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 March 31, 2003
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----115,992 shares as of April 30, 2003
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEETS
(In Thousands)
<Table>
<Caption>
March 31, 2003 Dec. 31, 2002
---------------- ----------------
(Unaudited) (Note 1)
ASSETS
Cash on deposit with subsidiary $ 32 $ 50
Investment in subsidiary 13,750 13,577
Due from subsidiary 113 14
---------------- ----------------
TOTAL ASSETS $ 13,895 $ 13,641
================ ================
LIABILITIES
Accrued income tax payable $ 107 $ 9
Other liabilities 0 0
---------------- ----------------
TOTAL LIABILITIES $ 107 $ 9
---------------- ----------------
SHAREHOLDERS' EQUITY
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
116,027 and 116,183 shares outstanding,
respectively $ 600 $ 600
Surplus 2,150 2,150
Retained earnings 10,620 10,343
Treasury stock, 3,973 and 3,817 shares at cost,
respectively (259) (245)
Net unrealized gain (loss) on securities
available for sale, net of tax 677 784
---------------- ----------------
TOTAL SHAREHOLDERS' EQUITY $ 13,788 $ 13,632
---------------- ----------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 13,895 $ 13,641
================ ================
</Table>
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
<Table>
<Caption>
March 31, 2003 Dec. 31, 2002
---------------- ----------------
(Unaudited) (Note 1)
ASSETS
Cash and due from banks $ 5,505 $ 6,974
Federal funds sold 13,250 10,300
---------------- ----------------
Total cash and cash equivalents $ 18,755 $ 17,274
Securities held to maturity 2,103 2,104
Securities available for sale 33,556 37,721
Loans - net of allowance for loan losses 39,263 39,931
Bank premises and equipment 1,607 1,737
Other real estate 0 0
Accrued interest receivable 519 570
Other assets 536 382
---------------- ----------------
TOTAL ASSETS $ 96,339 $ 99,719
================ ================
LIABILITIES
Deposits:
Non-interest bearing demand deposits $ 31,142 $ 29,462
Interest bearing deposits:
NOW accounts 11,717 16,889
Money market accounts 3,547 3,006
Savings 11,546 11,277
Time deposits $ 100,000 or more 8,735 8,122
Other time deposits 14,966 16,022
---------------- ----------------
Total deposits $ 81,653 $ 84,778
Accrued interest payable 60 75
Other liabilities 838 1,234
---------------- ----------------
TOTAL LIABILITIES $ 82,551 $ 86,087
---------------- ----------------
SHAREHOLDERS' EQUITY
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
116,027 and 116,183 shares outstanding,
respectively $ 600 $ 600
Surplus 2,150 2,150
Retained earnings 10,620 10,343
Treasury stock, 3,973 and 3,817 shares at cost,
respectively (259) (245)
Unrealized gain (loss) on securities
available for sale, net of tax 677 784
---------------- ----------------
TOTAL SHAREHOLDERS' EQUITY $ 13,788 $ 13,632
---------------- ----------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 96,339 $ 99,719
================ ================
</Table>
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
STATEMENTS OF INCOME
(Unaudited)
(In Thousands)
<Table>
<Caption>
Three Months Ended
March 31,
------------------------------
2003 2002
------------ ------------
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary $ 0 0
OPERATING EXPENSES
Directors fees 3 3
Other expenses 0 0
------------ ------------
TOTAL EXPENSES 3 3
Earnings before income tax
and equity in undistributed earnings of
subsidiary (3) (3)
Provision for income taxes 0 0
------------ ------------
Earnings before equity in undistributed
earnings of subsidiary (3) (3)
Equity in undistributed earnings of
subsidiary 280 330
------------ ------------
Net Income $ 277 $ 327
============ ============
</Table>
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands Except for Per Share Data)
<Table>
<Caption>
Three Months Ended
March 31,
-----------------------------
INCREASE
2003 2002 (DECREASE)
------------ ------------ ------------
INTEREST INCOME:
Interest and fees on loans $ 722 $ 731 $ (9)
Interest on investment securities:
Taxable 289 375 (86)
Tax-exempt 122 120 2
Other interest 29 35 (6)
------------ ------------ ------------
TOTAL INTEREST INCOME 1,162 1,261 (99)
------------ ------------ ------------
INTEREST EXPENSE:
Interest on deposits 199 280 (81)
Interest on short-term borrowings 0 0 0
------------ ------------ ------------
TOTAL INTEREST EXPENSE 199 280 (81)
------------ ------------ ------------
NET INTEREST INCOME 963 981 (18)
Provision for possible loan losses 11 11 0
------------ ------------ ------------
