-----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, Nfs+RK7vh881i7DcXndRIJpjDkcoWURc9ROcb9uibywNiOzQeEMoVTBrk7ghQsES lRGeP6KYutRhqpWff9tpXQ== 0000352801-96-000005.txt : 19960816 0000352801-96-000005.hdr.sgml : 19960816 ACCESSION NUMBER: 0000352801-96-000005 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 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: 96615353 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 June 30,_1996 [ ] 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 June 30, 1996, 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 - June 30, 1996 and December 31, 1995............................. Consolidated Statements of Income - Periods Ended June 30, 1996 and 1995............................ Consolidated Statements of Changes in Stockholders' Equity - Periods Ended June 30, 1996 and 1995............................ Consolidated Statements of Cash Flows - Periods Ended June 30, 1996 and 1995............................ 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 June 30, 1996 and December 31, 1995 Thousands of Dollars Unaudited
June 30, Dec. 31, __1996__ __1995__ ASSETS Cash and due from banks.......................................... $ 4,625 $ 6,569 Federal funds sold............................................... ____775 __1,300 Total cash and cash equivalents....................... 5,400 7,869 Investment securities: Available-for-sale securities at fair value (amortized cost of $19,513 and $22,889 in 1996 and 1995, respectively)....... 19,365 23,205 Held-to-maturity securities at amortized cost (fair value of $3,466 and $3,589 in 1996 and 1995, respectively)............ __3,473 __3,547 Total investment securities........................... 22,838 26,752 Loans (note 2)................................................... 58,061 50,980 Less: Unearned income......................................... (198) (167) Allowance for loan losses............................... _(1,285) ___(993) Loans, net............................................ 56,578 49,820 Premises and equipment........................................... 2,076 2,034 Real estate acquired by foreclosure.............................. 8 303 Other assets..................................................... __1,352 __1,432 Total assets........................................ $ 88,252 $ 88,210 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Deposits (Note 3): Noninterest-bearing............................................ $ 17,421 $ 18,076 Interest-bearing............................................... _61,325 _60,632 Total deposits........................................ 78,746 78,708 Federal funds purchased and securities sold under repurchase agreements.......................................... --- 200 Other liabilities................................................ ____678 ____622 Total liabilities..................................... _79,424 _79,530 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.............................................. 4,820 4,366 Net unrealized gains (losses) on available-for-sale securities. (97) 209 Treasury stock (Cost of 29,173 shares)......................... ___(934) __(934) Total stockholders' equity............................ __8,828 __8,680 Total liabilities and stockholders' equity.......... $ 88,252 $ 88,210 ======= ======= See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Consolidated Statements of Income Periods Ended June 30, 1996 and 1995 Thousands of Dollars Except for Per Share Data Unaudited
Three_Months_Ended _Six_Months_Ended_ June 30, June 30, June 30, June 30, __1996__ __1995__ __1996__ __1995__ Interest income: Interest and fees on loans.............. $ 1,245 $ 1,121 $ 2,430 $ 2,228 Taxable securities income............... 357 341 740 648 Nontaxable securities income............ 33 16 67 33 Interest on federal funds sold.......... ______9 _____44 _____32 _____80 Total interest income............... __1,644 __1,522 __3,269 __2,989 Interest expense: Interest on deposits (Note 3)........... 615 604 1,227 1,170 Interest on federal funds purchased and securities sold under repurchase agreements............................ ______5 ______3 ______9 ______5 Total interest expense.............. ____620 ____607 __1,236 __1,175 Net interest income..................... 1,024 915 2,033 1,814 Provisions for loan losses.............. ____250 ____--- ____250 ____--- Net interest income after provisions for loan losses....................... 774 915 1,783 1,814 Noninterest income, excluding investment securities gains and losses (Note 4).. 370 314 721 613 Investment securities gains (losses).... 4 --- 4 (1) Noninterest expense (Note 5)............ ____830 ____894 __1,605 __1,775 Earnings before income taxes............ 318 335 903 651 Provision for income taxes.............. ____105 ____108 ____303 ____197 Net earnings............................ $ 213 $ 227 $ 600 $ 454 ======= ======= ======= ======= PER SHARE DATA: Net earnings............................ $ 0.93 $ 0.99 $ 2.62 $ 1.98 ======= ======= ======= ======= 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 Six Months Ended June 30, 1996 and 1995 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, 1994.. $ 776 4,263 3,602 (934) (183) 7,524 Net earnings.................. --- --- 454 --- --- 454 Dividends ($0.40 per share)... (92) (92) Change in net unrealized gains or losses on available-for- sale securities............. __--- __--- __--- __--- __269 __269 Balance at June 30, 1995...... $ 776 4,263 3,964 (934) 86 8,155 ===== ===== ===== ===== ===== ===== Balance at December 31, 1995.. $ 776 4,263 4,366 (934) 209 8,680 Net earnings.................. --- --- 600 --- --- 600 Dividends ($0.64 per share)... (146) (146) Change in net unrealized gains or losses on available-for- sale securities............. __--- __--- __--- __--- _(306) _(306) Balance at June 30, 1996...... $ 776 4,263 4,820 (934) (97) 8,828 ===== ===== ===== ===== ===== ===== See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Consolidated Statements of Cash Flows Six Months Ended June 30, 1996 and 1995 Thousands of Dollars Unaudited
_Six_Months_Ended_ June 30, June 30, __1996__ __1995__ Cash flows from operating activities: Interest received....................................... $ 3,379 $ 3,045 Fees and commissions received........................... 762 669 Interest paid........................................... (1,275) (1,081) Other expenses paid..................................... (1,577) (1,672) Income taxes paid....................................... __(215) __(199) Net cash provided by operating activities............. _1,074 ___762 Cash flows from investing activities: Proceeds from sales of available-for-sale securities.... 4,233 999 Proceeds from paydowns and maturities of available-for-sale securities...................... 2,137 1,074 Purchases of available-for-sale securities.............. (3,031) (7,052) Proceeds from paydowns and maturities of held-to-maturity securities........................ 60 1,203 Loan originations, net of repayments.................... (6,663) 594 Capital expenditures.................................... (158) (164) Proceeds from sales of foreclosed assets................ 107 61 Net decrease (increase) in other assets................. ____81 ___(51) Net cash used in investment activities................ (3,234) (3,336) Cash flows from financing activities: Net increase (decrease) in deposits..................... 38 (11) Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements........... (200) 225 Dividends paid.......................................... (146) --- Net increase (decrease) in other liabilities............ ____(1) ____(3) Net cash provided by (used in) financing activities... __(309) ___211 Net decrease in cash and cash equivalents................. (2,469) (2,363) Cash and cash equivalents at beginning of period.......... 7,869 10,367 Cash and cash equivalents at end of period................ $ 5,400 $ 8,004 ====== ====== (continued) See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Consolidated Statements of Cash Flows (Continued) Six Months Ended June 30, 1996 and 1995 Thousands of Dollars Unaudited
Six_Months_Ended June 30, June 30, __1996__ __1995__ Reconciliation of net income to net cash provided by operating activities: Net earnings.............................................. $ ___600 $ ___454 Adjustments to reconcile net income to net cash provided by operating activities: Provisions for loan losses............................ 250 --- Investment securities losses (gains).................. (4) 1 Depreciation and amortization of premises and equipment....................................... 116 93 Losses on disposals of premises and equipment......... --- 1 Write-downs of foreclosed assets...................... 7 22 Losses (gains) on sales of foreclosed assets.......... (127) 4 Decrease in interest receivable....................... 57 14 Amortization of goodwill.............................. 7 7 Net amortization of premiums on investment securities. 54 43 Decrease (increase) in prepaid expenses............... 51 (15) Increase in accrued expenses.......................... 31 37 Increase (decrease) in interest payable............... (40) 95 Increase (decrease) in current income taxes payable... 75 (4) Decrease (increase) in net deferred tax asset......... (20) 2 Net increase in deferred loan fees and other unearned income........................... ____17 _____8 Total adjustments................................. ___474 ___308 Net cash provided by operating activities................. $ 1,074 $ 762 ====== ====== Supplemental schedule of noncash investing activities: Assets acquired through foreclosure of loans............ $ 53 $ 179 ====== ====== Loans made to finance sales of foreclosed assets........ $ 397 $ 82 ====== ====== See notes to consolidated financial statements.
