AMB Financial Announces Quarter Results and Payment of Cash Dividend

Apr 25, 2001, 01:00 ET from AMB Financial Corp.

    MUNSTER, Ind., April 25 /PRNewswire/ -- AMB Financial Corp. (Nasdaq: AMFC)
 (the "Company") the parent holding company for American Savings, FSB (the
 "Bank") announced today that earnings per share for the quarter ended March
 31, 2001 totaled $.23 per diluted share, compared to $.19 per diluted share
 reported in last year's first quarter.  Net income for the current quarter
 totaled  $192,000, up 10.5% over net income of $174,000 reported in the year
 earlier period.  Annualized returns for the three months ended March 31, 2001
 were .55% on average assets and 6.96% on average equity.  These compared with
 returns of .54% on average assets and 6.35% on average equity for the first
 quarter of 2000.
     AMB Financial Corp. also announced that it will pay a regular cash
 dividend of $.06 per share for the quarter ended March 31, 2001.  The dividend
 will be payable on May 18, 2001 to shareholders of record on May 4, 2001.
     The Company's banking franchise continues to show solid growth as assets
 increased $5.3 million to $141.0 million at March 31, 2001 from the
 $135.7 million reported at December 31, 2000.  The growth in assets during the
 three month period was primarily driven by an increase in loans receivable of
 $2.3 million and increases in short-term cash investments of $2.7 million.
 The balance of net loans receivable at March 31, 2001 stood at $114.8 million.
 Deposit balances grew by $9.1 million in the quarter, totaling $97.8 million
 at March 31, 2001 compared to $89.7 million at December 31, 2000.  The
 increase is primarily due to the Company's receipt of a $3.9 million municipal
 deposit and aggressive competitive certificate rate pricing.  In addition,
 $2.5 million of FHLB advances were repaid during the quarter ended March 31,
 2001.
     Net interest income decreased by 5.5% from a year ago, totaling $790,000
 for the quarter ended March 31, 2001 compared to $836,000 for last year's
 first quarter.  The net interest margin declined 2.46% compared to 2.61% for
 the quarter ended December 31, 2000.  In last year's first quarter, the net
 interest margin was 2.82%.  The yield on average interest-earning assets
 decreased 11 basis points to 7.67% over the past three months while the cost
 of interest-bearing liabilities decreased by two basis points to 5.33%.
 Recent declines in the targeted federal funds rate is expected to result in a
 more favorable interest rate environment during the remainder of 2001.
 Although management still expects moderate pressure during the second quarter
 of 2001, it anticipates a higher trending net interest margin beginning in the
 second half of 2001 as a result of current Federal Reserve Board monetary
 policy.
     Non-interest income increased to $308,000 in the current quarter, compared
 to $135,000 reported in the first quarter of last year.  This increase is due
 in part to higher fee income from deposit account products of $17,000,
 including increased ATM fees, increased rental income of $70,000 recorded from
 leased property at the recently purchased Dyer, Indiana office location, as
 well as an increase of $30,000 in commission income from the sale of annuity
 and mutual fund products contributed to the increased income.  In addition,
 the Company's trading portfolio, which consists of holdings in community bank
 and thrift stocks, reported an increased unrealized gain during the first
 quarter of 2001 in the amount of $30,000.
     Non-interest expense totaled $821,000 in the current quarter, compared to
 $722,000 reported for the quarter ended March 31, 2000.  Occupancy and
 equipment expense increased during the quarter by $31,000 due to higher
 depreciation and maintenance costs associated with the recent acquisition of
 the Dyer office location.  Compensation and benefits expense increased by
 $10,000 in the current quarter due primarily to normal compensation increases.
 In addition, data processing costs increased by $16,000, insurance premiums by
 $13,000, while the remaining increase was spread among several expense
 categories.
     Income tax expense increased to $50,000 in the current quarter from
 $43,000 in the year ago quarter primarily as a result of increased earnings.
 The Company's effective tax rate declined due to the recognition of
 approximately $35,000 in low income housing tax credits during both periods
 provided through an investment in a limited partnership organized to build,
 own and operate a 56 unit low income housing apartment complex.
     Non-performing assets at March 31, 2001 decreased to $948,000, or .67% of
 assets, compared to $1.1 million or .69% of assets at December 31, 2000.
 During the first quarter of 2001, the Company settled on a $550,000 delinquent
 non-residential participation construction loan.  The Company recovered
 $530,000 on this loan which resulted in the remaining balance of approximately
 $28,000 being charged off.
     The Company recorded a provision for loan losses of $35,000 during the
 quarter.  Net loan charge-offs during the first quarter of 2001 amounted to
 $58,000, including the amount discussed above.  The Bank's general allowance
 for loan losses was $679,000 at March 31, 2001, which is equal to 71.58% of
 net non-performing loans and .59% of net loans receivable.  At December 31,
 2000, the Bank's general allowance for loan losses totaled $551,000, equal to
 58.76% of net non-performing loans and .49% of net loans receivable.
     As of March 31, 2001, stockholders' equity in AMB Financial Corp. totaled
 $11.0 million.  During the most recent three month period, the Company had
 repurchased 70,312 shares of stock at an average price of $9.96 per share.
 The number of common shares outstanding at March 31, 2001 was 869,163 and the
 book value per common share outstanding was $12.70.  This book value
 represents a $.46 increase from the $12.24 book value reported at December 31,
 2000.  The Bank's tangible, core and risk-based capital percentages of 6.55%,
 6.55% and 11.79%, respectively, at March 31, 2001 exceeded all regulatory
 requirements by a significant margin.
     American Savings, FSB is a federally chartered stock savings bank.  The
 Bank is a community oriented institution offering a variety of traditional
 deposit and loan products.  It operates three full service offices located in
 Dyer, Hammond and Munster, Indiana.
 
