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 16, 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
October 16, 2001 attached as Exhibit 20, relating to the unaudited
results for the nine months ended September 30, 2001.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated
October 16, 2001 attached as Exhibit 20, relating to the unaudited
results for the nine months ended September 30, 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 October 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 Release Filed herewith
Dated October 16, 2001
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 16, 2001
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS THIRD QUARTER 2001 - YEAR-TO-DATE $867,000
Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ SMALLCAP
MARKET/GTPS), the holding company for First Federal Savings Bank of
Champaign-Urbana, reported earnings of $867,000 for the nine months
ended September 30, 2001, an increase of $125,000, or 16.8%, from the
$742,000 reported for the same period in 2000. Basic earnings per share
were $0.91 in 2001, compared to $0.68 in 2000, while fully diluted
earnings per share were $0.89 in 2001, compared to $0.67 in 2000.
Net interest income was $4,321,000 for the nine months ended September
30, 2001, compared to $4,368,000 for the first nine months in 2000, a
decrease of
$47,000, or 1.1%. The provision for loan losses was $114,000 for the
nine months ended September 30, 2001 compared to $225,000 for the same
period in 2000. The provision for loan losses was $111,000 lower in
2001 due to a reduction in total nonperforming loans.
Noninterest income totaled $1,584,000 in 2001, $323,000, or 25.6%,
higher than the $1,261,000 recorded for the nine months ended September
30, 2000. This increase was due primarily to an increase in insurance
sales commissions, which totaled $875,000 for the nine months ended
September 30, 2001, compared to $569,000 for the same period in 2000.
Noninterest expense was $4,345,000 in 2001, $171,000, or 4.1%, higher
than the $4,174,000 reported for the nine months ended September 30,
2000.
Net income totaled $317,000 for the quarter ended September 30, 2001,
compared to $247,000 for the quarter ended September 30, 2000. Basic
earnings per share for the third quarter of 2001 were $0.35, compared to
$0.24 in 2000, while fully diluted earnings per share were $0.33 in
2001, compared to $0.24 in 2000.
Total assets at September 30, 2001 were $167.6 million, an increase of
$7.9 million, or 4.9%, from total assets of $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 that
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 SmallCap
Market
System under the symbol "GTPS."
###
GTPS-pr-01-10
Great American Bancorp, Inc.
Consolidated Balance Sheet
September 30, 2001 and December 31, 2000
(in thousands)
Sept. 30, 2001 Dec. 31, 2000
(Unaudited)
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ASSETS
Cash and due from banks $ 5,534 $ 6,104
Interest-bearing demand deposits 8,166 4,539
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Cash and cash equivalents 13,700 10,643
Investment securities:
Available for sale -- 3,009
Held to maturity 2,255 3,153
Loans 142,870 133,620
Allowance for loan losses (991) (889)
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Net loans 141,879 132,731
Premises and equipment 6,406 6,802
Federal Home Loan Bank stock 1,150 890
Other assets 2,231 2,449
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Total assets $ 167,621 $ 159,677
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 11,654 $ 11,573
Interest bearing 112,446 112,112
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Total deposits 124,100 123,685
Federal Home Loan Bank Advances 23,000 14,000
Other liabilities 1,990 1,760
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Total liabilities 149,090 139,445
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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 20,122 20,036
Retained earnings --
substantially restricted 17,599 17,043
Net unrealized gain on securities
available for sale -- 5
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37,742 37,105
Less:
Treasury stock - 1,168,885 and
1,014,250 shares (19,085) (16,570)
Unearned employee stock
ownership plan shares (49) (197)
Unearned incentive plan shares (77) (106)
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(19,211) (16,873)
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Total stockholders' equity 18,531 20,232
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Total liabilities and
stockholders' equity $ 167,621 $ 159,677
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Nine Months Ended September 30, 2001 and 2000
(unaudited, in thousands, except share data)
Sept. 30, 2001 Sept. 30, 2000
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Interest income:
Loans $ 8,320 $ 7,919
Investment securities
Taxable 296 337
Tax exempt -- 13
