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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 September 30, 2003
Commission File Number 0-11928
AMERICAN BANCORP, INC.
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(Exact name of registrant as specified in its charter)
LOUISIANA 72-0951347
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(State or other jurisdiction of (I R S Employer I. D. Number)
incorporation or organization)
321 EAST LANDRY STREET, OPELOUSAS, LA 70570
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(Address of principal executive office) (Zip Code)
(337) 948-3056
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(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 October 31, 2003
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEET
(In Thousands)
Sept. 30, 2003 Dec. 31, 2002
---------------- ----------------
ASSETS
(Unaudited) (Note 1)
Cash on deposit with subsidiary $ 23 $ 50
Investment in subsidiary 14,138 13,577
Due from subsidiary 80 14
---------------- ----------------
TOTAL ASSETS $ 14,241 $ 13,641
================ ================
LIABILITIES
Accrued income taxes payable $ 75 $ 9
---------------- ----------------
TOTAL LIABILITIES $ 75 $ 9
---------------- ----------------
SHAREHOLDERS' EQUITY
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
115,987 and 116,183 shares outstanding,
respectively $ 600 $ 600
Surplus 2,150 2,150
Retained earnings 11,129 10,343
Treasury stock, 4,013 and 3,817 shares at cost,
respectively (263) (245)
Net unrealized gain (loss) on securities
available for sale, net of tax 550 784
---------------- ----------------
TOTAL SHAREHOLDERS' EQUITY $ 14,166 $ 13,632
---------------- ----------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 14,241 $ 13,641
================ ================
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
Sept. 30, 2003 Dec. 31, 2002
-------------- --------------
ASSETS (Unaudited) (Note 1)
Cash and due from banks $ 4,620 $ 6,974
Federal funds sold 5,600 10,300
-------------- --------------
Total cash and cash equivalents $ 10,220 $ 17,274
Securities held to maturity 1,601 2,104
Securities available for sale 43,486 37,721
Loans - net of allowance for loan losses 39,186 39,931
Bank premises and equipment 1,754 1,737
Other real estate 0 0
Accrued interest receivable 513 570
Other assets 784 382
-------------- --------------
TOTAL ASSETS $ 97,544 $ 99,719
============== ==============
LIABILITIES
Deposits:
Noninterest-bearing demand deposits $ 32,341 $ 29,462
Interest-bearing deposits:
NOW accounts 11,292 16,889
Money market accounts 3,361 3,006
Savings 12,197 11,277
Time deposits $100,000 or more 8,820 8,122
Other time deposits 14,074 16,022
-------------- --------------
Total deposits $ 82,085 $ 84,778
Accrued interest payable 53 75
Other liabilities 1,240 1,234
-------------- --------------
TOTAL LIABILITIES $ 83,378 $ 86,087
-------------- --------------
SHAREHOLDERS' EQUITY
Common Stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
115,987 and 116,183 shares outstanding,
respectively $ 600 $ 600
Surplus 2,150 2,150
Retained earnings 11,129 10,343
Treasury stock, 4,013 and 3,817 shares at cost,
respectively (263) (245)
Unrealized gain (loss) on securities
available for sale, net of tax 550 784
-------------- --------------
TOTAL SHAREHOLDERS' EQUITY $ 14,166 $ 13,632
-------------- --------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 97,544 $ 99,719
============== ==============
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
STATEMENTS OF INCOME
(Unaudited)
(In Thousands )
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ----------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary $ 0 $ 0 $ 0 $ 30
OPERATING EXPENSES
Directors fees 3 3 8 9
Other expenses 0 0 1 1
------------ ------------ ------------ ------------
TOTAL EXPENSES 3 3 9 10
------------ ------------ ------------ ------------
Earnings before income tax
and equity in undistributed earnings of
subsidiary (3) (3) (9) 20
Provision for income taxes 0 0 0 0
------------ ------------ ------------ ------------
Earnings before equity in undistributed
earnings of subsidiary (3) (3) (9) 20
Equity in undistributed earnings of
subsidiary 264 372 795 1,041
