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 10, 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 release dated April
10, 2001 attached as Exhibit 20, relating to the unaudited results for the
three months ended March 31, 2001.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated April
10, 2001 attached as Exhibit 20, relating to the unaudited results for the
three months ended March 31, 2001.
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 11, 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 Release Filed herewith
Dated April 10, 2001
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 10, 2001
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS FIRST QUARTER 2001 -- $261,000
Champaign, Illinois - Great American Bancorp, Inc.(NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $261,000 for the quarter ended March 31, 2001, a decrease of $18,000, or
6.5%, below the $279,000 reported for the same period in 2000. Basic earnings
per share were $0.26 for the quarter ended March 31, 2001, compared to $0.25
for the quarter ended March 31, 2000, while fully diluted earnings per share
were $0.26 for the quarter ended March 31, 2001, compared to $0.24 for the
quarter ended March 31, 2000.
Net interest income was $1,382,000 for the three months ended March 31, 2001,
a decrease of $72,000, or 5.0%, compared to $1,454,000 for the first quarter
in 2000. The provision for loan losses was $36,000 for the quarter ended
March 31, 2001 and $75,000 for the quarter ended March 31, 2000.
Noninterest income totaled $527,000 for the first quarter in 2001, $88,000, or
20.0%, higher than the $439,000 recorded for the three months ended March 31,
2000. This increase was mostly due to commissions generated from GTPS
Insurance Agency. Insurance sales commissions increased $102,000, or 47.0%,
from $217,000 reported for the first quarter in 2000 to $319,000 for the first
quarter in 2001. Noninterest expense was $1,434,000 for the first quarter in
2001, $72,000, or 5.3%, higher than the $1,362,000 reported for the quarter
ended March 31, 2000.
Total assets at March 31, 2001 were $165.7 million, compared to $159.7 million
at December 31, 2000.
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-2001-05
Great American Bancorp, Inc.
Consolidated Balance Sheet
March 31, 2001 and December 31, 2000
(in thousands)
March 31, 2001 Dec. 31, 2000
(Unaudited)
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ASSETS
Cash and due from banks $ 5,482 $ 6,104
Interest-bearing demand deposits 11,233 4,539
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Cash and cash equivalents 16,715 10,643
Investment securities:
Available for sale 3,014 3,009
Held to maturity 2,612 3,153
Loans 134,403 133,620
Allowance for loan losses (920) (889)
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Net loans 133,483 132,731
Premises and equipment 6,677 6,802
Federal Home Loan Bank stock 925 890
Other assets 2,261 2,449
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Total assets $ 165,687 $ 159,677
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 10,881 $ 11,573
Interest bearing 114,545 112,112
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Total deposits 125,426 123,685
Federal Home Loan Bank Advances 18,500 14,000
Other liabilities 2,033 1,760
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Total liabilities 145,959 139,445
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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 20,061 20,036
Retained earnings --
substantially restricted 17,197 17,043
Net unrealized gain on securities
available for sale 8 5
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37,287 37,105
Less:
Treasury stock - 1,063,650 and
1,014,250 shares (17,324) (16,570)
Unearned employee stock
ownership plan shares (148) (197)
Unearned incentive plan shares (87) (106)
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(17,559) (16,873)
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Total stockholders' equity 19,728 20,232
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Total liabilities and
stockholders' equity $ 165,687 $ 159,677
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended March 31, 2001 and March 31, 2000
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
March 31, 2001 March 31, 2000
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Interest income:
Loans $ 2,687 $ 2,590
Investment securities
Taxable 111 113
Tax exempt -- 4
Deposits with financial
institutions and other 100 61
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Total interest income 2,898 2,768
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Interest expense:
Deposits 1,290 1,205
Other 226 109
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Total interest expense 1,516 1,314
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Net interest income 1,382 1,454
Provision for loan losses 36 75
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Net interest income after
provision for loan losses 1,346 1,379
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Noninterest income:
Brokerage commissions 36 50
Insurance sales commissions 319 217
Service charges on deposit accounts 126 134
Loan servicing fees 3 4
Other customer fees 42 34
Other income 1 --
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Total noninterest income 527 439
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Noninterest expense:
Salaries and employee benefits 795 755
Net occupancy expenses 155 162
Equipment expenses 155 146
Data processing fees 19 20
Deposit insurance expense 6 6
Printing and office supplies 76 65
Legal and professional fees 56 51
Directors and committee fees 25 25
Insurance expense 13 11
Marketing and advertising expenses 39 38
Other expenses 95 83
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Total noninterest expense 1,434 1,362
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Income before income tax 439 456
Income tax expense 178 177
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Net income $ 261 $ 279
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Earnings per share:
Basic $ 0.26 $ 0.25
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Diluted $ 0.26 $ 0.24
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
March 31, 2001 March 31, 2000
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Total assets $ 165,687 $ 157,517
Total loans, net 133,483 128,532
Loan loss reserve 920 779
Non-performing assets 359 975
Non-performing assets to total assets 0.22% 0.62%
Allowance for loan losses to total assets 0.56% 0.49%
Investment securities 5,626 6,279
Total deposits 125,426 126,228
Checking deposits 27,728 27,527
Money market deposits 10,106 9,824
Passbook savings deposits 14,263 15,017
Certificates of deposit 73,329 73,860
Total stockholders' equity 19,728 21,447
Three Months Ended
March, 2001 March, 2000
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Net interest margin (annualized) 3.83% 4.17%
ROA (annualized) 0.66% 0.72%
ROE (annualized) 5.31% 5.18%