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) July 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 July 9,
2002 attached as Exhibit 20, relating to the Company's unaudited results for
the period ended June 30, 2002.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated July 9,
2002 attached as Exhibit 20, relating to the Company's unaudited results for
the period ended June 30, 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 July 9, 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 July 9, 2002
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 9, 2002
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS SECOND QUARTER 2002 -- YEAR-TO-DATE $973,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq SmallCap/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $973,000 for the six months ended June 30, 2002, an increase of
$423,000, or 76.9%, above the $550,000 reported for the same period in 2001.
Basic earnings per share were $1.14 for the six months ended June 30, 2002,
compared to $0.57 for the six months ended June 30, 2001. Fully diluted
earnings per share were $1.06 for the six months ended June 30, 2002, compared
to $0.56 for the six months ended June 30, 2001.
Net interest income was $3,153,000 for the six months ended June 30, 2002,
$319,000, or 11.3%, higher than the $2,834,000 reported for the six months
ended June 30, 2001. The provision for loan losses was $110,000 for the six
months ended June 30, 2002 and $72,000 for the same period in 2001.
Noninterest income totaled $1,485,000 for the first six months of 2002,
$435,000, or 41.4%, higher than the $1,050,000 recorded for the six months
ended June 30, 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 $209,000, or 34.7%, from
$602,000 for the first six months of 2001 to $811,000 for the first six months
of 2002. This increase was mainly due to commissions generated from new
customers. Gains on the sale of mortgage loans, net of commissions were
$221,000 for the first six months of 2002. The Company did not sell any loans
in the first half of 2001.
Noninterest expense was $2,929,000 for the first six months of 2002, $46,000
higher than the $2,883,000 reported for the six months ended June 30, 2001.
Net income for the second quarter of 2002 was $469,000, $180,000 or 62.3%
higher than net income recorded of $289,000 for the second quarter of 2001.
Net interest income for the second quarter of 2002 was $1,596,000 compared to
$1,452,000 for the second quarter of 2001. Noninterest income was $705,000
for the second quarter of 2002 and $523,000 for the second quarter of 2001.
Noninterest expense was $1,483,000 for the second quarter of 2002 and
$1,449,000 for the second quarter of 2001.
Total assets at June 30, 2002 were $164.96 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
June 30, 2002 and December 31, 2001
(in thousands, except share data)
June 30, 2002 Dec. 31, 2001
(Unaudited)
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Assets
Cash and due from banks $ 5,584 $ 4,832
Interest-bearing demand deposits 14,343 6,334
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Cash and cash equivalents 19,927 11,166
Held-to-maturity securities 1,687 2,056
Mortgage loans held for sale 186 2,343
Loans, net of allowance for loan
losses of $1,152 and $1,040 in 2002
and 2001, respectively 133,298 143,063
Premises and equipment 6,274 6,362
Federal Home Loan Bank stock 1,197 1,166
Interest receivable 777 789
Cash surrender value of life insurance 259 251
Insurance premiums receivable 238 204
Deferred income taxes 81 81
Income taxes receivable 67 --
Mortgage servicing rights 159 51
Goodwill 485 485
Other 329 328
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Total assets $ 164,964 $ 168,345
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Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing deposits $ 11,044 $ 11,890
Interest-bearing deposits
Savings, NOW and money market 51,237 46,300
Time 63,876 69,350
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Total deposits 126,157 127,540
Federal Home Loan Bank advances 18,000 20,500
Deferred compensation - directors 607 648
Advances from borrowers for
taxes and insurance 278 319
Accrued postretirement benefit obligation 233 211
Accrued real estate taxes 141 136
Premiums due insurance companies 186 101
Dividends payable 93 95
Income taxes payable -- 23
Interest payable 78 91
Other 309 122
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Total liabilities 146,082 149,786
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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 18,625 17,838
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38,812 38,024
Treasury stock, at cost
Common: 2002 - 1,207,260 shares,
2001 - 1,185,583 shares (19,862) (19,393)
Unearned incentive plan shares:
2002 - 4,709 shares, 2001 - 5,010 shares (68) (72)
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Total stockholders' equity 18,882 18,559
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Total liabilities and
stockholders' equity $ 164,964 $ 168,345
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Six Months Ended June 30, 2002 and June 30, 2001
(unaudited, in thousands, except share data)
