Ambanc Holding Co., Inc. Reports Net Income for the First Quarter of 2001 And Increased Quarterly Dividend.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)--April 24, 2001 Ambanc Holding Co., Inc. (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 : AHCI AHCI Advanced Host Controller Interface AHCI Art and Humanities Index ) (the Company), the parent company of Mohawk 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 quarter ended March 31, 2001 was $1.4 million, or $0.32 (cents) 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 , up from $984 thousand, or $0.21 (cents) diluted earnings per share, from the same quarter of the previous year. Significantly impacting net income for the quarter ended March 31, 2001 was a $1.0 million ($634 thousand after-tax) curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. gain recorded in non-interest income related to the freezing of benefit accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. and participation in the Company's defined benefit pension plan. The Company further reported that the Board of Directors has declared an increase in this quarter's cash dividend. The quarterly dividend will be $0.16 (cents) per share on the outstanding common stock of the Company, payable on June 1, 2001, to shareholders of record of the Company on May 15, 2001, as compared to the dividend for the quarter ended December 31, 2000, which was $0.15 (cents) per share. At March 31, 2001, total assets were $714.5 million compared to total assets of $706.6 million as of December 31, 2000. This increase, in part, was the result of the Company's purchase of $10.0 million of bank-owned life insurance during the quarter. Likewise, deposits increased $7.1 million to $485.7 million at March 31, 2001 from $478.6 million at 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 $78.1 million, or $18.05 per share, and $77.1 million, or $17.57 per share, at March 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 seventeen 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, Otsego, 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 National Market, under the symbol "AHCI". 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
Financial Condition Data Mar 31, Dec 31,
2001 2000
(Dollars in thousands)
Total assets $ 714,454 $ 706,636
Securities available for sale 138,335 138,990
Loans receivable, net 457,896 459,958
Deposits 485,712 478,592
Borrowed funds 142,352 143,935
Shareholders' equity 78,054 77,122
Three Months Ended
Selected Consolidated Mar 31, Mar 31,
Operating Data 2001 2000
(Dollars in thousands, except share and per share data)
Interest and dividend income $ 12,146 $ 12,544
Interest expense 7,136 7,028
Net interest income 5,010 5,516
Provision for loan losses 120 120
Net interest income after
Provision for loan losses 4,890 5,396
Non-interest income 1,559 489
Non-interest expenses 4,048 4,178
Income before income tax expense 2,401 1,707
Income tax expense 985 723
Net income $ 1,416 $ 984
Basic earnings per share $ 0.33 $ 0.21
Diluted earnings per share $ 0.32 $ 0.21
Weighted average shares
outstanding-basic 4,350,543 4,669,625
Weighted average shares
outstanding-diluted 4,452,431 4,691,976
Three Months Ended
Selected Consolidated Financial Mar 31, Mar 31,
Ratios and Other Data: 2001 2000
Return on average assets (1) 0.82% 0.55%
Return on average equity (1) 7.45 5.23
Interest rate spread 2.31 2.51
Net interest margin (2) 2.99 3.15
Efficiency ratio (3) 70.71 67.31
Ratio of average earning assets to
Average interest-bearing liabilities 116.03 115.85
Mar 31, Dec 31,
2001 2000
Asset Quality Ratios:
Non-performing assets to total assets (1) 0.49% 0.51%
Non-performing loans to total loans 0.72 0.70
Allowance for loan losses to
Non-performing loans 172.68 176.99
Allowance for loan losses to total
Loans 1.24 1.23
Capital Ratios:
Equity to total assets at end of period (1) 10.92 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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