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 10, 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 7. Financial Statements and Exhibits
The Registrant incorporates by reference the press release dated October
10, 2003 attached as Exhibit 99.1, relating to the Company's announcement of
unaudited results for the nine months ended September 30, 2003.
Item 12. Results of Operations and Financial Condition
The Registrant incorporates by reference the press release dated October
10, 2003 attached as Exhibit 99.1, relating to the Company's announcement of
unaudited results for the nine months ended September 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 October 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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99.1 News Release Filed herewith
Dated October 10, 2003
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 10, 2003
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS THIRD QUARTER 2003 -- YEAR-TO-DATE $1,312,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq SmallCap/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $1,312,000 for the nine months ended September 30, 2003, a
decrease of $183,000, or 12.2%, from the $1,495,000 reported for the same
period in 2002. Basic earnings per share were $1.71 for the nine month period
ended September 30, 2003, compared to $1.77 for the nine month period ended
September 30, 2002, while fully diluted earnings per share were $1.54 for the
nine months ended September 30, 2003 and $1.63 for the nine months ended
September 30, 2002.
Net interest income was $4,263,000 for the nine months ended September 30,
2003, a decrease of $523,000, or 10.9%, compared to $4,786,000 for the nine
months ended September 30, 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 2003 compared to balances maintained in 2002.
The Company recorded no provision for loan losses for the first nine months of
2003 compared to $140,000 for the nine months ended September 30, 2002.
Management's analyses of the allowance for loan losses during the nine months
ended September 30, 2003 determined that no additional allocation to the
allowance was warranted for the period.
Noninterest income totaled $2,702,000 for the nine months ended September 30,
2003, $435,000, or 19.2%, higher than the $2,267,000 recorded for the nine
months ended September 30, 2002. This increase was mostly due to net gains
from sales of mortgage loans and an increase in insurance sales commissions.
Net gains on the sale of mortgage loans were $647,000 for the nine months
ended September 30, 2003 compared to $404,000 for the nine months ended
September 30, 2002. The Company sold $32.45 million in residential mortgage
loans during the first nine months of 2003 compared to $17.60 million for the
nine months ended September 30, 2002. Insurance sales commissions increased
$131,000 or 11.4%, from $1,148,000 for the nine months ended September 30,
2002 to $1,279,000 for the nine months ended September 30, 2003. This
increase was mainly due to growth in new commercial customers and group life
and health insurance customers.
Noninterest expense was $4,906,000 for the nine months ended September 30,
2003, $410,000, or 9.1% higher than the $4,496,000 reported for the nine month
period ended September 30, 2002. Noninterest expense categories that were
higher in 2003 included salaries and employee benefits, printing and office
supplies, directors' fees, marketing expenses, and amortization of mortgage
servicing rights.
Net income for the third quarter of 2003 was $404,000, $118,000 or 22.6% less
than net income recorded of $522,000 for the third quarter of 2002. Net
interest income for the third quarter of 2003 was $1,322,000 compared to
$1,633,000 for the third quarter of 2002. The Company recorded no provision
for loan losses for the third quarter of 2003, compared to $30,000 for the
quarter ended September 30, 2002. Noninterest income was $848,000 for the
third quarter of 2003 and $776,000 for the third quarter of 2002. Noninterest
expense was $1,604,000 for the third quarter of 2003 and $1,561,000 for the
third quarter of 2002.
Total assets at September 30, 2003 were $163.07 million, compared to $167.25
million at December 31, 2002. Total net loans declined $23.29 million, or
19.0%, mainly due to the sales of residential mortgage loans. Proceeds from
loan sales were mainly invested in short-term interest-bearing time deposits,
which totaled $35.00 million at September 30, 2003.
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-2003-07
Great American Bancorp, Inc.
