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) January 14, 2003
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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 January
14, 2003 attached as Exhibit 20, relating to the Company's unaudited results
for the fiscal year ended December 31, 2002.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated January
14, 2003 attached as Exhibit 20, relating to the Company's unaudited results
for the fiscal year ended December 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 January 14, 2003 /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 January 14, 2003
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
January 14, 2003
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS FOR 2002 - YEAR-TO-DATE $1,904,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq SmallCap/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $1,904,000 for the year ended December 31, 2002, an increase of
$703,000, or 58.5%, above the $1,201,000 reported for the year ended December
31, 2001. Basic earnings per share were $2.28 for the year ended December 31,
2002, compared to $1.29 for the year ended December 31, 2001. Fully diluted
earnings per share were $2.09 for the year ended December 31, 2002, compared
to $1.25 for the year ended December 31, 2001.
Net interest income was $6,359,000 for the year ended December 31, 2002,
$510,000, or 8.7%, higher than the $5,849,000 reported for the year ended
December 31, 2001. Total interest income declined $1,104,000, or 9.4%, mainly
due to a $923,000 decrease in loan income. Loan income was lower in 2002 due
to a decline in the average balance of total loans and a decrease in the
average yield on loans. The average balance of total net loans decreased from
$138.53 million in 2001 to $134.42 million in 2002. The average yield on net
loans was 7.60% for the twelve months ended December 31, 2002 compared to
8.04% for the twelve months ended December 31, 2001. The yield on net loans
decreased primarily as a result of the decline in general market interest
rates. Investment income was also lower in 2002 mainly due to a decrease in
the balance of investments.
Interest expense decreased $1,614,000, or 27.6%, due mainly to a shift in
deposits from longer-term certificates of deposit to short-term demand
accounts. The rate on deposits also declined from 4.35% for the year ended
December 31, 2001 to 2.93% for the year ended December 31, 2002 due to the
overall decline in market interest rates. Interest expense was also lower in
2002 due to a decrease in the average balance of Federal Home Loan Bank
advances. The average balance of Federal Home Loan Bank advances was $17.90
million in 2002 compared to $19.06 million in 2001.
The provision for loan losses was $170,000 for the twelve months ended
December 31, 2002 and $162,000 for the fiscal year ended December 31, 2001.
Noninterest income totaled $2,979,000 for the year ended December 31, 2002,
$857,000, or 40.4%, higher than the $2,122,000 recorded for fiscal 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 $317,000, or 28.5%, from $1,111,000 for the twelve
months ended December 31, 2001 to $1,428,000 for the twelve months ended
December 31, 2002. Commissions generated from new customers was the primary
reason for this increase. Gains on the sale of residential mortgage loans,
net of commissions, were $647,000 for the year ended December 31, 2002
compared to $127,000 for the year ended December 31, 2001. The Company began
a program to sell residential mortgage loans to the secondary market in July
2001. During the year ended December 31, 2002, the Company sold or entered
into commitments to sell $26.66 million in mortgage loans compared to $7.69
million in the twelve months ended December 31, 2001.
Noninterest expense was $6,075,000 for fiscal 2002, $280,000, or 4.8%, higher
than the $5,795,000 reported for the twelve months ended December 31, 2001,
due primarily to an increase in salaries and employee benefits from 2001 to
2002.
Net income for the fourth quarter of 2002 was $409,000, $75,000 or 22.5%
higher than net income recorded of $334,000 for the fourth quarter of 2001.
Net interest income for the fourth quarter of 2002 was $1,573,000 compared to
$1,528,000 for the fourth quarter of 2001. Noninterest income was $727,000
for the fourth quarter of 2002 and $538,000 for the fourth quarter of 2001.
Noninterest expense was $1,594,000 for the fourth quarter of 2002 and
$1,450,000 for the fourth quarter of 2001.
Total assets at December 31, 2002 were $167.25 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-2003-0
Great American Bancorp, Inc.
