10-Q 1 d14838e10vq.htm FORM 10-Q e10vq
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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, 2004

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
incorporation or organization)
  (I R S Employer I. D. Number)
     
321 EAST LANDRY STREET, OPELOUSAS, LA   70570

 
(Address of principal executive office)   (Zip Code)

(337) 948-3056


(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—115,987 shares as of April 30, 2004


TABLE OF CONTENTS

BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
STATEMENTS OF INCOME
CONSOLIDATED STATEMENTS OF INCOME
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES
INDEX TO EXHIBITS
Certification Pursuant to Section 302
Certification Pursuant to Section 302
Certification Pursuant to Section 18 USC Sec. 1350
Certification Pursuant to Section 18 USC Sec. 1350
Disclosure of Approval by Audit Committee
Disclosure on Controls Pursuant to USC Sec. 1350
Disclosure on Controls Pursuant to USC Sec. 1350


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AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEETS
(In Thousands)

                         
            March 31, 2004
  Dec. 31, 2003
            (Unaudited)   (Note 1)
ASSETS
                       
Cash on deposit with subsidiary
          $ 25     $ 9  
Investment in subsidiary
            14,476       14,055  
Due from subsidiary
            77       6  
 
           
 
     
 
 
TOTAL ASSETS
          $ 14,578     $ 14,070  
 
           
 
     
 
 
LIABILITIES
                       
Accrued income tax payable
          $ 71     $ 1  
Other liabilities
                   
 
           
 
     
 
 
TOTAL LIABILITIES
          $ 71     $ 1  
 
           
 
     
 
 
SHAREHOLDERS’ EQUITY
                       
Common stock, $5 par value; authorized 10,000,000 shares; issued 120,000 shares; 115,987 and 115,987 shares outstanding, respectively
          $ 600     $ 600  
Surplus
            2,150       2,150  
Retained earnings
            11,318       11,087  
Treasury stock, 4,013 and 4,013 shares at cost, respectively
            (263 )     (263 )
Net unrealized gain (loss) on securities available for sale, net of tax
            702       495  
 
           
 
     
 
 
TOTAL SHAREHOLDERS’ EQUITY
    $ 14,507     $ 14,069  
 
           
 
     
 
 
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY
          $ 14,578     $ 14,070  
 
           
 
     
 
 

See Notes to Consolidated Financial Statements.


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AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)

                 
    March 31, 2004
  Dec. 31, 2003
    (Unaudited)   (Note 1)
ASSETS
               
Cash and due from banks
  $ 5,133     $ 5,199  
Federal funds sold
    9,825       9,125  
 
   
 
     
 
 
Total cash and cash equivalents
  $ 14,958     $ 14,324  
Securities held to maturity
    1,600       1,600  
Securities available for sale
    45,065       42,607  
Loans — net of allowance for loan losses
    37,301       39,305  
Bank premises and equipment
    1,820       1,827  
Other real estate
           
Accrued interest receivable
    447       512  
Other assets
    772       683  
 
   
 
     
 
 
TOTAL ASSETS
  $ 101,963     $ 100,858  
 
   
 
     
 
 
LIABILITIES
               
Deposits:
               
Non-interest bearing demand deposits
  $ 32,550     $ 29,747  
Interest bearing deposits:
               
NOW accounts
    12,725       16,866  
Money market accounts
    4,129       3,460  
Savings
    14,202       12,499  
Time deposits $100,000 or more
    9,326       9,285  
Other time deposits
    13,492       13,772  
 
   
 
     
 
 
Total deposits
  $ 86,424     $ 85,629  
Accrued interest payable
    42       50  
Other liabilities
    990       1,110  
 
   
 
     
 
 
TOTAL LIABILITIES
  $ 87,456     $ 86,789  
 
   
 
     
 
 
SHAREHOLDERS’ EQUITY
               
Common stock, $5 par value; authorized 10,000,000 shares; issued 120,000 shares; 115,987 and 115,987 shares outstanding, respectively
  $ 600     $ 600  
Surplus
    2,150       2,150  
Retained earnings
    11,318       11,087  
Treasury stock, 4,013 and 4,013 shares at cost, respectively
    (263 )     (263 )
Unrealized gain (loss) on securities available for sale, net of tax
    702       495  
 
   
 
     
 
 
TOTAL SHAREHOLDERS’ EQUITY
  $ 14,507     $ 14,069  
 
   
 
     
 
 
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY
  $ 101,963     $ 100,858  
 
   
 
     
 
 

See Notes to Consolidated Financial Statements.


