1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended JUNE 30, 2001
Commission File Number 0-11928
AMERICAN BANCORP, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
LOUISIANA 72-0951347
- ------------------------------- -------------------------------
(State or other jurisdiction of (I R S Employer I. D. Number)
incorporation or organization)
321 EAST LANDRY STREET, OPELOUSAS, LA 70570
- --------------------------------------- -------------------------------
(Address of principal executive office) (Zip Code)
(337) 948-3056
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
- --------------------------------------------------------------------------------
(Former name, address, fiscal year, if changed since last report)
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 periods 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 [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Common stock, $5 Par Value-------116,934 shares as of July 31, 2001
2
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEET
(In Thousands Except for Per Share Data)
<Table>
<Caption>
June 30, 2001 Dec 31, 2000
------------- ------------
ASSETS
(Unaudited) (Note 1)
Cash on deposit with subsidiary $ 29 $ 27
Investment in subsidiary 11,852 11,044
Dividend receivable 0 0
Due from subsidiary 90 28
-------- --------
TOTAL ASSETS $ 11,971 $ 11,099
======== ========
LIABILITIES
Accrued income taxes payable $ 85 $ 23
Other liabilities 0 0
-------- --------
TOTAL LIABILITIES $ 85 $ 23
-------- --------
SHAREHOLDERS' EQUITY
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
117,034 and 117,630 shares outstanding,
respectively $ 600 $ 600
Surplus 2,150 2,150
Retained earnings 8,981 8,442
Treasury stock, 2,966 and 2,370 shares at cost,
respectively (178) (135)
Net unrealized gain (loss) on securities
available for sale, net of tax 333 19
-------- --------
TOTAL SHAREHOLDERS' EQUITY $ 11,886 $ 11,076
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 11,971 $ 11,099
======== ========
</Table>
See Notes to Consolidated Financial Statements.
3
AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands Except for Per Share Data)
<Table>
<Caption>
June 30, 2001 Dec 31, 2000
------------- ------------
ASSETS
(Unaudited) (Note 1)
Cash and Due From Banks $ 4,727 $ 6,901
Federal Funds Sold 3,725 4,775
-------- --------
Total Cash and Cash Equivalents $ 8,452 $ 11,676
Interest Bearing Deposits With Banks 199 298
Securities Held to Maturity 3,708 4,896
Securities Available for Sale 31,343 31,067
Loans - Net of allowance for loan losses 35,664 32,080
Bank Premises and Equipment 1,744 1,550
Other Real Estate 0 0
Accrued Interest Receivable 605 666
Other Assets 530 527
-------- --------
TOTAL ASSETS $ 82,245 $ 82,760
======== ========
LIABILITIES
Deposits:
Non-Interest Bearing Demand Deposits $ 26,257 $ 25,926
Interest Bearing Deposits:
NOW Accounts 7,936 12,772
Money Market Accounts 2,379 2,602
Savings 10,347 9,358
Time Deposits $ 100,000 or More 6,236 5,179
Other Time Deposits 16,541 15,482
-------- --------
Total Deposits $ 69,696 $ 71,319
Accrued Interest Payable 156 159
Other Liabilities 507 206
-------- --------
TOTAL LIABILITIES $ 70,359 $ 71,684
-------- --------
SHAREHOLDERS' EQUITY
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
117,034 and 117,630 shares outstanding,
respectively $ 600 $ 600
Surplus 2,150 2,150
Retained Earnings 8,981 8,442
Treasury stock, 2,966 and 2,370 shares at cost,
respectively (178) (135)
Unrealized Gain (Loss) on Securities
Available for Sale, net of tax 333 19
-------- --------
TOTAL SHAREHOLDERS' EQUITY $ 11,886 $ 11,076
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 82,245 $ 82,760
======== ========
</Table>
See Notes to Consolidated Financial Statements.
4
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
INCOME STATEMENT
(Unaudited)
(In Thousands)
<Table>
<Caption>
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2001 2000 2001 2000
------ ------ ------ ------
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary $ 30 $ 0 $ 52 $ 0
OPERATING EXPENSES
Directors fees 3 3 6 6
Other expenses 0 0 1 1
------ ------ ------ ------
TOTAL EXPENSES 3 3 7 7
------ ------ ------ ------
Earnings before income tax and equity
in undistributed earnings of subsidiary 27 (3) 45 (7)
Provision for income taxes 0 0 0 0
------ ------ ------ ------
Earnings before equity in undistributed
earnings of subsidiary 27 (3) 45 (7)
Equity in undistributed earnings of
subsidiary 256 315 494 648
------ ------ ------ ------
Net Income $ 283 $ 312 $ 539 $ 641
====== ====== ====== ======
</Table>
See Notes to Consolidated Financial Statements.