Deposits with financial
institutions and other 193 208
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Total interest income 8,809 8,477
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Interest expense:
Deposits 3,783 3,718
Federal Home Loan Bank advances 679 362
Other 26 29
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Total interest expense 4,488 4,109
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Net interest income 4,321 4,368
Provision for loan losses 114 225
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Net interest income after
provision for loan losses 4,207 4,143
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Noninterest income:
Brokerage commissions 99 147
Insurance sales commissions 875 569
Service charges on deposit accounts 417 414
Loan servicing fees 9 14
Other customer fees 123 111
Net gains on loan sales 29 --
Other income 32 6
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Total noninterest income 1,584 1,261
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Noninterest expense:
Salaries and employee benefits 2,412 2,274
Net occupancy expenses 450 498
Equipment expenses 455 450
Data processing fees 59 65
Deposit insurance expense 18 19
Printing and office supplies 226 204
Legal and professional fees 171 172
Directors and committee fees 76 74
Insurance expense 39 33
Marketing and advertising expenses 142 133
Other expenses 297 252
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Total noninterest expense 4,345 4,174
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Income before income tax 1,446 1,230
Income tax expense 579 488
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Net income $ 867 $ 742
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Earnings per share:
Basic $ 0.91 $ 0.68
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Diluted $ 0.89 $ 0.67
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended September 30, 2001 and 2000
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
Sept. 30, 2001 Sept. 30, 2000
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Interest income:
Loans $ 2,843 $ 2,703
Investment securities
Taxable 79 111
Tax exempt -- 6
Deposits with financial
institutions and other 36 69
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Total interest income 2,958 2,889
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Interest expense:
Deposits 1,225 1,269
Federal Home Loan Bank advances 238 164
Other 8 10
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Total interest expense 1,471 1,443
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Net interest income 1,487 1,446
Provision for loan losses 42 75
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Net interest income after
provision for loan losses 1,445 1,371
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Noninterest income:
Brokerage commissions 25 52
Insurance sales commissions 273 197
Service charges on deposit accounts 143 141
Loan servicing fees 3 4
Other customer fees 40 39
Net gains on loan sales 29 --
Other income 21 1
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Total noninterest income 534 434
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Noninterest expense:
Salaries and employee benefits 829 762
Net occupancy expenses 147 157
Equipment expenses 149 154
Data processing fees 23 25
Deposit insurance expense 6 6
Printing and office supplies 75 69
Legal and professional fees 51 67
Directors and committee fees 26 25
Insurance expense 13 11
Marketing and advertising expenses 45 46
Other expenses 98 70
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Total noninterest expense 1,462 1,392
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Income before income tax 517 413
Income tax expense 200 166
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Net income $ 317 $ 247
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Earnings per share:
Basic $ 0.35 $ 0.24
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Diluted $ 0.33 $ 0.24
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
Sept. 30, 2001 Sept. 30, 2000
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Total assets $ 167,621 $ 157,588
Total loans, net 141,879 131,035
Loan loss reserve 991 803
Non-performing assets 189 314
Non-performing assets to total assets 0.11% 0.20%
Allowance for loan losses to total assets 0.59% 0.51%
Investment securities 2,255 6,200
Total deposits 124,100 123,878
Checking deposits 28,151 27,187
Money market deposits 11,147 9,953
Passbook savings deposits 14,145 13,777
Certificates of deposit 70,657 72,961
Total stockholders' equity 18,531 20,116
For the Three Months For the Nine Months
Ended September Ended September
2001 2000 2001 2000
(unaudited) (unaudited)
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Net interest margin 3.91% 4.05% 3.89% 4.13%
ROA (annualized) 0.76% 0.63% 0.71% 0.64%
ROE (annualized) 6.56% 4.84% 5.94% 4.72%