Net interest income after provision for
possible loan losses 952 970 (18)
------------ ------------ ------------
NON-INTEREST INCOME:
Service charges on deposit accounts 133 134 (1)
Investment securities gains (losses) 0 0 0
Other 35 51 (16)
------------ ------------ ------------
TOTAL NON-INTEREST INCOME 168 185 (17)
------------ ------------ ------------
NON-INTEREST EXPENSE:
Salaries and employee benefits 387 358 29
Net occupancy expense 145 139 6
Net cost of operation of O.R.E.O 0 0 0
Other 228 218 10
------------ ------------ ------------
TOTAL NON-INTEREST EXPENSE 760 715 45
------------ ------------ ------------
INCOME BEFORE INCOME TAXES 360 440 (80)
Provision for income taxes 83 113 (30)
------------ ------------ ------------
NET INCOME $ 277 $ 327 $ (50)
============ ============ ============
Net income per share of common stock $ 2.39 $ 2.81 $ (0.42)
============ ============ ============
</Table>
See Notes to Consolidated Financial Statements
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Three Month Periods Ended March 31, 2003 & 2002
(Unaudited)
(In Thousands)
<Table>
<Caption>
ACCUMULATED
OTHER
COMMON RETAINED COMPREHENSIVE
STOCK SURPLUS EARNINGS INCOME
-------------- -------------- -------------- --------------
Balance December 31, 2001 $ 600 $ 2,150 $ 9,345 $ 383
Comprehensive income:
Net income (loss) -- 327 --
Other comprehensive income,
net of tax:
Change in unrealized gains (losses)
on securities available for sale -- -- (263)
Total comprehensive income -- -- --
Purchase of treasury stock -- -- --
Dividends paid -- 0 --
-------------- -------------- -------------- --------------
Balance, March 31, 2001 $ 600 $ 2,150 $ 9,672 $ 120
============== ============== ============== ==============
Balance December 31, 2002 $ 600 $ 2,150 $ 10,343 $ 784
Comprehensive income:
Net income (loss) -- 277 --
Other comprehensive income,
net of tax:
Change in unrealized gains (losses)
on securities available for sale -- -- (107)
Total comprehensive income -- -- --
Purchase of treasury stock -- -- --
Dividends paid -- --
-------------- -------------- -------------- --------------
Balance, March 31, 2002 $ 600 $ 2,150 $ 10,620 $ 677
============== ============== ============== ==============
<Caption>
TREASURY COMPREHENSIVE
STOCK INCOME TOTAL
-------------- -------------- --------------
Balance December 31, 2001 $ (213) $ 0 $ 12,265
Comprehensive income:
Net income (loss) -- 327 327
Other comprehensive income,
net of tax:
Change in unrealized gains (losses)
on securities available for sale -- (263) (263)
--------------
Total comprehensive income -- $ 64
==============
Purchase of treasury stock (8) (8)
Dividends paid -- 0
-------------- --------------
Balance, March 31, 2001 $ (221) $ 12,321
============== ==============
Balance December 31, 2002 $ (245) $ 0 $ 13,632
Comprehensive income:
Net income (loss) -- 277 277
Other comprehensive income,
net of tax:
Change in unrealized gains (losses)
on securities available for sale -- (107) (107)
--------------
Total comprehensive income -- $ 170
==============
Purchase of treasury stock (14) (14)
Dividends paid -- --
-------------- --------------
Balance, March 31, 2002 $ (259) $ 13,788
============== ==============
</Table>
See Notes to Consolidated Financial Statements
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)
<Table>
<Caption>
Three Months Ended March 31,
--------------------------------
2003 2002
------------ ------------
OPERATING ACTIVITIES
Net income $ 277 $ 327
Adjustments to reconcile net income to net cash
provided by operating activities:
Discount accretion, net of premium amortization
on investment securities (55) (60)
Depreciation of property and equipment 43 40
Amortization of computer software 12 10
Provision for loan loss 11 11
(Gain) loss on disposal of assets 0 0
(Increase) decrease in assets:
Other real estate owned 0 0
Accrued interest receivable 52 (2)
Other assets (59) (61)
Increase (decrease) in liabilities:
Accrued interest payable (15) (30)
Other liabilities (326) 207
------------ ------------
Net cash provided by (used in) operating activities $ (60) $ 442
------------ ------------
INVESTING ACTIVITIES
(Increase) decrease in interest bearing deposits with banks $ 0 $ 99
Proceeds from sales & maturities of securities available for sale 8,232 4,131
Proceeds from sales & maturities of securities held to maturity 0 0
Purchases of securities available for sale (4,173) (4,313)
Purchases of securities held to maturity 0 0
Decrease in loans 658 153
Purchases of property & equipment (19) (98)
Other (2) 0
------------ ------------
