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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, 1995
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)
328 EAST LANDRY STREET, OPELOUSAS, LA 70571-1579
- - - - - - --------------------------------------- ------------------------
(Address of principal executive office) (Zip Code)
(318) 948-3056
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(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------120,000 shares as of April 15, 1995
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AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1995
NOTE - 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 Rule 10-01 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.
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AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Three Month Periods Ended March 31, 1995 & 1994
(In Thousands)
NET
UNREALIZED
GAINS(LOSS) COMMON RETAINED
SECURITIES STOCK SURPLUS EARNINGS TOTAL
----------- ------ ------- -------- -------
Balance 12/31/93 $0 $600 $2,150 $2,184 $4,934
Net Income (Loss) 187 187
Cash Dividends 0 0
Change in Unrealized
Gains/Losses 98 98
------ ----- ------ ------ ------
Balance 3/31/94 $98 $600 $2,150 $2,371 $5,219
====== ===== ====== ====== ======
Balance 12/31/94 ($1) $600 $2,150 $3,069 $5,818
Net Income (Loss) 243 243
Cash Dividends 0 0
Change in Unrealized
Gains/Losses 53 53
------ ----- ------ ------ ------
Balance 3/31/95 $52 $600 $2,150 $3,312 $6,114
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AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEET
March 31, 1995 and 1994
(In Thousands)
1995 1994
------ ------
ASSETS
- - - - - - ------
Cash 4 4
Investment in Subsidiary 5,991 5,215
Dividend Receivable 0 0
Due From Subsidiary 216 0
------ ------
TOTAL ASSETS $6,211 $5,219
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LIABILITIES
- - - - - - -----------
Federal Income Taxes Payable 97 0
Other Liabilities 0 0
------ ------
TOTAL LIABILITIES $97 $0
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SHAREHOLDERS' EQUITY
- - - - - - --------------------
Unrealized Gain (Loss) on Securities
Available for Sale 52 98
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares 600 600
Surplus 2,150 2,150
Retained Earnings 3,312 2,371
------ ------
TOTAL EQUITY 6,114 5,219
------ ------
TOTAL LIABILITIES & EQUITY $6,211 $5,219
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AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
March 31, 1995 and 1994
(In Thousands)
1995 1994
------- -------
ASSETS
------
Cash and Due From Banks 5,712 3,784
Interest Bearing Deposits 1,485 4,751
Securities Being Held to Maturity 16,487 11,845
Securities Available for Sale 3,427 3,418
Federal Funds Sold 2,900 3,425
Loans - Net 25,941 25,753
Bank Premises and Equipment 1,332 1,485
Other Real Estate Owned 17 47
Accrued Interest Receivable 487 331
Deferred Tax Asset 35 0
Prepaid Expenses and Other Assets 313 340
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TOTAL ASSETS $58,136 $55,179
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LIABILITIES
-----------
Deposits:
Non-Interest Bearing 14,848 14,084
Interest Bearing 36,935 35,715
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Total Deposits 51,783 49,799
Accrued Interest Payable 90 63
Deferred Income Tax Credits 0 50
Accrued Expenses and Other Liabilities 149 48
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TOTAL LIABILITIES $52,022 $49,960
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SHAREHOLDERS' EQUITY
--------------------
Unrealized Gain (Loss) on Securities
Available for Sale 52 98
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares 600 600
Surplus 2,150 2,150
Retained Earnings 3,312 2,371
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TOTAL SHAREHOLDERS' EQUITY $6,114 $5,219
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TOTAL LIABILITIES & EQUITY $58,136 $55,179
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See Notes to Financial Statements.
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AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
INCOME STATEMENT
For the Three Month Periods Ended March 31, 1995 and 1994
(In Thousands)
1995 1994
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INCOME FROM SUBSIDIARY
- - - - - - ----------------------
Dividends $0 $0
OPERATING EXPENSES
- - - - - - ------------------
Other Expenses 0 0
Interest Expense 0 0
----- -----
TOTAL EXPENSES $0 $0
----- -----
Earnings (loss) before income tax benefit
and equity in undistributed earnings of
subsidiary $0 $0
Income tax (benefit) 3 0
----- -----
Earnings (loss) before equity in undistributed
earnings of subsidiary ($3) $0
Equity in undistributed earnings of
subsidiary 246 187
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Net Income $243 $187
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AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Three Month Periods Ended March 31, 1995 and 1994
(In Thousands)
INCREASE
1995 1994 (DECREASE)
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INTEREST INCOME:
Interest and fees on loans $627 $542 85
Interest on investment securities:
Taxable 315 200 115
Tax-Exempt 2 1 1
Other Interest 75 72 3
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TOTAL INTEREST INCOME $1,019 $815 204
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INTEREST EXPENSE:
Interest on deposits $267 $222 45
Interest on short-term borrowings 0 0 0
------ ----- -----
TOTAL INTEREST EXPENSE $267 $222 45
------ ----- -----
NET INTEREST INCOME $752 $593 159
Provision for possible loan losses 0 9 (9)
------ ----- -----
Net Interest Income after provision for
possible loan losses $752 $584 168
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NON-INTEREST INCOME:
Service charges on deposit accounts $139 $134 5
Investment securities gains (losses) 0 0 0
Other 31 31 0
------ ----- -----
TOTAL NON-INTEREST INCOME $170 $165 5
------ ----- -----
NON-INTEREST EXPENSE:
Salaries and Employee Benefits $281 $272 9
Net Occupancy Expense 137 135 2
Net cost of operation of O.R.E.O. (1) (3) 2
Other 168 158 10
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TOTAL NON-INTEREST EXPENSE $585 $562 23
------ ----- -----
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEMS $337 $187 150
INCOME TAX (BENEFIT) 94 0 94
------ ----- -----
INCOME BEFORE EXTRAORDINARY ITEMS $243 $187 56
EXTRAORDINARY ITEMS 0 0 0
------ ----- -----
NET INCOME $243 $187 56
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Net income per share of common stock $2.03 $1.56 $0.47