AMERICAN BANCSHARES OF HOUMA, INC. Notes to Consolidated Financial Statements June 30, 1996 and 1995 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 29, 1996, for the fiscal year ended December 31, 1995. Certain reclassifications have been made to conform to the 1996 presentation of financial information. (2) Nonperforming Loans and the Allowance for Loan Losses Nonperforming loans consisted of the following at June 30, 1996, and December 31, 1995: (Thousands of Dollars) June 30, Dec. 31, _1996_ _1995_ Nonaccrual loans.............................. $1,191 $ 78 Loans past due 90 days or more................ 44 112 Restructured loans............................ _1,199 ___949 $2,434 $1,139 ====== ====== At June 30, 1996, the Bank had one loan designated as impaired in accordance with Statement of Financial Accounting Standards No. 114. The loan was placed in nonaccrual status at the end of the second quarter and has a carrying value of $1,144,000. Management has allocated $500,000 of the allowance for loan losses as potential exposure for this loan, which resulted in a special provision for loan losses of $250,000 at the end of the second quarter. As of June 30, 1996, no actual charge-offs have been recorded on the loan as the Bank is still in the process of evaluating its exposure. The average recorded investment in the impaired loan was approximately $1,226,000 for the six month period ended June 30, 1996, and no interest income has been recognized on the loan since its impairment. The following table presents the activity in the allowance for loan losses for the six month periods ended June 30, 1996 and 1995: _Six_Months_Ended_ (Thousands of Dollars) June 30, June 30, __1996__ __1995__ Balance at January 1............. $ 993 $1,133 Provisions charged to expense.... 250 --- Loans charged off................ (118) (146) Recoveries on loans.............. _____160 ______50 Balance at June 30............... $1,285 $1,037 ======== ======== (3) Deposits Included in interest-bearing deposits are certificates of deposit of $100,000 or more, which totaled $10,931,761 at June 30, 1996, and $9,408,673 at December 31, 1995. Interest expense on certificates of deposit of $100,000 or more totaled $291,124 and $221,459 for the six months ended June 30, 1996 and 1995, respectively. (4) Noninterest Income Details of noninterest income, excluding investment securities gains and losses, are as follows:
Three_Months_Ended _Six_Months_Ended_ (Thousands of Dollars) June 30, June 30, June 30, June 30, __1996__ __1995__ __1996__ __1995__ Service charges on deposit accounts..... $ 249 $ 240 $ 494 $ 462 Secondary market loan origination fees.. 45 26 76 41 Other................................... ______76 ______48 _____151 _____110 $ 370 $ 314 $ 721 $ 613 ======== ======== ======== ========
(5) Noninterest Expense Details of noninterest expense are as follows:
Three_Months_Ended _Six_Months_Ended_ (Thousands of Dollars) June 30, June 30, June 30, June 30, __1996__ __1995__ __1996__ __1995__ Salaries and employee benefits.......... $ 413 $ 416 $ 850 $ 841 Net occupancy expense of premises....... 104 99 209 196 Equipment expense....................... 69 62 138 123 Advertising, marketing and promotion.... 24 22 49 43 FDIC and state assessments.............. 5 44 10 88 Stationery, printing and supplies....... 36 35 66 63 Data processing......................... 33 32 67 66 Directors' fees......................... 35 41 76 85 Legal and professional fees............. 28 45 69 71 Postage................................. 19 21 39 39 Telephone expense....................... 16 18 34 34 Net foreclosed assets expense (income).. --- 1 (118) 7 Other................................... ______48 ______58 _____116 _____119 $ 830 $ 894 $ 1,605 $ 1,775 ======== ======== ======== ========
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. As previously disclosed in the 1995 Annual Report on Form 10-KSB, the Company entered into a definitive agreement on February 29, 1996, with Regions Financial Corporation (Regions) under which the Company will be acquired by Regions in a tax-free, stock-for-stock transaction. Under the terms of the agreement, shareholders of the Company will receive 1.66 shares of Regions common stock for each share of Company common stock. The transaction was approved by the Company's shareholders at a special meeting held on August 1, 1996. Regulatory approvals are still pending. The merger is expected to be consummated on September 13, 1996. Regions is a multi-bank regional holding company headquartered in Birmingham, Alabama. Regions common stock is traded on