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) October 17, 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 release dated October
17, 2000 attached as Exhibit 20, relating to the unaudited results for the
nine months ended September 30, 2000.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated October
17, 2000 attached as Exhibit 20, relating to the unaudited results for the
nine months ended September 30, 2000.
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 October 18, 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 Release Filed herewith
Dated October 17, 2000
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 17, 2000
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS THIRD QUARTER 2000 - YEAR-TO-DATE $742,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq NMS/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $742,000 for the nine months ended September 30, 2000, an increase
of $231,000, or 45.2%, from the $511,000 reported for the same period in 1999.
Basic earnings per share were $0.68 in 2000, compared to $0.42 in 1999, while
fully diluted earnings per share were $0.67 in 2000, compared to $0.41 in
1999.
Net interest income was $4,368,000 for the nine months ended September 30,
2000, compared to $4,261,000 for the first nine months in 1999, an increase of
$107,000 or 2.5%. The provision for loan losses was $225,000 for the nine
months ended September 30, 2000 and $423,000 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 and
$90,000 during the third quarter of 2000.
Noninterest income totaled $1,261,000 in 2000, $116,000, or 10.1%, higher than
the $1,145,000 recorded for the nine months ended September 30, 1999. This
increase was due primarily to an increase in insurance sales commissions of
$92,000 from $477,000 for the nine months ended September 30, 1999 to $569,000
for the same period in 2000. Noninterest expense was $4,174,000 in 2000,
$62,000, or 1.5%, higher than the $4,112,000 reported for the nine months
ended September 30, 1999.
Net income totaled $247,000 for the quarter ended September 30, 2000, compared
to $147,000 for the quarter ended September 30, 1999. Basic earnings per
share for the third quarter of 2000 were $0.24 in 2000, compared to $0.12 in
1999, while fully diluted earnings per share were $0.24 in 2000, compared to
$0.12 in 1999.
Total assets at September 30, 2000 were $157.6 million, an increase of $3.3
million 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-00-09
Great American Bancorp, Inc.
Consolidated Balance Sheet
September 30, 2000 and December 31, 1999
(in thousands)
September 30, 2000 Dec. 31, 1999
(Unaudited)
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ASSETS
Cash and due from banks $ 6,078 $ 5,560
Interest-bearing demand deposits 4,378 4,453
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Cash and cash equivalents 10,456 10,013
Investment securities:
Available for sale 2,988 2,977
Held to maturity 3,212 3,463
Loans 131,838 128,431
Allowance for loan losses (803) (703)
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Net loans 131,035 127,728
Premises and equipment 6,914 7,188
Federal Home Loan Bank stock 874 767
Other assets 2,109 2,173
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Total assets $ 157,588 $ 154,309
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 11,831 $ 8,565
Interest bearing 112,047 114,280
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Total deposits 123,878 122,845
Federal Home Loan Bank advances 12,000 8,000
Other liabilities 1,594 1,693
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Total liabilities 137,472 132,538
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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 20,014 19,968
Retained earnings --
substantially restricted 16,911 16,521
Net unrealized loss on securities
available for sale (7) (13)
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36,939 36,497
Less:
Treasury stock - 1,004,250 and
829,035 shares (16,427) (14,019)
Unearned employee stock
ownership plan shares (251) (410)
Unearned incentive plan shares (145) (297)
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(16,823) (14,726)
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Total stockholders' equity 20,116 21,771
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Total liabilities and
stockholders' equity $ 157,588 $ 154,309
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Nine Months Ended September 30, 2000 and 1999
(unaudited, in thousands, except share data)
2000 1999
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Interest income:
Loans $ 7,919 $ 7,573
Investment securities
Taxable 337 147
Tax exempt 13 24
Deposits with financial
institutions and other 208 516
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Total interest income 8,477 8,260
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Interest expense:
Deposits 3,718 3,644
Other 391 355
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Total interest expense 4,109 3,999
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Net interest income 4,368 4,261
Provision for loan losses 225 423
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Net interest income after
provision for loan losses 4,143 3,838
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Noninterest income:
Brokerage commissions 147 116
Insurance sales commissions 569 477
Service charges on deposit accounts 414 418
Loan servicing fees 14 14
Other customer fees 111 106
Other income 6 14
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Total noninterest income 1,261 1,145
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Noninterest expense:
Salaries and employee benefits 2,274 2,184
Net occupancy expenses 498 466
Equipment expenses 450 317
Data processing fees 65 87
Deposit insurance expense 19 54
Printing and office supplies 204 209
Legal and professional fees 172 244
Directors and committee fees 74 76
Insurance expense 33 37
Marketing and advertising expenses 133 133
Other expenses 252 305
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Total noninterest expense 4,174 4,112
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Income before income tax 1,230 871
Income tax expense 488 360
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Net income $ 742 $ 511
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Earnings per share:
Basic $ 0.68 $ 0.42
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Diluted $ 0.67 $ 0.41
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended September 30, 2000 and 1999
(unaudited, in thousands, except share data)
2000 1999
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Interest income:
Loans $ 2,703 $ 2,557
Investment securities
Taxable 111 89
Tax exempt 6 6
Deposits with financial
institutions and other 69 134
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Total interest income 2,889 2,786
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Interest expense:
Deposits 1,269 1,246
Other 174 106
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Total interest expense 1,443 1,352
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Net interest income 1,446 1,434
Provision for loan losses 75 150
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Net interest income after
provision for loan losses 1,371 1,284
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Noninterest income:
Brokerage commissions 52 40
Insurance sales commissions 197 136
Service charges on deposit accounts 141 151
Loan servicing fees 4 5
Other customer fees 39 29
Other income 1 2
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Total noninterest income 434 363
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Noninterest expense:
Salaries and employee benefits 762 706
Net occupancy expenses 157 162
Equipment expenses 154 106
Data processing fees 25 57
Deposit insurance expense 6 18
Printing and office supplies 69 73
Legal and professional fees 67 72
Directors and committee fees 25 25
Insurance expense 11 12
Marketing and advertising expenses 46 48
Other expenses 70 115
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Total noninterest expense 1,392 1,394
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Income before income tax 413 253
Income tax expense 166 106
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Net income $ 247 $ 147
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Earnings per share:
Basic $ 0.24 $ 0.12
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Diluted $ 0.24 $ 0.12
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
September 30, 2000 September 30, 1999
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Total assets $ 157,588 $ 153,197
Total loans, net 131,035 127,360
Loan loss reserve 803 1,353
Non-performing assets 314 1,530
Non-performing assets to total assets 0.20% 1.00%
Allowance for loan losses to total assets 0.51% 0.88%
Investment securities 6,200 6,509
Total deposits 123,878 122,342
Checking deposits 27,187 23,196
Money market deposits 9,953 8,467
Passbook savings deposits 13,777 15,018
Certificates of deposit 72,961 75,661
Total stockholders' equity 20,116 22,147
For the Three Months For the Nine Months
Ended September Ended September
2000 1999 2000 1999
(unaudited) (unaudited)
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Net interest margin 4.05% 3.97% 4.13% 3.99%
ROA (annualized) 0.63% 0.37% 0.64% 0.43%
ROE (annualized) 4.84% 2.62% 4.72% 3.00%