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) July 12, 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 July
12, 2000 attached as Exhibit 20, relating to the unaudited results for the six
months ended June 30, 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 July
12, 2000 attached as Exhibit 20, relating to the unaudited results for the six
months ended June 30, 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 July 19, 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 July 12, 2000
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 12, 2000
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS SECOND QUARTER 2000 - YEAR-TO-DATE $495,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq NMS/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $495,000 for the six months ended June 30, 2000, an increase of
$131,000, or 36.0%, from the $364,000 reported for the same period in 1999.
Basic earnings per share were $0.45 in 2000, compared to $0.30 in 1999, while
fully diluted earnings per share were $0.44 in 2000, compared to $0.29 in
1999.
Net interest income was $2,922,000 for the six months ended June 30, 2000,
compared to $2,827,000 for the first six months in 1999, an increase of
$95,000 or 3.4%. The provision for loan losses was $150,000 for the six
months ended June 30, 2000 and $273,000 for the same period in 1999. The
higher provision in 1999 was primarily due to an increase in the monthly
provision for loan losses during 1999, mainly the result of a commercial loan
totaling $1.35 million becoming non-performing in late 1998. The company
charged-off $800,000 of this loan during the fourth quarter of 1999.
Noninterest income totaled $827,000 in 2000, $45,000, or 5.8%, higher than the
$782,000 recorded for the six months ended June 30, 1999. This increase was
due primarily to an increase in insurance sales commissions, which totaled
$372,000 for the six months ended June 30, 2000, compared to $341,000 for the
same period in 1999. Noninterest expense was $2,782,000 in 2000, $64,000, or
2.4%, higher than the $2,718,000 reported for the six months ended June 30,
1999.
Net income totaled $216,000 for the quarter ended June 30, 2000, compared to
$152,000 for the quarter ended June 30, 1999. Basic earnings per share for
the second quarter of 2000 were $0.20 in 2000, compared to $0.12 in 1999,
while fully diluted earnings per share were $0.20 in 2000, compared to $0.12
in 1999.
Total assets at June 30, 2000 were $155.2 million, an increase of $900,000
from total assets of $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."
###
GTPS-pr-00-05
Great American Bancorp, Inc.
Consolidated Balance Sheet
June 30, 2000 and December 31, 1999
(in thousands)
June 30, 2000 Dec. 31, 1999
(Unaudited)
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ASSETS
Cash and due from banks $ 5,047 $ 5,560
Interest-bearing demand deposits 2,864 4,453
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Cash and cash equivalents 7,911 10,013
Investment securities:
Available for sale 2,972 2,977
Held to maturity 3,277 3,463
Loans 131,839 128,431
Allowance for loan losses (823) (703)
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Net loans 131,016 127,728
Premises and equipment 7,043 7,188
Federal Home Loan Bank stock 859 767
Other assets 2,176 2,173
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Total assets $ 155,254 $ 154,309
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 9,719 $ 8,565
Interest bearing 113,066 114,280
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Total deposits 122,785 122,845
Federal Home Loan Bank Advances 10,000 8,000
Other liabilities 1,725 1,693
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Total liabilities 134,510 132,538
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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 19,996 19,968
Retained earnings --
substantially restricted 16,775 16,521
Net unrealized loss on securities
available for sale (16) (13)
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36,776 36,497
Less:
Treasury stock - 940,835 and
829,035 shares (15,537) (14,019)
Unearned employee stock
ownership plan shares (304) (410)
Unearned incentive plan shares (191) (297)
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(16,032) (14,726)
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Total stockholders' equity 20,744 21,771
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Total liabilities and
stockholders' equity $ 155,254 $ 154,309
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Six Months Ended June 30, 2000 and 1999
(unaudited, in thousands, except share data)
2000 1999
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Interest income:
Loans $ 5,216 $ 5,016
Investment securities
Taxable 226 58
Tax exempt 7 18
Deposits with financial
institutions and other 139 382
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Total interest income 5,588 5,474
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Interest expense:
Deposits 2,449 2,398