 
                              AMB Financial Corp.
                       Selected Financial Condition Data
                                 (In Thousands)
 
                                                   Mar. 31            Dec. 31
                                                     2001               2000
                                                 (Unaudited)
 
 
     Total assets                                   141,031            135,699
     Loans receivable, net                          114,811            112,482
     Mortgage-backed securities                       3,346              3,424
     Investment securities and interest
      bearing deposits                               10,730              7,574
     Deposits                                        97,839             89,712
     Borrowed money                                  29,853             32,368
     Stockholders' equity                            11,036             11,499
 
                            Selected Operations Data
                                 (In Thousands)
                                  (Unaudited)
 
                                                      Three Months Ended
                                                            March 31
                                                       2001           2000
 
 
     Total interest income                            $2,460         $2,179
     Total interest expense                            1,670          1,343
      Net interest income                                790            836
     Provision for loan losses                            35             32
      Net interest income after provision
       for loan losses                                   755            804
     Non-interest income:
      Unrealized gain on trading
        securities                                        48             17
      Rental Income                                       70              -
      Commission Income                                   38              8
      Other operating income                             152            110
      Total non-interest income:                         308            135
     Non-interest expense:
      Staffing cost                                      392            382
      Occupancy and equipment costs                      114             83
      Data processing                                    115             99
      Other                                              200            158
       Total non-interest expense                        821            722
     Net income before income taxes                      242            217
     Provision for federal & state income taxes           50             43
     Net income                                          192            174
 
     Earnings per share
       Basic                                           $0.23          $0.19
       Diluted                                         $0.23          $0.19
 
 
 
                                   AMB Financial Corp.
                        Selected Financial Ratios and Other Data
                                       (Unaudited)
 
                                                       Three Months Ended
                                                            March 31
                                                       2001          2000
     Performance Ratios:
     Return on average assets                          0.55%          0.54%
     Return on average equity                          6.96           6.35
     Interest rate spread information:
      Average during period                            2.34           2.61
      End of period                                    2.30           2.66
     Net interest margin                               2.46           2.82
     Efficiency ratio                                 74.72          73.78
     Ratio of operating expense to average
       total assets                                    2.35           2.26
     Ratio of average interest earning assets
       to average interest-bearing liabilities:        1.02x          1.04x
 
                                                         At            At
                                                      Mar. 31        Dec. 31
                                                        2001          2000
     Quality Ratios:                                 (Unaudited)   (Unaudited)
     Non-performing assets to total
       assets at end of period                         0.67%          0.69%
     Allowance for loan losses to
       non-performing loans                           71.58          58.76
     Allowance for loan losses to loans
       receivable, net                                 0.59           0.49
 
     Capital Ratios:
     Equity to total assets at end of period           7.83           8.47
     Average equity to average assets                  7.93           8.44
 
     Other Data:
     Number of full service offices                       3              3
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X26884679
 