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AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
STATEMENTS OF INCOME
(Unaudited)
(In Thousands )

                 
    Three Months Ended
    March 31,
    2004
  2003
INCOME FROM SUBSIDIARY
               
Dividends from bank subsidiary
  $ 50     $  
OPERATING EXPENSES
               
Directors fees
    4       3  
Other expenses
    30       0  
 
   
 
     
 
 
TOTAL EXPENSES
    34       3  
Earnings before income tax and equity in undistributed earnings of subsidiary
    16       (3 )
Provision for income taxes
           
 
   
 
     
 
 
Earnings before equity in undistributed earnings of subsidiary
    16       (3 )
Equity in undistributed earnings of subsidiary
    215       330  
 
   
 
     
 
 
Net Income
  $ 231     $ 327  
 
   
 
     
 
 

See Notes to Consolidated Financial Statements.


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AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands Except for Per Share Data)

                         
    Three Months Ended    
    March 31,
   
                    INCREASE
    2004
  2003
  (DECREASE)
INTEREST INCOME:
                       
Interest and fees on loans
  $ 664     $ 722     $ (58 )
Interest on investment securities:
                       
Taxable
    245       289       (44 )
Tax-exempt
    144       122       22  
Other interest
    26       29       (3 )
 
   
 
     
 
     
 
 
TOTAL INTEREST INCOME
    1,079       1,162       (83 )
 
   
 
     
 
     
 
 
INTEREST EXPENSE:
                       
Interest on deposits
    149       199       (50 )
Interest on short-term borrowings
                 
 
   
 
     
 
     
 
 
TOTAL INTEREST EXPENSE
    149       199       (50 )
 
   
 
     
 
     
 
 
NET INTEREST INCOME
    930       963       (33 )
Provision for possible loan losses
    11       11        
 
   
 
     
 
     
 
 
Net interest income after provision for possible loan losses
    919       952       (33 )
 
   
 
     
 
     
 
 
NON-INTEREST INCOME:
                       
Service charges on deposit accounts
    125       133       (8 )
Investment securities gains (losses)
                 
Other
    28       35       (7 )
 
   
 
     
 
     
 
 
TOTAL NON-INTEREST INCOME
    153       168       (15 )
 
   
 
     
 
     
 
 
NON-INTEREST EXPENSE:
                       
Salaries and employee benefits
    395       387       8  
Net occupancy expense
    152       145       7  
Net cost of operation of O.R.E.O.
                 
Other
    239       228       11  
 
   
 
     
 
     
 
 
TOTAL NON-INTEREST EXPENSE
    786       760       26  
 
   
 
     
 
     
 
 
INCOME BEFORE INCOME TAXES
    286       360       (74 )
Provision for income taxes
    55       83       (28 )
 
   
 
     
 
     
 
 
NET INCOME
  $ 231     $ 277     $ (46 )
 
   
 
     
 
     
 
 
Net income per share of common stock
  $ 1.99     $ 2.39     $ (0.40 )
 
   
 
     
 
     
 
 

See Notes to Consolidated Financial Statements


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AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the Three Month Periods Ended March 31, 2004 & 2003
(Unaudited)
(In Thousands)

                                                         
                            ACCUMULATED            
                            OTHER                  
    COMMON           RETAINED   COMPREHENSIVE   TREASURY   COMPREHENSIVE    
    STOCK
  SURPLUS
  EARNINGS
  INCOME
  STOCK
  INCOME
  TOTAL
Balance December 31, 2002
  $ 600     $ 2,150     $ 10,343     $ 784       ($245 )   $ 0     $ 13,632  
Comprehensive income:
                                                       
Net income (loss)
                277                   277       277  
Other comprehensive income, net of tax:
                                                       
Change in unrealized gains (losses) on securities available for sale
                      (107 )           (107 )     (107 )
 
                                           
 
         
Total comprehensive income
                                $ 170          
 
                                           
 
