Sept.Table 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 ================ ================Contents

~~Sept.~~FORM ~~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 ============== ==============Q

~~Three~~SECURITIES ~~Months~~AND ~~Ended~~EXCHANGE 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 ============ ============ ============ ============COMMISSION

~~Three Months Ended Nine Months Ended September 30~~WASHINGTON, 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 OD.RC.~~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 ============ ============ ============ ============20549

~~ACCUMULATED~~QUARTERLY ~~OTHER~~REPORT ~~STOCK~~UNDER ~~RETAINED~~SECTION 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~~ ~~========~~OR ~~========~~15 ~~========== ============== ======== ======== Balance December 31, 2002 $ 600 $ 2,150 $ 10,343 $ 784~~ (~~$ 245~~D) OF THE $SECURITIES 0EXCHANGE $ACT ~~13,632~~OF 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 ======== ======== ========== ============== ======== ========1934

~~Nine~~For ~~Months~~the Quarter Ended ~~September~~ June 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 ============== ==============2004

~~Sept.~~Commission ~~30,~~File ~~2003~~Number 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 ============== ==============~~11928

~~September~~AMERICAN 30BANCORP, 2003 ----------------------------------------------------------------- HELD TO MATURITY AVAILABLE FOR SALE AMORTIZED MARKET AMORTIZED MARKET COST VALUE COST VALUE -------------- -------------- -------------- -------------- UINC.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~~(Exact ~~31,~~name ~~2002~~of ~~-----------------------------------------------------------------~~registrant ~~HELD~~as TOspecified ~~MATURITY~~in ~~AVAILABLE~~its 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 ============== ============== ============== ==============charter)

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 ============== ==============


LOUISIANA		72-0951347

(State or other jurisdiction of incorporation or organization)		(I R S Employer I. D. Number)

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)% ============== ==============


321 EAST LANDRY STREET, OPELOUSAS, LA		70570

(Address of principal executive office)		(Zip Code)

~~September~~(337) ~~30, 2003 December 31, 2002~~ 948-~~---------------------------~~3056 ~~----------------------------~~(Registrant’s %telephone ~~OF LOANS % OF LOANS TO TOTAL TO TOTAL AMOUNT LOANS AMOUNT LOANS ------------ ------------ ------------ ------------ Commercial~~number, ~~financial~~including ~~and~~area 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% ============ ============ ============ ============code)

~~AMERICAN~~NOT ~~BANK~~APPLICABLE &(Former ~~TRUST~~name, ~~COMPANY Sept. 30~~address, ~~2003~~fiscal ~~Dec. 31~~year, ~~2002~~if ~~(Bank~~changed ~~subsidiary)~~since ~~--------------~~last ~~-------------- 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%~~report)

~~EXHIBIT~~Indicate ~~NUMBER DESCRIPTION ------- ----------- 31.1 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002~~ by ~~the~~check ~~Company's~~mark ~~Principal~~whether ~~Executive Officer 31.2 Certification pursuant to Section 302 of~~ the ~~Sarbanes-Oxley~~registrant: ~~Act of 2002 by the Company's Principal Financial Officer 32.~~(1) has ~~Certification~~filed ~~pursuant~~all reports required to 18be ~~U.S.C.~~filed ~~Section 1350~~ by ~~the Company's Principal Executive Officer 32.2 Certification pursuant to 18 U.S.C.~~ Section 13 ~~1350~~or by15 (d) of the ~~Company's~~Securities ~~Principal~~Exchange ~~Financial~~Act ~~Officer 32.3 Disclosure~~ of 1934 ~~approval~~during by the ~~Company's~~preceding ~~Audit~~12 months ~~Committee~~(or for ~~the~~such ~~performance~~shorter ofperiods ~~nonaudit~~that ~~services by~~ the registrant ~~Company's~~was ~~Independent~~required ~~Auditors pursuant~~ to 18file ~~U.S.C.~~such ~~Section~~reports), ~~1350~~and ~~32.4~~(2) has ~~Disclosure~~been onsubject ~~controls pursuant~~ to 18such filing ~~U.S.C.~~requirements ~~Section~~for ~~1350 by~~ the ~~Company's~~past ~~Principal Executive Officer 32~~90 days.5 ~~Disclosure~~YES onþ ~~controls~~NO ~~pursuant to 18 U.S.C. Section 1350 by the Company's Principal Financial Officer~~o

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act. Yes o No þ

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, 2004

TABLE OF CONTENTS


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-Principal Executive Officer
Certification Pursuant to Section 302-Principal Finanical Officer
Certification Pursuant to 18 U.S.C. Section 1350
Certification Pursuant to 18 U.S.C. Section 1350
Disclosure of Approval by the Company's Audit Committee
Disclosure on Controls by Principal Executive Officer
Disclosure on Controls by Principal Financial Officer

