-----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, VZkOsaEp/+twLwcESdMu23KOZH6W8p4YHiRE582AtkGa67o+50bJRb5I4LPEZwN1 RwhenAh5tGv3rE67p5vXnw== 0000352801-95-000008.txt : 19951119 0000352801-95-000008.hdr.sgml : 19951119 ACCESSION NUMBER: 0000352801-95-000008 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN BANCSHARES OF HOUMA INC CENTRAL INDEX KEY: 0000352801 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 720695017 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-10241 FILM NUMBER: 95589527 BUSINESS ADDRESS: STREET 1: 801 BARROW ST CITY: HOUMA STATE: LA ZIP: 70360 BUSINESS PHONE: 5048721434 MAIL ADDRESS: STREET 1: P O BOX 110 CITY: HOUMA STATE: LA ZIP: 70360-0110 10QSB 1 U. S. Securities and Exchange Commission Washington, D.C. 20549 Form 10-QSB (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30,_1995 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to __________ Commission file number 0-10241 AMERICAN_BANCSHARES_OF_HOUMA,_INC. (Exact name of registrant as specified in its charter) LOUISIANA 72-0695017 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 801_Barrow_Street,_Houma,_Louisiana 70360 (Address of principal executive offices) Issuer's telephone number: (504)_872-1434 Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _X_. No ___. The number of shares of common stock, $3.00 par value, outstanding as of September 30, 1995, was 229,564. Transitional Small Business Disclosure Format (check one): Yes ___. No _X_. TABLE OF CONTENTS PART I--FINANCIAL INFORMATION Item 1. Financial Statements. Consolidated Statements of Condition - September 30, 1995 and December 31, 1994............................ Consolidated Statements of Income - Periods Ended September 30, 1995 and 1994........................... Consolidated Statements of Changes in Stockholders' Equity - Periods Ended September 30, 1995 and 1994........................... Consolidated Statements of Cash Flows - Periods Ended September 30, 1995 and 1994........................... Notes to Consolidated Financial Statements............................ Item 2. Management's Discussion and Analysis........................... PART II--OTHER INFORMATION Item 1. Legal Proceedings.............................................. Item 6. Exhibits and Reports on Form 8-K............................... SIGNATURES................................................................ AMERICAN BANCSHARES OF HOUMA, INC. Consolidated Statements of Condition September 30, 1995 and December 31, 1994 Thousands of Dollars Unaudited
Sept 30, Dec. 31, __1995__ __1994__ ASSETS Cash and due from banks.......................................... $ 5,111 $ 4,667 Federal funds sold............................................... ____700 __5,700 Total cash and cash equivalents....................... 5,811 10,367 Investment securities: Available-for-sale securities at fair value (amortized cost of $18,718 and $9,885 in 1995 and 1994, respectively)........ 18,825 9,608 Held-to-maturity securities at amortized cost (fair value of $7,381 and $8,042 in 1995 and 1994, respectively)............ __7,354 __8,380 Total investment securities........................... 26,179 17,988 Loans............................................................ 51,257 51,652 Less: Unearned income......................................... (157) (161) Allowance for loan losses............................... _(1,079) _(1,133) Loans, net............................................ 50,021 50,358 Premises and equipment........................................... 2,065 1,970 Real estate acquired by foreclosure.............................. 313 335 Other assets..................................................... __1,261 __1,329 Total assets........................................ $ 85,650 $ 82,347 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Deposits (Note 2): Noninterest-bearing............................................ $ 15,965 $ 16,372 Interest-bearing............................................... _60,023 _57,889 Total deposits........................................ 75,988 74,261 Federal funds purchased and securities sold under repurchase agreements.......................................... 310 168 Other liabilities................................................ ____897 ____394 Total liabilities..................................... _77,195 _74,823 Stockholders' equity: Common stock ($3.00 par value; 1,000,000 shares authorized; 258,737 shares issued)........................... 776 776 Paid-in capital................................................ 4,263 4,263 Retained earnings.............................................. 4,279 3,602 Net unrealized gains (losses) on available-for-sale securities. 71 (183) Treasury stock (Cost of 29,173 shares)......................... ___(934) __(934) Total stockholders' equity............................ __8,455 __7,524 Total liabilities and stockholders' equity.......... $ 85,650 $ 82,347 ======= ======= See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Consolidated Statements of Income Periods Ended September 30, 1995 and 1994 Thousands of Dollars Except for Per Share Data Unaudited