 

SOURCE AMB Financial Corp.
    MUNSTER, Ind., April 25 /PRNewswire/ -- AMB Financial Corp. (Nasdaq: AMFC)
 (the "Company") the parent holding company for American Savings, FSB (the
 "Bank") announced today that earnings per share for the quarter ended March
 31, 2001 totaled $.23 per diluted share, compared to $.19 per diluted share
 reported in last year's first quarter.  Net income for the current quarter
 totaled  $192,000, up 10.5% over net income of $174,000 reported in the year
 earlier period.  Annualized returns for the three months ended March 31, 2001
 were .55% on average assets and 6.96% on average equity.  These compared with
 returns of .54% on average assets and 6.35% on average equity for the first
 quarter of 2000.
     AMB Financial Corp. also announced that it will pay a regular cash
 dividend of $.06 per share for the quarter ended March 31, 2001.  The dividend
 will be payable on May 18, 2001 to shareholders of record on May 4, 2001.
     The Company's banking franchise continues to show solid growth as assets
 increased $5.3 million to $141.0 million at March 31, 2001 from the
 $135.7 million reported at December 31, 2000.  The growth in assets during the
 three month period was primarily driven by an increase in loans receivable of
 $2.3 million and increases in short-term cash investments of $2.7 million.
 The balance of net loans receivable at March 31, 2001 stood at $114.8 million.
 Deposit balances grew by $9.1 million in the quarter, totaling $97.8 million
 at March 31, 2001 compared to $89.7 million at December 31, 2000.  The
 increase is primarily due to the Company's receipt of a $3.9 million municipal
 deposit and aggressive competitive certificate rate pricing.  In addition,
 $2.5 million of FHLB advances were repaid during the quarter ended March 31,
 2001.
     Net interest income decreased by 5.5% from a year ago, totaling $790,000
 for the quarter ended March 31, 2001 compared to $836,000 for last year's
 first quarter.  The net interest margin declined 2.46% compared to 2.61% for
 the quarter ended December 31, 2000.  In last year's first quarter, the net
 interest margin was 2.82%.  The yield on average interest-earning assets
 decreased 11 basis points to 7.67% over the past three months while the cost
 of interest-bearing liabilities decreased by two basis points to 5.33%.
 Recent declines in the targeted federal funds rate is expected to result in a
 more favorable interest rate environment during the remainder of 2001.
 Although management still expects moderate pressure during the second quarter
 of 2001, it anticipates a higher trending net interest margin beginning in the
 second half of 2001 as a result of current Federal Reserve Board monetary
 policy.
     Non-interest income increased to $308,000 in the current quarter, compared
 to $135,000 reported in the first quarter of last year.  This increase is due
 in part to higher fee income from deposit account products of $17,000,
 including increased ATM fees, increased rental income of $70,000 recorded from
 leased property at the recently purchased Dyer, Indiana office location, as
 well as an increase of $30,000 in commission income from the sale of annuity
 and mutual fund products contributed to the increased income.  In addition,
 the Company's trading portfolio, which consists of holdings in community bank
 and thrift stocks, reported an increased unrealized gain during the first
 quarter of 2001 in the amount of $30,000.
     Non-interest expense totaled $821,000 in the current quarter, compared to
 $722,000 reported for the quarter ended March 31, 2000.  Occupancy and
 equipment expense increased during the quarter by $31,000 due to higher
 depreciation and maintenance costs associated with the recent acquisition of
 the Dyer office location.  Compensation and benefits expense increased by
 $10,000 in the current quarter due primarily to normal compensation increases.
 In addition, data processing costs increased by $16,000, insurance premiums by
 $13,000, while the remaining increase was spread among several expense
 categories.
     Income tax expense increased to $50,000 in the current quarter from
 $43,000 in the year ago quarter primarily as a result of increased earnings.
 The Company's effective tax rate declined due to the recognition of
 approximately $35,000 in low income housing tax credits during both periods
 provided through an investment in a limited partnership organized to build,
 own and operate a 56 unit low income housing apartment complex.
     Non-performing assets at March 31, 2001 decreased to $948,000, or .67% of
 assets, compared to $1.1 million or .69% of assets at December 31, 2000.
 During the first quarter of 2001, the Company settled on a $550,000 delinquent
 non-residential participation construction loan.  The Company recovered
 $530,000 on this loan which resulted in the remaining balance of approximately
 $28,000 being charged off.
     The Company recorded a provision for loan losses of $35,000 during the
 quarter.  Net loan charge-offs during the first quarter of 2001 amounted to
 $58,000, including the amount discussed above.  The Bank's general allowance
 for loan losses was $679,000 at March 31, 2001, which is equal to 71.58% of
 net non-performing loans and .59% of net loans receivable.  At December 31,
 2000, the Bank's general allowance for loan losses totaled $551,000, equal to
 58.76% of net non-performing loans and .49% of net loans receivable.
     As of March 31, 2001, stockholders' equity in AMB Financial Corp. totaled
 $11.0 million.  During the most recent three month period, the Company had
 repurchased 70,312 shares of stock at an average price of $9.96 per share.
 The number of common shares outstanding at March 31, 2001 was 869,163 and the
 book value per common share outstanding was $12.70.  This book value
 represents a $.46 increase from the $12.24 book value reported at December 31,
 2000.  The Bank's tangible, core and risk-based capital percentages of 6.55%,
 6.55% and 11.79%, respectively, at March 31, 2001 exceeded all regulatory
 requirements by a significant margin.
     American Savings, FSB is a federally chartered stock savings bank.  The
 Bank is a community oriented institution offering a variety of traditional
 deposit and loan products.  It operates three full service offices located in
 Dyer, Hammond and Munster, Indiana.
 
