Ambanc Holding Co., Inc. Reports Net Income for 2001.Business Editors AMSTERDAM Amsterdam, city, Netherlands Amsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. , N.Y.--(BUSINESS WIRE)--Feb. 5, 2002 Ambanc Holding Co., Inc. (the Company), the parent company of Mohawk Mohawk, river, United States Mohawk, river, c.140 mi (230 km) long, rising in central New York and flowing S then SE past Utica and Schenectady to enter the Hudson River at Cohoes. Community Bank (the Bank), Amsterdam, New York Amsterdam, New York is the name of two locations in Montgomery County, New York:
Net income for the year ended December 31, 2001 was $3.4 million compared to net income of $3.5 million for the year ended December 31, 2000. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.76 (cents) for the year ended December 31, 2001, consistent with the $0.76 (cents) earned for the previous year. Net income for 2001 was significantly impacted by $563 thousand in non-tax-deductible merger-related expenses incurred in connection with the merger agreement with Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. Bank & Trust Company. As announced on September 4, 2001, the Company has entered into a definitive agreement providing for the merger of the Company and the Bank with and into Hudson River Bank & Trust Company. The agreement and plan of merger was approved by the Company's stockholders at a meeting held on December 10, 2001. The merger is expected to close in early March. Upon consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the merger, each outstanding share of the Company's common stock owned by stockholders will be converted into the right to receive $21.50 in cash, as described in the agreement. At December 31, 2001, total assets were $670.8 million compared to total assets of $706.6 million as of December 31, 2000. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $77.5 million, or $17.84 per share, and $77.1 million, or $17.57 per share, at December 31, 2001 and December 31, 2000, respectively. Book value per share amounts exclude unallocated ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). shares and unvested Recognition and Retention Plan shares. Ambanc Holding Co., Inc. is a unitary unitary pertaining to a single object or individual. savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. holding company. The Company's primary subsidiary, Mohawk Community Bank, serves customers through fifteen upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. offices, located in Fulton, Montgomery, Schenectady, Saratoga, Albany, Chenango and Schoharie counties. The Bank's deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ). The Company's common stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market, under the symbol "AHCI AHCI Advanced Host Controller Interface AHCI Art and Humanities Index ". The foregoing material may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . We caution that such statements may be subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of such statements.
Selected Consolidated Dec. 31, Dec. 31,
Financial Condition Data 2001 2000
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(In thousands)
Total assets $ 670,844 $ 706,636
Securities available for sale 75,377 138,990
Loans receivable, net 465,952 459,958
Deposits 475,749 478,592
Borrowed funds 107,529 143,935
Shareholders' equity 77,512 77,122
Years Ended
Selected Consolidated Dec. 31, Dec. 31,
Operating Data 2001 2000
-------------- --------- ---------
(In thousands, except share and per share data)
Interest and dividend income $ 45,604 $ 49,745
Interest expense 26,180 28,551
--------- ---------
Net interest income 19,424 21,194
Provision for loan losses 555 480
--------- ---------
Net interest income after
provision for loan losses 18,869 20,714
Non-interest income 4,323 2,041
Non-interest expenses 17,443 16,793
--------- ---------
Income before income tax expense 5,749 5,962
Income tax expense 2,394 2,420
--------- ---------
Net income $ 3,355 $ 3,542
========= =========
Basic earnings per share $ 0.78 $ 0.77
Diluted earnings per share $ 0.76 $ 0.76
Weighted average
shares outstanding-basic 4,321,497 4,616,186
Weighted average
shares outstanding-diluted 4,435,365 4,655,817
Years Ended
Selected Consolidated Financial Dec. 31, Dec. 31,
Ratios and Other Data: 2001 2000
---------------------- --------- ---------
Performance Ratios:
Return on average assets (1) 0.48% 0.50%
Return on average equity (1) 4.35 4.66
Interest rate spread 2.34 2.37
Net interest margin (2) 2.94 3.06
Efficiency ratio (3) 71.39 68.96
Ratio of average earning assets to
average interest-bearing liabilities 115.40 116.82
Dec. 31, Dec. 31,
2001 2000
--------- ---------
Asset Quality Ratios:
Non-performing
assets to total assets (1) 0.57% 0.51%
Non-performing loans to total loans 0.76 0.70
Allowance for loan
losses to non-performing loans 161.66 176.99
Allowance for loan
losses to total loans 1.23 1.23
Capital Ratios:
Equity to total
assets at end of period (1) 11.55 10.91
(1) Period end and average asset and equity amounts reflect
securities available for sale at fair value, with net
unrealized gains/losses, net of tax, included as a component
of equity.
(2) Net interest income divided by average earning assets.
(3) The efficiency ratio represents non-interest expenses
(excluding real estate owned and repossessed assets expenses,
net, the amortization of goodwill, and significant
non-recurring expenses) divided by the sum of net interest
income and non-interest income (excluding net gains (losses)
on securities transactions and significant non-recurring
income).
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