Period Ended Period Ended
June 30, 2002 June 30, 2001
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Interest Income:
Loans $ 5,256 $ 5,477
Available-for-sale securities -- 97
Held-to-maturity securities 62 88
Deposits with banks and other 121 189
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Total interest income 5,439 5,851
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Interest Expense:
Deposits 1,829 2,558
Federal Home Loan Bank advances 442 441
Other 15 18
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Total interest expense 2,286 3,017
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Net Interest Income 3,153 2,834
Provision for Loan Losses 110 72
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Net Interest Income After
Provision for Loan Losses 3,043 2,762
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Noninterest Income:
Insurance sales commissions 811 602
Brokerage commissions 68 74
Customer service fees 273 274
Other service charges and fees 94 83
Sale of mortgage loans, net of commissions 221 --
Loan servicing fees 11 6
Other 7 11
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Total noninterest income 1,485 1,050
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Noninterest Expense:
Salaries and employee benefits 1,672 1,583
Net occupancy expense 286 303
Equipment expense 248 306
Data processing fees 37 36
Deposit insurance premium 11 12
Printing and office supplies 140 151
Legal and professional fees 107 120
Directors and committee fees 50 50
Insurance expense 30 26
Marketing and advertising expense 103 97
Other 245 199
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Total noninterest expenses 2,929 2,883
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Income Before Income Taxes 1,599 929
Provision for Income Taxes 626 379
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Net income $ 973 $ 550
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Earnings per share:
Basic $ 1.14 $ 0.57
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Diluted $ 1.06 $ 0.56
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Three Months Ended June 30, 2002 and June 30, 2001
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
June 30, 2002 June 30, 2001
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Interest Income:
Loans $ 2,599 $ 2,790
Available-for-sale securities -- 48
Held-to-maturity securities 30 43
Deposits with banks and other 72 72
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Total interest income 2,701 2,953
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Interest Expense:
Deposits 880 1,268
Federal Home Loan Bank advances 217 225
Other 8 8
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Total interest expense 1,105 1,501
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Net Interest Income 1,596 1,452
Provision for Loan Losses 50 36
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Net Interest Income After
Provision for Loan Losses 1,546 1,416
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Noninterest Income:
Insurance sales commissions 349 283
Brokerage commissions 36 38
Customer service fees 148 148
Other service charges and fees 50 41
Sale of mortgage loans, net of commissions 115 --
Loan servicing fees 7 3
Other -- 10
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Total noninterest income 705 523
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Noninterest Expense:
Salaries and employee benefits 837 788
Net occupancy expense 147 148
Equipment expense 122 151
Data processing fees 18 17
Deposit insurance premium 5 6
Printing and office supplies 72 75
Legal and professional fees 59 64
Directors and committee fees 25 25
Insurance expense 16 13
Marketing and advertising expense 57 58
Other 125 104
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Total noninterest expenses 1,483 1,449
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Income Before Income Taxes 768 490
Provision for Income Taxes 299 201
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Net income $ 469 $ 289
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Earnings per share:
Basic $ 0.55 $ 0.30
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Diluted $ 0.51 $ 0.30
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
June 30, 2002 June 30, 2001
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Total assets $ 164,964 $ 164,752
Total loans, net 133,298 140,796
Loan loss reserve 1,152 947
Non-performing assets 190 177
Non-performing assets to total assets 0.12% 0.11%
Allowance for loan losses to total assets 0.70% 0.57%
Investment securities 1,687 4,444
Total deposits 126,157 124,468
Checking deposits 30,377 26,931
Money market deposits 15,375 11,501
Passbook savings deposits 16,529 14,102
Certificates of deposit 63,876 71,934
Federal Home Loan Bank advances 18,000 19,000
Total stockholders' equity 18,882 19,472
Three Months Ended Six Months Ended
June June June June
2002 2001 2002 2001
(unaudited) (unaudited)
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Net interest margin (annualized) 4.15% 3.91% 4.15% 3.87%
ROA (annualized) 1.12% 0.71% 1.17% 0.69%
ROE (annualized) 10.00% 5.95% 10.51% 5.63%