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 9, 2002
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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
9, 2002 attached as Exhibit 20, relating to the Company's unaudited results
for the quarter ended March 31, 2002.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated April
9, 2002 attached as Exhibit 20, relating to the Company's unaudited results
for the quarter ended March 31, 2002.
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, 2002 /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 9, 2002
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 9, 2002
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS FIRST QUARTER 2002 -- $504,000
Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $504,000 for the quarter ended March 31, 2002, an increase of $243,000, or
93.1%, above the $261,000 reported for the same period in 2001. Basic
earnings per share were $0.59 for the quarter ended March 31, 2002, compared
to $0.26 for the quarter ended March 31, 2001, while fully diluted earnings
per share were $0.55 for the quarter ended March 31, 2002, compared to $0.26
for the quarter ended March 31, 2001.
Net interest income was $1,557,000 for the three months ended March 31, 2002,
an increase of $175,000, or 12.7%, compared to $1,382,000 for the first
quarter in 2001. The provision for loan losses was $60,000 for the quarter
ended March 31, 2002 and $36,000 for the quarter ended March 31, 2001.
Noninterest income totaled $780,000 for the first quarter in 2002, $253,000,
or 48.0%, higher than the $527,000 recorded for the three months ended March
31, 2001. This increase was mostly due to commissions generated from GTPS
Insurance Agency and gains from sales of mortgage loans, net of commissions.
Insurance sales commissions increased $143,000, or 44.8%, from $319,000
reported for the first quarter in 2001 to $462,000 for the first quarter in
2002. This increase was mainly due to commissions generated from new
customers. Gains on the sale of mortgage loans, net of commissions were
$106,000 for the first quarter of 2002. The Company did not sell any loans in
the first quarter of 2001.
Noninterest expense was $1,446,000 for the first quarter in 2002, $12,000
higher than the $1,434,000 reported for the quarter ended March 31, 2001.
Total assets at March 31, 2002 were $170.98 million, compared to $168.35
million at December 31, 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.
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 SmallCap Market
System under the symbol "GTPS."
###
GTPS-pr-2002-0
Great American Bancorp, Inc.
Consolidated Balance Sheets
March 31, 2002 and December 31, 2001
(in thousands, except share data)
March 31, 2002 Dec. 31, 2001
(Unaudited)
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Assets
Cash and due from banks $ 6,282 $ 4,832
Interest-bearing demand deposits 14,764 6,334
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Cash and cash equivalents 21,046 11,166
Held-to-maturity securities 1,843 2,056
Mortgage loans held for sale, net
of unrealized loss of $3 in 2002 1,595 2,343
Loans, net of allowance for loan
losses of $1,102 and $1,040 in 2002
and 2001, respectively 136,728 143,063
Premises and equipment 6,299 6,362
Federal Home Loan Bank stock 1,182 1,166
Interest receivable 781 789
Cash surrender value of life insurance 256 251
Insurance premiums receivable 220 204
Deferred income taxes 81 81
Mortgage servicing rights 101 51
Goodwill 485 485
Other 356 328
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Total assets $ 170,973 $ 168,345
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Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing deposits $ 12,075 $ 11,890
Interest-bearing deposits
Savings, NOW and money market 52,152 46,300
Time 66,769 69,350
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Total deposits 130,996 127,540
Federal Home Loan Bank advances 19,000 20,500
Deferred compensation - directors 592 648
Advances from borrowers for
taxes and insurance 511 319
Accrued postretirement benefit obligation 222 211
Accrued real estate taxes 171 136
Premiums due insurance companies 121 101
Dividends payable 94 95
Income taxes payable 250 23
Interest payable 83 91
Other 201 122
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Total liabilities 152,241 149,786
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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
Additional paid-in-capital 20,166 20,165
Retained earnings 18,247 17,838
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38,434 38,024
Treasury stock, at cost
Common: 2002 - 1,197,273 shares,
2001 - 1,185,583 shares (19,633) (19,393)
Unearned incentive plan shares:
2002 - 4,769 shares, 2001 - 5,010 shares (69) (72)
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Total stockholders' equity 18,732 18,559
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Total liabilities and
stockholders' equity $ 170,973 $ 168,345
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Three Months Ended March 31, 2002 and March 31, 2001
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
March 31, 2002 March 31, 2001
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Interest Income:
Loans $ 2,657 $ 2,687
Available-for-sale securities -- 49
Held-to-maturity securities 32 45
Deposits with banks and other 49 117
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Total interest income 2,738 2,898
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Interest Expense:
Deposits 949 1,290
Federal Home Loan Bank advances 225 216
Other 7 10
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Total interest expense 1,181 1,516
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Net Interest Income 1,557 1,382
Provision for Loan Losses 60 36
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Net Interest Income After
Provision for Loan Losses 1,497 1,346
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Noninterest Income:
Insurance sales commissions 462 319
Brokerage commissions 32 36
Customer service fees 125 126
Other service charges and fees 44 42
Sale of mortgage loans, net of commissions 106 --
Loan servicing fees 4 3
Other 7 1
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Total noninterest income 780 527
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Noninterest Expense:
Salaries and employee benefits 835 795
Net occupancy expense 139 155
Equipment expense 126 155
Data processing fees 19 19
Deposit insurance premium 6 6
Printing and office supplies 68 76
Legal and professional fees 48 56
Directors and committee fees 25 25
Insurance expense 14 13
Marketing and advertising expense 46 39
Other 120 95
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Total noninterest expenses 1,446 1,434
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Income Before Income Taxes 831 439
Provision for Income Taxes 327 178
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Net income $ 504 $ 261
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Earnings per share:
Basic $ 0.59 $ 0.26
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Diluted $ 0.55 $ 0.26
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
March 31, 2002 March 31, 2001
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Total assets $ 170,973 $ 165,687
Total loans, net 136,728 133,483
Loan loss reserve 1,102 920
Non-performing assets 340 359
Non-performing assets to total assets 0.20% 0.22%
Allowance for loan losses to total assets 0.64% 0.56%
Investment securities 1,843 5,626
Total deposits 130,996 125,426
Checking deposits 32,591 27,728
Money market deposits 14,921 10,106
Passbook savings deposits 16,715 14,263
Certificates of deposit 66,769 73,329
Federal Home Loan Bank advances 19,000 18,500
Total stockholders' equity 18,732 19,728
Three Months Ended
March, 2002 March, 2001
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Net interest margin (annualized) 4.14% 3.83%
ROA (annualized) 1.22% 0.66%
ROE (annualized) 11.02% 5.31%