         
Purchase of treasury stock
                            (14 )             (14 )
Dividends paid
                0                           0  
 
   
 
     
 
     
 
     
 
     
 
             
 
 
Balance , March 31, 2003
  $ 600     $ 2,150     $ 10,620     $ 677       ($259 )           $ 13,788  
 
   
 
     
 
     
 
     
 
     
 
             
 
 
Balance December 31, 2003
  $ 600     $ 2,150     $ 11,087     $ 495       ($263 )   $ 0     $ 14,069  
Comprehensive income:
                                                       
Net income (loss)
                231                   231       231  
Other comprehensive income, net of tax:
                                                       
Change in unrealized gains (losses) on securities available for sale
                      207             207       207  
 
                                           
 
         
Total comprehensive income
                                $ 438          
 
                                           
 
         
Purchase of treasury stock
                                           
Dividends paid
                                           
 
   
 
     
 
     
 
     
 
     
 
             
 
 
Balance , March 31, 2004
  $ 600     $ 2,150     $ 11,318     $ 702       ($263 )           $ 14,507  
 
   
 
     
 
     
 
     
 
     
 
             
 
 

See Notes to Consolidated Financial Statements


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AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)

                 
    Three Months Ended March 31,
    2004
  2003
OPERATING ACTIVITIES
               
Net income
  $ 231     $ 277  
Adjustments to reconcile net income to net cash provided by operating activities:
               
Discount accretion, net of premium amortization on investment securities
    (76 )     (55 )
Depreciation of property and equipment
    50       43  
Amortization of computer software
    12       12  
Provision for loan loss
    11       11  
(Gain) loss on disposal of assets
           
(Increase) decrease in assets:
               
Other real estate owned
           
Accrued interest receivable
    65       52  
Other assets
    (29 )     (59 )
Increase (decrease) in liabilities:
               
Accrued interest payable
    (7 )     (15 )
Other liabilities
    (227 )     (326 )
 
   
 
     
 
 
Net cash provided by (used in) operating activities
  $ 30     $ (60 )
 
   
 
     
 
 
INVESTING ACTIVITIES
               
(Increase) decrease in interest bearing deposits with banks
  $     $  
Proceeds from sales & maturities of securities available for sale
    4,539       8,232  
Proceeds from sales & maturities of securities held to maturity
           
Purchases of securities available for sale
    (6,609 )     (4,173 )
Purchases of securities held to maturity
           
Decrease in loans
    1,993       658  
Purchases of property & equipment
    (127 )     (19 )
Other
    12       (2 )
 
   
 
     
 
 
Net cash provided by (used in) investing activities
  $ (192 )   $ 4,696  
 
   
 
     
 
 
FINANCING ACTIVITIES
               
Increase (decrease) in demand deposits, transaction accounts and savings
  $ 1,035     $ (2,697 )
Increase (decrease) in time deposits
    (239 )     (444 )
Dividends paid
           
Purchase of treasury stock
          (14 )
 
   
 
     
 
 
Net cash provided by (used in) financing activities
  $ 796     $ (3,155 )
 
   
 
     
 
 
Increase in cash and cash equivalents
  $ 634     $ 1,481  
Cash and cash equivalents at beginning of year
    14,324       17,274  
 
   
 
     
 
 
Cash and cash equivalents at end of period
  $ 14,958     $ 18,755  
 
   
 
     
 
 
SUPPLEMENTAL DISCLOSURES:
               
Cash payments for:
               
Interest expense
  $ 157     $ 214  
 
   
 
     
 
 
Income taxes
  $     $  
 
   
 
     
 
 

See Notes to Consolidated Financial Statements


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     AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2004

NOTE 1 — 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 Article 10 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. Operating results for the three month period ended March 31, 2004 are not necessarily indicative of the results that may be expected for the year ended December 31, 2004.

     The balance sheet at December 31, 2003 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

     For further information, refer to the consolidated financial statements and footnotes thereto included in American Bancorp, Inc.’s annual report on Form 10-K for the year ended December 31, 2003.

NOTE 2 — IMPAIRED LOANS

     In accordance with Statement of Financial Accounting Standards (SFAS) No.114, interest payments received on impaired loans are applied to principal if there is doubt as to the collectibility of the principal; otherwise, these receipts are recorded as interest income.