------------ ------------ ------------ ------------
Net income $ 261 $ 369 $ 786 $ 1,061
============ ============ ============ ============
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands Except for Per Share Data)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- ---------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
INTEREST INCOME:
Interest and fees on loans $ 703 $ 773 $ 2,149 $ 2,245
Interest on investment securities:
Taxable 215 347 727 1,136
Tax-exempt 130 129 368 375
Other interest 18 34 85 89
------------ ------------ ------------ ------------
TOTAL INTEREST INCOME 1,066 1,283 3,329 3,845
------------ ------------ ------------ ------------
INTEREST EXPENSE:
Interest on deposits 164 239 546 758
Interest on short-term borrowings 0 0 0 0
------------ ------------ ------------ ------------
TOTAL INTEREST EXPENSE 164 239 546 758
------------ ------------ ------------ ------------
NET INTEREST INCOME 902 1,044 2,783 3,087
Provision for possible loan losses 11 11 32 32
------------ ------------ ------------ ------------
Net interest income after provision for
possible loan losses 891 1,033 2,751 3,055
------------ ------------ ------------ ------------
NONINTEREST INCOME:
Service charges on deposit accounts 145 141 409 407
Investment securities gains (losses) 0 0 0 0
Other 39 23 110 101
------------ ------------ ------------ ------------
TOTAL NONINTEREST INCOME 184 164 519 508
------------ ------------ ------------ ------------
NONINTEREST EXPENSE:
Salaries and employee benefits 387 386 1,153 1,109
Net occupancy expense 159 149 451 429
Net cost of operation of O.R.E.O 0 0 0 0
Other 199 167 665 596
------------ ------------ ------------ ------------
TOTAL NONINTEREST EXPENSE 745 702 2,269 2,134
------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES 330 495 1,001 1,429
Provision for income taxes 69 126 215 368
------------ ------------ ------------ ------------
NET INCOME $ 261 $ 369 $ 786 $ 1,061
============ ============ ============ ============
Net income per share of common stock $ 2.25 $ 3.17 $ 6.77 $ 9.12
============ ============ ============ ============
See Notes to Consolidated Financial Statements
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Nine Month Periods Ended September 30, 2003 & 2002
(Unaudited)
(In Thousands)
ACCUMULATED
OTHER
STOCK RETAINED COMPREHENSIVE TREASURY COMPREHENSIVE
AMOUNT SURPLUS EARNINGS INCOME STOCK INCOME TOTAL
-------- -------- ---------- -------------- -------- -------------- --------
Balance December 31, 2001 $ 600 $ 2,150 $ 9,345 $ 383 ($ 213) $ 0 $ 12,265
Comprehensive income
Net income (loss) -- 1,061 -- -- 1,061 1,061
Other comprehensive income,
net of tax:
Change in unrealized
gains (losses) on securities
available for sale -- -- 482 -- 482 482
--------------
Total comprehensive income -- -- -- -- $ 1,543
==============
Purchase of treasury stock -- -- -- (32) (32)
Dividends paid -- -- -- -- --
-------- -------- ---------- -------------- -------- --------
Balance , September 30, 2002 $ 600 $ 2,150 $ 10,406 $ 865 $ (245) $ 13,776
======== ======== ========== ============== ======== ========
Balance December 31, 2002 $ 600 $ 2,150 $ 10,343 $ 784 ($ 245) $ 0 $ 13,632
Comprehensive income
Net income (loss) -- 786 -- -- 786 786
Other comprehensive income,
net of tax:
Change in unrealized gains
(losses) on securities
available for sale -- -- (234) -- (234) (234)
--------------
Total comprehensive income -- -- -- -- $ 552
==============
Purchase of treasury stock -- -- -- (18) (18)
Dividends paid -- -- -- --
-------- -------- ---------- -------------- -------- --------
Balance , September 30, 2003 $ 600 $ 2,150 $ 11,129 $ 550 $ (263) $ 14,166
======== ======== ========== ============== ======== ========
See Notes to Consolidated Financial Statements
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)
Nine Months Ended September 30,
--------------------------------
2003 2002
-------------- --------------
OPERATING ACTIVITIES
Net income $ 786 $ 1,061
Adjustments to reconcile net income to net cash
provided by operating activities:
Discount accretion, net of premium amortization
on investment securities (93) (194)
Depreciation 131 124
Amortization of software 39 36
Provision for loan loss 32 31