5
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands Except for Per Share Data)
<Table>
<Caption>
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2001 2000 2001 2000
------ ------ ------ ------
INTEREST INCOME:
Interest and fees on loans $ 769 $ 679 $1,510 $1,346
Interest on investment securities:
Taxable 394 442 775 858
Tax-Exempt 109 105 211 208
Other Interest 57 71 149 162
------ ------ ------ ------
TOTAL INTEREST INCOME 1,329 1,297 2,645 2,574
------ ------ ------ ------
INTEREST EXPENSE:
Interest on deposits 402 380 802 751
Interest on short-term borrowings 0 0 0 0
------ ------ ------ ------
TOTAL INTEREST EXPENSE 402 380 802 751
------ ------ ------ ------
NET INTEREST INCOME 927 917 1,843 1,823
Provision for possible loan losses 11 0 21 0
------ ------ ------ ------
Net Interest Income after provision for
possible loan losses 916 917 1,822 1,823
------ ------ ------ ------
NON-INTEREST INCOME:
Service charges on deposit accounts 134 135 267 268
Investment securities gains (losses) 0 0 0 0
Other 21 37 49 88
------ ------ ------ ------
TOTAL NON-INTEREST INCOME 155 172 316 356
------ ------ ------ ------
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 338 347 725 667
Net Occupancy Expense 162 143 313 270
Net cost of operation of O.R.E.O. 0 0 0 0
Other 188 172 378 367
------ ------ ------ ------
TOTAL NON-INTEREST EXPENSE 688 662 1,416 1,304
------ ------ ------ ------
INCOME BEFORE INCOME TAXES 383 427 722 875
Provision for income taxes 100 115 183 234
------ ------ ------ ------
NET INCOME $ 283 $ 312 $ 539 $ 641
====== ====== ====== ======
Net income per share of common stock $ 2.41 $ 2.65 $ 4.59 $ 5.45
====== ====== ====== ======
</Table>
See Notes to Consolidated Financial Statements
6
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Six Month Periods Ended June 30, 2001 & 2000
(Unaudited)
(In Thousands)
<Table>
<Caption>
ACCUMULATED
OTHER
STOCK RETAINED COMPREHENSIVE TREASURY COMPREHENSIVE
AMOUNT SURPLUS EARNINGS INCOME STOCK INCOME TOTAL
-------- -------- -------- ------------- -------- ------------- --------
Balance December 31, 1999 $ 600 $ 2,150 $ 7,439 $ (554) $ (129) $ 0 $ 9,506
Comprehensive income
Net Income (Loss) -- 641 -- -- 641 641
Other comprehensive income,
net of tax:
Change in Unrealized gains (losses)
on securities available for sale -- -- (37) -- (37) (37)
--------
Total comprehensive income -- -- -- -- $ 604
========
Purchase of treasury stock -- -- -- (1) (1)
Dividends paid -- 0 -- -- 0
-------- -------- -------- ------- ------- --------
Balance, June 30, 2000 $ 600 $ 2,150 $ 8,080 $ (591) $ (130) $ 10,109
======== ======== ======== ======= ======== ========
Balance December 31, 2000 $ 600 $ 2,150 $ 8,442 $ 19 $ (135) $ 0 $ 11,076
Comprehensive income
Net Income (Loss) -- 539 -- -- 539 539
Other comprehensive income,
net of tax:
Change in Unrealized gains (losses)
on securities available for sale -- -- 314 -- 314 314
--------
Total comprehensive income -- -- -- -- $ 853
========
Purchase of treasury stock -- -- -- (43) (43)
Dividends paid -- -- -- --
-------- -------- -------- ------- -------- --------
Balance , June 30, 2001 $ 600 $ 2,150 $ 8,981 $ 333 $ (178) $ 11,886
======== ======== ======== ======= ======== ========
</Table>
See Notes to Consolidated Financial Statements
7
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)
<Table>
<Caption>
Six Months Ended June 30,
-------------------------
2001 2000
-------- --------
OPERATING ACTIVITIES
Net income $ 539 $ 641
Adjustments to reconcile net income to net cash
provided by operating activities:
Premium amortization, net of accretion on
investment securities (72) (45)
Depreciation 85 70
Provision for loan loss 21 0
(Gain) loss on disposal of assets 0 (9)
(Increase) decrease in assets:
Other real estate owned 0 0
Accrued interest receivable 61 (44)
Other assets (3) 21
Increase (decrease) in liabilities:
Accrued interest payable (3) 14
Other liabilities 301 85
-------- --------
Net cash provided by operating activities $ 929 $ 733
-------- --------
INVESTING ACTIVITIES
(Increase) decrease in interest bearing deposits with banks $ 99 $ 396
Proceeds from sales & maturities of available for sale securities 11,950 3,001
Proceeds from sales & maturities of held to maturity securities 1,200 0
Purchases of available for sale securities (11,359) (4,284)
Purchases of held to maturity securities (511) (1,791)
(Increase) decrease in loans (3,584) (1,136)
Purchases of property & equipment (282) (414)
Proceeds from sale of property & equipment 0 18
Other 0 (3)
-------- --------
