-----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, LnP3nu1uBTluLeI5XAfVAytt3Np3tpn3PjydDG2SqqhxmTVaQOTVPPF8uwVvLpXP oP/Kg6gQVphvfrQM3vAkkA== /in/edgar/work/20000814/0000004570-00-000006/0000004570-00-000006.txt : 20000921 0000004570-00-000006.hdr.sgml : 20000921 ACCESSION NUMBER: 0000004570-00-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN BANCORPORATION /WV/ CENTRAL INDEX KEY: 0000004570 STANDARD INDUSTRIAL CLASSIFICATION: [6022 ] IRS NUMBER: 310724349 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-05893 FILM NUMBER: 698750 BUSINESS ADDRESS: STREET 1: 1025 MAIN ST STE 800 CITY: WHEELING STATE: WV ZIP: 26003 BUSINESS PHONE: 3042335006 MAIL ADDRESS: STREET 1: 1025 MAIN STREET STREET 2: SUITE 800 CITY: WHEELING STATE: WV ZIP: 26003 10-Q 1 0001.txt FORM 10Q FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ---------------------------------------------------------- American Bancorporation (Exact name of registrant as specified in its charter) Ohio 31-0724349 incorporation or organization) Identification No.) 1025 Main Street, Suite 800, Wheeling, WV 26003 (Address of principal executive offices) (Zip Code) (304) 233-5006 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. July 7, 2000: 3,129,674 shares of Common stock without par value Number of pages comprising this report. . . . 13 1 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 TABLE OF CONTENTS Part I FINANCIAL INFORMATION Item 1 Financial Statements Condensed Consolidated Balance Sheets.................... 3 Condensed Consolidated Statements of Income.............. 4 Condensed Consolidated Statements of Cash Flows..................................... 5 Condensed Consolidated Statements of Changes in Stockholders' Equity................ 6 Notes to the Financial Statements............................ 6 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations..................... 7 Item 3 Quantitative and Qualitative Disclosures about Market Risk... 12 Part II OTHER INFORMATION Item 1 Legal Proceedings........................................ None Item 2 Changes in Securities.................................... None Item 3 Defaults Upon Senior Securities.......................... None Item 4 Submission of Matters to a Vote of Security Holders..................... 12 Item 5 Other Information........................................ None Item 6 Exhibits and Reports on Form 8-K......................... None SIGNATURES................................................................ 13 2 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 Part 1 Financial Information Item 1 Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2000 1999 1999 ------------- ------------- ------------- ASSETS Cash and due from banks ......................... $ 10,914,263 $ 10,579,019 $ 11,774,610 Federal funds sold .............................. 3,520,297 4,877,025 4,823,000 Investment securities available for sale ........ 282,030,874 306,669,719 298,153,127 Loans, net of unearned income ................... 404,086,996 332,826,797 371,223,074 Less allowance for loan losses ................ 3,400,288 3,068,302 3,079,796 ------------- ------------- ------------- 400,686,708 329,758,495 368,143,278 Premises and equipment - net .................... 9,945,927 9,641,827 10,214,208 Accrued interest receivable ..................... 4,608,824 4,291,154 4,469,869 Excess of cost over net assets acquired ......... 1,813,919 1,494,562 1,355,659 Other assets .................................... 12,385,995 10,658,433 12,357,245 ------------- ------------- ------------- TOTAL ASSETS ............................... $ 725,906,807 $ 677,970,234 $ 711,290,996 ============= ============= ============= LIABILITIES Deposits Non-interest bearing ......................... $ 39,598,730 $ 39,336,873 $ 37,959,587 Interest bearing ............................. 427,941,193 393,944,304 411,317,906 ------------- ------------- ------------- TOTAL DEPOSITS ........................... 467,539,923 433,281,177 449,277,493 Borrowed funds ................................. 205,693,398 193,281,312 214,593,201 Accrued interest payable ....................... 2,962,108 2,426,190 2,511,496 Other liabilities .............................. 5,222,308 4,217,142 4,079,845 Long-term debt ................................. -- 4,010 -- Company obligated mandatorily redeemable trust preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company ................................. 12,650,000 12,650,000 12,650,000 ------------- ------------- ------------- TOTAL LIABILITIES ........................... 