Consolidated Balance Sheets
December 31, 2002 and 2001
(in thousands, except share data)
Dec. 31, 2002 Dec. 31, 2001
(Unaudited)
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Assets
Cash and due from banks $ 4,990 $ 4,832
Interest-bearing demand deposits 27,344 6,334
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Cash and cash equivalents 32,334 11,166
Held-to-maturity securities 1,262 2,056
Mortgage loans held for sale 1,658 2,343
Loans, net of allowance for loan
losses of $1,188 and $1,040 in 2002
and 2001, respectively 122,336 143,063
Premises and equipment 6,146 6,362
Federal Home Loan Bank stock 1,227 1,166
Interest receivable 683 789
Cash surrender value of life insurance 268 251
Insurance premiums receivable 225 204
Deferred income taxes 46 81
Mortgage servicing rights 192 51
Other 873 813
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Total assets $ 167,250 $ 168,345
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Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing deposits $ 12,399 $ 11,890
Interest-bearing deposits
Savings, NOW and money market 57,343 46,300
Time 61,549 69,350
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Total deposits 131,291 127,540
Federal Home Loan Bank advances 15,000 20,500
Deferred compensation - directors 645 648
Advances from borrowers for
taxes and insurance 265 319
Accrued postretirement benefit obligation 255 211
Accrued real estate taxes 138 136
Premiums due insurance companies 201 101
Dividends payable 90 95
Income taxes payable 55 23
Interest payable 62 91
Other 310 122
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Total liabilities 148,312 149,786
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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 19,374 17,838
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39,561 38,024
Treasury stock, at cost
Common: 2002 - 1,234,260 shares,
2001 - 1,185,583 shares (20,557) (19,393)
Unearned incentive plan shares:
2002 - 4,589 shares, 2001 - 5,010 shares (66) (72)
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Total stockholders' equity 18,938 18,559
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Total liabilities and
stockholders' equity $ 167,250 $ 168,345
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Years Ended December 31, 2002 and 2001
(in thousands, except share data)
2002 2001
(unaudited)
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Interest Income
Loans $ 10,215 $ 11,138
Available-for-sale securities -- 120
Held-to-maturity securities 108 163
Deposits with banks and other 280 286
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Total interest income 10,603 11,707
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Interest Expense
Deposits 3,403 4,895
Federal Home Loan Bank advances 811 929
Other 30 34
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Total interest expense 4,244 5,858
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Net Interest Income 6,359 5,849
Provision for Loan Losses 170 162
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Net Interest Income After
Provision for Loan Losses 6,189 5,687
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Noninterest Income
Insurance sales commissions 1,428 1,111
Brokerage commissions 99 122
Customer service fees 598 573
Other service charges and fees 212 164
Sale of mortgage loans, net of commissions 647 127
Loan servicing fees (13) 13
Other 8 12
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Total noninterest income 2,979 2,122
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Noninterest Expense
Salaries and employee benefits 3,448 3,248
Net occupancy expense 570 588
Equipment expense 511 603
Data processing fees 72 76
Deposit insurance premium 22 23
Printing and office supplies 283 299
Legal and professional fees 244 212
Directors and committee fees 119 100
Insurance expense 65 55
Marketing and advertising expense 224 188
Other 517 403
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Total noninterest expenses 6,075 5,795
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Income Before Income Taxes 3,093 2,014
Provision for Income Taxes 1,189 813
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Net income $ 1,904 $ 1,201
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Earnings per share:
Basic $ 2.28 $ 1.29
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Diluted $ 2.09 $ 1.25
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Three Months Ended December 31, 2002 and December 31, 2001
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
Dec. 31, 2002 Dec. 31, 2001
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Interest Income
Loans $ 2,403 $ 2,818
Held-to-maturity securities 23 36
Deposits with banks and other 84 44
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Total interest income 2,510 2,898
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Interest Expense
Deposits 765 1,112
Federal Home Loan Bank advances 164 250
Other 8 8
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Total interest expense 937 1,370
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Net Interest Income 1,573 1,528
Provision for Loan Losses 30 48
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Net Interest Income After
Provision for Loan Losses 1,543 1,480
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Noninterest Income
Insurance sales commissions 280 236
Brokerage commissions 10 23
Customer service fees 163 156
Other service charges and fees 61 41
Sale of mortgage loans, net of commissions 243 78
Loan servicing fees (30) 4
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Total noninterest income 727 538
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Noninterest Expense
Salaries and employee benefits 902 836
Net occupancy expense 137 138
Equipment expense 138 148
Data processing fees 16 17
Deposit insurance premium 5 5
Printing and office supplies 75 73
Legal and professional fees 67 41
Directors and committee fees 37 24
Insurance expense 19 16
Marketing and advertising expense 63 46
Other 135 106
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Total noninterest expenses 1,594 1,450
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Income Before Income Taxes 676 568
Provision for Income Taxes 267 234
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Net income $ 409 $ 334
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Earnings per share:
Basic $ 0.50 $ 0.38
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Diluted $ 0.45 $ 0.36
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
Dec. 31, 2002 Dec. 30, 2001
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Total assets $ 167,250 $ 168,345
Total loans, net 122,336 143,063
Loan loss reserve 1,188 1,040
Non-performing assets 184 387
Non-performing assets to total assets 0.11% 0.23%
Allowance for loan losses to total assets 0.71% 0.62%
Investment securities 1,262 2,056
Total deposits 131,291 127,540
Checking deposits 32,787 29,845
Money market deposits 19,507 13,326
Passbook savings deposits 17,448 15,019
Certificates of deposit 61,549 69,350
Federal Home Loan Bank advances 15,000 20,500
Total stockholders' equity 18,938 18,559
Three Months Ended Year Ended
December December December December
2002 2001 2002 2001
(unaudited) (unaudited)
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Net interest margin (annualized) 4.14% 3.97% 4.18% 3.91%
ROA (annualized) 0.99% 0.80% 1.15% 0.73%
ROE (annualized) 8.65% 7.17% 10.17% 6.23%