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 15, 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 April
15, 2003 attached as Exhibit 20, relating to the Company's announcement of
unaudited results for the quarter ended March 31, 2003.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated April
15, 2003 attached as Exhibit 20, relating to the Company's announcement of
unaudited results for the quarter ended March 31, 2003.
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 15, 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 April 15, 2003
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 15, 2003
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS FIRST QUARTER 2003 -- $465,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq SmallCap/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $465,000 for the quarter ended March 31, 2003, a decrease of
$39,000, or 7.7%, from the $504,000 reported for the same period in 2002.
Basic earnings per share were $0.60 for the quarter ended March 31, 2003,
compared to $0.59 for the quarter ended March 31, 2002, while fully diluted
earnings per share were $0.53 for the quarter ended March 31, 2003, compared
to $0.55 for the quarter ended March 31, 2002.
Net interest income was $1,491,000 for the three months ended March 31, 2003,
a decrease of $66,000, or 4.2%, compared to $1,557,000 for the first quarter
in 2002. Net interest income declined mainly as a result of lower interest
income from loans due to a decline in total loans from a year ago and a
reduction in average loan yields. The decline in net interest income from
loans was partially offset by a decrease in interest expense on deposits and
Federal Home Loan Bank ("FHLB") advances. This decline was primarily due to a
shift in deposits from higher-rate certificates of deposit to lower-rate
demand accounts. The Company also maintained lower balances of FHLB advances
during the first quarter of 2003 compared to the first quarter of 2002. The
Company recorded no provision for loan losses for the first quarter of 2003
compared to $60,000 for the quarter ended March 31, 2002. Management's
analyses of the allowance for loan losses during the first quarter of 2003
determined that no additional allocation to the allowance was warranted for
the quarter.
Noninterest income totaled $851,000 for the first quarter in 2003, $71,000, or
9.1%, higher than the $780,000 recorded for the three months ended March 31,
2002. This increase was mostly due to net gains from sales of mortgage loans.
Net gains on the sale of mortgage loans were $259,000 for the first quarter of
2003 compared to $106,000 for the first quarter of 2002. The Company sold or
committed to sale $14.03 million in mortgage loans during the first quarter of
2003 compared to $5.11 million for the quarter ended March 31, 2002.
Noninterest expense was $1,579,000 for the first quarter in 2003, $133,000, or
9.2% higher than the $1,446,000 reported for the quarter ended March 31, 2002.
Noninterest expense categories that were higher in 2003 included salaries and
employee benefits, legal and professional fees, and directors fees.
Total assets at March 31, 2003 were $172.06 million, compared to $167.25
million at December 31, 2002.
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."
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GTPS-pr-2003-0
Great American Bancorp, Inc.
Consolidated Balance Sheets
March 31, 2003 and December 31, 2002
(in thousands, except share data)
March 31, 2003 Dec. 31, 2002
(Unaudited)
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Assets
Cash and due from banks $ 6,854 $ 4,990
Interest-bearing demand deposits 38,195 27,344
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Cash and cash equivalents 45,049 32,334
Held-to-maturity securities 1,055 1,262
Mortgage loans held for sale 1,944 1,658
Loans, net of allowance for loan
losses of $1,189 and $1,188 in 2003
and 2002, respectively 114,376 122,336
Premises and equipment 6,058 6,146
Federal Home Loan Bank stock 1,261 1,227
Interest receivable 587 683
Cash surrender value of life insurance 272 268
Insurance premiums receivable 320 225
Deferred income taxes 46 46
Mortgage servicing rights 182 192
Other 910 873
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Total assets $ 172,060 $ 167,250
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Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing deposits $ 14,166 $ 12,399
Interest-bearing deposits
Savings, NOW and money market 63,616 57,343
Time 60,325 61,549
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Total deposits 138,107 131,291
Federal Home Loan Bank advances 14,000 15,000
Deferred compensation - directors 618 645
Advances from borrowers for
taxes and insurance 410 265
Accrued postretirement benefit obligation 267 255
Accrued real estate taxes 174 138
Premiums due insurance companies 85 201
Dividends payable 86 90
Income taxes payable 183 55
Interest payable 57 62
Other 345 310
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Total liabilities 154,332 148,312
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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 -- 2,052,750 shares
Outstanding: 2003 - 765,790 shares,
2002 - 818,490 shares 21 21
Additional paid-in-capital 20,166 20,166
Retained earnings 19,753 19,374
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39,940 39,561
Treasury stock, at cost
Common: 2003 - 1,286,960 shares,
2002 - 1,234,260 shares (22,147) (20,557)
Unearned incentive plan shares:
2003 - 4,529 shares, 2002 - 4,589 shares (65) (66)
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Total stockholders' equity 17,728 18,938
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Total liabilities and
stockholders' equity $ 172,060 $ 167,250
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Three Months Ended March 31, 2003 and March 31, 2002
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
March 31, 2003 March 31, 2002
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Interest Income:
Loans $ 2,208 $ 2,657
Held-to-maturity securities 19 32
Deposits with banks and other 102 49
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Total interest income 2,329 2,738
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Interest Expense:
Deposits 677 949
Federal Home Loan Bank advances 154 225
Other 7 7
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Total interest expense 838 1,181
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Net Interest Income 1,491 1,557
Provision for Loan Losses -- 60
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Net Interest Income After
Provision for Loan Losses 1,491 1,497
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Noninterest Income:
Insurance sales commissions 406 462
Brokerage commissions 16 32
Customer service fees 126 125
Other service charges and fees 60 44
Net gains on loan sales 259 106
Loan servicing fees (20) 4
Other 4 7
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Total noninterest income 851 780
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Noninterest Expense:
Salaries and employee benefits 908 835
Net occupancy expense 141 139
Equipment expense 122 126
Data processing fees 17 19
Deposit insurance premium 5 6
Printing and office supplies 77 68
Legal and professional fees 73 48
Directors and committee fees 37 25
Insurance expense 18 14
Marketing and advertising expense 52 46
Other 129 120
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Total noninterest expenses 1,579 1,446
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Income Before Income Taxes 763 831
Provision for Income Taxes 298 327
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Net income $ 465 $ 504
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Earnings per share:
Basic $ 0.60 $ 0.59
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Diluted $ 0.53 $ 0.55
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
March 31, 2003 March 31, 2002
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Total assets $ 172,060 $ 170,973
Total loans, net 114,376 136,728
Loan loss reserve 1,189 1,102
Non-performing assets 399 340
Non-performing assets to total assets 0.23% 0.20%
Allowance for loan losses to total assets 0.69% 0.64%
Investment securities 1,055 1,843
Total deposits 138,107 130,996
Checking deposits 37,202 32,591
Money market deposits 22,082 14,921
Passbook savings deposits 18,498 16,715
Certificates of deposit 60,325 66,769
Federal Home Loan Bank advances 14,000 19,000
Total stockholders' equity 17,728 18,732
Three Months Ended
March, 2003 March, 2002
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Net interest margin (annualized) 3.92% 4.14%
ROA (annualized) 1.12% 1.22%
ROE (annualized) 10.38% 11.02%