694,067,737 645,859,831 683,112,035 STOCKHOLDERS' EQUITY Preferred stock ............................... -- -- -- Common stock without par value, stated value $2.50, authorized 6,500,000 shares, issued and outstanding 3,129,674 ........................ 7,824,185 7,824,185 7,824,185 Additional paid-in capital .................... 10,301,982 10,301,982 10,301,982 Retained earnings ............................. 23,564,933 20,123,474 21,906,156 Accumulated other comprehensive results, net of tax benefit ................ (9,852,030) (6,139,238) (11,853,362) ------------- ------------- ------------- TOTAL STOCKHOLDERS' EQUITY .................. 31,839,070 32,110,403 28,178,961 ------------- ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .............. $ 725,906,807 $ 677,970,234 $ 711,290,996 ============= ============= =============
3 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Quarter ended June 30, Six Months ended June 30, 2000 1999 2000 1999 ----------- ----------- ----------- ----------- INTEREST INCOME Loans ............................. $ 8,397,188 $ 6,864,668 $16,484,171 $13,350,683 Investment securities Taxable interest income .......... 3,976,968 3,933,458 8,009,785 7,689,465 Non-taxable interest income ...... 760,501 702,216 1,521,733 1,248,095 ----------- ----------- ----------- ----------- 4,737,469 4,635,674 9,531,518 8,937,560 Short-term investments ............ 56,373 115,119 117,093 238,492 ----------- ----------- ----------- ----------- Total interest income ........... 13,191,030 11,615,461 26,132,782 22,526,735 INTEREST EXPENSE Deposits .......................... 5,271,029 4,336,205 10,180,876 8,781,731 Borrowed funds .................... 3,422,070 2,625,851 6,811,920 4,787,877 ----------- ----------- ----------- ----------- Total interest expense .......... 8,693,099 6,962,056 16,992,796 13,569,608 ----------- ----------- ----------- ----------- NET INTEREST INCOME ........... 4,497,931 4,653,405 9,139,986 8,957,127 PROVISION FOR LOAN LOSSES .......... 295,000 75,000 475,000 150,000 ----------- ----------- ----------- ----------- Net interest income after provision for loan losses ...... 4,202,931 4,578,405 8,664,986 8,807,127 OTHER INCOME Service charges on deposit accounts 217,880 244,179 426,677 416,444 Net securities gains .............. 205 75,155 205 342,967 Net gains on sale of loans ........ 364,737 440,763 636,762 846,529 Insurance commissions ............. 21,976 23,906 45,741 42,950 Other income ...................... 423,793 173,926 722,760 308,679 ----------- ----------- ----------- ----------- Total other income .............. 1,028,591 957,929 1,832,145 1,957,569 OTHER EXPENSE Salaries and employee benefits .... 1,677,535 1,698,839 3,360,518 3,471,633 Occupancy expense ................. 648,226 647,939 1,320,471 1,281,631 Other expenses .................... 1,328,595 1,453,337 2,550,983 2,689,201 ----------- ----------- ----------- ----------- Total other expense ............. 3,654,356 3,800,115 7,231,972 7,442,465 ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES ......... 1,577,166 1,736,219 3,265,159 3,322,231 PROVISION FOR INCOME TAXES ......... 320,314 388,604 667,480 689,996 ----------- ----------- ----------- ----------- NET INCOME ......................... $ 1,256,852 $ 1,347,615 $ 2,597,679 $ 2,632,235 =========== =========== =========== =========== Average Shares Outstanding ....... 3,129,674 3,129,674 3,129,674 3,129,674 BASIC EARNINGS PER SHARE ....... $ 0.40 $ 0.43 $ 0.83 $ 0.84
4 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended June 30, 2000 1999 ----------- ------------ Operating Activities: Net Income......................................................................$ 2,597,679 $ 2,632,235 Adjustments to reconcile net income to net cash from operating activities: Depreciation ................................................................. 466,506 436,015 Amortization of intangibles .................................................. 148,381 138,902 Net amortization of premium on investment securities ......................... 214,373 626,325 Provision for loan losses .................................................... 475,000 150,000 Net gain on sale of mortgage servicing rights ................................ (251,393) -- Net gain on sale of investment securities .................................... (205) (342,967) Net gain on sale of loans .................................................... (636,762) (846,529) Net increase in accrued interest receivable .................................. (138,892) (897,817) Net increase in accrued interest payable ..................................... 409,874 119,336 Real estate mortgage loans originated for sale ...............................