930 251,532 Allowance for loan losses 3,807 3,438 Deposits 333,265 298,082 Total borrowings 111,550 108,780 Total equity 61,202 61,518 For the Year For the Three Months Ended December 31, Ended December 31, 1997 1996 1997 1996 ----------------------------------------- (In Thousands) Selected Consolidated Operations Data: Total interest income $35,566 $32,347 $9,291 $9,045 Total interest expense 19,654 16,434 5,288 4,897 ------ ------ ----- ----- Net interest income 15,912 15,913 4,003 4,148 Provision for loan losses 1,088 9,450 225 6,840 ----- ----- --- ----- Net interest income after provision for loan losses 14,824 6,463 3,778 (2,692) Fees and service charges 786 764 206 215 Net gain (loss) on sales of AFS securities 775 (102) 270 (13) Other non-interest income 265 258 69 88 --- --- -- -- Total non-interest income 1,826 920 545 290 Total non-interest expense 12,196 13,147 3,023 4,527 ------ ------ ----- ----- Income before taxes 4,454 (5,764) 1,300 6,929) Income tax provision 1,693 (1,929) 500 (2,325) ----- ------ --- ------ Net income $2,762 $3,834) $800 $4,604) ====== ====== ==== ====== Net income per common share outstanding (basic) $0.70 ($0.81) $0.21 ($1.01) ===== ====== ===== ====== Net income per common share outstanding (diluted) $0.69 ($0.81) $0.20 ($1.01) ===== ====== ===== ====== Weighted average number of shares issued and outstanding (basic) 3,940,778 4,765,274 3,832,395 4,537,325 ========= ========= ========= ========= Weighted average number of shares issued and outstanding (diluted) 3,992,674 4,765,274 3,948,395 4,537,325 ========= ========= ========= ========= -MORE- For the Year For the Three Months Ended December 31, Ended December 31, 1997 1996 1997 1996 ---- ---- ---- ---- (unaudited) Performance Ratios: Return on average assets 0.56 (0.84) 0.63 (3.70) Return on average equity 4.52 (5.24) 5.29 (26.07) Interest rate spread 2.58 2.74 2.46 2.54 Net interest margin 3.36 3.66 3.23 3.38 Efficiency ratio 69.81 62.50 69.17 64.48 Ratio of average interest-earning assets to average interest-bearing liabilities 118.93 124.26 117.99 120.60 December 31, December 31, 1997 1996 ---- ---- (unaudited) Asset Quality Ratios: Non-performing assets to total assets at end of period 0.66 1.18 Non-performing loans to total loans 1.14 1.94 Allowance for loan losses to non-performing loans 117.10 70.47 Allowance for loan losses to loans receivable 1.34 1.37 Capital Ratios: Equity to total assets at end of period 11.99 13.02 Average equity to average assets 12.42 15.95 Book value per share (1): Equity net of after-tax effect from unrealized (losses) on securities available for sale $14.21 $14.01 Equity before after-tax effect from unrealized (losses) on securities available for sale $14.28 $14.02 Other Data: Number of full-service offices 12 9 (1) Calculation considers ESOP and RRP shares as outstanding -END- -----END PRIVACY-ENHANCED MESSAGE-----