     As it relates to in-substance foreclosures, SFAS No. 114 requires that a creditor continue to follow loan classification on the balance sheet unless the creditor receives physical possession of the collateral. The Company had no in-substance foreclosures in foreclosed assets to transfer to nonperforming loans and no related reserve for losses to transfer to the reserve for possible loan losses.

NOTE 3 — RELATED PARTIES

     Directors, executive officers, and 10% shareholders and their related interests had loans outstanding totaling $1,394,000 at March 31, 2004.

NOTE 4- EARNING PER SHARE

     The earnings per share computations are based on weighted average number of shares outstanding during each quarter of 115,987 and 116,079 for the quarters ended March 31, 2004 and 2003, respectively.


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     Management’s Discussion presents a review of the major factors and trends affecting the performance of the Company and its bank subsidiary and should be read in conjunction with the accompanying consolidated financial statements and notes.

OVERVIEW

     The Company reported net income of $231,000 for the first three months of 2004 compared to $277,000 for the same period of 2003. On a per share basis, the net income was $1.99 for the first three months of 2004 compared to $2.39 for the same period of 2003. The Company recorded a provision for possible loan losses of $11,000 for the three months ended both March 31, 2004 and 2003. Net interest income decreased 3.4% to $930,000 for the first three months of 2004 compared to $963,000 for the same period of 2003.

     Total assets were $101,963,000 at March 31, 2004, an increase of $1,105,000 from December 31, 2003. Loans decreased by $2,004,000 or 5.1% from $39,305,000 at December 31, 2003 to $37,301,000 at March 31, 2004. Deposits increased by $795,000 or 0.9% from $85,629,000 at December 31, 2003 to $86,424,000 at March 31, 2004.

RESULTS OF OPERATIONS

     NET INTEREST INCOME. Net interest income for the three months ended March 31, 2004 totaled $930,000, an $33,000 decrease from the same period in 2003. The greatest contributing factors to this decrease were decreases in the yields on loans and investment securities, which were partially offset by decreases in the interest paid on interest- bearing deposits and increases in the average balances of investment securities. The overall effect of volume and rate changes on net interest income during the three month period ended March 31, 2004 was unfavorable.

     PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded provisions for possible loan losses of $11,000 for the first three months of both 2004 and 2003. As a percentage of outstanding loans, the allowance for possible loan losses was 1.77% and 1.67% at March 31, 2004 and December 31, 2003, respectively. The provision is determined by the level of net chargeoffs, the size of the loan portfolio, the level of nonperforming loans, anticipated economic conditions, and review of financial condition of specific customers.

     NONINTEREST INCOME. For the first three months of 2004 noninterest income decreased $15,000 or 8.9% compared to the same period of 2003.

Other noninterest income decreased by $7,000 or 20.0% compared to the same period of 2003. This decrease resulted from small decreases in several different components of other noninterest income for the first quarter of 2004.

There were no securities gains in the three month periods ended March 31, 2004 and 2003.


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     NONINTEREST EXPENSE. For the first three months of 2004, noninterest expense increased $26,000 or 3.4% compared to the same period in 2003.

Salaries and employee benefits, the largest component of noninterest expense, increased by $8,000 or 2.1% for the first three months of 2004 as compared to the same period in 2003. This increase was attributed to adjustments to accruals for deferred compensation, an increase in employee compensation and a decrease in the cost of employee benefits.

Net occupancy expense also increased by $7,000 or 4.8% for the first three months of 2004 as compared to the same period in 2003.

     INCOME TAXES. The Company recorded provisions for income taxes of $55,000 for the three month period ended March 31, 2004 as compared to $83,000 for the same period of 2003.

FINANCIAL CONDITION

     LOANS. Loans were $37,301,000 at March 31, 2004; down by $2,004,000 or 5.1% from December 31, 2003.