Net cash provided by (used in) investing activities $ (2,487) $ (4,213)
-------- --------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings $ (3,739) $ (3,731)
Increase (decrease) in time deposits 2,116 (24)
Dividends paid 0 0
Purchase of treasury stock (43) (1)
-------- --------
Net cash provided by (used in) financing activities $ (1,666) $ (3,756)
-------- --------
Increase (decrease) in cash and cash equivalents $ (3,224) $ (7,236)
Cash and cash equivalents at beginning of year 11,676 14,154
-------- --------
Cash and cash equivalents at end of period $ 8,452 $ 6,918
======== ========
SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest expense $ 805 $ 737
======== ========
Income taxes $ 130 $ 222
======== ========
</Table>
See Notes to Consolidated Financial Statements
8
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2001
NOTE 1 -- A BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements
have been prepared in accordance with generally accepted principles of
accounting for instructions to Form 10-Q and Article 10 of Regulations
S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all
adjustments ( consisting of normal recurring accruals ) considered
necessary for a fair presentation have been included. Operating results
for the six month period ended June 30, 2001 are not necessarily
indicative of the results that may be expected for the year ended
December 31, 2001.
The balance sheet at December 31, 2000 has been derived from
the audited financial statements at that date, but does not include all
of the information and footnotes required by generally accepted
accounting principles for complete financial statements.
For further information, refer to the consolidated financial
statements and footnotes thereto included in American Bancorp, Inc.'s
annual report on Form 10-K for the year ended December 31, 2000.
NOTE 2 -- IMPAIRED LOANS
On January 1, 1995 the Company adopted Statement of Financial
Accounting Standards (SFAS) No. 114, "Accounting by Creditors for
Impairment of a Loan." The adoption of SFAS No. 114 did not have a
material impact on the financial condition or operating results of the
Company. Interest payments received on impaired loans are applied to
principal if there is doubt as to the collectibility of the principal;
otherwise, these receipts are recorded as interest income.
As it relates to in-substance foreclosures, SFAS No. 114 requires that
a creditor continue to follow loan classification on the balance sheet
unless the creditor receives physical possession of the collateral. The
Company had no in-substance foreclosures in foreclosed assets to
transfer to nonperforming loans and no related reserve for losses to
transfer to the reserve for possible loan losses.
NOTE 3 -- RELATED PARTIES
Directors, executive officers, and 10 % shareholders and their
related interest had loans outstanding totaling $ 896,000 at June 30,
2001.
NOTE 4 -- EARNINGS PER SHARE
The earnings per share computations are based on weighted
average number of shares outstanding during each quarter of 117,167
and 117,697 for the quarters ended June 30, 2001 and 2000, respectively
and during each six month period of 117,266 and 117,700 for the six
month periods ended June 30, 2001 and 2000, respectively.
9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Management's Discussion presents a review of the major factors and
trends affecting the performance of the Company and its bank subsidiary and
should be read in conjunction with the accompanying consolidated financial
statements and notes.
OVERVIEW
The Company reported net income of $ 539,000 for the first six months
of 2001 compared to $ 641,000 for the same period of 2000. On a per share basis,
the net income was $ 4.59 for the first six months of 2001 compared to $ 5.45
for the same period of 2000. The Company recorded a provision for possible loan
losses of $ 21,000 and $ 0 for the six months ended June 30, 2001 and 2000,
respectively. Net interest income increased 1.10% to $ 1,843,000 for the first
six months of 2001 compared to $ 1,823,000 for the same period of 2000.
Total assets were $ 82,245,000 at June 30, 2001, a decrease of
$ 515,000 from December 31, 2000. Loans increased by $ 3,584,000 or 11.17 % from
$ 32,080,000 at December 31, 2000 to $ 35,664,000 at June 30, 2001. Deposits
decreased by $ 1,623,000 or 2.28 % from $ 71,319,000 at December 31, 2000 to
$ 69,696,000 at June 30, 2001.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the six months ended June
30, 2001 totaled $ 1,843,000, a $ 20,000 increase from the same period in 2000.