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


	June 30, 2004			Dec. 31, 2003
	(Unaudited)			(Note 1)
ASSETS
Cash on deposit with subsidiary	$	21		$	9
Investment in subsidiary		13,864			14,055
Due from subsidiary		45			6

TOTAL ASSETS	$	13,930		$	14,070

LIABILITIES
Accrued income tax payable	$	39		$	1
Other liabilities		0			—

TOTAL LIABILITIES	$	39		$	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		11,492			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		(88	)		495

TOTAL SHAREHOLDERS’ EQUITY	$	13,891		$	14,069

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	13,930		$	14,070

See Notes to Consolidated Financial Statements.

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


	June 30, 2004			Dec. 31, 2003
	(Unaudited)			(Note 1)
ASSETS
Cash and due from banks	$	4,608		$	5,199
Federal funds sold		7,975			9,125

Total cash and cash equivalents	$	12,583		$	14,324
Securities held to maturity		0			1,600
Securities available for sale		42,062			42,607
Loans — net of allowance for loan losses		39,601			39,305
Bank premises and equipment		1,888			1,827
Other real estate		0			—
Accrued interest receivable		454			512
Other assets		795			683

TOTAL ASSETS	$	97,383		$	100,858

LIABILITIES
Deposits:
Non-interest bearing demand deposits	$	30,731		$	29,747
Interest bearing deposits:
NOW accounts		13,845			16,866
Money market accounts		3,704			3,460
Savings		13,063			12,499
Time deposits $100,000 or more		8,638			9,285
Other time deposits		12,932			13,772

Total deposits	$	82,913		$	85,629
Accrued interest payable		41			50
Other liabilities		538			1,110

TOTAL LIABILITIES	$	83,492		$	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		11,492			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		(88	)		495

TOTAL SHAREHOLDERS’ EQUITY	$	13,891		$	14,069

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	97,383		$	100,858

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,
	2004			2003			2004		2003
INCOME FROM SUBSIDIARY
Dividends from bank subsidiary	$	40		$	0		$	90	$	0
OPERATING EXPENSES
Directors fees		3			3			7		6
Other expenses		41			0			71		0

TOTAL EXPENSES		44			3			78		6

Earnings before income tax and equity in undistributed earnings of subsidiary		(4	)		(3	)		12		(6	)
Provision for income taxes		0			0			0		0

Earnings before equity in undistributed earnings of subsidiary		(4	)		(3	)		12		(6	)
Equity in undistributed earnings of subsidiary		178			251			393		531

Net Income	$	174		$	248		$	405	$	525

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,
	2004		2003		2004		2003
INTEREST INCOME:
Interest and fees on loans	$	652	$	724	$	1,316	$	1,446
Interest on investment securities:
Taxable		240		223		485		512
Tax-exempt		139		116		283		238
Other interest		22		38		48		67

TOTAL INTEREST INCOME		1,053		1,101		2,132		2,263

INTEREST EXPENSE:
Interest on deposits		137		183		286		382
Interest on short-term borrowings		0		0		0		0

TOTAL INTEREST EXPENSE		137		183		286		382

NET INTEREST INCOME		916		918		1,846		1,881
Provision for possible loan losses		10		10		21		21

Net interest income after provision for possible loan losses		906		908		1,825		1,860

NON-INTEREST INCOME:
Service charges on deposit accounts		132		131		257		264
Investment securities gains (losses)		0		0		0		0
Other		24		36		52		71

TOTAL NON-INTEREST INCOME		156		167		309		335

NON-INTEREST EXPENSE:
Salaries and employee benefits		402		379		797		766
Net occupancy expense		164		147		316		292
Net cost of operation of O.R.E.O.		0		0		0		0
Other		281		238		520		466

TOTAL NON-INTEREST EXPENSE		847		764		1,633		1,524

INCOME BEFORE INCOME TAXES		215		311		501		671
Provision for income taxes		41		63		96		146

NET INCOME	$	174	$	248	$	405	$	525

Net income per share of common stock	$	1.50	$	2.13	$	3.49	$	4.52

See Notes to Consolidated Financial Statements

AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the Six Month Periods Ended June 30, 2004 & 2003
(Unaudited)
(In Thousands)


							ACCUMULATED
							OTHER						COMPREHENSIVE
	COMMON				RETAINED		COMPREHENSIVE			TREASURY			INCOME
	STOCK		SURPLUS		EARNINGS		INCOME			STOCK						TOTAL
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

Balance December 31, 2003	$	600	$	2,150	$	11,087	$	495			($263	)	$	0		$	14,069
Comprehensive income:
Net income (loss)		—		—		405		—			—			405			405
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on securities available for sale		—		—		—		(583	)		—			(583	)		(583	)

