UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 11, 2000
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GREAT AMERICAN BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-25808 52-1923366
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
1311 S. Neil St., P.O. Box 1010, Champaign, IL 61824-1010
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(Address of principal executive offices) (Zip Code)
(217) 356-2265
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(Registrant's telephone number, including area code)
Item 5. Other Events.
The Registrant incorporates by reference the press releases dated April
11, 2000 and April 12, 2000 attached as Exhibit 20, relating to the unaudited
results for the three months ended March 31, 2000 and the announcement of a 5%
stock repurchase program.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press releases dated April
11, 2000 and April 12, 2000 attached as Exhibit 20, relating to the unaudited
results for the three months ended March 31, 2000 and the announcement of a 5%
stock repurchase program.
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 hereunto duly authorized.
Great American Bancorp, Inc.
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(Registrant)
Date April 14, 2000 /s/ Jane F. Adams
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Chief Financial Officer
EXHIBIT INDEX
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Exhibit
No. Description Method of Filing
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20 News Releases Filed herewith
Dated April 11, 2000
And April 12, 2000
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 11, 2000
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS FIRST QUARTER 2000 -- $279,000
Champaign, Illinois - Great American Bancorp, Inc.(NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $279,000 for the quarter ended March 31, 2000, an increase of $67,000, or
31.6%, above the $212,000 reported for the same period in 1999. Basic
earnings per share were $0.25 for the quarter ended March 31, 2000, compared
to $0.17 for the quarter ended March 31, 1999, while fully diluted earnings
per share were $0.24 for the quarter ended March 31, 2000, compared to $0.17
for the quarter ended March 31, 1999.
Net interest income was $1,454,000 for the three months ended March 31, 2000,
compared to $1,437,000 for the first quarter in 1999. The provision for loan
losses was $75,000 for the quarter ended March 31, 2000 and $123,000 for the
quarter ended March 31, 1999.
Noninterest income totaled $439,000 for the first quarter in 2000, $33,000, or
8.1%, higher than the $406,000 recorded for the three months ended March 31,
1999. Noninterest expense was $1,362,000 for the first quarter in 2000,
$1,000 lower than the $1,363,000 reported for the quarter ended March 31,
1999.
Total assets at March 31, 2000 were $157.5 million, compared to $154.3 million
at December 31, 1999.
First Federal Savings Bank of Champaign-Urbana is head quartered in Champaign,
Illinois, and operates through its administrative/branch office in Champaign
and through two other full service branches located in Champaign and Urbana.
The Bank, through its subsidiary, Park Avenue Service Corporation, also
provides full service brokerage activities through a third-party broker-
dealer, Scout Brokerage Services, Inc., and sells insurance products through
the GTPS Insurance Agency. The Bank's deposits are insured by the Federal
Deposit Insurance Corporation.
This earnings report may contain certain forward-looking statements which are
based on management's current expectations regarding economic, legislative,
and regulatory issues that may impact the Company's earnings in future
periods. Factors that could cause future results to vary materially from
current management expectations include, but are not limited to, general
economic conditions, changes in interest rates, deposit flows, real estate
values, and competition, changes in accounting principles, policies, or
guidelines, changes in legislation or regulation, and other economic,
competitive, governmental, regulatory and technological factors affecting the
Company's operations, pricing, products and services.
Great American Bancorp, Inc. stock is traded on the NASDAQ National Market
System under the symbol "GTPS."
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GTPS-pr-2000-03
Great American Bancorp, Inc.