The greatest contributing factor to this increase was an increase in the average
balance of loans. This positive effect was partially negated mostly by a
decrease in the average balance of investment securities and a reduction in the
yield on those securities, and an increase in the interest paid on deposits. The
overall effect of volume and rate changes on net interest income during the
six month period ended June 30, 2001 was favorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded provisions for
possible loan losses of $ 21,000 and $ 0 for the first six months of 2001 and
2000, respectively. The recognition of this provision resulted from growth in
the loan portfolio and is not a reflection of a change in asset quality. As a
percentage of outstanding loans, the allowance for possible loan losses was
1.64 % and 1.77 % at June 30, 2001 and December 31, 2000, respectively. The
provision is determined by the level of net charge offs, the size of the loan
portfolio, the level of nonperforming loans, anticipated economic conditions,
and review of financial condition of specific customers.
NONINTEREST INCOME. For the first six months of 2001 noninterest income
decreased $ 40,000 or 11.24 % compared to the same period of 2000.
Other non-interest income decreased by $ 39,000 or 44.32 % compared to the same
period of 2000. Part of this decrease is the result of a decrease in
miscellaneous income for the first six months of 2001.
There were no securities gains in the six month periods ended June 30, 2001 and
2000.
10
NONINTEREST EXPENSE. For the first six months of 2001 noninterest
expense increased $ 112,000 or 8.59 % compared to the same period in 2000.
Salaries and employee benefits, the largest component of noninterest expense,
increased by $ 58,000 or 8.70 % for the first six months of 2001 as compared to
the same period in 2000. This increase was attributed to an increase in the cost
of benefits provided to employees and an overall increase in salaries.
Net occupancy expense also increased by $ 43,000 or 15.93% for the first six
months of 2001 as compared to the same period in 2000.
INCOME TAXES. The Company recorded provisions for income taxes of
$ 183,000 for the six month period ended June 30, 2001 as compared to $ 234,000
for the same period of 2000.
FINANCIAL CONDITION
LOANS. Loans were $ 35,664,000 at June 30, 2001; up by $ 3,584,000 or
11.17 % from December 31, 2000.
TABLE I -- COMPOSITION OF LOAN PORTFOLIO
<Table>
<Caption>
June 30, 2001 Dec 31, 2000
------------- ------------
Commercial, Financial and Agricultural Loans $ 6,397 $ 6,946
Real Estate Construction Loans 485 539
Real Estate Mortgage Loans 23,668 20,052
Consumer Loans 5,711 5,122
Industrial Revenue Bonds 0 0
------- -------
TOTAL LOANS $36,261 $32,659
Allowance for possible loan losses 597 579
Unearned income 0 0
------- -------
$35,664 $32,080
======= =======
</Table>
11
SECURITIES HELD TO MATURITY. Securities held to maturity were
$ 3,708,000 at June 30, 2001; down by $ 1,188,000 or 24.26 % from December 31,
2000.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$ 31,343,000 at June 30, 2001; up by $ 276,000 or 0.89 % from December 31, 2000.
TABLE II -- INVESTMENT SECURITIES
A comparison of the book value and estimated market value of investment
securities is as follows:
<Table>
<Caption>
June 30, 2001
----------------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
------- ------- ----- -------
U.S. Treasury $ 3,708 $ 3,766 $ -- $ --
U.S. Government Agencies 0 0 11,074 11,266
Mortgaged-backed securities 0 0 9,270 9,389
State & Political Subdivisions 0 0 10,344 10,539
Equity Securities 0 0 149 149
------- ------- ------- -------
TOTAL $ 3,708 $ 3,766 $30,837 $31,343
======= ======= ======= =======
</Table>
<Table>
<Caption>
December 31, 2000
----------------------------------------------
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
------- ------- ----- -------
U.S. Treasury $ 4,396 $ 4,428 $ -- $ --
U.S. Government Agencies 500 501 14,407 14,413
Mortgaged-backed securities 0 0 7,284 7,253
State & Political Subdivisions 0 0 9,198 9,252
Equity Securities 0 0 149 149
------- ------- ------- -------
TOTAL $ 4,896 $ 4,929 $31,038 $31,067
======= ======= ======= =======
</Table>
12
TABLE III -- NONPERFORMING ASSETS
Non-performing assets include nonaccrual loans, loans which are contractually 90
days past due, restructured loans, and foreclosed assets. Restructured loans are
loans which, due to a deteriorated financial condition of the borrower, have a
below market yield. Interest payments received on nonperforming loans are
applied to reduce principal if there is doubt as to the collectibility of the
principal; otherwise, these receipts are recorded as interest income. Certain
nonperforming loans that are current as to principal and interest payments are
classified as nonperforming because there is a question concerning full
collectibility of both principal and interest.