(Gain) loss on disposal of assets 2 0
(Increase) decrease in assets:
Other real estate owned 0 0
Accrued interest receivable 57 31
Other assets (83) (54)
Increase (decrease) in liabilities:
Accrued interest payable (22) (51)
Other liabilities 142 587
-------------- --------------
Net cash provided by operating activities $ 991 $ 1,571
-------------- --------------
INVESTING ACTIVITIES
(Increase) decrease in interest-bearing deposits with banks $ -- $ 99
Proceeds from sales & maturities of securities available for sale 19,705 14,814
Proceeds from sales & maturities of securities held to maturity 500 1,800
Purchases of securities available for sale (25,729) (15,095)
Purchases of securities held to maturity 0 (1,603)
(Increase) decrease in loans 713 (2,549)
Purchases of property & equipment (283) (152)
Proceeds from sale of property & equipment 0 0
Other (225) 0
-------------- --------------
Net cash provided by (used in) investing activities $ (5,319) $ (2,686)
-------------- --------------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings $ (1,458) $ (2,572)
Increase (decrease) in time deposits (1,251) 1,010
Dividends paid 0 0
Purchase of treasury stock (17) (33)
-------------- --------------
Net cash provided by (used in) financing activities $ (2,726) $ (1,595)
-------------- --------------
Increase (decrease) in cash and cash equivalents $ (7,054) $ (2,710)
Cash and cash equivalents at beginning of year 17,274 14,246
-------------- --------------
Cash and cash equivalents at end of period $ 10,220 $ 11,536
============== ==============
SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest expense $ 568 $ 810
============== ==============
Income taxes $ 191 $ 364
============== ==============
See Notes to Consolidated Financial Statements
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2003
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 nine month period ended September 30, 2003 are not necessarily
indicative of the results that may be expected for the year ended
December 31, 2003.
The balance sheet at December 31, 2002 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, 2002.
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 interest had loans outstanding totaling $1,242,000 at September
30, 2003.
NOTE 4- EARNINGS PER SHARE
The earnings per share computations are based on weighted
average number of shares outstanding during each quarter of 115,987 and
116,250 for the quarters ended September 30, 2003 and 2002,
respectively and during each nine month period of 116,018 and 116,352
for the nine month periods ended September 30, 2003 and 2002,
respectively.
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 $786,000 for the first nine months
of 2003 compared to $1,061,000 for the same period of 2002. On a per share
basis, the net income was $6.77 for the first nine months of 2003 compared to
$9.12 for the same period of 2002 and $2.25 for the quarter ended September 30,
2003 compared to $3.17 for the same quarter of 2002. The Company recorded a
provision for possible loan losses of $32,000 for the nine month periods ended
September 30, 2003 and 2002. Net interest income decreased 9.8% to $2,783,000
for the first nine months of 2003 compared to $3,087,000 for the same period of
2002.
Total assets were $97,544,000 at September 30, 2003, a decrease of
$2,175,000 from December 31, 2002. Loans decreased by $745,000 or 1.9% from
$39,931,000 at December 31, 2002 to $39,186,000 at September 30, 2003. Deposits
decreased by $2,693,000 or 3.2% from $84,778,000 at December 31, 2002 to
$82,085,000 at September 30, 2003.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the nine months ended
September 30, 2003 totaled $2,783,000, a $304,000 decrease from the same period
in 2002. The greatest contributing factors to this decrease were decreases in
the yield from investment securities and loans, which were partially offset by
decreases in the interest paid on deposits. The overall effect of volume and
rate changes on net interest income during the three month period ended
September 30, 2003 was unfavorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded provisions for
possible loan losses of $32,000 for the first nine months of both 2003 and 2002.
