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| AMFC.OB > SEC Filings for AMFC.OB > Form 8-K on 23-Jul-2008 | All Recent SEC Filings |
23-Jul-2008
Results of Operations and Financial Condition, Other Events, Financial Stateme
AMB Financial Corp. (the "Company") previously acquired, pursuant to an agreement with a local builder, vacant lots on which to construct single-family residences in St. John and Munster, Indiana. At June 30, 2008, our investment in real estate development projects consisted of three completed single-family dwelling units and four vacant lots. Due to the slowdown in the real estate market, we decided not to build on the remaining vacant lots. All of the completed units and vacant lots are currently listed for sale. During the three month period ended June 30, 2008, the Company reduced the carrying amount of the properties by $318,000 to $1.7 million based upon current real estate values and economic conditions in our local market area. In addition, during the quarter ended June 30, 2008, we incurred $52,000 of holding costs with respect to these properties. In view of the current weak real estate market, there can be no assurance whether, when and at what price the Company will be able to sell these assets.
As a result of the above, we expect to record a net loss for the three months ended June 30, 2008 of from $200,000 to $220,000.
The Company declared a cash dividend of $.09 per share for the quarter ended June 30, 2008. The dividend will be payable on August 27, 2008 to shareholders of record on August 13, 2008.
(a) Financial Statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Shell Company Transactions. Not Applicable.
(d) Exhibits. Not Applicable.
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