Net cash provided by (used in) investing activities $ 4,696 $ (28)
------------ ------------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings $ (2,697) $ (463)
Increase (decrease) in time deposits (444) 899
Dividends paid 0 0
Purchase of treasury stock (14) (8)
------------ ------------
Net cash provided by (used in) financing activities $ (3,155) $ 428
------------ ------------
Increase in cash and cash equivalents $ 1,481 $ 842
Cash and cash equivalents at beginning of year 17,274 14,246
------------ ------------
Cash and cash equivalents at end of period $ 18,755 $ 15,088
============ ============
SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest expense $ 214 $ 311
============ ============
Income taxes $ -- $ --
============ ============
</Table>
See Notes to Consolidated Financial Statements
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2003
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 three month period ended March 31, 2003 are not necessarily
indicative of the results that may be expected for the year ended
December 31, 2003.
The balance sheet at December 31, 2002 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, 2002.
NOTE 2 - IMPAIRED LOANS
In accordance with Statement of Financial Accounting Standards
(SFAS) No. 114, 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 interests had loans outstanding totaling $1,173,000 at March
31, 2003.
NOTE 4- EARNING PER SHARE
The earnings per share computations are based on weighted
average number of shares outstanding during each quarter of 116,079 and
116,519 for the quarters ended March 31, 2003 and 2002, respectively.
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 $277,000 for the first three months
of 2003 compared to $327,000 for the same period of 2002. On a per share basis,
the net income was $2.39 for the first three months of 2003 compared to $2.81
for the same period of 2002. The Company recorded a provision for possible loan
losses of $11,000 for the three months ended both March 31, 2003 and 2002. Net
interest income decreased 1.8% to $963,000 for the first three months of 2003
compared to $981,000 for the same period of 2002.
Total assets were $96,339,000 at March 31, 2003, a decrease of
$3,380,000 from December 31, 2002. Loans decreased by $668,000 or 1.7% from
$39,931,000 at December 31, 2002 to $39,263,000 at March 31, 2003. Deposits
decreased by $3,125,000 or 3.7% from $84,778,000 at December 31, 2002 to
$81,653,000 at March 31, 2003.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the three months ended
March 31, 2003 totaled $963,000, an $18,000 decrease from the same period in
2002. The greatest contributing factors to this decrease were decreases in the
yields on loans and investment securities, which were partially offset by
decreases in the interest paid on interest bearing deposits and increases in the
average balances of loans and investment securities. The overall effect of
volume and rate changes on net interest income during the three month period
ended March 31, 2003 was unfavorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded provisions for
possible loan losses of $11,000 for the first three months of both 2003 and
2002. As a percentage of outstanding loans, the allowance for possible loan
losses was 1.60% and 1.55% at March 31, 2003 and December 31, 2002,
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.
NON-INTEREST INCOME. For the first three months of 2003 non-interest
income decreased $17,000 or 9.2% compared to the same period of 2002.
Other non-interest income decreased by $16,000 or 31.4% compared to the same
period of 2002. Most of this decrease is the result of a decrease in referral
fees on mortgage loans for the first quarter of 2003.
There were no securities gains in the three month periods ended March 31, 2003
and 2002.
NON-INTEREST EXPENSE. For the first three months of 2003 non-interest
expense increased $45,000 or 6.3% compared to the same period in 2002.
Salaries and employee benefits, the largest component of non-interest expense,
increased by $29,000 or 8.1% for the first three months of 2003 as compared to
the same period in 2002. This increase was attributed to an increase in
salaries, the cost of benefits provided to employees and adjustments to accruals
for deferred compensation.
Net occupancy expense also increased by $6,000 or 4.3% for the first three
months of 2003 as compared to the same period in 2002.
INCOME TAXES. The Company recorded provisions for income taxes of
$83,000 for the three month period ended March 31, 2003 as compared to $113,000
for the same period of 2002.
