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 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 9. Regulation FD Disclosure.
The Registrant incorporates by reference the press release dated July 15,
2003 attached as Exhibit 99.1, relating to the Company's announcement of
unaudited results for the six months ended June 30, 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 July 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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99.1 News Release Filed herewith
Dated July 15, 2003
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 15, 2003
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS SECOND QUARTER 2003 -- YEAR-TO-DATE $908,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq SmallCap/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $908,000 for the six months ended June 30, 2003, a decrease of
$65,000, or 6.7%, from the $973,000 reported for the same period in 2002.
Basic earnings per share were $1.18 for the six month period ended June 30,
2003, compared to $1.14 for the six month period ended June 30, 2002, while
fully diluted earnings per share were $1.06 for both the six month period
ended June 30, 2003 and the six month period ended June 30, 2002.
Net interest income was $2,941,000 for the six months ended June 30, 2003, a
decrease of $212,000, or 6.7%, compared to $3,153,000 for the first six months
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 six months of 2003 compared to the first six months of 2002.
The Company recorded no provision for loan losses for the first six months of
2003 compared to $110,000 for the six months ended June 30, 2002. Management's
analyses of the allowance for loan losses during the first six months of 2003
determined that no additional allocation to the allowance was warranted for
the period.
Noninterest income totaled $1,743,000 for the first six months of 2003,
$258,000, or 17.4%, higher than the $1,485,000 recorded for the six months
ended June 30, 2002. This increase was mostly due to net gains from sales of
mortgage loans. Net gains on the sale of mortgage loans were $552,000 for the
first six months of 2003 compared to $221,000 for the first six months of
2002. The Company sold $22.29 million in mortgage loans during the first six
months of 2003 compared to $10.45 million for the six months ended June 30,
2002.
Noninterest expense was $3,191,000 for the first six months of 2003, $262,000,
or 8.9% higher than the $2,929,000 reported for the six month period ended
June 30, 2002. Noninterest expense categories that were higher in 2003
included salaries and employee benefits, legal and professional fees,
directors fees and marketing expenses.
Net income for the second quarter of 2003 was $443,000, $26,000 or 5.5% less
than net income recorded of $469,000 for the second quarter of 2002. Net
interest income for the second quarter of 2003 was $1,450,000 compared to
$1,596,000 for the second quarter of 2002. The Company recorded no provision
for loan losses for the second quarter of 2003, compared to $50,000 for the
quarter ended June 30, 2002. Noninterest income was $892,000 for the second
quarter of 2003 and $705,000 for the second quarter of 2002. Noninterest
expense was $1,612,000 for the second quarter of 2003 and $1,483,000 for the
second quarter of 2002.
Total assets at June 30, 2003 were $168.69 million, compared to $167.25
million at December 31, 2002.
First Federal Savings Bank of Champaign-Urbana is headquartered 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-2003-05
Great American Bancorp, Inc.
Consolidated Balance Sheets
June 30, 2003 and December 31, 2002
(in thousands, except share data)
June 30, 2003 Dec. 31, 2002
(Unaudited)
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Assets
Cash and due from banks $ 6,395 $ 4,990
Interest-bearing demand deposits 43,786 27,344
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Cash and cash equivalents 50,181 32,334
Held-to-maturity securities 836 1,262
Mortgage loans held for sale 1,614 1,658
Loans, net of allowance for loan
losses of $1,187 and $1,188 in 2003
and 2002, respectively 106,072 122,336
Premises and equipment 6,162 6,146
Federal Home Loan Bank stock 1,281 1,227
Interest receivable 578 683
Cash surrender value of life insurance 276 268
Insurance premiums receivable 385 225
Deferred income taxes 46 46
Income taxes receivable 129 --
Mortgage servicing rights 170 192
Other 958 873
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Total assets $ 168,688 $ 167,250
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Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing deposits $ 13,002 $ 12,399
Interest-bearing deposits
Savings, NOW and money market 62,698 57,343
Time 58,847 61,549
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Total deposits 134,547 131,291
Federal Home Loan Bank advances 14,000 15,000
Deferred compensation - directors 636 645
Advances from borrowers for
taxes and insurance 211 265
Accrued postretirement benefit obligation 280 255
Accrued real estate taxes 134 138
Premiums due insurance companies 662 201
Dividends payable 85 90
Income taxes payable -- 55
Interest payable 55 62
Other 286 310
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Total liabilities 150,896 148,312
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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 - 769,732 shares,
2002 - 818,490 shares 21 21
Additional paid-in-capital 20,166 20,166
Retained earnings 20,112 19,374
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40,299 39,561
Treasury stock, at cost