the NASDAQ National Market under the symbol "RGBK." Overview The Company's earnings for the first half of 1996 equaled $600,000 or $2.62 per share, representing an increase of 32.0% or $0.64 per share over the same period in 1995. Second quarter earnings equaled $213,000 or $0.93 per share compared to $227,000 or $0.99 per share in 1995. The Bank made a special $250,000 provision for loan losses at the end of the second quarter of 1996 which is discussed further below. During the first quarter of 1996, the Bank recognized a net gain of $127,000 on the sale of the last significant piece of other real estate owned. The Bank experienced strong loan demand during the first half of 1996 as total loans, net of unearned income, increased by $7,050,000 or 13.9%. The increase in loans was funded primarily by decreases in investment securities and cash and cash equivalents. At June 30, 1996, the Company's loans to deposits ratio equaled 73.4% compared to 64.6% at December 31, 1995. At the end of the second quarter of 1996, the bank placed a commercial loan in the amount of $1,144,000 into nonaccrual status. The loan originated as an accounts receivable line of credit issued to a construction company which recently went into default on several construction projects in progress. As a result of the loan's impairment, the Bank allocated reserves of $500,000 as potential exposure on the loan, which resulted in a $250,000 special provision for loan losses. No actual charge-offs have been recorded on the loan at this time as the Bank is still in the process of evaluating its exposure. Net_Interest_Income Year-to-date net interest income increased by $219,000 or 12.1% due to growth in earning assets and increased loan portfolio yields. Compared to the same period in 1995, average earning assets increased by $6,515,000 or 8.7%. The tax equivalent net interest margin for the period equaled 5.09% in 1996 compared to 4.90% in 1995. 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 As previously stated, the Bank made a special provision for loan losses of $250,000 at the end of the second quarter of 1996. No regular provisions were made during the six month periods ending June 30, 1996 and 1995. The $1,285,000 allowance for loan losses (representing 2.2% of the portfolio) is deemed to be adequate by Bank management. The Bank recorded year-to-date net recoveries of $42,000 in 1996 compared to net charge-offs of $96,000 for the same period in 1995. Further information on nonperforming loans and the allowance for loan losses is provided in note 2 to the consolidated financial statements. Noninterest_Income Year-to-date noninterest income, excluding investment securities gains and losses, increased by 108,000 or 17.6% due primarily to increased service charge income on deposit accounts, secondary market mortgage loan origination fees, and other fee income. Service charge income increased primarily due to a new pricing structure on high-volume commercial accounts implemented in mid-1995 and also due to increased NSF volume. Other fee income increased due to the implementation of ATM surcharges at the end of 1995 and also due to increased loan insurance premium income. Details of other noninterest income are provided in note 4 to the consolidated financial statements. Noninterest_Expense Year-to-date total overhead expenses decreased by $170,000 or 9.6% primarily due to the $127,000 gain on the sale of other real estate realized in the firs quarter of 1996 and reduced F.D.I.C. insurance premiums. A comparative breakdown of overhead expenses is provided in note 5 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 26.0% at June 30, 1996, compared to 34.0% at December 31, 1995. Management strives to maintain a minimum liquidity ratio of 25%. The liquidity ratio decreased primarily due to the shifting of funds from the Bank's investment portfolio to the loan portfolio in order to meet increased loan demand. 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 3%. The Federal Deposit Insurance Corporation Improvement Act of 1991 provides that an institution is "well capitalized" if its total risk-based capital ratio is 10% or greater, its Tier 1 risk-based capital ratio is 6% or greater, its leverage ratio is 5% or greater, and the institution is not subject to a capital directive. 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 June 30, 1996, the Bank's total capital to total "risk-weighted" assets ratio equaled 17.55%, its "Tier 1" capital to total "risk-weighted" assets ratio equaled 16.28%, and its leverage ratio equaled 9.74%. During the first half of 1996, the Company paid two regular quarterly dividends of $0.32 per share. These total dividends of $0.64 per share resulted in the payment of $146,000 or 24% of earnings to shareholders. AMERICAN BANCSHARES OF HOUMA, INC. Summary of Average Balance Sheets, Interest, and Interest Rates Six Months Ended June 30, 1996 and 1995 Tax Equivalent Basis, Thousands of Dollars Unaudited