Other 217 249
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Total interest expense 2,666 2,647
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Net interest income 2,922 2,827
Provision for loan losses 150 273
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Net interest income after
provision for loan losses 2,772 2,554
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Noninterest income:
Brokerage commissions 95 76
Insurance sales commissions 372 341
Service charges on deposit accounts 273 267
Loan servicing fees 10 9
Other customer fees 72 77
Other income 5 12
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Total noninterest income 827 782
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Noninterest expense:
Salaries and employee benefits 1,512 1,478
Net occupancy expenses 341 304
Equipment expenses 296 211
Data processing fees 40 30
Deposit insurance expense 13 36
Printing and office supplies 135 136
Legal and professional fees 105 172
Directors and committee fees 49 51
Insurance expense 22 25
Marketing and advertising expenses 87 85
Other expenses 182 190
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Total noninterest expense 2,782 2,718
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Income before income tax 817 618
Income tax expense 322 254
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Net income $ 495 $ 364
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Earnings per share:
Basic $ 0.45 $ 0.30
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Diluted $ 0.44 $ 0.29
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended June 30, 2000 and 1999
(unaudited, in thousands, except share data)
2000 1999
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Interest income:
Loans $ 2,626 $ 2,501
Investment securities
Taxable 113 20
Tax exempt 3 10
Deposits with financial
institutions and other 78 186
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Total interest income 2,820 2,717
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Interest expense:
Deposits 1,244 1,193
Other 108 134
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Total interest expense 1,352 1,327
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Net interest income 1,468 1,390
Provision for loan losses 75 150
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Net interest income after
provision for loan losses 1,393 1,240
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Noninterest income:
Brokerage commissions 45 51
Insurance sales commissions 155 131
Service charges on deposit accounts 139 136
Loan servicing fees 6 4
Other customer fees 38 42
Other income 5 12
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Total noninterest income 388 376
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Noninterest expense:
Salaries and employee benefits 757 738
Net occupancy expenses 179 155
Equipment expenses 150 104
Data processing fees 20 15
Deposit insurance expense 7 18
Printing and office supplies 70 65
Legal and professional fees 54 82
Directors and committee fees 24 25
Insurance expense 11 13
Marketing and advertising expenses 49 45
Other expenses 99 95
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Total noninterest expense 1,420 1,355
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Income before income tax 361 261
Income tax expense 145 109
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Net income $ 216 $ 152
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Earnings per share:
Basic $ 0.20 $ 0.12
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Diluted $ 0.20 $ 0.12
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
June 30, 2000 June 30, 1999
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Total assets $ 155,254 $ 154,604
Total loans, net 131,016 126,638
Loan loss reserve 823 1,202
Non-performing assets 717 1,603
Non-performing assets to total assets 0.46% 1.04%
Allowance for loan losses to total assets 0.53% 0.78%
Investment securities 6,249 4,527
Total deposits 122,785 120,929
Checking deposits 25,171 24,288
Money market deposits 10,175 8,344
Passbook savings deposits 14,584 14,943
Certificates of deposit 72,855 73,354
Total stockholders' equity 20,744 22,482
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 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 common stock
repurchase of up to 55,184 shares. This amount is equal to five percent of
the Company's current outstanding shares of 1,111,915 less 8,231 shares
remaining to be repurchased under a stock repurchase program approved in April
2000. Under the program approved in April, the Company has repurchased 50,614
shares at an average price of $14.52 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."
###
GTPS-pr-2000-06
For the Three Months For the Six Months
Ended June Ended June
2000 1999 2000 1999
(unaudited) (unaudited)
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Net interest margin 4.16% 3.91% 4.17% 4.00%
ROA (annualized) 0.56% 0.39% 0.64% 0.47%
ROE (annualized) 4.12% 2.71% 4.66% 3.19%