TABLE I — COMPOSITION OF LOAN PORTFOLIO (In thousands)

                 
    March 31, 2004
  Dec. 31, 2003
Commercial, financial and agricultural loans
  $ 7,695     $ 8,873  
Real estate construction loans
    900       936  
Real estate mortgage loans
    23,489       24,101  
Consumer loans
    5,888       6,061  
 
   
 
     
 
 
TOTAL LOANS
  $ 37,972     $ 39,971  
Allowance for possible loan losses
    671       667  
 
  $ 37,301     $ 39,304  
 
   
 
     
 
 


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     SECURITIES HELD TO MATURITY. Securities held to maturity were $1,600,000 at March 31, 2004; unchanged from December 31, 2003.

     SECURITIES AVAILABLE FOR SALE. Securities available for sale were $45,065,000 at March 31, 2004; which is up by $2,458,000 or 5.8% from December 31, 2003.

TABLE II — INVESTMENT SECURITIES (In thousands)

A comparison of the book values and the estimated market values of investment securities is as follows:

                                 
            March 31, 2004
       
    HELD TO MATURITY
  AVAILABLE FOR SALE
    AMORTIZED   MARKET   AMORTIZED   MARKET
    COST
  VALUE
  COST
  VALUE
U.S. Treasury
  $ 1,600     $ 1,605     $     $  
U.S. Government Agencies
    0       0       18,860       19,056  
Mortgaged-backed securities
    0       0       10,602       10,735  
State & Political Subdivisions
    0       0       14,356       15,090  
Equity securities
    0       0       184       184  
 
   
 
     
 
     
 
     
 
 
TOTAL
  $ 1,600     $ 1,605     $ 44,002     $ 45,065  
 
   
 
     
 
     
 
     
 
 
                                 
            December 31, 2003
       
    HELD TO MATURITY
  AVAILABLE FOR SALE
    AMORTIZED   MARKET   AMORTIZED   MARKET
    COST
  VALUE
  COST
  VALUE
U.S. Treasury
  $ 1,600     $ 1,614     $     $  
U.S. Government Agencies
                17,414       17,415  
Mortgaged-backed securities
                9,202       9,286  
State & Political Subdivisions
                15,056       15,722  
Equity securities
                184       184  
 
   
 
     
 
     
 
     
 
 
TOTAL
  $ 1,600     $ 1,614     $ 41,856     $ 42,607  
 
   
 
     
 
     
 
     
 
 


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TABLE III — NONPERFORMING ASSETS

Nonperforming assets include nonaccrual loans, loans which are contractually 90 days or more 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. Interest payments received on nonperforming loans are applied to reduce principal if there is doubt as to the collectibility of the principal; otherwise, these receipts are recorded as interest income. Certain nonperforming loans that are current as to principal and interest payments are classified as nonperforming because there is a question concerning full collectibility of both principal and interest.

Nonperforming assets totaled $0 and $12,000 at March 31, 2004 and December 31, 2003, respectively.

The composition of nonperforming assets is illustrated below:

                 
Nonperforming loans:
(In thousands)
  March 31, 2004
  Dec. 31, 2003
Loans on nonaccrual
  $     $ 12  
Restructured loans which are not on nonaccrual
           
 
   
 
     
 
 
Total nonperforming loans
          12  
Other real estate and repossessed assets received in complete or partial satisfaction of loan obligations
           
 
   
 
     
 
 
TOTAL NONPERFORMING ASSETS
  $     $ 12  
 
   
 
     
 
 
Loans past due 90 days or more as to principal or interest, but which are not on nonaccrual
  $ 18     $  
 
   
 
     
 
 

TABLE IV — ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
(In thousands)

                 
    March 31, 2004
  Dec. 31, 2003
Beginning balance
  $ 667     $ 627  
Chargeoffs:
               
Commercial, financial and agricultural loans
    (5 )      
Real estate construction loans
           
Real estate mortgage loans
          (1 )
Installment loans to individuals
    (2 )     (6 )
 
   
 
     
 
 
Total chargeoffs
    (7 )     (7 )
 
   
 
     
 
 
Recoveries:
               
Commercial, financial and agricultural loans
           
Real estate construction loans
           
Real estate mortgage loans
           
Installment loans to individuals
          5  
 
   
 
     
 
 
Total recoveries
          5  
 
   
 
     
 
 
Net (chargeoffs) recoveries
    (7 )     (2 )
 
   
 
     
 
 
Provision charged against income
    11       42  
 
   
 
     
 
 
Balance at end of period
  $ 671     $ 667  
 
   
 
     
 
 
Ratio of net (chargeoffs) recoveries during the period to average loans outstanding during the period
    -0.018 %     0.00 %
 
   
 
     
 
 

The present level of the allowance for loan losses is considered adequate to absorb future potential loan losses. In making this determination, management considered asset quality, the level of net loan chargeoffs, as well as current economic conditions and market trends.


