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 22, 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 releases dated
October 22, 2002 attached as Exhibit 20, relating to the Company's unaudited
results for the period ended September 30, 2002 and the Company's announcement
that its Board of Directors has approved a 5% stock repurchase program.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press releases dated
October 22, 2002 attached as Exhibit 20, relating to the Company's unaudited
results for the period ended September 30, 2002 and the Company's announcement
that its Board of Directors has approved a 5% stock repurchase program.
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 22, 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 Releases Filed herewith
Dated October 22, 2002
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 22, 2002
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS THIRD QUARTER 2002
YEAR-TO-DATE NET INCOME $1,495,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq SmallCap/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $1,495,000 for the nine months ended September 30, 2002, an
increase of $628,000, or 72.4%, above the $867,000 reported for the same
period in 2001. Basic earnings per share were $1.77 for the nine months ended
September 30, 2002, compared to $0.91 for the nine months ended September 30,
2001. Fully diluted earnings per share were $1.63 for the nine months ended
September 30, 2002, compared to $0.89 for the nine months ended September 30,
2001.
Net interest income was $4,786,000 for the nine months ended September 30,
2002, $465,000, or 10.8%, higher than the $4,321,000 reported for the nine
months ended September 30, 2001. Total interest income declined $716,000, or
8.1%, mainly due to a lower average yield on net loans and a decrease in
investment income. The average yield on net loans was 8.13% for the nine
months ended September 30, 2001 compared to 7.63% for the nine months ended
September 30, 2002. The yield on net loans decreased primarily as a result of
the decline in general market interest rates. Investment income was lower in
2002 mainly due to a decrease in the balance of investments.
Interest expense decreased $1,181,000, or 26.3%, due to a shift in deposits
from longer-term certificates of deposit to short-term demand accounts. The
rate on deposits also declined from 4.50% for the nine months ended September
30, 2001 to 3.05% for the same period in 2002 due to the overall decline in
market interest rates.
The provision for loan losses was $140,000 for the nine months ended September
30, 2002 and $114,000 for the same period in 2001.
Noninterest income totaled $2,252,000 for the first nine months of 2002,
$668,000, or 42.2%, higher than the $1,584,000 recorded for the nine months
ended September 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 $273,000, or 31.2%,
from $875,000 for the first nine months of 2001 to $1,148,000 for the first
nine months of 2002. This increase was mainly due to commissions generated
from new customers. Gains on the sale of residential mortgage loans, net of
commissions, were $404,000 for the first nine months of 2002 compared to
$49,000 for the first nine months of 2001. The Company began a program to
sell loans to the secondary market in July 2001. During the first nine months
of 2002, the Company sold or entered into commitments to sell $17.80 million
in mortgage loans compared to $2.65 million in the nine months ended September
30, 2001.
Noninterest expense was $4,481,000 for the first nine months of 2002,
$136,000, or 3.1%, higher than the $4,345,000 reported for the nine months
ended September 30, 2001.
Net income for the third quarter of 2002 was $522,000, $205,000 or 64.7%
higher than net income recorded of $317,000 for the third quarter of 2001.
Net interest income for the third quarter of 2002 was $1,633,000 compared to
$1,487,000 for the third quarter of 2001. Noninterest income was $767,000 for
the third quarter of 2002 and $534,000 for the third quarter of 2001.
Noninterest expense was $1,552,000 for the third quarter of 2002 and
$1,462,000 for the third quarter of 2001.
Total assets at September 30, 2002 were $167.63 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-2002-05
Great American Bancorp, Inc.
Consolidated Balance Sheets
September 30, 2002 and December 31, 2001
(in thousands, except share data)
Sept. 30, 2002 Dec. 31, 2001
(Unaudited)
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Assets
Cash and due from banks $ 6,049 $ 4,832
Interest-bearing demand deposits 18,352 6,334
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Cash and cash equivalents 24,401 11,166
Held-to-maturity securities 1,503 2,056
Mortgage loans held for sale 1,527 2,343
Loans, net of allowance for loan
losses of $1,151 and $1,040 in 2002
and 2001, respectively 130,327 143,063
Premises and equipment 6,230 6,362
Federal Home Loan Bank stock 1,212 1,166
Interest receivable 733 789
Cash surrender value of life insurance 263 251
Insurance premiums receivable 357 204
Deferred income taxes 75 81
Mortgage servicing rights 198 51
Goodwill 485 485
Other 323 328
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Total assets $ 167,634 $ 168,345
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Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing deposits $ 12,509 $ 11,890
Interest-bearing deposits
Savings, NOW and money market 53,987 46,300
Time 62,421 69,350
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Total deposits 128,917 127,540
Federal Home Loan Bank advances 18,000 20,500
Deferred compensation - directors 626 648
Advances from borrowers for
taxes and insurance 75 319
Accrued postretirement benefit obligation 245 211
Accrued real estate taxes 97 136
Premiums due insurance companies 83 101
Dividends payable 91 95
Income taxes payable 33 23
Interest payable 74 91
Other 411 122
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Total liabilities 148,652 149,786
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Commitments and Contingent Liabilities
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 19,055 17,838
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39,242 38,024
Treasury stock, at cost
Common: 2002 - 1,221,160 shares,
2001 - 1,185,583 shares (20,193) (19,393)
Unearned incentive plan shares:
2002 - 4,649 shares, 2001 - 5,010 shares (67) (72)
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Total stockholders' equity 18,982 18,559
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Total liabilities and