As a percentage of outstanding loans, the allowance for possible loan losses was
1.7% and 1.5% at September 30, 2003 and December 31, 2002, 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 nine months of 2003 noninterest
income increased $11,000 or 2.2% compared to the same period of 2002.
Other noninterest income increased by $9,000 or 8.9% compared to the same
period of 2002. The increase is the result of an incease in income from rental
of bank premises for the first nine months of 2003.
There were no securities gains in the nine month periods ended September 30,
2003 and 2002.
NONINTEREST EXPENSE. For the first nine months of 2003, noninterest
expense increased $135,000 or 6.3% compared to the same period in 2002.
Salaries and employee benefits, the largest component of noninterest expense,
increased by $44,000 or 4.0% for the first nine months of 2003 as compared to
the same period in 2002. This increase was attributed mostly to an overall
increase in salaries and adjustments to accruals for deferred compensation.
Net occupancy expense increased by $22,000 or 5.1% for the first nine months of
2003 as compared to the same period in 2002.
INCOME TAXES. The Company recorded provisions for income taxes of
$215,000 for the nine month period ended September 30, 2003 as compared to
$368,000 for the same period of 2002.
FINANCIAL CONDITION
LOANS. Loans were $39,186,000 at September 30, 2003; down by $745,000
or 1.9% from December 31, 2002.
TABLE I - COMPOSITION OF LOAN PORTFOLIO
(In thousands)
Sept. 30, 2003 Dec. 31, 2002
-------------- --------------
Commercial, financial and agricultural loans $ 8,487 $ 8,288
Real estate construction loans 730 1,750
Real estate mortgage loans 24,687 24,906
Consumer loans 5,941 5,614
Industrial revenue bonds 0 0
-------------- --------------
TOTAL LOANS $ 39,845 $ 40,558
Allowance for possible loan losses 659 627
Unearned income 0 0
-------------- --------------
$ 39,186 $ 39,931
============== ==============
SECURITIES HELD TO MATURITY. Securities held to maturity were $1,601,000
at September 30, 2003; down by $503,000 or 23.91% from December 31, 2002.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$43,486,000 at September 30, 2003; up by $5,765,000 or 15.28% from December 31,
2002.
TABLE II - INVESTMENT SECURITIES
(In thousands)
A comparison of the book value and estimated market value of investment
securities is as follows:
September 30, 2003
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HELD TO MATURITY AVAILABLE FOR SALE
AMORTIZED MARKET AMORTIZED MARKET
COST VALUE COST VALUE
-------------- -------------- -------------- --------------
U.S. Treasury $ 1,601 $ 1,622 $ -- $ --
U.S. Government Agencies 0 0 18,420 18,474
Mortgaged-backed securities 0 0 9,339 9,429
State & Political Subdivisions 0 0 14,709 15,399
Equity securities 0 0 184 184
-------------- -------------- -------------- --------------
TOTAL $ 1,601 $ 1,622 $ 42,652 $ 43,486
============== ============== ============== ==============
December 31, 2002
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HELD TO MATURITY AVAILABLE FOR SALE
AMORTIZED MARKET AMORTIZED MARKET
COST VALUE COST VALUE
-------------- -------------- -------------- --------------
U.S. Treasury $ 2,104 $ 2,148 $ -- $ --
U.S. Government Agencies 0 0 15,937 16,199
Mortgaged-backed securities 0 0 8,481 8,724
State & Political Subdivisions 0 0 11,930 12,614
Equity securities 0 0 184 184
-------------- -------------- -------------- --------------
TOTAL $ 2,104 $ 2,148 $ 36,532 $ 37,721
============== ============== ============== ==============
TABLE III - NONPERFORMING ASSETS
Nonperforming assets include nonaccrual loans, loans which are contractually 90
days 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 $2,000 at September 30, 2003, and $3,000 (a 33.3 %
decrease) from December 31, 2002. The composition of nonperforming assets are
illustrated below:
Nonperforming loans:
(In thousands) Sept. 30, 2003 Dec. 31,2002