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TABLE V — ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES
        (In thousands)

The allowance for possible loan losses has been allocated according to the amounts deemed to be reasonably necessary to provide for the possibility of losses being incurred within the following categories of loans.

                                 
    March 31, 2004
  December 31, 2003
            % OF LOANS           % OF LOANS
            TO TOTAL           TO TOTAL
    AMOUNT
  LOANS
  AMOUNT
  LOANS
Commercial, financial and agricultural loans
  $ 161       20 %   $ 166       22 %
Real estate construction loans
    11       2 %     11       2 %
Real estate mortgage loans
    270       62 %     266       61 %
Consumer loans
    229       16 %     224       15 %
 
   
 
     
 
     
 
     
 
 
 
  $ 671       100 %   $ 667       100 %
 
   
 
     
 
     
 
     
 
 

     DEPOSITS. As of March 31, 2004 total deposits have decreased by $795,000 or 0.9% from December 31, 2003. Noninterest-bearing deposits increased by $2,803,000 or 9.4% from December 31, 2003 to March 31, 2004. Interest-bearing deposits decreased by $2,008,000 or 3.6% from December 31, 2003 to March 31, 2004.

     CAPITAL. Shareholders’ equity totaled $ 14,507,000 at March 31, 2004, compared to $14,069,000 at December 31, 2003. The increase resulted from net income during the current quarter and an increase in unrealized gains in the market value of securities available for sale. Risk-based capital and leverage ratios for the Company and the bank subsidiary exceed the ratios required for the designation as a “well-capitalized” institution under regulatory guidelines.

TABLE VI — CAPITAL RATIOS

                 
AMERICAN BANK & TRUST COMPANY   March 31, 2004
Dec. 31, 2003
(Bank subsidiary)                
Risk-based capital:
               
Tier 1 risk-based capital ratio
    29.78 %     28.36 %
Total risk-based capital ratio
    31.03 %     29.61 %
Leverage ratio
    13.75 %     13.97 %


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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     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 pending litigation is negligible.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits

31.1   Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Company’s Principal Executive Officer
 
31.2   Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Company’s Principal Financial Officer
 
32.1   Certification pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Executive Officer
 
32.2   Certification pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Financial Officer
 
32.3   Disclosure of approval by the Company’s Audit Committee for the performance of non-audit services by the Company’s Independent Auditors
 
32.4   Disclosure on controls pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Executive Officer
 
32.5   Disclosure on controls pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Financial Officer

     (b) Reports on Form 8-K

                NONE


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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 to sign on behalf of the registrant.

     
  AMERICAN BANCORP, INC.
 
 
  (Registrant)
 
   
May 6, 2004
  /s/ Salvador L. Diesi, Sr.

 
 
 
 DATE
  Salvador L. Diesi, Sr.
Chairman of the Board and President
 
   
May 6, 2004
  /s/ Ronald J. Lashute

 
 
 
 DATE
  Ronald J. Lashute
Secretary and Treasurer
Chief Executive Officer


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INDEX TO EXHIBITS

             
    EXHIBIT    
    NUMBER
  DESCRIPTION
    31.1     Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Company’s Principal Executive Officer
 
           
    31.2     Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Company’s Principal Financial Officer
 
           
    32.1     Certification pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Executive Officer
 
           
    32.2     Certification pursuant to 18 U.S.C. Section 1350 by the Company’s Principal Financial Officer
 
           
    32.3     Disclosure of approval by the Company’s Audit Committee for the performance of non-audit services by the Company’s Independent Auditors pursuant to U.S.C. Section 1350
 
           
    32.4     Disclosure on controls pursuant to U.S.C. Section 1350 by the Company’s Principal Executive Officer
 
           
    32.5     Disclosure on controls pursuant to U.S.C. Section 1350 by the Company’s Principal Financial Officer