 
                              AMB Financial Corp.
                       Selected Financial Condition Data
                                 (In Thousands)
 
                                                   Mar. 31            Dec. 31
                                                     2001               2000
                                                 (Unaudited)
 
 
     Total assets                                   141,031            135,699
     Loans receivable, net                          114,811            112,482
     Mortgage-backed securities                       3,346              3,424
     Investment securities and interest
      bearing deposits                               10,730              7,574
     Deposits                                        97,839             89,712
     Borrowed money                                  29,853             32,368
     Stockholders' equity                            11,036             11,499
 
                            Selected Operations Data
                                 (In Thousands)
                                  (Unaudited)
 
                                                      Three Months Ended
                                                            March 31
                                                       2001           2000
 
 
     Total interest income                            $2,460         $2,179
     Total interest expense                            1,670          1,343
      Net interest income                                790            836
     Provision for loan losses                            35             32
      Net interest income after provision
       for loan losses                                   755            804
     Non-interest income:
      Unrealized gain on trading
        securities                                        48             17
      Rental Income                                       70              -
      Commission Income                                   38              8
      Other operating income                             152            110
      Total non-interest income:                         308            135
     Non-interest expense:
      Staffing cost                                      392            382
      Occupancy and equipment costs                      114             83
      Data processing                                    115             99
      Other                                              200            158
       Total non-interest expense                        821            722
     Net income before income taxes                      242            217
     Provision for federal & state income taxes           50             43
     Net income                                          192            174
 
     Earnings per share
       Basic                                           $0.23          $0.19
       Diluted                                         $0.23          $0.19
 
 
 
                                   AMB Financial Corp.
                        Selected Financial Ratios and Other Data
                                       (Unaudited)
 
                                                       Three Months Ended
                                                            March 31
                                                       2001          2000
     Performance Ratios:
     Return on average assets                          0.55%          0.54%
     Return on average equity                          6.96           6.35
     Interest rate spread information:
      Average during period                            2.34           2.61
      End of period                                    2.30           2.66
     Net interest margin                               2.46           2.82
     Efficiency ratio                                 74.72          73.78
     Ratio of operating expense to average
       total assets                                    2.35           2.26
     Ratio of average interest earning assets
       to average interest-bearing liabilities:        1.02x          1.04x
 
                                                         At            At
                                                      Mar. 31        Dec. 31
                                                        2001          2000
     Quality Ratios:                                 (Unaudited)   (Unaudited)
     Non-performing assets to total
       assets at end of period                         0.67%          0.69%
     Allowance for loan losses to
       non-performing loans                           71.58          58.76
     Allowance for loan losses to loans
       receivable, net                                 0.59           0.49
 
     Capital Ratios:
     Equity to total assets at end of period           7.83           8.47
     Average equity to average assets                  7.93           8.44
 
     Other Data:
     Number of full service offices                       3              3
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X26884679
 
 SOURCE  AMB Financial Corp.

RELATED LINKS

http://www.ambfinancial.com