(33,506,017) (30,093,453) Proceeds from sale of real estate mortgage loans ............................. 30,730,233 29,920,693 Net increase in other assets ................................................. (1,639,987) (1,219,901) Net increase (decrease) in other liabilities ................................. 1,140,693 (641,353) Net decrease from other operating activities ................................. 150,266 (349,226) ------------ ------------ Net cash provided (used) by operating activities ....................... 159,749 (367,740) Investing Activities: Investment securities available for sale: Proceeds from maturities and repayments .................................. 25,095,192 51,687,759 Proceeds from sales ...................................................... 1,577,278 37,727,462 Purchases ................................................................ (7,536,431) (142,487,764) 377,709............................................................. 377,709 -- Change in loans, net of real estate mortgage loans originated for sale ......(29,589,339) (31,309,591) Purchase of premises and equipment .......................................... (183,225) (342,260) Proceeds from sale of premises and equipment ................................ 118,297 -- ------------ ------------ Net cash used by investing activities ...................................(10,140,519) (84,724,394) Financing Activities: Net increase (decrease) in non-interest bearing demand deposits ............. 1,621,569 (160,744) Net increase in interest bearing demand and savings deposits ................ 11,024,247 3,385,938 Net increase (decrease) in time deposits .................................... (4,850,191) (1,184,212) Net increase (decrease) in borrowed funds ................................... (8,899,803) 69,390,129 Issuance (principal repayment) of long-term debt ............................ -- (7,232) Proceeds received in branch acquisition, net of assets acquired .............. 9,860,800 -- Cash dividends paid ......................................................... (938,902) (938,902) ------------ ------------ Net cash provided by financing activities .............................. 7,817,720 70,484,977 ------------ ------------ Net Increase (Decrease) in Cash and Cash Equivalents ......................... (2,163,050) (14,607,157) Cash and Cash Equivalents Beginning Balance .................................... 16,597,610 30,063,201 ----------- ------------ Cash and Cash Equivalents Ending Balance........................................$14,434,560 $ 15,456,044 ============ ============
5 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Six months ended June 30, 2000 and 1999 2000 1999 ------------ ------------ Balance at January 1, ........................ $ 28,178,961 $ 36,447,493 Comprehensive results: Net Income ................................ 2,597,679 2,632,235 Unrealized security gain (loss), net of tax 1,993,635 (5,818,250) Reclassification adjustment, net of tax ... 7,697 (212,173) ------------ ------------ Total comprehensive results .............. 4,599,011 (3,398,188) Dividends declared ($0.30 per share 2000, $0.30 per share 1999) .................. (938,902) (938,902) ------------ ------------ Balance at June 30, .......................... $ 31,839,070 $ 32,110,403 ============ ============ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The unaudited interim condensed consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary to a fair presentation of the financial position and results of operations. All adjustments are of a normal recurring nature. The notes to the financial statements contained in the 1999 Annual Report to Stockholders should be read in conjunction with these statements. 6 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION The discussion and analysis, when read in conjunction with the consolidated financial statements and accompanying notes, is designed to provide information relevant to an assessment of financial performance and management's perception of significant events. The following is a discussion of significant factors influencing operating performance and change in financial position during the interim periods presented. The discussion should be read in connection with the 1999 Annual Report and the financial statements appearing elsewhere herein. SUMMARY American Bancorporation (the "Company") recognized net income of $2,598,000 or $0.83 basic earnings per share, for the six months ended June 30, 2000, compared to net income of $2,632,000 or $0.84 basic earnings per share, for the six months ended June 30, 