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See Notes to Consolidated Financial Statements
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AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Month Periods Ended March 31, 1995 and 1994
1995 1994
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OPERATING ACTIVITIES
Net income $243 $187
Adjustments to reconcile net income to net cash
provided by operating activities:
Accretion of investment security discounts (5) (2)
Amortization of investment security premiums 2 1
Depreciation 44 42
Provision for loan losses 0 9
Gain on sale of other real estate 0 1
Gain/loss on sale of property and equipment 0 0
Decrease (increase) in accrued interest receivable (57) (53)
Increase (decrease) in accrued interest payable 10 1
Increase (decrease) in other accrued liabilities 137 (27)
Decrease(increase) in other asset (26) 0
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Net cash provided by operating activities $348 $159
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INVESTING ACTIVITIES
Proceeds from sales & maturities of available for sale securities $81 0
Proceeds from sales & maturities of held to maturity securities 1,000 420
Purchases of available for sale securities (300) 0
Purchases of held to maturity securities (1,000) (2,495)
Net (increase) decrease in interest-bearing deposits with banks 989 0
Net (increase) decrease in loans 1,112 671
Net decrease (increase) in federal funds sold 3,150 (1,250)
Net decrease (increase) in other real estate 0 0
Proceeds from sale of assets 0 100
Purchases of property & equipment 0 (27)
Other (27) (27)
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Net cash provided (used) by investing activities $5,005 ($2,608)
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FINANCING ACTIVITIES
Net increase (decrease) in non-interest bearing deposits ($1,144) $1,521
Net increase (decrease) in int-bearing deposits (6,303) 1,602
Dividends paid 0 0
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Net cash provided (used) by financing activities ($7,447) $3,123
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Increase (decrease) in cash and cas ($2,094) $674
Cash and cash equivalents at beginning of year 7,806 3,110
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Cash and cash equivalents at end of period $5,712 $3,784
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Cash interest income received $962 $762
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Cash interest expense paid $257 $221
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Cash federal income taxes paid $3 $0
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NOTES TO FINANCIAL STATEMENTS
NONPERFORMING ASSETS:
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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.
See non-performing asset schedule as of March 31, 1995 below:
Non-Performing Loans:
Loans on Non-Accrual $5
Loans past due 90 days or more as to
principal or interest, but not on
non-accrual 1
Loans & leases restructured and in
compliance with terms 24
------
$30
Other Real Estate and repossessed assets
received in complete or partial
satisfaction of debt 17
------
TOTAL NONPERFORMING ASSETS $47
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INVESTMENT SECURITIES:
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A comparison of the book value and estimated market value of investment
securities as of March 31, 1995 is as follows:
HELD-TO-MATURITY AVAILABLE-FOR-SALE
AMORT MARKET AMORT MARKET
COST VALUE COST VALUE
U.S. Treasury $4,998 $4,989 $0 0
U.S. Agencies 11,489 11,219 3,049 3,118
State & Political Subdivisions 0 0 300 309
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TOTAL $16,487 $16,208 $3,349 $3,427
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LOANS:
- - - - - - ------
Major classifications of loans are as follows as of March 31, 1995:
Commercial, Financial and Agricultural $5,604
Real Estate Construction 232
Real Estate Mortgage 16,163
Consumer Loans 3,752
Industrial Revenue Bonds 812
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TOTAL LOANS $26,563
Allowance for possible loan losses 621
Unearned income 1
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$25,941
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DEPOSITS
Deposits decreased $7,447,000 or 12.57% since December 31, 1994. The largest
percentage of this decrease is attributed to interest bearing deposits which
decreased $6,303,000 or 14.58% This decrease is a result of seasonable
variations in deposits of a public body of which the Bank acts as fiscal agent.
LOANS
Loans have decreased $1,112,000 or 4.11% since December 31, 1994.
INVESTMENTS
Investments have increased $301,000 or 1.53% since December 31, 1994.
INSIDERS
Directors, Executive Officers and 10% shareholders and their related interest
had loans outstanding totaling $1,074,000 at March 31, 1995.
LIQUIDITY
Liquidity is generally defined as the ability to meet cash requirements on a
timely basis. Maintenance of an adequate liquidity is essential to the
financial structure of a bank. Normal guidelines indicate an adequate liquidity
for a bank is 20% of liabilities. The banks liquidity was 51.58% on March 31,
1995.
CAPITAL RESOURCES
Earnings of $243,000 for the first three months of 1995 have increased from
$187,000 for the same period in 1994. The equity position of the corporation
has improved to 10.52% at March 31, 1995 as compared to 9.46% at March 31,
1994.
RESULTS OF OPERATIONS
As previously stated earnings for the first three months amounted to $243,000.
The provision for loan losses is usually determined by the size of the loan
portfolio, the level of non-performing loans to assets, economic conditions, a
thorough analysis of borrowers and their financial conditions, and the past
history of charge offs. In light of the above factors management has determined
the reserve to be adequate. The reserve amounts to $621,000 or 2.34% of the
outstanding loans at March 31, 1995.
CONTINGENT LIABILITIES
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 any pending litigation is negligible.
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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 BANCORP, INC.
4-27-95 /s/ SALVADOR L. DIESI
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DATE Salvador L. Diesi
Chairman of the Board / President
4-26-95 /s/ RONALD J. LASHUTE
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DATE Ronald J. Lashute
Secretary/Treasurer
of the Board
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INDEX TO EXHIBITS
Exhibit 27 Financial Data Schedule