Three_Months_Ended Nine_Months_Ended_ Sept 30, Sept 30, Sept 30, Sept 30, __1995__ __1994__ __1995__ __1994__ Interest income: Interest and fees on loans.............. $ 1,137 $ 1,075 $ 3,365 $ 2,839 Taxable securities income............... 353 297 1,002 1,052 Nontaxable securities income............ 27 17 60 30 Interest on federal funds sold.......... _____41 _____16 ____121 _____64 Total interest income............... __1,558 __1,405 __4,548 __3,985 Interest expense: Interest on deposits (Note 2)........... 622 441 1,793 1,229 Interest on federal funds purchased and securities sold under repurchase agreements............................ ______7 ______6 _____12 ______9 Total interest expense.............. ____629 ____447 __1,805 __1,238 Net interest income..................... 928 958 2,743 2,747 Provisions for loan losses.............. ____--- ____--- ____--- ______5 Net interest income after provisions for loan losses....................... 928 958 2,743 2,742 Noninterest income, excluding investment securities gains and losses (Note 3).. 354 291 966 965 Investment securities gains (losses).... --- 33 (1) 33 Noninterest expense (Note 4)............ ____811 ____842 __2,586 __2,535 Earnings before income taxes............ 471 440 1,122 1,205 Provision for income taxes.............. ____156 ____148 ____353 ____395 Net earnings............................ $ 315 $ 292 $ 769 $ 810 ======= ======= ======= ======= PER SHARE DATA: Net earnings............................ $ 1.37 $ 1.27 $ 3.35 $ 3.53 ======= ======= ======= ======= Average common shares outstanding....... 229,564 229,564 229,564 229,564 ======= ======= ======= ======= See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Consolidated Statements of Changes in Stockholders' Equity Nine Months Ended September 30, 1995 and 1994 Thousands of Dollars Unaudited
Net unreal- ized Gains (Losses) on Available- Common Paid-in Retained Treasury for-Sale Stock_ Capital Earnings _Stock__ Securities_ Total Balance at December 31, 1993.. $ 776 4,263 2,818 (934) 292 7,215 Net earnings.................. --- --- 810 --- --- 810 Dividends ($0.25 per share)... (57) (57) Change in net unrealized gains or losses on available-for- sale securities............. __--- __--- __--- __--- _(384) _(384) Balance at Sept 30, 1994...... $ 776 4,263 3,571 (934) (92) 7,584 ===== ===== ===== ===== ===== ===== Balance at December 31, 1994.. $ 776 4,263 3,602 (934) (183) 7,524 Net earnings.................. --- --- 769 --- --- 769 Dividends ($0.40 per share)... (92) (92) Change in net unrealized gains or losses on available-for- sale securities............. __--- __--- __--- __--- __254 __254 Balance at Sept 30, 1995...... $ 776 4,263 4,279 (934) 71 8,455 ===== ===== ===== ===== ===== ===== See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Consolidated Statements of Cash Flows Nine Months Ended September 30, 1995 and 1994 Thousands of Dollars Unaudited
Nine_Months_Ended_ Sept 30, Sept 30, __1995__ __1994__ Cash flows from operating activities: Interest received....................................... $ 4,535 $ 3,908 Fees and commissions received........................... 1,037 1,078 Interest paid........................................... (1,636) (1,174) Other expenses paid..................................... (2,399) (2,404) Income taxes paid....................................... __(299) ___(72) Net cash provided by operating activities............. _1,238 _1,336 Cash flows from investing activities: Proceeds from sales of available-for-sale securities.... 999 4,337 Proceeds from paydowns and maturities of available-for-sale securities...................... 1,623 3,886 Purchases of available-for-sale securities.............. (11,505) (1,530) Proceeds from paydowns and maturities of held-to-maturity securities........................ 1,228 665 Purchases of held-to-maturity securities................ --- (2,467) Loan originations, net of repayments.................... 217 (12,329) Capital expenditures.................................... (245) (314) Proceeds from sales of foreclosed assets................ 127 55 Net decrease (increase) in other assets................. ___(13) ____(8) Net cash provided by (used in) investment activities.. (7,569) (7,705) Cash flows from financing activities: Net increase (decrease) in deposits..................... 1,727 4,599 Net increase (decrease) in securities sold under repurchase agreements........................... 142 188 Dividends paid.......................................... (92) (57) Net increase (decrease) in other liabilities............ ____(2) _____7 Net cash provided by (used in) financing activities... _1,775 _4,737 Net increase (decrease) in cash and cash equivalents...... (4,556) (1,632) Cash and cash equivalents at beginning of period.......... 10,367 _7,034 Cash and cash equivalents at end of period................ $ 5,811 $ 5,402 ====== ====== (continued) See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Consolidated Statements of Cash Flows Nine Months Ended September 30, 1995 and 1994 Thousands of Dollars Unaudited