1999. Return on average assets and return on average equity were 0.72% and 17.68%, respectively, for the six months ended June 30, 2000 compared to 0.80% and 14.75%, respectively, for the six months ended June 30, 1999. Total assets at June 30, 2000 increased to $725,907,000, from $677,970,000 at June 30, 1999, an increase of 7.1%. Deposits increased to $467,540,000 at June 30, 2000, from $433,281,000 at June 30, 1999, an increase of 7.9%. Total stockholders' equity was $31,839,000 at June 30, 2000 compared with $32,110,000 at June 30, 1999, a decrease of 0.8%. Stockholders' equity, excluding net unrealized gains and losses, totalled $41,691,000 at June 30, 2000, an increase of $3,442,000 or 9.0% at June 30, 1999. The unrealized loss on investment securities available for sale, a result of market value adjustments, totalled $9,852,000 at June 30, 2000, compared to $6,139,000 at June 30, 1999. If these available for sale securities are held to maturity, no market value adjustment will be realized. RESULTS OF OPERATIONS SIX MONTH COMPARISON Net Income. Net income for the six months ended June 30, 2000 amounted to $2,598,000, or $0.83 basic earnings per share, compared to net income of $2,632,000 or $0.84 basic earnings per share, for the six months ended June 30, 1999. The decrease was the result of an increase in the provision for loan losses which was offset by an increase in net interest income and other income as well as a decrease in other expenses. Net Interest Income. Net interest income before provision for loan losses for the six months ended June 30, 2000 amounted to $9,140,000, an increase of $183,000 or 2.0%, compared to the six months ended June 30, 1999. The increase resulted primarily from a $61,315,000 or 9.8% increase in average interest earning assets, which was partially offset by a 20 basis point decrease in the Company's margin. 7 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 Total interest income for the six months ended June 30, 2000 amounted to $26,133,000 an increase of $3,606,000 or 16.0%, compared to the six months ended June 30, 1999. The increase resulted primarily from an increase in the average interest earning assets and a 41 basis point increase in the average yield on earning assets. Average loans outstanding increased $79,749,000 or 25.3% with average commercial loans increasing $33,696,000 or 26.7%, average real estate loans increasing $23,709,000 or 17.1% and average consumer installment loans increasing $22,344,000 or 45.1%. The average yield on loans decreased from 8.48% in 1999 to 8.36% in 2000. Average investment securities and other short-term investments outstanding decreased $18,433,000 or 6.0%, while the average yield increased from 5.94% in 1999 to 6.64% in 2000. Total interest expense for the six months ended June 30, 2000 amounted to $16,993,000, an increase of $3,423,000 or 25.2% , compared to the six months ended June 30, 1999. The increase resulted primarily from a $71,947,000 or 12.5% increase in the average volume of interest bearing liabilities along with a 54 basis point increase in interest rates paid on such liabilities. Average NOW, money market and savings accounts increased $36,315,000 or 30.4%. Average time deposits decreased $6,402,000 or 2.3%. Average noninterest bearing accounts increased $2,073,000 or 5.6% and represented 8.5% of average total deposits for the six months ended June 30, 2000. Average borrowed funds increased $42,033,000 or 23.0%, while the average rate paid on borrowed funds increased from 4.99% in 1999 to 5.91% in 2000. Provision for Loan Losses. The loan loss provision for the six months ended June 30, 2000 was $475,000, compared to $150,000 for the same period in 1999. The increase in the loan loss provision resulted primarily from a $79,749,000 or 25.3% increase in the average loan portfolio for the six months ended June 30, 2000, compared to the same period in 1999. Other Income. Other income for the six months ended June 30, 2000 amounted to $1,832,000, a decrease of 6.4% compared to the six months ended June 30, 1999. There were security gains of $205 during the six months ended June 30, 1999, compared to net gains on sale of investment securities of $343,000 in 1999. Net gains on sale of loans totalled $637,000 in 2000 compared to $847,000 in 1999, a decrease of 24.8%. Other miscellaneous income in 2000 included a $120,000 gain on sale of former branch property and a $251,000 gain on the sale of mortgage servicing rights. Other Expense. Total other expense for the six months ended June 30, 2000 amounted to $7,232,000, a decrease of $210,000 or 2.8%, compared to the six months ended June 30, 1999. Salaries and employee benefits decreased $111,000 or 3.2%. Occupancy and equipment expense increased $38,000 or 3.0%. Other (miscellaneous) expenses decreased $138,000 or 5.1%. Provision for Income Taxes. The provision for income taxes for the six months ended June 30, 2000 was $667,000, compared to $690,000 for the six months ended June 30, 1999. The decrease is primarily the result of additional tax exempt income in 2000. 