Nonperforming assets totaled $ 5,000 at June 30, 2001, a $ 29,000 (85.29 %)
decrease from December 31, 2000. The composition of nonperforming assets are
illustrated below:
<Table>
<Caption>
Non-Performing Loans: June 30, 2001 Dec 31,2000
------------- -----------
Loans on Non-Accrual $ 3 $ --
Restructured loans which are not
on non-accrual 2 34
---- ----
Total nonperforming loans 5 34
Other Real Estate and repossessed assets
received in complete or partial
satisfaction of loan obligation 0 0
---- ----
TOTAL NONPERFORMING ASSETS $ 5 $ 34
==== ====
Loans past due 90 days or more as to
principal or interest, but not on
non-accrual $ 6 $ 11
==== ====
</Table>
TABLE IV -- ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
<Table>
<Caption>
June 30, 2001 Dec 31, 2000
------------- -----------
Beginning balance $ 579 $ 579
Charge-offs:
Commercial, financial and agricultural loans -- (3)
Real estate - construction loans -- --
Real estate - mortgage loans -- --
Installment loans to individuals (5) (8)
----- -----
Total charge-offs (5) (11)
----- -----
Recoveries:
Commercial, financial and agricultural loans -- --
Real estate - construction loans -- --
Real estate - mortgage loans -- --
Installment loans to individuals 2 --
----- -----
Total recoveries 2 0
----- -----
Net (charge-offs) recovery (3) (11)
----- -----
Provision charged against income 21 11
----- -----
Balance at end of period $ 597 $ 579
===== =====
Ratio of net (charge-offs) recoveries during the period
to average loans outstanding during the period -0.01% -0.04%
===== =====
</Table>
The present level of the allowance for loan losses is considered adequate to
absorb future potential loan losses. In making this determination, management
considered asset quality, the level of net loan charge-offs, as well as current
economic conditions and market trends.
13
TABLE V -- ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES
The allowance for possible loan losses has been allocated according to the
amount deemed to be reasonably necessary to provide for the possibility of
losses being incurred within the following categories of loans.
<Table>
<Caption>
June 30, 2001 December 31, 2000
-------------------- --------------------
% OF LOANS % OF LOANS
TO TOTAL TO TOTAL
AMOUNT LOANS AMOUNT LOANS
------ ---------- ------ ---------
Commercial, financial and
agricultural loans $105 18% $115 21%
Real estate - construction loans 8 1% 4 2%
Real estate - mortgage loans 390 65% 236 61%
Consumer loans 94 16% 224 16%
Industrial revenue bonds 0 0% 0 0%
---- ----
$597 100% $579 100%
==== ====
</Table>
DEPOSITS. As of June 30, 2001 total deposits have decreased by
$ 1,623,000 or 2.28 % from December 31, 2000. Noninterest bearing deposits
increased by $ 331,000 or 1.28 % from December 31, 2000 to June 30, 2001.
Interest bearing deposits decreased by $ 1,954,000 or 4.30 % from December 31,
2000 to June 30, 2001.
CAPITAL. Shareholders' equity totaled $ 11,886,000 at June 30, 2001,
compared to $ 11,076,000 at December 31, 2000. The increase is primarily the
result of year to date net income. Risk-based capital and leverage ratios for
the Company and the bank subsidiary exceed the ratios required for the
designation as a "well-capitalized" institution under regulatory guidelines.
TABLE VI -- CAPITAL RATIOS
<Table>
<Caption>
AMERICAN BANK & TRUST COMPANY June 30, 2001 Dec 31, 2000
------------- ------------
(Bank subsidiary)
Risk-based capital:
Tier 1 risk-based capital ratio 28.22% 29.00%
Total risk-based capital ratio 29.47% 30.25%
Leverage ratio 13.92% 14.14%
</Table>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In the normal course of business, the bank becomes involved in legal
proceedings. It is the opinion of management that the resulting liability, if
any, for pending litigation is negligible.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
NONE
(b) Reports on Form 8-K
NONE
14
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 to sign on behalf of the registrant.
AMERICAN BANCORP, INC.
----------------------
(Registrant)
August 14, 2001 /s/ Salvador L. Diesi
- --------------- ---------------------------------
DATE Salvador L. Diesi
Chairman of the Board / President
August 14, 2001 /s/ Ronald J. Lashute
- --------------- ---------------------------------
DATE Ronald J. Lashute
Secretary/Treasurer
of the Board