-------------- --------------
Loans on nonaccrual $ 2 $ 3
Restructured loans which are not
on nonaccrual 0 0
-------------- --------------
Total nonperforming loans 2 3
Other real estate and repossessed assets
received in complete or partial
satisfaction of loan obligation 0 0
-------------- --------------
TOTAL NONPERFORMING ASSETS $ 2 $ 3
============== ==============
Loans past due 90 days or more as to
principal or interest, but not on
nonaccrual $ 393 $ 4
============== ==============
TABLE IV - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
(In thousands)
Sept. 30, 2003 Dec. 31, 2002
-------------- --------------
Beginning balance $ 627 $ 605
Chargeoffs:
Commercial, financial and agricultural loans 0 0
Real estate construction loans 0 (4)
Real estate mortgage loans (1) 0
Installment loans to individuals (4) (16)
-------------- --------------
Total chargeoffs (5) (20)
-------------- --------------
Recoveries:
Commercial, financial and agricultural loans 0 0
Real estate - construction loans 0 0
Real estate - mortgage loans 0 0
Installment loans to individuals 5 0
-------------- --------------
Total recoveries 5 0
-------------- --------------
Net (chargeoffs) recoveries 0 (20)
-------------- --------------
Provision charged against income 32 42
-------------- --------------
Balance at end of period $ 659 $ 627
============== ==============
Ratio of net (chargeoffs) recoveries during the period to average loans
outstanding during the period 0.00% (0.05)%
============== ==============
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.
TABLE V - ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES
(In thousands)
The allowance for possible loan losses has been allocated according to the
amount deemed to be reasonably necessary to provide for the possibility of
losses being incurred within the following categories of loans.
September 30, 2003 December 31, 2002
---------------------------- ----------------------------
% OF LOANS % OF LOANS
TO TOTAL TO TOTAL
AMOUNT LOANS AMOUNT LOANS
------------ ------------ ------------ ------------
Commercial, financial and
agricultural loans $ 157 21% $ 156 21%
Real estate construction loans 9 2% 14 4%
Real estate mortgage loans 256 62% 249 61%
Consumer loans 237 15% 208 14%
Industrial revenue bonds 0 0% 0 0%
------------ ------------ ------------ ------------
$ 659 100% $ 627 100%
============ ============ ============ ============
DEPOSITS. As of September 30, 2003 total deposits have decreased by
$2,693,000 or 3.2% from December 31, 2002. Noninterest-bearing deposits
increased by $2,879,000 or 9.8% from December 31, 2002 to September 30, 2003.
Interest-bearing deposits decreased by $5,572,000 or 10.1% from December 31,
2002 to September 30, 2003.
CAPITAL. Shareholders' equity totaled $14,166,000 at September 30,
2003, compared to $13,632,000 at December 31, 2002. The increase is primarily
the result of year to date net income. 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 Sept. 30, 2003 Dec. 31, 2002
(Bank subsidiary) -------------- --------------
Risk-based capital:
Tier 1 risk-based capital ratio 29.10% 26.99%
Total risk-based capital ratio 30.35% 28.24%
Leverage ratio 14.10% 13.78%
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 nonaudit services by the Company's
Independent Auditors pursuant to 18 U.S.C. Section 1350
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) Repots on Form 8-K
NONE
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)
November 6, 2003 /s/ Salvador L. Diesi, Sr.
- ---------------------- -----------------------------------
DATE Salvador L. Diesi, Sr.
Chairman of the Board and President
November 6, 2003 /s/ Ronald J. Lashute
- ---------------------- ----------------------------------
DATE Ronald J. Lashute
Secretary and Treasurer
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 nonaudit services by the Company's
Independent Auditors pursuant to 18 U.S.C. Section 1350
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