Ambanc Holding Co., Inc. Reports Record Net Income for the Third Quarter 1999.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)--October 29, 1999-- 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 quarter ended September 30, 1999 increased $779 thousand or 163.0% to $1.3 million compared to net income of $478 thousand for the quarter ended September 30, 1998. 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 $0.26(cents) for the quarter ended September 30, 1999, as compared to $0.13(cents) for the comparable period of the previous year. Net income increased $2.4 million or 231.4%, for the nine months ended September 30, 1999, to $3.4 million from $1.0 million for the corresponding period of the previous year. For the nine months ended September 30, 1999, diluted earnings per share were $0.68(cents) as compared to $0.27(cents) for the comparable period of the prior year. At September 30, 1999, total assets were $725.1 million compared to total assets of $735.5 million as of December December: see month. 31, 1998. 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 $77.1 million, or $16.49 per share, and $85.9 million, or $16.98 per share, at September 30, 1999 and December 31, 1998, 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 eighteen 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 Fulton, city (1990 pop. 10,033), seat of Callaway co., central Mo., in an agricultural and farm area; inc. 1859. It has printing plants and factories that make food products, textiles, and industrial equipment. Firebricks from nearby clay beds are also produced. , Montgomery Montgomery, city, United States Montgomery, city (1990 pop. 187,106), state capital and seat of Montgomery co., E central Ala., near the head of navigation on the Alabama River just below the confluence of the Coosa and Tallapoosa rivers, and in the rich , Schenectady Schenectady (skənĕk`tədē), city (1990 pop. 65,566), seat of Schenectady co., E central N.Y., on the Mohawk River and Erie Canal; founded 1661 by Arent Van Curler, inc. 1798. , Saratoga Saratoga, residential city (1990 pop. 28,061), Santa Clara co., W Calif., in a vineyard and orchard area, in the foothills of the Santa Cruz Mts.; inc. 1956. Wine is produced in the city; local attractions include tours of the champagne cellars. , 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 ". -0-
Selected Consolidated Sept 30, Dec 31,
Financial Condition Data 1999 1998
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(Dollars in thousands)
Total assets $725,115 $735,472
Securities available for sale 224,013 244,241
Loans receivable, net 455,692 420,933
Deposits 452,947 461,413
Borrowed funds 182,387 173,810
Shareholders' equity 77,062 85,893
Three Months Ended
Selected Consolidated Sept 30, Sept 30,
Operating Data 1999 1998
(Dollars in thousands, except share and per share data)
Interest and dividend income $ 12,334 $ 9,955
Interest expense 6,442 5,870
Net interest income 5,892 4,085
Provision for loan losses 175 225
Net interest income after
provision for loan losses 5,717 3,860
Other income 517 239
Other expenses 4,034 3,320
Income before income tax expense 2,200 779
Income tax expense 943 301
Net income $ 1,257 $ 478
Basic earnings per share $ 0.26 $ 0.13
Diluted earnings per share $ 0.26 $ 0.13
Weighted average shares
outstanding- basic 4,838,482 3,701,018
Weighted average shares
outstanding- diluted 4,894,297 3,745,764
Nine Months Ended
Selected Consolidated Sept 30, Sept 30,
Operating Data 1999 1998
(Dollars in thousands, except share and per share data)
Interest and dividend income $ 36,255 $ 28,059
Interest expense 19,464 16,264
Net interest income 16,791 11,795
Provision for loan losses 670 675
Net interest income after
provision for loan losses 16,121 11,120
Other income 1,379 772
Other expenses 11,616 10,136
Income before income tax expense 5,884 1,756
Income tax expense 2,500 735
Net income $ 3,384 $ 1,021
Basic earnings per share $ 0.68 $ 0.27
Diluted earnings per share $ 0.68 $ 0.27
Weighted average shares
outstanding- basic 4,946,378 3,762,432
Weighted average shares
outstanding-diluted 5,003,770 3,844,720
Three Months Ended
Selected Consolidated Financial Sept 30, Sept 30,
Ratios and Other Data: 1999 1998
---------------------- ----------------------
Performance Ratios:
Return on average assets (1) 0.70% 0.34%
Return on average equity (1) 6.24 3.22
Interest rate information
Average interest rate spread
During the period 2.70 2.20
Average net interest margin
During the period (2) 3.36 2.91
Efficiency ratio (3) 60.46 75.78
Ratio of average earning assets to
Average interest-bearing liabilities 118.25 116.93
Nine Months Ended
Selected Consolidated Financial Sept 30, Sept 30,
Ratios and Other Data: 1999 1998
---------------------- -------------- ----------
Performance Ratios:
Return on average assets (1) 0.63% 0.25%
Return on average equity (1) 5.42 2.28
Interest rate information
Average interest rate spread
during the period 2.56 2.29
Average net interest margin
during the period (2) 3.22 3.04
Efficiency ratio (3) 61.48 76.33
Ratio of average earning assets to
average interest-bearing liabilities 117.57 117.84
Sept 30, Dec 31,
1999 1998
Asset Quality Ratios:
Non-performing assets to total assets (1) 0.60 0.45
Non-performing loans to total loans 0.87 0.68
Allowance for loan losses to
non-performing loans 138.70 168.42
Allowance for loan losses to loans
receivable 1.21 1.15
Capital Ratios:
Equity to total assets at end of period (1) 10.63 11.68
(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 other expenses (excluding real
estate owned and repossessed assets expenses, net, the
amortization of goodwill, and certain non-recurring expenses in
1998 related to costs associated with the termination and
consulting agreements entered into with the former President and
CEO) divided by the sum of net interest income and other income
(excluding net gains (losses) on securities transactions).
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