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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 June 30, 2003
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 (I R S Employer I. D. Number)
incorporation or organization)
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 July 31, 2003
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
BALANCE SHEETS
(In Thousands)
June 30, 2003 Dec. 31, 2002
------------- -------------
ASSETS
(Unaudited) (Note 1)
Cash on deposit with subsidiary $ 26 $ 50
Investment in subsidiary 14,082 13,577
Due from subsidiary 71 14
-------- --------
TOTAL ASSETS $ 14,179 $ 13,641
======== ========
LIABILITIES
Accrued income tax payable $ 66 $ 9
Other liabilities 0 0
-------- --------
TOTAL LIABILITIES $ 66 $ 9
-------- --------
SHAREHOLDERS' EQUITY
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
115,987 and 116,283 shares outstanding,
respectively $ 600 $ 600
Surplus 2,150 2,150
Retained earnings 10,868 10,343
Treasury stock, 4,013 and 3,717 shares at cost,
respectively (263) (245)
Net unrealized gain (loss) on securities
available for sale, net of tax 758 784
-------- --------
TOTAL SHAREHOLDERS' EQUITY $ 14,113 $ 13,632
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 14,179 $ 13,641
======== ========
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
June 30, 2003 Dec. 31, 2002
------------- -------------
ASSETS (Unaudited) (Note 1)
Cash and due from banks $ 6,266 $ 6,974
Federal funds sold 9,250 10,300
-------- --------
Total cash and cash equivalents $ 15,516 $ 17,274
Interest bearing deposits with banks 0 0
Securities held to maturity 1,601 2,104
Securities available for sale 37,214 37,721
Loans - net of allowance for loan losses 38,361 39,931
Bank premises and equipment 1,695 1,737
Other real estate 0 0
Accrued interest receivable 466 570
Other assets 537 382
-------- --------
TOTAL ASSETS $ 95,390 $ 99,719
======== ========
LIABILITIES
Deposits:
Non-interest bearing demand deposits $ 31,182 $ 29,462
Interest bearing deposits:
NOW accounts 11,181 16,889
Money market accounts 3,244 3,006
Savings 11,669 11,277
Time deposits $100,000 or more 8,414 8,122
Other time deposits 14,618 16,022
-------- --------
Total deposits $ 80,308 $ 84,778
Accrued interest payable 58 75
Other liabilities 911 1,234
-------- --------
TOTAL LIABILITIES $ 81,277 $ 86,087
-------- --------
SHAREHOLDERS' EQUITY
Common stock, $5 par value; authorized
10,000,000 shares; issued 120,000 shares;
115,987 and 116,283 shares outstanding,
respectively $ 600 $ 600
Surplus 2,150 2,150
Retained earnings 10,868 10,343
Treasury stock, 4,013 and 3,717 shares at cost,
respectively (263) (245)
Unrealized gain (loss) on securities
available for sale, net of tax 758 784
-------- --------
TOTAL SHAREHOLDERS' EQUITY $ 14,113 $ 13,632
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 95,390 $ 99,719
======== ========
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
(PARENT COMPANY ONLY)
INCOME STATEMENT
(Unaudited)
(In Thousands)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------------------------
2003 2002 2003 2002
----- ---- ----- ----
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary $ 0 $ 30 $ 0 $ 30
OPERATING EXPENSES
Directors fees 3 3 6 6
Other expenses 0 0 0 0
----- ---- ----- ----
TOTAL EXPENSES 3 3 6 6
----- ---- ----- ----
Earnings before income tax
and equity in undistributed earnings of
subsidiary (3) 27 (6) 24
Provision for income taxes 0 0 0 0
----- ---- ----- ----
Earnings before equity in undistributed
earnings of subsidiary (3) 27 (6) 24
Equity in undistributed earnings of
subsidiary 251 338 531 668
----- ---- ----- ----
Net Income $ 248 $365 $ 525 $692
===== ==== ===== ====
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands Except for Per Share Data)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2003 2002 2003 2002
------ ------ ------ ------
INTEREST INCOME:
Interest and fees on loans $ 724 $ 741 $1,446 $1,472
Interest on investment securities:
Taxable 223 414 512 789
Tax-exempt 116 126 238 246
Other interest 38 20 67 55
------ ------ ------ ------
TOTAL INTEREST INCOME 1,101 1,301 2,263 2,562
------ ------ ------ ------
INTEREST EXPENSE:
Interest on deposits 183 239 382 519
Interest on short-term borrowings 0 0 0 0
------ ------ ------ ------
TOTAL INTEREST EXPENSE 183 239 382 519
------ ------ ------ ------