Nine_Months_Ended_ Sept 30, Sept 30, __1995__ __1994__ Reconciliation of net income to net cash provided by operating activities: Net earnings.............................................. $ ___769 $ ___810 Adjustments to reconcile net income to net cash provided by operating activities: Provisions for loan losses............................ --- 5 Investment securities losses.......................... 1 (33) Depreciation and amortization of premises and equipment....................................... 149 124 Losses (gains) on disposals of premises and equipment. 1 36 Write-downs of foreclosed assets...................... 33 69 Losses (gains) on sales of foreclosed assets.......... (15) (70) Decrease (increase) in interest receivable............ (76) (154) Amortization of goodwill.............................. 10 10 Amortization of premiums and (accretion of discounts) on investment securities............................ 69 57 Decrease (increase) in prepaid expenses............... 1 (16) Increase (decrease) in accrued expenses............... 73 86 Increase (decrease) in interest payable............... 169 64 Increase (decrease) in current income taxes payable... 38 45 Decrease (increase) in net deferred tax asset......... 16 278 Net increase (decrease) in deferred loan fees and other unearned income........................... ___--- ____25 Total adjustments................................. ___469 ___526 Net cash provided by operating activities................. $ 1,238 $ 1,336 ====== ====== Supplemental schedule of noncash investing activities: Assets acquired through foreclosure of loans............ $ 263 $ 43 ====== ====== Loans made to finance sales of foreclosed assets........ $ 140 $ 73 ====== ====== See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Notes to Consolidated Financial Statements September 30, 1995 and 1994 Unaudited (1) Summary of Significant Accounting Policies No significant changes in accounting policies have occurred since the filing of the Form 10-KSB report on March 30, 1995, for the fiscal year ended December 31, 1994, other than the adoption of Statement of Financial Accounting Standards No.'s 114 and 118 as previously disclosed in the Form 10-QSB/A (as amended) for the quarter ended March 31, 1995. Certain reclassifications have been made to conform to the 1995 presentation of financial information. (2) Deposits Included in interest-bearing deposits are certificates of deposit of $100,000 or more, which totaled $9,319,355 at September 30, 1995, and $7,411,193 at December 31, 1994. Interest expense on certificates of deposit of $100,000 or more totaled $351,754 and $153,304 for the nine months ended September 30, 1995 and 1994, respectively. For the quarters ended September 30, 1995 and 1994, interest expense on certificates of deposit of $100,000 or more totaled $130,295 and $59,655, respectively. (3) Noninterest Income Details of noninterest income, excluding investment securities gains and losses, are as follows:
Three_Months_Ended Nine_Months_Ended_ (Thousands of Dollars) Sept 30, Sept 30, Sept 30, Sept 30, __1995__ __1994__ __1995__ __1994__ Service charges on deposit accounts..... $ 244 $ 222 $ 705 $ 640 Secondary market loan origination fees.. 59 24 100 134 Other loan fee income................... 5 13 18 68 Other................................... ______46 ______32 _____143 _____123 $ 354 $ 291 $ 966 $ 965 ======== ======== ======== ========
(4) Noninterest Expense Details of noninterest expense are as follows:
Three_Months_Ended Nine_Months_Ended_ (Thousands of Dollars) Sept 30, Sept 30, Sept 30, Sept 30, __1995__ __1994__ __1995__ __1994__ Salaries and employee benefits.......... $ 419 $ 395 $ 1,260 $ 1,264 Net occupancy expense of premises....... 105 102 301 312 Equipment expense....................... 68 59 191 173 Advertising, marketing and promotion.... 23 11 66 38 FDIC and state assessments.............. 1 42 89 123 Stationery, printing and supplies....... 29 36 92 110 Data processing......................... 35 35 101 104 Directors' fees......................... 37 22 122 74 Legal and professional fees............. 14 35 85 76 Postage................................. 19 20 58 55 Telephone expense....................... 16 17 50 48 Net foreclosed assets expense (income).. (15) 8 (8) (21) Other................................... ______60 ______60 _____179 _____179 $ 811 $ 842 $ 2,586 $ 2,535 ======== ======== ======== ========
