Ambanc Holding Co., Inc. Reports Net Income for the Third Quarter of 2000 and Increase In 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. , NY--(BUSINESS WIRE)--Oct. 27, 2000 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:
The Company also reported that the Board of Directors has declared an increase in this quarter's cash dividend. The quarterly dividend will be $0.14 (cents) per share on the outstanding common stock of the Company, payable on December December: see month. 1, 2000, to shareholders of record of the Company on November November: see month. 15, 2000, as compared to the dividend for the quarter ended June June: see month. 30, 2000, which was $0.13 (cents) per share. John M. Lisicki, President & Chief Executive Officer stated: "We are pleased to be able to once again increase our quarterly dividend. The increase to $0.14 (cents) per share marks the seventh consecutive quarter in which our dividend has been increased and the amount represents an increase of 134% from the time of the merger with AFSALA Bancorp." Net income for the quarter ended September 30, 2000 was $904 thousand compared to $1.3 million for the quarter ended September 30, 1999. 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 $0.19 (cents) for the quarter ended September 30, 2000, as compared to $0.26 (cents) for the comparable period of the previous year. Net income for the nine months ended September 30, 2000 was $2.8 million compared to net income of $3.4 million for the corresponding period of the previous year. For the nine months ended September 30, 2000, diluted earnings per share were $0.60 (cents) as compared to $0.68 (cents) for the comparable period of the prior year. Deposits increased $26.5 million from $450.1 million at December 31, 1999 to $476.6 million at September 30, 2000. During the nine months ended September 30, 2000, the Company sold approximately $4.5 million in securities recognizing a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss of $102 thousand. The funds raised from deposits coupled with the proceeds from the sale of securities were used primarily to pay down and thus reduce outstanding borrowings. Borrowed funds decreased $55.8 million from $204.9 million at December 31, 1999 to $149.1 million at September 30, 2000. The shift in liabilities from borrowed funds into lower cost deposits is part of the Company's continuing effort to reduce interest rate risk. As announced on October 6, 2000, the Company allowed its tender offer to acquire Cohoes Cohoes (kəhōz`), city (1990 pop. 16,825), Albany co., E N.Y., near Albany, at the confluence of the Mohawk and Hudson rivers; settled by the Dutch 1665, inc. 1869. Bancorp, Inc. to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. and has instructed the depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. to return all tendered shares. At September 30, 2000, total assets were $711.6 million compared to total assets of $740.7 million as of December 31, 1999. 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 $79.3 million, or $17.00 per share, and $75.6 million, or $16.13 per share, at September 30, 2000 and December 31, 1999, 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 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 Sept 30, Dec 31,
Financial Condition Data 2000 1999
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(In thousands)
Total assets $ 711,589 $ 740,672
Securities available for sale 203,442 212,145
Loans receivable, net 461,466 465,477
Deposits 476,639 450,134
Borrowed funds 149,081 204,905
Shareholders' equity 79,310 75,593
Three Months Ended
Selected Consolidated Sept 30, Sept 30,
Operating Data 2000 1999
-------------- ------------ -------------
(In thousands, except share and per share data)
Interest and dividend income $ 12,373 $ 12,334
Interest expense 7,170 6,442
-------------- -------------
Net interest income 5,203 5,892
Provision for loan losses 120 175
-------------- -------------
Net interest income after
provision for loan losses 5,083 5,717
Non-interest income 401 517
Non-interest expense 3,996 4,034
-------------- -------------
Income before income tax expense 1,488 2,200
Income tax expense 584 943
--------------- -------------
Net income $ 904 $ 1,257
============== =============
Basic earnings per share $ 0.19 $ 0.26
Diluted earnings per share $ 0.19 $ 0.26
Weighted average shares 4,653,495 4,838,482
outstanding-basic
Weighted average shares
outstanding-diluted 4,692,862 4,894,297
Nine Months Ended
Selected Consolidated Sept 30, Sept 30,
Operating Data 2000 1999
-------------- ------------ -----------
(In thousands, except share and per share data)
Interest and dividend income $ 37,353 $ 36,255
Interest expense 21,188 19,464
------------- ----------
Net interest income 16,165 16,791
Provision for loan losses 360 670
------------- -----------
Net interest income after
provision for loan losses 15,805 16,121
Non-interest income 1,266 1,379
Non-interest expense 12,309 11,616
------------- ------------
Income before income tax expense 4,762 5,884
Income tax expense 1,945 2,500
-------------- ------------
Net income $ 2,817 $ 3,384
============= ============
Basic earnings per share $ 0.61 $ 0.68
Diluted earnings per share $ 0.60 $ 0.68
Weighted average shares 4,650,055 4,946,378
outstanding-basic
Weighted average shares
outstanding-diluted 4,683,712 5,003,770
Three Months Ended
Selected Consolidated Financial Sept 30, Sept 30,
Ratios and Other Data: 2000 1999
---------------------- -------------- -----------
Performance Ratios:
Return on average assets (1) 0.51% 0.70%
Return on average equity (1) 4.70 6.24
Interest rate spread 2.28 2.70
Net interest margin (2) 3.02 3.36
Efficiency ratio (3) 67.99 60.46
Ratio of average earning assets to
average interest-bearing liabilities 117.74 118.25
Nine Months Ended
Selected Consolidated Financial Sept 30, Sept 30,
Ratios and Other Data: 2000 1999
---------------------- -------------- -------------
Performance Ratios:
Return on average assets (1) 0.53% 0.63%
Return on average equity (1) 4.97 5.42
Interest rate spread 2.42 2.56
Net interest margin (2) 3.10 3.22
Efficiency ratio (3) 67.58 61.48
Ratio of average earning assets to
average interest-bearing liabilities 116.83 117.57
Sept 30, Dec 31,
2000 1999
------------- -------------
Asset Quality Ratios:
Non-performing assets to total assets (1) 0.48% 0.61%
Non-performing loans to total loans 0.67 0.89
Allowance for loan losses to
non-performing loans 180.49 130.86
Allowance for loan losses to total
loans 1.22 1.17
Capital Ratios:
Equity to total assets at end of period (1) 11.15 10.48
(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 Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . (3) The efficiency ratio represents non-interest expenses (excluding real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most and repossessed assets expenses, net, and the amortization of goodwill) divided by the sum of net interest income and non-interest income (excluding net gains (losses) on securities transactions). |
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