stockholders' equity $ 167,634 $ 168,345
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Nine Months Ended September 30, 2002 and September 30, 2001
(unaudited, in thousands, except share data)
Period Ended Period Ended
Sept. 30, 2002 Sept. 30, 2001
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Interest Income:
Loans $ 7,812 $ 8,320
Available-for-sale securities -- 120
Held-to-maturity securities 85 127
Deposits with banks and other 196 242
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Total interest income 8,093 8,809
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Interest Expense:
Deposits 2,638 3,783
Federal Home Loan Bank advances 647 679
Other 22 26
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Total interest expense 3,307 4,488
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Net Interest Income 4,786 4,321
Provision for Loan Losses 140 114
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Net Interest Income After
Provision for Loan Losses 4,646 4,207
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Noninterest Income:
Insurance sales commissions 1,148 875
Brokerage commissions 89 99
Customer service fees 435 417
Other service charges and fees 151 123
Sale of mortgage loans, net of commissions 404 49
Loan servicing fees 17 9
Other 8 12
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Total noninterest income 2,252 1,584
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Noninterest Expense:
Salaries and employee benefits 2,546 2,412
Net occupancy expense 433 450
Equipment expense 373 455
Data processing fees 56 59
Deposit insurance premium 17 18
Printing and office supplies 208 226
Legal and professional fees 177 171
Directors and committee fees 82 76
Insurance expense 46 39
Marketing and advertising expense 161 142
Other 382 297
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Total noninterest expenses 4,481 4,345
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Income Before Income Taxes 2,417 1,446
Provision for Income Taxes 922 579
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Net income $ 1,495 $ 867
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Earnings per share:
Basic $ 1.77 $ 0.91
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Diluted $ 1.63 $ 0.89
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Three Months Ended September 30, 2002 and September 30, 2001
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
Sept. 30, 2002 Sept. 30, 2001
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Interest Income:
Loans $ 2,556 $ 2,843
Available-for-sale securities -- 23
Held-to-maturity securities 23 39
Deposits with banks and other 75 53
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Total interest income 2,654 2,958
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Interest Expense:
Deposits 809 1,225
Federal Home Loan Bank advances 205 238
Other 7 8
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Total interest expense 1,021 1,471
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Net Interest Income 1,633 1,487
Provision for Loan Losses 30 42
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Net Interest Income After
Provision for Loan Losses 1,603 1,445
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Noninterest Income:
Insurance sales commissions 337 273
Brokerage commissions 21 25
Customer service fees 162 143
Other service charges and fees 57 40
Sale of mortgage loans, net of commissions 183 49
Loan servicing fees 6 3
Other 1 1
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Total noninterest income 767 534
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Noninterest Expense:
Salaries and employee benefits 874 829
Net occupancy expense 147 147
Equipment expense 125 149
Data processing fees 19 23
Deposit insurance premium 6 6
Printing and office supplies 68 75
Legal and professional fees 70 51
Directors and committee fees 32 26
Insurance expense 16 13
Marketing and advertising expense 58 45
Other 137 98
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Total noninterest expenses 1,552 1,462
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Income Before Income Taxes 818 517
Provision for Income Taxes 296 200
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Net income $ 522 $ 317
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Earnings per share:
Basic $ 0.63 $ 0.35
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Diluted $ 0.57 $ 0.33
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
Sept. 30, 2002 Sept. 30, 2001
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Total assets $ 167,634 $ 167,621
Total loans, net 130,327 141,879
Loan loss reserve 1,151 991
Non-performing assets 324 189
Non-performing assets to total assets 0.19% 0.11%
Allowance for loan losses to total assets 0.69% 0.59%
Investment securities 1,503 2,255
Total deposits 128,917 124,100
Checking deposits 32,025 28,151
Money market deposits 17,090 11,147
Passbook savings deposits 17,381 14,145
Certificates of deposit 62,421 70,657
Federal Home Loan Bank advances 18,000 23,000
Total stockholders' equity 18,982 18,531
Three Months Ended Nine Months Ended
September September September September
2002 2001 2002 2001
(unaudited) (unaudited)
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Net interest margin (annualized) 4.29% 3.91% 4.19% 3.89%
ROA (annualized) 1.25% 0.76% 1.20% 0.71%
ROE (annualized) 11.03% 6.56% 10.68% 5.94%
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 22, 2002
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
Announces a 5% Stock Repurchase Program
Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ SMALLCAP
MARKET/GTPS), the holding company for First Federal Savings Bank of
Champaign-Urbana, announced that its Board of Directors has authorized an
additional common stock repurchase of up to 41,150 shares. This amount is
equal to five percent of the Company's outstanding shares of 822,990 and is in
addition to 13,754 shares remaining to be purchased under a stock repurchase
program approved in December 2001. Under the program approved in December,
the Company has repurchased 29,604 shares at an average price of $24.00 per
share. Stock to be repurchased will be made in open market transactions,
subject to the availability of stock and market conditions, and will commence
as soon as practicable.
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 SmallCap Market
System under the symbol "GTPS."
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GTPS-pr-2002-06