AMERICAN BANCSHARES OF HOUMA. INC. Management's Discussion and Analysis American Bancshares of Houma, Inc. (the Company) is a one-bank holding company whose primary asset is the 100% ownership of American Bank and Trust Company of Houma (the Bank) domiciled in Houma, Louisiana. Overview The Company earned $769,000 or $3.35 per share for the nine month period ending September 30, 1995, providing a 1.23% return on average assets and a 12.78% return on average equity. Year-to-date net earnings decreased by $41,000 or $0.18 per share from the same period in 1994 due primarily to increased overhead expenses and reduced investment securities gains realized. Third quarter earnings increased by $23,000 or $0.10 per share due primarily to increased noninterest income and reduced overhead expenses. During 1995, the Company's total assets grew by 4.01%, after experiencing growth of 13% to 14% for the year 1994. Total deposits increased $1,727,000 or 2.3% in 1995 due to increased time deposit balances. At September 30, 1995, nonaccrual loans totaled $137,000, restructured loans totaled $965,000, loans past due 90 days or more totaled $68,000, and foreclosed assets totaled $346,000. Overall, total nonperforming assets increased by $47,000 or 3.2% since December 31, 1994, primarily due to an increase in nonperforming consumer loans. During 1994, the Bank increased its portfolio of indirect automobile loans significantly by offering financing through several local dealers. Management monitors the portfolio closely and has stepped up collection efforts to minimize delinquencies and potential losses. During the third quarter of 1995, total nonperforming assets decreased by $78,000 or 4.9%. Net_Interest_Income Year-to-date net interest income remained consistent with 1994 levels. The negative effects of a decrease in the net interest margin from 5.30% in 1994 to 4.88% in 1995 were offset by a 9.1% increase in the volume of average interest earning assets. Net interest margin decreased due primarily to the increased cost of funds resulting from higher interest rates and a shift in deposit mix from NOW, money market and savings accounts to certificates of deposit with higher interest rates. An increase in income due to higher loan volume offset the decrease in income due to reduced margin. Detailed analysis of the components of and changes in net interest income on a taxable equivalent basis is provided in the "Summary of Average Balance Sheets, Interest, and Interest Rates" and "Comparative Changes in Interest Income and Expense" tables that follow this discussion. Allowance_and_Provisions_for_Loan_Losses No provisions for loan losses were made during the nine months ending September 30, 1995, as the $1,079,000 allowance (representing 2.1% of the portfolio) is deemed to be adequate by Bank management. During the same period in 1994, provisions for loan losses totaled $5,000. The Bank recorded year-to-date net charge-offs of $54,000 in 1995 compared to net recoveries of $59,000 for the same period in 1994. Noninterest_Income Year-to-date noninterest income, excluding investment securities gains and losses, also remained consistent with 1994 levels. Increased service charge income on deposit accounts largely offset reduced secondary market mortgage loan origination and other loan fee income. Service charge income increased primarily due to a new pricing structure on high-volume commercial accounts and increased NSF volume. The volume of mortgage loans originated for sale in the secondary market decreased in 1995 due primarily to higher mortgage interest rates. Third quarter volume has increased, however, as interest rates have come down. Details of other noninterest income are provided in note 3 to the consolidated financial statements. Noninterest_Expense Year-to-date total overhead expenses increased by $51,000 or 2.0% over the same period in 1994. Total salaries and employee benefits decreased slightly as reduced accruals for retirement plan contributions offset increased wages and other benefits. Accruals for retirement plan contributions decreased by $74,000 in 1995 due to the 1994 contribution of $92,000 to Employee Stock Ownership Plan which increased retirement plan expense in that year. Directors' fees increased by $48,000 due to an increased fee schedule and additional committee meetings. Advertising expense increased by $28,000 due to an expanded marketing program. Equipment expense increased by $18,000 in 1995 due to higher depreciation expense resulting from capital improvements. During the third quarter of 1995, the F.D.I.C. reduced deposit insurance premiums retroactive to June 1, 1995. As a result, year-to-date F.D.I.C. and state assessments decreased by $34,000. Stationery and supplies expense decreased by $18,000 due to improved technology and purchasing practices. Additional information on other expenses is provided in note 4 to the consolidated financial statements. Liquidity The Bank's liquidity ratio, which is a measure of net cash, short-term and marketable assets as a percent of net deposits and short-term liabilities, equaled 31.7% at September 30, 1995, compared to 26.7% at December 31, 1994. Management strives to maintain a minimum liquidity ratio of 25%. Total loans, net of unearned discounts, represented 67.2% of total deposits at September 30, 1995, compared to 69.3% at December 31, 1994. Federal funds sold and investments in short-term, high quality U. S. Government and U. S. Government Agency securities provide a source of ongoing liquidity for the Bank. The investment portfolio is structured to provide a ladder of maturities to ensure that funds will be available when