Common: 2003 - 1,283,018 shares,
2002 - 1,234,260 shares (22,443) (20,557)
Unearned incentive plan shares:
2003 - 4,469 shares, 2002 - 4,589 shares (64) (66)
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Total stockholders' equity 17,792 18,938
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Total liabilities and
stockholders' equity $ 168,688 $ 167,250
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Six Months Ended June 30, 2003 and June 30, 2002
(unaudited, in thousands, except share data)
Six Months Ended Six Months Ended
June 30, 2003 June 30, 2002
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Interest Income:
Loans $ 4,252 $ 5,256
Held-to-maturity securities 34 62
Deposits with banks and other 244 121
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Total interest income 4,530 5,439
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Interest Expense:
Deposits 1,272 1,829
Federal Home Loan Bank advances 304 442
Other 13 15
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Total interest expense 1,589 2,286
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Net Interest Income 2,941 3,153
Provision for Loan Losses -- 110
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Net Interest Income After
Provision for Loan Losses 2,941 3,043
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Noninterest Income:
Insurance sales commissions 801 811
Brokerage commissions 45 68
Customer service fees 277 273
Other service charges and fees 119 94
Net gains on loan sales 552 221
Net loan servicing fees (costs) (56) 11
Other 5 7
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Total noninterest income 1,743 1,485
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Noninterest Expense:
Salaries and employee benefits 1,853 1,672
Net occupancy expense 283 286
Equipment expense 247 248
Data processing fees 34 37
Deposit insurance premium 11 11
Printing and office supplies 152 140
Legal and professional fees 127 107
Directors and committee fees 73 50
Insurance expense 36 30
Marketing and advertising expense 123 103
Other 252 245
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Total noninterest expenses 3,191 2,929
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Income Before Income Taxes 1,493 1,599
Provision for Income Taxes 585 626
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Net income $ 908 $ 973
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Earnings per share:
Basic $ 1.18 $ 1.14
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Diluted $ 1.06 $ 1.06
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Three Months Ended June 30, 2003 and June 30, 2002
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
June 30, 2003 June 30, 2002
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Interest Income:
Loans $ 2,044 $ 2,599
Held-to-maturity securities 15 30
Deposits with banks and other 142 72
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Total interest income 2,201 2,701
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Interest Expense:
Deposits 595 880
Federal Home Loan Bank advances 150 217
Other 6 8
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Total interest expense 751 1,105
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Net Interest Income 1,450 1,596
Provision for Loan Losses -- 50
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Net Interest Income After
Provision for Loan Losses 1,450 1,546
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Noninterest Income:
Insurance sales commissions 395 349
Brokerage commissions 29 36
Customer service fees 151 148
Other service charges and fees 59 50
Net gains on loan sales 293 115
Net loan servicing fees (costs) (36) 7
Other 1 --
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Total noninterest income 892 705
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Noninterest Expense:
Salaries and employee benefits 945 837
Net occupancy expense 142 147
Equipment expense 125 122
Data processing fees 17 18
Deposit insurance premium 6 5
Printing and office supplies 75 72
Legal and professional fees 54 59
Directors and committee fees 36 25
Insurance expense 18 16
Marketing and advertising expense 71 57
Other 123 125
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Total noninterest expenses 1,612 1,483
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Income Before Income Taxes 730 768
Provision for Income Taxes 287 299
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Net income $ 443 $ 469
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Earnings per share:
Basic $ 0.58 $ 0.55
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Diluted $ 0.52 $ 0.51
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
June 30, 2003 June 30, 2002
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Total assets $ 168,688 $ 164,964
Total loans, net 106,072 133,298
Loan loss reserve 1,187 1,152
Non-performing assets 7 190
Non-performing assets to total assets 0.00% 0.12%
Allowance for loan losses to total assets 0.70% 0.70%
Investment securities 836 1,687
Total deposits 134,547 126.157
Checking deposits 35,207 30,377
Money market deposits 21,915 15,375
Passbook savings deposits 18,578 16,529
Certificates of deposit 58,847 63,876
Federal Home Loan Bank advances 14,000 18,000
Total stockholders' equity 17,792 18,882
Three Months Ended Six Months Ended
June June June June
2003 2002 2003 2002
(unaudited) (unaudited)
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Net interest margin (annualized) 3.76% 4.15% 3.84% 4.15%
ROA (annualized) 1.05% 1.12% 1.09% 1.17%
ROE (annualized) 10.03% 10.00% 10.20% 10.51%