FINANCIAL CONDITION
LOANS. Loans were $39,263,000 at March 31, 2003; down by $668,000 or
1.7% from December 31, 2002.
TABLE I - COMPOSITION OF LOAN PORTFOLIO
(In thousands)
<Table>
<Caption>
March 31, 2003 Dec. 31, 2002
--------------- ---------------
Commercial, financial and agricultural loans $ 7,953 $ 8,288
Real estate construction loans 1,579 1,750
Real estate mortgage loans 24,824 24,906
Consumer loans 5,546 5,614
Industrial revenue bonds 0 0
--------------- ---------------
TOTAL LOANS $ 39,902 $ 40,558
Allowance for possible loan losses 639 627
Unearned income 0 0
--------------- ---------------
$ 39,263 $ 39,931
=============== ===============
</Table>
SECURITIES HELD TO MATURITY. Securities held to maturity were
$2,103,000 at March 31, 2003; down by $1,000, or less than 0.1%, from December
31, 2002.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$33,556,000 at March 31, 2003; which is down by $4,165,000 or 11.0% from
December 31, 2002.
TABLE II - INVESTMENT SECURITIES
(In thousands)
A comparison of the book values and the estimated market values of investment
securities is as follows:
<Table>
<Caption>
March 31, 2003
---------------------------------------------------------------
HELD TO MATURITY AVAILABLE FOR SALE
AMORTIZED MARKET AMORTIZED MARKET
COST VALUE COST VALUE
------------ ------------ ------------ ------------
U.S. Treasury $ 2,103 $ 2,139 $ 0 $ 0
U.S. Government Agencies 0 0 11,435 11,618
Mortgaged-backed securities 0 0 9,491 9,723
State & Political Subdivisions 0 0 11,420 12,031
Equity securities 0 0 184 184
------------ ------------ ------------ ------------
TOTAL $ 2,103 $ 2,139 $ 32,530 $ 33,556
============ ============ ============ ============
</Table>
<Table>
<Caption>
December 31, 2002
---------------------------------------------------------------
HELD TO MATURITY AVAILABLE FOR SALE
AMORTIZED MARKET AMORTIZED MARKET
COST VALUE COST VALUE
------------ ------------ ------------ ------------
U.S. Treasury $ 2,104 $ 2,148 $ 0 $ 0
U.S. Government Agencies 0 0 15,937 16,199
Mortgaged-backed securities 0 0 8,481 8,724
State & Political Subdivisions 0 0 11,930 12,614
Equity securities 0 0 184 184
------------ ------------ ------------ ------------
TOTAL $ 2,104 $ 2,148 $ 36,532 $ 37,721
============ ============ ============ ============
</Table>
TABLE III - NONPERFORMING ASSETS
Nonperforming assets include nonaccrual loans, loans which are contractually 90
days or more 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 $ 3,000 at both March 31, 2003 and December 31,
2002. The composition of nonperforming assets is illustrated below:
<Table>
<Caption>
Nonperforming loans: March 31, 2003 Dec. 31, 2002
(In thousands) --------------- ---------------
Loans on nonaccrual $ 3 $ 3
Restructured loans which are not
on nonaccrual 0 0
--------------- ---------------
Total nonperforming loans 3 3
Other real estate and repossessed assets
received in complete or partial
satisfaction of loan obligations 0 0
--------------- ---------------
TOTAL NONPERFORMING ASSETS $ 3 $ 3
=============== ===============
Loans past due 90 days or more as to
principal or interest, but which are not
on nonaccrual $ 36 $ 4
=============== ===============
</Table>
TABLE IV - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
(In thousands)
<Table>
<Caption>
March 31, 2003 Dec. 31, 2002
-------------- --------------
Beginning balance $ 627 $ 605
Charge-offs:
Commercial, financial and agricultural loans 0 0
Real estate construction loans 0 (4)
Real estate mortgage loans 0 0
Installment loans to individuals (2) (16)
-------------- --------------
Total charge-offs (2) (20)
-------------- --------------
Recoveries:
Commercial, financial and agricultural loans 0 0
Real estate construction loans 0 0
Real estate mortgage loans 0 0
Installment loans to individuals 3 0
-------------- --------------
Total recoveries 3 0
-------------- --------------
Net (charge-offs) recoveries 1 (20)
-------------- --------------
Provision charged against income 11 42
-------------- --------------
Balance at end of period $ 639 $ 627
============== ==============
Ratio of net (charge-offs) recoveries during
the period to average loans
outstanding during the period 0.002% -0.05%
============== ==============
</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.