needed. Also, a significant portion of the investment portfolio is classified as available-for-sale in accordance with Statement of Financial Accounting Standards No. 115. While the Bank has the intent to hold these securities indefinitely, they are available for disposal and may be sold for liquidity as well as other reasons. The Bank also has the ability to purchase federal funds from correspondent banks and to pledge securities for other borrowings if necessary to satisfy temporary liquidity needs. Management believes that these factors place the Bank in a sound liquidity position. Capital_Adequacy_&_Dividends Regulatory capital guidelines set forth minimum ratios of total capital to total "risk-weighted" assets of 8.0%, "Tier 1" capital to total "risk-weighted" assets of 4.0%, and a leverage ratio ("Tier 1" capital to total assets) of 4%. Because the Company has total consolidated assets of less than $150 million and meets certain other conditions, the guidelines are applied on a bank-only basis. For the Bank, "Tier 1" capital consists of its shareholders' equity, excluding net unrealized market gains or losses on available-for-sale securities. Total capital consists of "Tier 1" capital plus an allowable portion of the allowance for loan losses. At September 30, 1995, the Bank's total capital to total "risk-weighted" assets ratio equaled 18.32%, its "Tier 1" capital to total "risk-weighted" assets ratio equaled 17.06%, and its leverage ratio equaled 9.55%. In June of 1995, the Company declared dividends totaling $0.40 per share, which included a $0.25 regular dividend and a $0.15 special dividend. These dividends were paid in July. In 1994, mid-year dividends totaling $0.25 per share were declared in July and paid in August. Regulatory_Matters On February 8, 1994, the Bank entered into a Memorandum of Understanding (MOU) with the Federal Deposit Insurance Corporation (FDIC) regarding regulatory compliance issues. The MOU resulted from a compliance examination of the Bank conducted by the FDIC on October 1, 1993, in which several violations of federal regulations were noted, primarily record- keeping and disclosure violations. The MOU requires the bank to improve its compliance program to insure adequate management supervision, training, and review procedures to insure compliance with federal record-keeping and disclosure requirements. The MOU originally required the Bank to make quarterly progress reports to the FDIC. Based on progress reports made, the FDIC removed the quarterly reporting requirement on April 17, 1995. While the MOU must remain in effect until the next compliance examination of the Bank, management believes it has taken the necessary steps to insure future compliance. AMERICAN BANCSHARES OF HOUMA, INC. Summary of Average Balance Sheets, Interest, and Interest Rates Nine Months Ended September 30, 1995 and 1994 Tax Equivalent Basis, Thousands of Dollars Unaudited
___________________Nine_Months_Ended_____________________ _______Sept_30,_1995_______ _______Sept_30,_1994_______ Average Average Average Average Balance Interest _Rate__ Balance Interest _Rate__ ASSETS INTEREST-EARNING ASSETS: Loans, net of unearned income* $50,817 ___3,365 8.85% $44,529 ___2,839 8.52% Investment securities: ** Taxable...................... 20,595 1,002 6.50 21,877 1,052 6.43 Nontaxable................... _1,770 ______87 6.57 ___844 ______44 6.97 Total investment securities. 22,365 1,089 6.51 22,721 1,096 6.45 Federal funds sold............ _2,771 _____121 5.84 _2,365 ______64 3.62 Total interest-earning assets 75,953 ___4,575 8.05 69,615 ___3,999 7.68 NONINTEREST-EARNING ASSETS AND ALLOWANCE FOR LOAN LOSSES: Cash and due from banks....... 4,884 4,504 Bank premises and equipment... 2,015 1,909 Other assets.................. 1,554 1,520 Allowance for loan losses..... (1,106) (1,189) Total assets................ $83,300 $76,359 ====== ====== LIABILITIES_AND STOCKHOLDERS'_EQUITY INTEREST-BEARING LIABILITIES: NOW accounts.................. $10,441 167 2.14 $10,755 161 2.00 Money market accounts......... 7,313 150 2.74 8,163 159 2.60 Savings deposits.............. 9,064 193 2.85 9,757 200 2.70 Time deposits................. 31,743 __1,283 5.40 23,945 _____709 3.96 Total interest-bearing deposits................... 58,561 1,793 4.09 52,620 1,229 3.12 Short-term borrowings......... ___207 _____12 7.75 ___170 _______9 7.08 Total interest-bearing liabilities................ 58,768 __1,805 4.11 52,790 ___1,238 3.14 NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY: Noninterest-bearing deposits.. 15,909 15,739 Other liabilities............. 581 416 Stockholders' equity.......... _8,042 _7,414 Total liabilities and stockholders' equity....... $83,300 $76,359 ====== ====== Net interest earned on total interest-earning assets...... $75,953 2,770 4.88% $69,615 2,761 5.30% ====== ======= ====== ======= *Nonaccruing loan balances are included in loans for purposes of this analysis. **Investment securities are shown at amortized cost, with net market gains or losses on available-for-sale securities included in other assets.