Consolidated Balance Sheets
September 30, 2003 and December 31, 2002
(in thousands, except share data)
Sept. 30, 2003 Dec. 31, 2002
(Unaudited)
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Assets
Cash and due from banks $ 4,395 $ 4,990
Interest-bearing demand deposits 14,069 27,344
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Cash and cash equivalents 18,464 32,334
Interest-bearing time deposits 35,000 --
Held-to-maturity securities 648 1,262
Mortgage loans held for sale 105 1,658
Loans, net of allowance for loan
losses of $1,187 and $1,188 in 2003
and 2002, respectively 99,046 122,336
Premises and equipment 6,288 6,146
Federal Home Loan Bank stock 1,302 1,227
Interest receivable 501 683
Cash surrender value of life insurance 280 268
Insurance premiums receivable 339 225
Deferred income taxes 98 46
Income taxes receivable 71 --
Mortgage servicing rights 172 192
Other 753 873
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Total assets $ 163,067 $ 167,250
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Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing deposits $ 12,731 $ 12,399
Interest-bearing deposits
Savings, NOW and money market 60,816 57,343
Time 57,013 61,549
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Total deposits 130,560 131,291
Federal Home Loan Bank advances 13,000 15,000
Deferred compensation - directors 649 645
Advances from borrowers for
taxes and insurance 46 265
Accrued postretirement benefit obligation 295 255
Accrued real estate taxes 107 138
Premiums due insurance companies 315 201
Dividends payable 84 90
Income taxes payable -- 55
Interest payable 50 62
Other 344 310
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Total liabilities 145,450 148,312
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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 - 756,232 shares,
2002 - 818,490 shares 21 21
Additional paid-in-capital 20,166 20,166
Retained earnings 20,433 19,374
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40,620 39,561
Treasury stock, at cost
Common: 2003 - 1,296,518 shares,
2002 - 1,234,260 shares (22,939) (20,557)
Unearned incentive plan shares:
2003 - 4,469 shares, 2002 - 4,589 shares (64) (66)
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Total stockholders' equity 17,617 18,938
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Total liabilities and
stockholders' equity $ 163,067 $ 167,250
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Nine Months Ended September 30, 2003 and 2002
(unaudited, in thousands, except share data)
Nine Months Ended Nine Months Ended
Sept. 30, 2003 Sept. 30, 2002
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Interest Income:
Loans $ 6,122 $ 7,812
Held-to-maturity securities 46 85
Deposits with banks and other 368 196
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Total interest income 6,536 8,093
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Interest Expense:
Deposits 1,801 2,638
Federal Home Loan Bank advances 453 647
Other 19 22
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Total interest expense 2,273 3,307
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Net Interest Income 4,263 4,786
Provision for Loan Losses -- 140
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Net Interest Income After
Provision for Loan Losses 4,263 4,646
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Noninterest Income:
Insurance sales commissions 1,279 1,148
Brokerage commissions 68 89
Customer service fees 432 435
Other service charges and fees 177 151
Net gains on loan sales 647 404
Loan servicing fees 94 32
Other 5 8
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Total noninterest income 2,702 2,267
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Noninterest Expense:
Salaries and employee benefits 2,763 2,546
Net occupancy expense 429 433
Equipment expense 383 373
Data processing fees 52 56
Deposit insurance premium 16 17
Printing and office supplies 228 208
Legal and professional fees 178 177
Directors and committee fees 108 82
Insurance expense 54 46
Marketing and advertising expense 184 161
Amortization of mortgage servicing rights 150 16
Other 361 381
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Total noninterest expenses 4,906 4,496
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Income Before Income Taxes 2,059 2,417
Provision for Income Taxes 747 922
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Net income $ 1,312 $ 1,495
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Earnings per share:
Basic $ 1.71 $ 1.77
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Diluted $ 1.54 $ 1.63
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Three Months Ended September 30, 2003 and 2002
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
Sept. 30, 2003 Sept. 30, 2002
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Interest Income:
Loans $ 1,870 $ 2,556
Held-to-maturity securities 12 23
Deposits with banks and other 124 75
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Total interest income 2,006 2,654
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Interest Expense:
Deposits 529 809
Federal Home Loan Bank advances 149 205
Other 6 7
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Total interest expense 684 1,021
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Net Interest Income 1,322 1,633
Provision for Loan Losses -- 30
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Net Interest Income After
Provision for Loan Losses 1,322 1,603
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Noninterest Income:
Insurance sales commissions 478 337
Brokerage commissions 23 21
Customer service fees 155 162
Other service charges and fees 58 57
Net gains on loan sales 95 183
Loan servicing fees 39 15
Other -- 1
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Total noninterest income 848 776
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Noninterest Expense:
Salaries and employee benefits 910 874
Net occupancy expense 146 147
Equipment expense 136 125
Data processing fees 18 19
Deposit insurance premium 5 6
Printing and office supplies 76 68
Legal and professional fees 51 70
Directors and committee fees 35 32
Insurance expense 18 16
Marketing and advertising expense 61 58
Amortization of mortgage servicing rights 38 9
Other 110 137
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Total noninterest expenses 1,604 1,561
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Income Before Income Taxes 566 818
Provision for Income Taxes 162 296
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Net income $ 404 $ 522
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Earnings per share:
Basic $ 0.53 $ 0.63
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Diluted $ 0.48 $ 0.57
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
Sept. 30, 2003 Sept. 30, 2002
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Total assets $ 163,067 $ 167,634
Total loans, net 99,046 130,295
Loan loss reserve 1,187 1,151
Non-performing assets 76 324
Non-performing assets to total assets 0.05% 0.19%
Allowance for loan losses to total assets 0.73% 0.69%
Investment securities 648 1,503
Total deposits 130,560 128,917
Checking deposits 33,835 32,025
Money market deposits 21,089 17,090
Passbook savings deposits 18,623 17,381
Certificates of deposit 57,013 62,421
Federal Home Loan Bank advances 13,000 18,000
Total stockholders' equity 17,617 18,982
Three Months Ended Nine Months Ended
Sept. Sept. Sept. Sept.
2003 2002 2003 2002
(unaudited) (unaudited)
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Net interest margin (annualized) 3.43% 4.29% 3.70% 4.19%
ROA (annualized) 0.96% 1.25% 1.05% 1.20%
ROE (annualized) 9.05% 11.03% 9.81% 10.68%