____________________Six_Months_Ended_____________________ _______June_30,_1996_______ _______June_30,_1995_______ Average Average Average Average Balance Interest _Rate__ Balance Interest _Rate__ ASSETS INTEREST-EARNING ASSETS: Loans, net of unearned income* $54,072 ___2,430 9.06% $51,013 ___2,228 8.81% Investment securities: ** Taxable...................... 23,476 740 6.36 20,016 648 6.53 Nontaxable***................ _2,982 ______98 6.63 _1,439 ______48 6.73 Total investment securities. 26,458 838 6.39 21,455 696 6.54 Federal funds sold............ _1,185 ______32 5.45 _2,732 ______80 5.91 Total interest-earning assets 81,715 ___3,300 8.14 75,200 ___3,004 8.06 NONINTEREST-EARNING ASSETS AND ALLOWANCE FOR LOAN LOSSES: Cash and due from banks....... 4,548 4,778 Bank premises and equipment... 2,050 1,987 Other assets.................. 1,355 1,513 Allowance for loan losses..... (1,063) (1,099) Total assets................ $88,605 $82,379 ====== ====== LIABILITIES_AND_EQUITY INTEREST-BEARING LIABILITIES: NOW accounts.................. $10,158 81 1.61 $10,416 117 2.27 Money market accounts......... 6,820 86 2.54 7,436 105 2.85 Savings deposits.............. 8,851 100 2.28 9,238 134 2.93 Time deposits................. 35,397 _____960 5.47 30,921 _____814 5.31 Total interest-bearing deposits................... 61,226 1,227 4.04 58,011 1,170 4.07 Short-term borrowings......... ___274 _______9 6.62 ___135 _______5 7.47 Total interest-bearing liabilities................ 61,500 ___1,236 4.05 58,146 ___1,175 4.08 NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY: Noninterest-bearing deposits.. 17,518 15,793 Other liabilities............. 789 573 Stockholders' equity.......... _8,798 _7,867 Total liabilities and stockholders' equity....... $88,605 $82,379 ====== ====== Net interest earned on total interest-earning assets...... $81,715 2,064 5.09% $75,200 1,829 4.90% ====== ======== ====== ======== *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. ***Interest and yields on nontaxable investment securities are shown as tax equivalent amounts based on a 34% federal income tax rate and adjusted for the nondeductibility of certain interest expense incurred to carry tax exempt obligations.
AMERICAN BANCSHARES OF HOUMA, INC. Comparative Changes in Interest Income and Expense For the Six Months Ended June 30, 1996 and 1995 Tax Equivalent Basis, Thousands of Dollars Thousands of Dollars Unaudited
1996 Compared to 1995 1995 Compared to 1994 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........................ $__136 ____66 __202 $__391 ____72 __463 Investment securities: Taxable..................... 109 (17) 92 (105) (1) (106) Nontaxable.................. ___51 ____(1) ___50 ___29 ___--- ___29 Total investments.......... 160 (18) 142 (76) (1) (77) Federal funds sold........... __(42) ____(6) __(48) ___(2) ____34 ___32 Total interest income...... __254 ____42 __296 __313 ___105 __418 INTEREST_EXPENSE Interest-bearing deposits: NOW accounts................ (3) (33) (36) (2) 15 13 Money market accounts....... (8) (11) (19) (12) 10 (2) Savings deposits............ (5) (29) (34) (8) 11 3 Time deposits............... __121 ____25 __146 __169 ___200 __369 Total interest-bearing deposits.................. 105 (48) 57 147 236 383 Short-term borrowings....... ____5 ____(1) ____4 ____1 ___--- ____1 Total interest expense..... __110 ___(49) ___61 __148 ___236 __384 Net interest income........ $ 144 91 235 $ 165 (131) 34 ===== ====== ===== ===== ====== ===== 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. No material developments have occurred in the legal proceedings previously disclosed in the 1995 Annual Report on Form 10-KSB. Item_6._Exhibits_and_Reports_on_Form_8-K. During the quarter ended June 30, 1996, 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: August_14,_1996 /s/_Robert_W._Boquet______________ Robert W. Boquet President and C.E.O. Principal Financial Officer EX-27 2
9 1,000 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 4,625 0 775 0 19,365 3,473 3,466 58,061 1,285 88,252 78,746 0 678 0 0 0 776 8,052 88,252 2,430 807 32 3,269 1,227 1,236 2,033 250 4 1,605 903 600 0 0 600 2.62 0 5.09 1,191 44 1,199 0 993 118 160 1,285 1,264 0 21
-----END PRIVACY-ENHANCED MESSAGE-----