AMERICAN BANCSHARES OF HOUMA, INC. Comparative Changes in Interest Income and Expense For the Nine Months Ended September 30, 1995 and 1994 Tax Equivalent Basis, Thousands of Dollars Thousands of Dollars Unaudited
1995 Compared to 1994 1994 Compared to 1993 Increase_(Decrease)_Due_To Increase_(Decrease)_Due_To Change Change Change Change in in in in Volume _Rate_ Total Volume _Rate_ Total INTEREST_INCOME Loans........................ $__413 ___113 __526 $__578 __(116) __462 Investment securities: Taxable..................... (62) 12 (50) (323) (87) (410) Nontaxable.................. ___46 ____(3) ___43 ___39 ____(2) ___37 Total investments.......... (16) 9 (7) (284) (89) (373) Federal funds sold........... ___12 ____45 ___57 ___14 ____12 ___26 Total interest income...... __409 ___167 __576 __308 __(193) __115 INTEREST_EXPENSE Interest-bearing deposits: NOW accounts................ (5) 11 6 3 4 7 Money market accounts....... (17) 8 (9) (25) --- (25) Savings deposits............ (15) 8 (7) --- (10) (10) Time deposits............... __271 ___303 __574 ___24 ____34 ___58 Total interest-bearing deposits.................. 234 330 564 2 28 30 Short-term borrowings....... ____2 _____1 _____3 __--- _____3 _____3 Total interest expense..... __236 ___331 ___567 ____2 ____31 ____33 Net interest income........ $ 173 (164) 9 $ 306 (224) 82 ===== ====== ====== ===== ====== ====== NOTE: The change in interest due to both volume and rate has been allocated to change due to volume and change due to rate in proportion to the relationship of the absolute dollar amounts of change in each.
PART II - OTHER INFORMATION Item_1._Legal_Proceedings. (a) Alfred P. Cenac, Jr., et al. v. American Bank and Trust Company, et al. Regarding the suit of Alfred P. Cenac, Jr., et al. previously disclosed in the 1994 Annual Report on Form 10-KSB filed on March 30, 1995, the plaintiffs filed an appeal on May 11, 1995, in the United States District Court. On July 18, 1995, the Court dismissed the plaintiffs' appeal without prejudice. Bank management and its legal counsel now consider this case closed. (b) State of Louisiana, ex rel, William J. Guste, Jr., Attorney General and the Louisiana Economic Development Corporation v. American Bank and Trust Company of Houma and KTK Holding, Inc. It was previously disclosed in the 1994 Annual Report on Form 10-KSB filed on March 30, 1995, that the Trustee of the bankruptcy estate of Kirk Manufacturing of Houma, Inc. ("Kirk") may attempt to recover approximately $278,000 in payments made by Kirk during the one year period preceding Kirk's filing for Chapter 11 relief. The statute of limitations on the time period allowed to bring such action against the Bank has expired, eliminating any potential liability of the Bank for these payments. No other material developments have occurred in this case. Item_6._Exhibits_and_Reports_on_Form_8-K. During the quarter ended September 30, 1995, no reports on Form 8-K have been filed. SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. American_Bancshares_of_Houma,_Inc. (Registrant) Date: November 10, 1995 /s/_Robert_W._Boquet______________ Robert W. Boquet President and C.E.O. Principal Financial Officer EX-27 2
9 1,000 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 5111 0 700 0 18825 7354 7381 51257 1079 85650 75988 310 897 0 776 0 0 7679 85650 3365 1062 121 4548 1793 1805 2743 0 (1) 2586 1122 769 0 0 769 3.35 0 4.88 137 68 965 0 1133 249 195 1079 717 0 362
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