Total comprehensive income		—		—		—		—			—			($178	)

Purchase of treasury stock		—		—		—		—			—						—
Dividends paid		—		—		—		—			—						—

Balance, June 30, 2004	$	600	$	2,150	$	11,492		($88	)		($263	)				$	13,891

See Notes to Consolidated Financial Statements

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


	Six Months Ended June 30,
	2004			2003
OPERATING ACTIVITIES
Net income	$	405		$	525
Adjustments to reconcile net income to net cash provided by operating activities:
Discount accretion, net of premium amortization on investment securities		(136	)		(80	)
Depreciation of property and equipment		108			86
Amortization of computer software		24			26
Provision for loan loss		21			21
(Gain) loss on disposal of assets		—			—
(Increase) decrease in assets:
Other real estate owned		—			—
Accrued interest receivable		58			104
Other assets		(1	)		(55	)
Increase (decrease) in liabilities:
Accrued interest payable		(8	)		(17	)
Other liabilities		(318	)		(294	)

Net cash provided by operating activities	$	153		$	316

INVESTING ACTIVITIES
Proceeds from sales & maturities of securities available for sale	$	7,398		$	13,898
Proceeds from sales & maturities of securities held to maturity		1,600			500
Purchases of securities available for sale		(7,600	)		(13,348	)
Purchases of securities held to maturity		—			—
(Increase) decrease in loans		(317	)		1,549
Purchases of property & equipment		(265	)		(164	)
Other		6			(7	)

Net cash provided by (used in) investing activities	$	822		$	2,428

FINANCING ACTIVITIES
Increase (decrease) in demand deposits, transaction accounts and savings	$	(1,228	)	$	(3,372	)
Increase (decrease) in time deposits		(1,488	)		(1,113	)
Dividends paid		—			—
Purchase of treasury stock		—			(17	)

Net cash provided by (used in) financing activities	$	(2,716	)	$	(4,502	)

Increase (decrease) in cash and cash equivalents	$	(1,741	)	$	(1,758	)
Cash and cash equivalents at beginning of year		14,324			17,274

Cash and cash equivalents at end of period	$	12,583		$	15,516

SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest expense	$	295		$	399

Income taxes	$	66		$	117

See Notes to Consolidated Financial Statements

AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 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 six month period ended June 30, 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 $1,422,000 at June 30, 2004.

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 115,989 for the quarters ended June 30, 2004 and 2003, respectively and during each six month period of 115,987 and 116,034 for the six month periods ended June 30, 2004 and 2003, 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 $405,000 for the first six months of 2004 compared to $525,000 for the same period of 2003. On a per share basis, the net income was $3.49 for the first six months of 2004 compared to $4.52 for the same period of 2003. The Company recorded a provision for possible loan losses of $21,000 and $21,000 for the six months ended June 30, 2004 and 2003, respectively. Net interest income decreased 1.9% to $1,846,000 for the first six months of 2004 compared to $1,881,000 for the same period of 2003.

Total assets were $97,383,000 at June 30, 2004, a decrease of $3,475,000 from December 31, 2003. Loans increased by $296,000 or 0.8% from $39,305,000 at December 31, 2003 to $39,601,000 at June 30, 2004. Deposits decreased by $2,716,000 or 3.2% from $85,629,000 at December 31, 2003 to $82,913,000 at June 30, 2004.

RESULTS OF OPERATIONS

NET INTEREST INCOME. Net interest income for the six months ended June 30, 2004 totaled $1,846,000, a $35,000 decrease from the same period in 2003. 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. The overall effect of volume and rate changes on net interest income during the six month period ended June 30, 2004 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 2004 and 2003, respectively. As a percentage of outstanding loans, the allowance for possible loan losses was 1.7% at both June 30, 2004 and December 31, 2003. 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 six months of 2004 noninterest income decreased $26,000 or 7.8% compared to the same period of 2003. Other noninterest income decreased by $19,000 or 26.8% compared to the same period of 2003. Most of this decrease is the result of a decrease in income earned from mortgage applications for the first six months of 2004.

There were no securities gains in the six month periods ended June 30, 2004 and 2003.

NONINTEREST EXPENSE. For the first six months of 2004, noninterest expense increased $109,000 or 7.2% compared to the same period in 2003.

Salaries and employee benefits, the largest component of noninterest expense, increased by $31,000 or 4.0% for the first six months of 2004 as compared to the same period in 2003. This increase was attributed mostly to increases in salaries and adjustments to accruals for deferred compensation.

Net occupancy expense also increased by $24,000 or 8.2% for the first six months of 2004 as compared to the same period in 2003. This increase resulted mostly from building renovations made in 2003 and depreciation on new equipment purchased.