NET INTEREST INCOME 918 1,062 1,881 2,043
Provision for possible loan losses 10 10 21 21
------ ------ ------ ------
Net interest income after provision for
possible loan losses 908 1,052 1,860 2,022
------ ------ ------ ------
NON-INTEREST INCOME:
Service charges on deposit accounts 131 132 264 266
Investment securities gains (losses) 0 0 0 0
Other 36 27 71 78
------ ------ ------ ------
TOTAL NON-INTEREST INCOME 167 159 335 344
------ ------ ------ ------
NON-INTEREST EXPENSE:
Salaries and employee benefits 379 365 766 723
Net occupancy expense 147 141 292 280
Net cost of operation of O.R.E.O 0 0 0 0
Other 238 211 466 429
------ ------ ------ ------
TOTAL NON-INTEREST EXPENSE 764 717 1,524 1,432
------ ------ ------ ------
INCOME BEFORE INCOME TAXES 311 494 671 934
Provision for income taxes 63 129 146 242
------ ------ ------ ------
NET INCOME $ 248 $ 365 $ 525 $ 692
====== ====== ====== ======
Net income per share of common stock $ 2.13 $ 3.14 $ 4.52 $ 5.95
====== ====== ====== ======
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Six Month Periods Ended June 30, 2003 & 2002
(Unaudited)
(In Thousands)
ACCUMULATED
OTHER
COMMON RETAINED COMPREHENSIVE TREASURY COMPREHENSIVE
STOCK 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) -- -- 692 -- -- 692 692
Other comprehensive income,
net of tax:
Change in unrealized gains
(losses) on securities
available for sale -- -- -- 265 -- 265 265
--------
Total comprehensive income -- -- -- -- -- $ 957
========
Purchase of treasury stock -- -- -- -- (24) (24)
Dividends paid -- -- -- -- -- --
---- ------ ------- ----- ----- --------
Balance, June 30, 2002 $600 $2,150 $10,037 $ 648 $(237) $ 13,198
==== ====== ======= ===== ===== ========
Balance December 31, 2002 $600 $2,150 $10,343 $ 784 ($245) $ 0 $ 13,632
Comprehensive income:
Net income (loss) -- -- 525 -- -- 525 525
Other comprehensive income,
net of tax:
Change in unrealized gains
(losses) on securities
available for sale -- -- -- (26) -- (26) (26)
--------
Total comprehensive income -- -- -- -- -- $ 499
========
Purchase of treasury stock -- -- -- -- (18) (18)
Dividends paid -- -- -- -- -- --
---- ------ ------- ----- ----- --------
Balance, June 30, 2003 $600 $2,150 $10,868 $ 758 $(263) $ 14,113
==== ====== ======= ===== ===== ========
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)
Six Months Ended June 30,
-------------------------
2003 2002
--------- ---------
OPERATING ACTIVITIES
Net income $ 525 $ 692
Adjustments to reconcile net income to net cash
provided by operating activities:
Discount accretion, net of premium amortization
on investment securities (80) (124)
Depreciation of property and equipment 86 82
Amortization of computer software 26 23
Provision for loan loss 21 21
(Gain) loss on disposal of assets 0 0
(Increase) decrease in assets:
Other real estate owned 0 0
Accrued interest receivable 104 (25)
Other assets (55) 15
Increase (decrease) in liabilities:
Accrued interest payable (17) (45)
Other liabilities (294) 184
-------- --------
Net cash provided by operating activities $ 316 $ 823
-------- --------
INVESTING ACTIVITIES
(Increase) decrease in interest bearing deposits with banks $ -- $ 99
Proceeds from sales & maturities of securities available for sale 13,898 7,738
Proceeds from sales & maturities of securities held to maturity 500 1,800
Purchases of securities available for sale (13,348) (11,129)
Purchases of securities held to maturity 0 (1,303)
(Increase) decrease in loans 1,549 (1,238)
Purchases of property & equipment (164) (126)
Other (7) (4)
-------- --------
Net cash provided by (used in) investing activities $ 2,428 $ (4,163)
-------- --------
FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction
accounts and savings $ (3,372) $ (2,858)
Increase (decrease) in time deposits (1,113) 55
Dividends paid 0 0
Purchase of treasury stock (17) (24)
-------- --------
Net cash provided by (used in) financing activities $ (4,502) $ (2,827)
-------- --------
Increase (decrease) in cash and cash equivalents $ (1,758) $ (6,167)
Cash and cash equivalents at beginning of year 17,274 14,246
-------- --------
Cash and cash equivalents at end of period $ 15,516 $ 8,079
======== ========
SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest expense $ 399 $ 564
======== ========
Income taxes $ 117 $ 217
======== ========
See Notes to Consolidated Financial Statements.
AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 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 six
month period ended June 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 interests had loans outstanding totaling $
1,215,000 at June 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
115,989 and 116,286 for the quarters ended June 30, 2003 and
2002, respectively and during each six month period of 116,034
and 116,403 for the six month periods ended June 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 $ 525,000 for the first six months of
2003 compared to $ 692,000 for the same period of 2002. On a per share basis,
the net income was $ 4.52 for the first six months of 2003 compared to $ 5.95
for the same period of 2002. The Company recorded a provision for possible loan
losses of $ 21,000 and $ 21,000 for the six months ended June 30, 2003 and 2002,
respectively. Net interest income decreased 7.9% to $ 1,881,000 for the first
six months of 2003 compared to $ 2,043,000 for the same period of 2002.
Total assets were $ 95,390,000 at June 30, 2003, a decrease of $ 4,329,000
from December 31, 2002. Loans decreased by $ 1,570,000 or 3.9% from $ 39,931,000
at December 31, 2002 to $ 38,361,000 at June 30, 2003. Deposits decreased by $
4,470,000 or 5.3% from $ 84,778,000 at December 31, 2002 to $ 80,308,000 at June
30, 2003.
RESULTS OF OPERATIONS
NET INTEREST INCOME. Net interest income for the six months ended June 30,
2003 totaled $ 1,881,000, a $ 162,000 decrease from the same period in 2002. The
greatest contributing factors to this decrease were decreases in the yields on
investment securities and loans, which were partially offset by decreases in the
interest paid on interest bearing deposits and increases in the average balance
of loans. The overall effect of volume and rate changes on net interest income
during the six month period ended June 30, 2003 was unfavorable.
PROVISION FOR POSSIBLE LOAN LOSSES. The Company recorded provisions for
possible loan losses of $ 21,000 and $ 21,000 for the first six months of 2003
and 2002, respectively. As a percentage of outstanding loans, the allowance for
possible loan losses was 1.7% and 1.5% at June 30, 2003 and December 31, 2002,
respectively. The provision is determined by the level of net charge offs, 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 six months of 2003 noninterest income
decreased $ 9,000 or 2.6% compared to the same period of 2002.
Other noninterest income decreased by $ 7,000 or 9.0% compared to the same
period of 2002. Most of this decrease is the result of a decrease in income
earned from mortgage applications for the first six months of 2003.
There were no securities gains in the six month periods ended June 30, 2003 and
2002.
NONINTEREST EXPENSE. For the first six months of 2003 noninterest
expense increased $ 92,000 or 6.4% compared to the same period in 2002.
Salaries and employee benefits, the largest component of noninterest expense,
increased by $ 43,000 or 5.9% for the first six months of 2003 as compared to
the same period in 2002. This increase was attributed mostly to increases in
salaries and adjustments to accruals for deferred compensation.
Net occupancy expense also increased by $ 12,000 or 4.3% for the first six
months of 2003 as compared to the same period in 2002.
INCOME TAXES. The Company recorded provisions for income taxes of $
146,000 for the six month period ended June 30, 2003 as compared to $ 242,000
for the same period of 2002.
FINANCIAL CONDITION
LOANS. Loans were $ 38,361,000 at June 30, 2003; down by $ 1,570,000 or
3.9% from December 31, 2002.
TABLE I - COMPOSITION OF LOAN PORTFOLIO
(In thousands)
June 30, 2003 Dec. 31, 2002
------------- -------------
Commercial, financial and agricultural loans $ 8,306 $ 8,288
Real estate construction loans 1,363 1,750
Real estate mortgage loans 23,660 24,906
Consumer loans 5,680 5,614
Industrial revenue bonds 0 0
------- -------
TOTAL LOANS $39,009 $40,558
Allowance for possible loan losses 648 627
Unearned income 0 0
------- -------
$38,361 $39,931
======= =======
SECURITIES HELD TO MATURITY. Securities held to maturity were $1,601,000
at June 30, 2003; which is down by $503,000 or 23.9% from December 31, 2002.
SECURITIES AVAILABLE FOR SALE. Securities available for sale were
$37,214,000 at June 30, 2003; which is down by $507,000 or 1.3% from December
31, 2002.
COMPREHENSIVE INCOME. Total comprehensive income for the quarters ended
June 30, 2003 and 2002 was $328,000 and $893,000, respectively.