Consolidated Balance Sheet
March 31, 2000 and December 31, 1999
(in thousands)
March 31, 2000 Dec. 31, 1999
(Unaudited)
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ASSETS
Cash and due from banks $ 4,462 $ 5,560
Interest-bearing demand deposits 8,234 4,453
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Cash and cash equivalents 12,696 10,013
Investment securities:
Available for sale 2,955 2,977
Held to maturity 3,324 3,463
Loans 129,311 128,431
Allowance for loan losses (779) (703)
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Net loans 128,532 127,728
Premises and equipment 7,160 7,188
Federal Home Loan Bank stock 767 767
Other assets 2,083 2,173
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Total assets $ 157,517 $ 154,309
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 10,770 $ 8,565
Interest bearing 115,458 114,280
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Total deposits 126,228 122,845
Federal Home Loan Bank Advances 8,000 8,000
Other liabilities 1,842 1,693
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Total liabilities 136,070 132,538
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STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value
Authorized and unissued --
1,000,000 shares -- --
Common stock, $0.01 par value
Authorized -- 7,000,000 shares
Issued and outstanding -- 2,052,750 shares 21 21
Paid-in-capital 19,979 19,968
Retained earnings --
substantially restricted 16,675 16,521
Net unrealized gain on securities
available for sale (26) (13)
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36,649 36,497
Less:
Treasury stock - 875,835 and
829,035 shares (14,604) (14,019)
Unearned employee stock
ownership plan shares (357) (410)
Unearned incentive plan shares (241) (297)
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(15,202) (14,726)
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Total stockholders' equity 21,447 21,771
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Total liabilities and
stockholders' equity $ 157,517 $ 154,309
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended March 31, 2000 and March 31, 1999
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
March 31, 2000 March 31, 1999
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Interest income:
Loans $ 2,590 $ 2,514
Investment securities
Taxable 113 38
Tax exempt 4 9
Deposits with financial
institutions and other 61 196
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Total interest income 2,768 2,757
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Interest expense:
Deposits 1,205 1,205
Other 109 115
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Total interest expense 1,314 1,320
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Net interest income 1,454 1,437
Provision for loan losses 75 123
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Net interest income after
provision for loan losses 1,379 1,314
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Noninterest income:
Brokerage commissions 50 25
Insurance sales commissions 217 210
Service charges on deposit accounts 134 131
Loan servicing fees 4 5
Other customer fees 34 35
Other income -- --
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Total noninterest income 439 406
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Noninterest expense:
Salaries and employee benefits 755 740
Net occupancy expenses 162 149
Equipment expenses 146 108
Data processing fees 20 15
Deposit insurance expense 6 18
Printing and office supplies 65 71
Legal and professional fees 51 90
Directors and committee fees 25 26
Insurance expense 11 12
Marketing and advertising expenses 38 39
Other expenses 83 95
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Total noninterest expense 1,362 1,363
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Income before income tax 456 357
Income tax expense 177 145
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Net income $ 279 $ 212
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Earnings per share:
Basic $ 0.25 $ 0.17
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Diluted $ 0.24 $ 0.17
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
March 31, 2000 March 31, 1999
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Total assets $ 157,517 $ 157,047
Total loans, net 128,532 123,058
Loan loss reserve 779 1,048
Non-performing assets 975 1,472
Non-performing assets to total assets 0.62% 0.94%
Allowance for loan losses to total assets 0.49% 0.67%
Investment securities 6,279 977
Total deposits 126,228 125,325
Checking deposits 27,527 26,017
Money market deposits 9,824 8,458
Passbook savings deposits 15,017 15,442
Certificates of deposit 73,860 75,408
Total stockholders' equity 21,447 22,749
Three Months Ended
March, 2000 March, 1999
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Net interest margin (annualized) 4.17% 4.09%
ROA (annualized) 0.72% 0.55%
ROE (annualized) 5.18% 3.67%
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 12, 2000
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
Announces a New 5% Stock Repurchase Program
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq NMS/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, announced
that its Board of Directors has authorized an additional repurchase of up to
58,845 shares, which is five percent of the Company's 1,176,915 outstanding
shares. The Company also stated that the shares remaining to be repurchased
under a 5% stock repurchase program approved by the Board of Directors in
December 1999 total 14,386. Under the program approved in December, the
Company has repurchased 46,800 shares at an average price of $12.50 per share.
Stock to be repurchased under these repurchase programs will be made in open
market transactions, subject to the availability of stock and market
conditions, and will commence as soon as practicable.
First Federal Savings Bank of Champaign-Urbana is head quartered in Champaign,
Illinois, and operates through its administrative/branch office in Champaign
and through two other full service branches located in Champaign and Urbana.
The Bank, through its subsidiary, Park Avenue Service Corporation, also
provides full service brokerage activities through a third-party broker-
dealer, Scout Brokerage Services, Inc., and sells insurance products through
the GTPS Insurance Agency. The Bank's deposits are insured by the Federal
Deposit Insurance Corporation.
Great American Bancorp, Inc. stock is traded on the Nasdaq National Market
System under the symbol "GTPS."
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GTPS-pr-2000-04