8 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 RESULTS OF OPERATIONS QUARTER COMPARISON Net Income. Net income for the quarter ended June 30, 2000 amounted to $1,257,000, compared to net income of $1,348,000 for the quarter ended June 30, 1999. The decrease was the result of a decrease in net interest income and an increase in the provision for loan losses, which was partially offset by increases in other income. Net Interest Income. Net interest income before provision for loan losses for the quarter ended June 30, 2000 amounted to $4,498,000, a decrease of $155,000 or 3.3%, compared to the quarter ended June 30, 1999. The decrease resulted primarily from a 29 basis point decrease in the Company's margin, which was partially offset by a $48,687,000 increase in average interest earning assets. Total interest income for the quarter ended June 30, 2000 amounted to $13,191,000, an increase of $1,576,000 compared to the same period in 1999. The increase resulted primarily from an increase in the average volume of earning assets along with a 40 basis point increase in the average yield on earning assets. Average loans outstanding increased $76,721,000 or 23.7%. Average commercial loans increased $31,132,000 or 23.7%, average consumer installment loans increased $22,793,000 or 44.3%, while average real estate loans increased $22,795,000 or 16.1%. The average yield on loans decreased from 8.47% in 1999 to 8.38% in 2000. Average investment securities and other short-term investments decreased $28,034,000 and the yield increased from 6.04% in 1999 to 6.70% in 2000. Total interest expense for the quarter ended June 30, 2000 amounted to $8,693,000, an increase of $1,731,000 or 24.9%. The increase resulted primarily from a $55,912,000 or 9.5% increase in the average volume of interest bearing liabilities and a 67 basis point increase in interest rates paid on such liabilities. Provision for Loan Losses. The loan loss provision for the quarter ended June 30, 2000 was $295,000, compared to $75,000 for same period in 1999. The increase in the loan loss provision resulted primarily from a $76,721,000 or 23.7% increase in the average loan portfolio for the quarter ended June 30, 2000, compared to the same period in 1999. Other Income. Other income amounted to $1,029,000 for the quarter ended June 30, 2000, compared to $958,000 for the quarter ended June 30, 1999. Net gains on sale of loans decreased $76,000 or 17.2%. Net gain on sale of investment securities totalled $205 for the quarter ended June 30, 2000 compared to $75,000 for the same period in 1999. 9 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 Other Expense. Total other expense for the quarter ended June 30, 2000 amounted to $3,654,000, a decrease of $146,000 or 3.8%, compared to the same period in 1999. Salaries and employee benefits decreased $21,000 or 1.3%. Other (miscellaneous) expenses decreased $124,000 or 8.5%. Provision for Income Taxes. The provision for income taxes for the quarter ended June 30, 2000 was $320,000, compared to $389,000 for the quarter ended June 30, 1999. The decrease is primarily the result of additional tax-exempt income in 2000. ASSET QUALITY Nonperforming loans totalled $3,389,000 or 0.8% of total loans at June 30, 2000, compared to $2,568,000 or 0.8% of total loans at June 30, 1999. Nonperforming loans at June 30, 2000 consisted of nonaccrual loans totalling $1,577,000, 90 day delinquent loans of $1,457,000, and restructured loans aggregating $355,000. Other real estate totalled $278,000 at June 30, 2000, compared to $533,000 at June 30, 1999. CAPITAL RESOURCES Stockholders' equity totalled $31,839,000 at June 30, 2000. The Company's risk-based capital ratio was 13.7%, of which 12.9% constituted common stockholder equity, while the risk-based capital ratio for the Company's bank subsidiary, Wheeling National Bank, was 13.2%, with common stockholder equity of 12.3%. At June 30, 2000 the Company's leverage capital ratio was 7.3%, while the leverage ratio for Wheeling National Bank was 6.8%. 10 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000