TABLE V - ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES
(In thousands)
The allowance for possible loan losses has been allocated according to the
amounts deemed to be reasonably necessary to provide for the possibility of
losses being incurred within the following categories of loans.
<Table>
<Caption>
March 31, 2003 December 31, 2002
-------------------------------- --------------------------------
% OF LOANS % OF LOANS
TO TOTAL TO TOTAL
AMOUNT LOANS AMOUNT LOANS
------------ ------------ ------------ ------------
Commercial, financial and
agricultural loans $ 159 20% $ 156 21%
Real estate - construction loans 15 4% 14 4%
Real estate - mortgage loans 253 62% 249 61%
Consumer loans 212 14% 208 14%
Industrial revenue bonds 0 0% 0 0%
------------ ------------
$ 639 100% $ 627 100%
============ ============
</Table>
DEPOSITS. As of March 31, 2003 total deposits have decreased by
$3,125,000 or 3.7% from December 31, 2002. Non-interest bearing deposits
increased by $1,680,000 or 5.7% from December 31, 2002 to March 31, 2003.
Interest bearing deposits decreased by $4,805,000 or 8.7% from December 31,
2002 to March 31, 2003.
CAPITAL. Shareholders' equity totaled $13,788,000 at March 31, 2003,
compared to $13,632,000 at December 31, 2002. The increase is primarily the
result of net income during the current quarter which was partially offset by an
unrealized reduction in the market value of securities available for sale.
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 March 31, 2003 Dec. 31, 2002
(Bank subsidiary) -------------- --------------
Risk-based capital:
Tier 1 risk-based capital ratio 28.38% 26.99%
Total risk-based capital ratio 29.63% 28.24%
Leverage ratio 13.63% 13.78%
</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
99.1 Certification pursuant to 18 U.S.C. Section 1350 by
the Company's Principal Executive Officer
99.2 Certification pursuant to 18 U.S.C. Section 1350 by
the Company's Principal Financial Officer
99.3 Disclosure of approval by the Company's Audit
Committee for the performance of non-audit services
by the Company's Independent Auditors
99.4 Disclosure on controls pursuant to 18 U.S.C. Section
1350 by the Company's Principal Executive Officer
99.5 Disclosure on controls pursuant to 18 U.S.C. Section
1350 by the Company's Principal Financial Officer
(b) Reports on Form 8-K
NONE
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)
May 9, 2003 /s/ Salvador L. Diesi, Sr.
- ---------------------- ------------------------------
DATE Salvador L. Diesi, Sr.
Chairman of the Board and President
May 9, 2003 /s/ Ronald J. Lashute
- ---------------------- ------------------------------
DATE Ronald J. Lashute
Secretary and Treasurer of the Board
Chief Executive Officer
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Ronald J. Lashute, certify that:
1. I have reviewed this quarterly report on Form 10-Q of American Bancorp,
Inc.;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly
report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this quarterly report ("Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or other persons performing
the equivalent functions) :
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weakness in
internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.
May 9, 2003 /s/ Ronald J. Lashute
- ---------------------- -----------------------
DATE Ronald J. Lashute
Chief Executive Officer
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, George Hill Comeau, certify that:
1. I have reviewed this quarterly report on Form 10-Q of American Bancorp,
Inc.;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly
report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this quarterly report ("Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or other persons performing
the equivalent functions) :
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weakness in
internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.
May 9, 2003 /s/ George Hill Comeau
- ---------------------- -----------------------
DATE George Hill Comeau
Chief Financial Officer
INDEX TO EXHIBITS
<Table>
<Caption>
EXHIBIT
NUMBER DESCRIPTION
------- -----------
99.1 Certification pursuant to U.S.C. Section 1350 by the Company's
Principal Executive Officer
99.2 Certification pursuant to U.S.C. Section 1350 by the Company's
Principal Financial Officer
99.3 Disclosure of approval by the Company's Audit Committee for
the performance of non-audit services by the Company's
Independent Auditors pursuant to U.S.C. Section 1350
99.4 Disclosure on controls pursuant to U.S.C. Section 1350 by the
Company's Principal Executive Officer
99.5 Disclosure on controls pursuant to U.S.C. Section 1350 by the
Company's Principal Financial Officer
</Table>