Other noninterest expense increased by $54,000 or 11.59% for the first six months of 2004 as compared to the same period in 2003. Most of the increase was attributed to professional fees.

INCOME TAXES. The Company recorded provisions for income taxes of $96,000 for the six month period ended June 30, 2004 as compared to $146,000 for the same period of 2003.

FINANCIAL CONDITION

LOANS. Loans were $40,283,000 at June 30, 2004; up by $312,000 or 0.8% from December 31, 2003.

TABLE I — COMPOSITION OF LOAN PORTFOLIO
(In thousands)


	June 30, 2004		Dec. 31, 2003
Commercial, financial and agricultural loans	$	8,754	$	8,873
Real estate construction loans		1,362		936
Real estate mortgage loans		24,504		24,101
Consumer loans		5,663		6,061

TOTAL LOANS	$	40,283	$	39,971
Allowance for possible loan losses		682		667

	$	39,601	$	39,304

SECURITIES HELD TO MATURITY. There were no securities held to maturity at June 30, 2004; which is down by $1,600,000 or 100.0% from December 31, 2003.

SECURITIES AVAILABLE FOR SALE. Securities available for sale were $42,062,000 at June 30, 2004; which is down by $545,000 or 1.3% from December 31, 2003.

COMPREHENSIVE INCOME. Total comprehensive income (loss) for the quarters ended June 30, 2004 and 2003 was ($790,000) and $328,000, 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, 2004
	HELD TO MATURITY				AVAILABLE FOR SALE
	AMORTIZED		MARKET		AMORTIZED		MARKET
	COST		VALUE		COST		VALUE
U.S. Treasury	$	—	$	—	$	—	$	—
U.S. Government Agencies		—		—		17,857		17,528
Mortgaged-backed		—		—		9,867		9,806
State & Political Subdivisions		—		—		14,217		14,474
Equity		—		—		254		254

TOTAL	$	—	$	—	$	42,195	$	42,062


	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		—		—		9,202		9,286
State & Political Subdivisions		—		—		15,056		15,722
Equity		—		—		184		184

TOTAL	$	1,600	$	1,614	$	41,856	$	42,607

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 June 30, 2004 and December 31, 2003, respectively. The composition of nonperforming assets is illustrated below:


Nonperforming loans:	June 30, 2004		Dec. 31,2003
(In thousands)
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	$	106	$	—

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


	June 30, 2004			Dec. 31,2003
Beginning balance	$	667		$	627
Chargeoffs:
Commercial, financial and agricultural loans		(4	)		—
Real estate construction loans		—			—
Real estate mortgage loans		—			(1	)
Installment loans to individuals		(2	)		(6	)

Total chargeoffs		(6	)		(7	)

Recoveries:
Commercial, financial and agricultural loans		—			—
Real estate construction loans		—			—
Real estate mortgage loans		—			—
Installment loans to individuals		—			5

Total recoveries		0			5

Net (chargeoffs) recoveries		(6	)		(2	)

Provision charged against income		21			42

Balance at end of period	$	682		$	667

Ratio of net (chargeoffs) recoveries during the period to average loans outstanding during the period		-0.02	%		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.

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, 2004					December 31, 2003
			% OF LOANS					% OF LOANS
			TO TOTAL					TO TOTAL
	AMOUNT		LOANS			AMOUNT		LOANS
Commercial, financial and agricultural loans	$	167		22	%	$	166		22	%
Real estate construction loans		12		3	%		11		2	%
Real estate mortgage loans		281		61	%		266		61	%
Consumer loans		222		14	%		224		15	%

	$	682		100	%	$	667		100	%

DEPOSITS. As of June 30, 2004 total deposits have decreased by $ 2,716,000 or 3.2% from December 31, 2003. Noninterest-bearing deposits increased by $ 984,000 or 3.3% from December 31, 2003 to June 30, 2004. Interest-bearing deposits decreased by $ 3,700,000 or 6.6% from December 31, 2003 to June 30, 2004.

CAPITAL. Shareholders’ equity totaled $ 13,891,000 at June 30, 2004, compared to $ 14,069,000 at December 31, 2003. The decrease is primarily the result of an unrealized reduction in the market value of securities available for sale which was offset by net income during the current period. 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
(Bank subsidiary)	June 30, 2004			Dec. 31, 2003
Risk-based capital:
Tier 1 risk-based capital ratio		29.43	%		28.36	%
Total risk-based capital ratio		30.68	%		29.61	%
Leverage ratio		13.91	%		13.97	%

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		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) 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)

August 10, 2004				/s/ Salvador L. Diesi, Sr.

DATE				Salvador L. Diesi, Sr.
				Chairman of the Board/President
August 10, 2004				/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 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		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

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Filing Compare · AMERICAN BANCORP INC/LA