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) January 12, 2001
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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 January
12, 2001 attached as Exhibit 20, relating to the unaudited results for the
fiscal year ended December 31, 2000 and the announcement of the 2001 Annual
Meeting of Stockholders.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press releases dated January
12, 2001 attached as Exhibit 20, relating to the unaudited results for the
fiscal year ended December 31, 2000 and the announcement of the 2001 Annual
Meeting of Stockholders.
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 January 17, 2001 /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 January 12, 2001
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
January 12, 2001
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
PRELIMINARY UNAUDITED RESULTS 2000 - NET INCOME $983,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq NMS/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $983,000 for the year ended December 31, 2000, an increase of
$339,000, or 52.6%, above the $644,000 reported for the same period in 1999.
Basic earnings per share were $0.92 in 2000, compared to $0.53 in 1999, while
fully diluted earnings per share were $0.91 in 2000, compared to $0.52 in
1999.
Net interest income was $5,755,000 for the year ended December 31, 2000,
compared to $5,710,000 for the year ended December 31, 1999, an increase of
$45,000. The provision for loan losses was $300,000 in 2000 compared to
$573,000 in 1999, a decrease of $273,000, or 47.6%. 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 $1,635,000 for the year ended December 31, 2000,
$112,000, or 7.4%, higher than the $1,523,000 recorded for the year ended
December 31, 1999. This increase was mostly due to commissions generated from
GTPS Insurance Agency and brokerage commissions generated from Scout
Brokerage Services, Inc. Insurance sales commissions increased $77,000 from
$625,000 reported for the year ended December 31, 1999 to $702,000 for the
year ended December 31, 2000. Brokerage sales commissions increased $54,000
from $152,000 reported for the year ended December 31, 1999 to $206,000 for
the year ended December 31, 2000. Noninterest expense was $5,610,000 for the
year ended December 31, 2000, $56,000, or 1.0%, higher than the $5,554,000
reported for the year ended December 31, 1999.
Net income totaled $241,000 for the quarter ended December 31, 2000, compared
to $133,000 for the quarter ended December 31, 1999. Basic earnings per
share and fully diluted earnings per share for the fourth quarter of 2000
were $0.24, compared to $0.11 in 1999.
Total assets at December 31, 2000 were $159.7 million, an increase of $5.4
million, or 3.5%, 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."
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GTPS-pr-2001-01
Great American Bancorp, Inc.
Consolidated Balance Sheet
December 31, 2000 and December 31, 1999
(in thousands)
December 31, 2000 Dec. 31, 1999
(Unaudited)
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ASSETS
Cash and due from banks $ 6,104 $ 5,560
Interest-bearing demand deposits 4,539 4,453
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Cash and cash equivalents 10,643 10,013
Investment securities:
Available for sale 3,009 2,977
Held to maturity 3,153 3,463
Loans 133,620 128,431
Allowance for loan losses (889) (703)
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Net loans 132,731 127,728
Premises and equipment 6,802 7,188
Federal Home Loan Bank stock 890 767
Other assets 2,449 2,173
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Total assets $ 159,677 $ 154,309
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 11,573 $ 8,565
Interest bearing 112,112 114,280
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Total deposits 123,685 122,845
Federal Home Loan Bank advances 14,000 8,000
Other liabilities 1,760 1,693
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Total liabilities 139,445 132,538
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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 20,036 19,968
Retained earnings --
substantially restricted 17,043 16,521
Net unrealized gain on securities
available for sale 5 (13)
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37,105 36,497
Less:
Treasury stock - 1,014,250 and
829,035 shares (16,570) (14,019)
Unearned employee stock
ownership plan shares (197) (410)
Unearned incentive plan shares (106) (297)
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(16,873) (14,726)
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Total stockholders' equity 20,232 21,771
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Total liabilities and
stockholders' equity $ 159,677 $ 154,309
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Twelve Months Ended December 31, 2000 and December 31, 1999
(unaudited, in thousands, except share data)
Twelve Months Ended Twelve Months Ended
December 31, 2000 December 31, 1999
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Interest income:
Loans $ 10,642 $ 10,157
Investment securities
Taxable 451 262
Tax exempt 17 28
Deposits with financial
institutions and other 256 578
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Total interest income 11,366 11,025
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Interest expense:
Deposits 5,017 4,856