Three months ended June 30, Six months ended June 30, 2000 1999 2000 1999 ------------------- ---------------- ------------------ ----------------- Average Yield/ Average Yield/ Average Yield/ Average Yield/ Balance Rate Balance Rate Balance Rate Balance Rate --------- ---- --------- ---- -------- ---- --------- ---- INTEREST EARNING ASSETS (000's) (000's) (000's) (000's) Loans Commercial.......................... $162,286 8.85% $131,154 8.78% $160,135 8.76% $ 126,439 8.68% Real estate........................ 164,352 7.66 141,557 7.86 162,427 7.68 138,718 8.00 Installment-net................... 74,276 8.31 51,483 8.28 71,942 8.29 49,598 8.33 -------- -------- -------- -------- Total loans .................... 400,915 8.38 324,194 8.47 394,504 8.36 314,756 8.48 Investment securities Taxable............................ 226,184 7.03 248,453 6.33 230,541 6.95 247,834 6.21 Tax-exempt......................... 57,413 5.30 57,420 4.89 57,075 5.33 52,332 4.77 -------- -------- -------- -------- Total investment securities .... 283,597 6.68 305,873 6.06 287,616 6.63 300,166 5.96 Other short-term investments...... 2,785 8.10 8,543 5.39 2,892 8.10 8,775 5.44 -------- -------- -------- -------- Total interest earning assets...... $687,297 7.68 $638,610 7.28 $685,012 7.63 $623,697 7.22 ======== ======== ======== ======== INTEREST BEARING LIABILITIES Deposits NOW, Savings and MMDA............... $159,066 3.56% $120,534 2.27% $155,590 3.43% $119,275 2.26% Time............................... 268,894 5.74 271,070 5.39 266,225 5.64 272,627 5.45 -------- ------- ------- -------- Total deposits.................... 427,960 4.93 391,604 4.43 421,815 4.83 391,902 4.48 Borrowed funds...................... 206,125 6.11 186,563 5.04 211,979 5.91 169,939 4.99 Long-term debt..................... 12,650 8.70 12,655 8.71 12,650 8.70 12,657 8.71 -------- ------- ------- -------- Total interest bearing liabilities............ $646,735 5.38 $590,822 4.71 $646,444 5.26 $574,498 4.72 ======== ======== ======== ======== MARGIN ANALYSIS (as a % of earning assets) Interest income................ 7.68% 7.28% 7.63% 7.22% Interest expense................ 5.06 4.37 4.96 4.35 ---- ---- ---- ---- Net interest income............ 2.62% 2.91% 2.67% 2.87% ==== ==== ==== ====
Averages stated are month end average balances. Installment loans are stated net of unearned income. Average loans include nonaccrual loans. Yields do not reflect tax equivalent adjustments. 11 AMERICAN BANCORPORATION FORM 10-Q Quarterly Report June 30, 2000 Item 3. Quantitative and Qualitative Disclosures about Market Risk Quantitative and qualitative disclosures about market risk are presented at December 31, 1999 in Item 7a. of the Company's Annual Report on Form 10-K, filed with the SEC on March 30, 2000. Management believes there have been no material changes in the Company's market risk since December 31, 1999. Part II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Securities Holders The Annual Meeting of Shareholders was held May 17, 2000. Proxies were solicited pursuant to Regulation 14 of the 1934 Act. Shares represented in person or by proxy totalled 2,851,103 or 91.10% of the shares then outstanding. Shareholders approved by affirmative vote the following proposals: 1. To fix the number of positions for director at 10, with 2 vacancies that may be filled by the Board of Directors: Vote For: 2,831,466 Against: 14,299 Abstain: 5,338 2. To elect John J. Malik, Jr., Jeremy C. McCamic and Jolyon W. McCamic directors for a three year term. Vote For Vote Withheld Abstain John J. Malik, Jr. 2,840,756 10,347 0 Jeremy C. McCamic 2,840,413 10,690 0 Jolyon W. McCamic 2,840,453 10,650 0 Continuing in the position of director were the following: Term Expiring Jack O. Cartner 2001 Paul W. Donahie 2001 Abigail M. Feinknopf 2002 Jay T. McCamic 2002 Jeffrey W. McCamic 2002 Item 6. Exhibits and Reports on Form 8-K B. Reports on Form 8-K: Date Item Description None 12 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. AMERICAN BANCORPORATION (Registrant) Jeremy C. McCamic Chairman and Chief Executive Officer Date 8/15/00 /s/ Brent E. Richmond Brent E. Richmond Chief Operating Officer Date 8/15/00 /s/ Jeffrey A. Baran Jeffrey A. Baran Chief Financial Officer 13 EX-27 2 0002.txt ARTICLE 9 FDS FOR 10-Q
9 1,000 6-MOS DEC-31-2000 JUN-30-2000 10,184,328 729,935 3,520,297 0 282,030,874 0 282,030,874 404,086,996 3,400,288 725,906,807 467,539,923 205,693,398 8,184,416 12,650,000 7,824,185 0 0 24,014,885 725,906,807 16,484,171 9,531,518 117,093 26,132,782 10,180,876 6,811,920 9,139,986 475,000 205 7,231,972 3,265,159 2,597,679 0 0 2,597,679 0.83 0.83 0267 1,577,000 1,457,000 355,000 0 0 0 0 0 0 0 0
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