TABLE II - INVESTMENT SECURITIES
(In thousands)
A comparison of the book values and the estimated market values of investment
securities is as follows:
June 30, 2003
---------------------------------------------------
HELD TO MATURITY AVAILABLE FOR SALE
AMORTIZED MARKET AMORTIZED MARKET
COST VALUE COST VALUE
--------------------- -----------------------
U.S. Treasury $1,601 $1,632 $ -- $ --
U.S. Government Agencies 0 0 12,878 13,031
Mortgaged-backed 0 0 10,699 10,861
State & Political Subdivisions 0 0 12,304 13,138
Equity 0 0 184 184
------ ------ ------- -------
TOTAL $1,601 $1,632 $36,065 $37,214
====== ====== ======= =======
December 31, 2002
---------------------------------------------------
HELD TO MATURITY AVAILABLE FOR SALE
AMORTIZED MARKET AMORTIZED MARKET
COST VALUE COST VALUE
--------------------- -----------------------
U.S. Treasury $2,104 $2,148 $ 0 $ 0
U.S. Government Agencies 0 0 15,937 16,199
Mortgaged-backed 0 0 8,481 8,724
State & Political Subdivisions 0 0 11,930 12,614
Equity 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 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 $3,000 at both June 30, 2003 and December 31, 2002.
The composition of nonperforming assets is illustrated below:
Nonperforming loans: June 30, 2003 Dec. 31,2002
------------- ------------
(In thousands)
Loans on nonaccrual $ 3 $ 3
Restructured loans which are not
on nonaccrual 0 0
------ ------
Total nonperforming loans 3 3
Other real estate and repossessed assets
received in complete or partial
satisfaction of loan obligations 0 0
------ ------
TOTAL NONPERFORMING ASSETS $ 3 $ 3
====== ======
Loans past due 90 days or more as to
principal or interest, but which are not
on nonaccrual $ 42 $ 4
====== ======
TABLE IV - ANALYSIS OF ALLOWANCE FOR LOAN LOSSES
(In thousands)
June 30, 2003 Dec. 31,2002
------------- ------------
Beginning balance $ 627 $ 605
Charge-offs:
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 charge-offs (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 (charge-offs) recoveries 0 (20)
-------- --------
Provision charged against income 21 42
-------- --------
Balance at end of period $ 648 $ 627
======== ========
Ratio of net (charge-offs) 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 charge-offs, 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
amounts deemed to be reasonably necessary to provide for the possibility of
losses being incurred within the following categories of loans.
June 30, 2003 December 31, 2002
--------------------------- --------------------------
% OF LOANS % OF LOANS
TO TOTAL TO TOTAL
AMOUNT LOANS AMOUNT LOANS
--------------------------- --------------------------
Commercial, financial and
agricultural loans $ 150 21% $ 156 21%
Real estate construction loans 11 3% 14 4%
Real estate mortgage loans 254 61% 249 61%
Consumer loans 233 15% 208 14%
Industrial revenue bonds 0 0% 0 0%
-------- --------
$ 648 100% $ 627 100%
======== ========
DEPOSITS. As of June 30, 2003 total deposits have decreased by $4,470,000
or 5.3% from December 31, 2002. Noninterest bearing deposits increased by
$1,720,000 or 5.8% from December 31, 2002 to June 30, 2003. Interest bearing
deposits decreased by $6,190,000 or 11.2% from December 31, 2002 to June 30,
2003.
CAPITAL. Shareholders' equity totaled $14,113,000 at June 30, 2003,
compared to $13,632,000 at December 31, 2002. The increase is primarily the
result of net income during the current period which was partially offset by an
unrealized reduction 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 June 30, 2003 Dec. 31, 2002
------------- -------------
(Bank subsidiary)
Risk-based capital:
Tier 1 risk-based capital ratio 29.26% 26.99%
Total risk-based capital ratio 30.51% 28.24%
Leverage ratio 13.89% 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 Chief Executive Officer
31.2 Certification Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 by the Chief 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
32.4 Disclosures on controls pursuant to 18 U.S.C. Section 1350 by
the Company's Principal Executive Officer
32.5 Disclosures on controls pursuant to 18 U.S.C. Section 1350 by
the Company's Principal Financial Officer
(b) Reports 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)
August 7, 2003 /s/ Salvador L. Diesi, Sr.
- -------------------------------- -------------------------------
DATE Salvador L. Diesi, Sr.
Chairman of the Board/President
August 7, 2003 /s/ Ronald J. Lashute
- -------------------------------- -------------------------------
DATE Ronald J. Lashute
Secretary/Treasurer
of the Board
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
31.1 Certification Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 by the Chief Executive Officer
31.2 Certification Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 by the Chief 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
32.4 Disclosures on controls pursuant to 18 U.S.C. Section 1350 by
the Company's Principal Executive Officer
32.5 Disclosures on controls pursuant to 18 U.S.C. Section 1350 by
the Company's Principal Financial Officer