Other 594 459
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Total interest expense 5,611 5,315
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Net interest income 5,755 5,710
Provision for loan losses 300 573
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Net interest income after
provision for loan losses 5,455 5,137
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Noninterest income:
Brokerage commissions 206 152
Insurance sales commissions 702 625
Service charges on deposit accounts 560 567
Loan servicing fees 16 19
Other customer fees 145 144
Other income 6 16
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Total noninterest income 1,635 1,523
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Noninterest expense:
Salaries and employee benefits 3,055 2,908
Net occupancy expenses 638 567
Equipment expenses 620 598
Data processing fees 86 108
Deposit insurance expense 25 71
Printing and office supplies 271 282
Legal and professional fees 230 292
Directors and committee fees 98 100
Insurance expense 45 48
Marketing and advertising expenses 167 169
Other expenses 375 411
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Total noninterest expense 5,610 5,554
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Income before income tax 1,480 1,106
Income tax expense 497 462
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Net income $ 983 $ 644
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Earnings per share:
Basic $ 0.92 $ 0.53
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Diluted $ 0.91 $ 0.52
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended December 31, 2000 and December 31, 1999
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
December 31, 2000 December 31, 1999
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Interest income:
Loans $ 2,723 $ 2,584
Investment securities
Taxable 114 115
Tax exempt 4 5
Deposits with financial
institutions and other 48 61
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Total interest income 2,889 2,765
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Interest expense:
Deposits 1,299 1,212
Other 203 104
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Total interest expense 1,502 1,316
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Net interest income 1,387 1,449
Provision for loan losses 75 150
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Net interest income after
provision for loan losses 1,312 1,299
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Noninterest income:
Brokerage commissions 59 36
Insurance sales commissions 133 148
Service charges on deposit accounts 146 150
Loan servicing fees 2 5
Other customer fees 34 37
Other income -- 1
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Total noninterest income 374 377
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Noninterest expense:
Salaries and employee benefits 781 723
Net occupancy expenses 140 101
Equipment expenses 170 281
Data processing fees 21 21
Deposit insurance expense 6 18
Printing and office supplies 67 73
Legal and professional fees 58 49
Directors and committee fees 24 25
Insurance expense 12 11
Marketing and advertising expenses 34 35
Other expenses 123 104
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Total noninterest expense 1,436 1,441
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Income before income tax 250 235
Income tax expense 9 102
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Net income $ 241 $ 133
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Earnings per share:
Basic $ 0.24 $ 0.11
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Diluted $ 0.24 $ 0.11
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
December 31, 2000 December 31, 1999
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Total assets $ 159,677 $ 154,309
Total loans, net 132,731 127,728
Allowance for loan losses 889 703
Non-performing assets 306 468
Non-performing assets to total assets 0.19% 0.30%
Allowance for loan losses to total assets 0.56% 0.46%
Investment securities 6,162 6,440
Total deposits 123,685 122,845
Checking deposits 28,458 24,475
Money market deposits 9,850 9,332
Passbook savings deposits 14,029 14,705
Certificates of deposit 71,348 74,333
Total borrowings 14,000 8,000
Total stockholders' equity 20,232 21,771
For the Three Months For the Twelve Months
Ended December Ended December
2000 1999 2000 1999
(unaudited) (unaudited)
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Net interest margin 3.87% 4.13% 4.06% 4.02%
ROA (annualized) 0.61% 0.34% 0.63% 0.41%
ROE (annualized) 4.77% 2.41% 4.73% 2.86%
NEWS RELEASE
Great American Bancorp, Inc.
Holding Company for First Federal Savings Bank of Champaign-Urbana
FOR IMMEDIATE RELEASE
January 12, 2001
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
ANNUAL MEETING DATE - APRIL 24, 2001
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq/GTPS). Great
American Bancorp, Inc., the holding company for First Federal Savings Bank of
Champaign-Urbana, Champaign, Illinois, has announced that its Annual Meeting of
Stockholders will be held on Tuesday, April 24, 2001 at 9:30 a.m., Central Time,
at the offices of First Federal Savings Bank of Champaign-Urbana, 1311 S. Neil
Street, Champaign, Illinois. The Company intends to distribute its proxy
solicitation materials on approximately March 23, 2001.
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-2001-02