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 13, 2004
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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)
Registrant's telephone number, including area code (217) 356-2265
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Item 7. Financial Statements and Exhibits
The Registrant incorporates by reference the press release dated April
13, 2004 attached as Exhibit 99.1, relating to the Company's announcement of
unaudited results for the quarter ended March 31, 2004.
Item 12. Results of Operations and Financial Condition
The Registrant incorporates by reference the press release dated April
13, 2004 attached as Exhibit 99.1, relating to the Company's announcement of
unaudited results for the quarter ended March 31, 2004.
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 13, 2004 /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 April 13, 2004
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 13, 2004
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS FIRST QUARTER 2004 - NET INCOME OF $351,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq SmallCap/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
net income of $351,000 for the quarter ended March 31, 2004, a decrease of
$114,000, or 24.5%, from $465,000 reported for the quarter ended March 31,
2003. Basic earnings per share were $0.47 for the quarter ended March 31,
2004, compared to $0.60 for the quarter ended March 31, 2003, while fully
diluted earnings per share were $0.43 for the three months ended March 31,
2004 and $0.53 for the three months ended March 31, 2003.
Net income declined in 2004 due to lower net interest income and higher
operating expenses, offset by higher fees and commission income, and a
reduction in the provision for income taxes.
Net interest income was $1,313,000 for the three months ended March 31, 2004;
decreasing $178,000, or 11.9%, from $1,491,000 reported for the quarter ended
March 31, 2003. Net interest income declined in 2004 mainly due to lower
interest income from loans, which resulted from a reduction in total loan
balances from 2003 levels and a decrease in average loan yields. Total net
loans averaged $101.79 million during the three months ended March 31, 2004
compared to $119.46 million during the same period in 2003. Total loans
declined mainly as a result of residential mortgage loans sold to the
secondary market during the second and third quarters of 2003. The average
yield on net loans declined from 7.50% for the quarter ended March 31, 2003 to
6.78% for the quarter ended March 31, 2004.
The decline in net interest income due to lower loan interest was partially
offset by a decrease in interest expense on deposits and Federal Home Loan
Bank ("FHLB") advances. Interest expense on deposits declined primarily as a
result of a decrease in total certificates of deposit. Total certificates of
deposit averaged $52.28 million for the quarter ended March 31, 2004, down
from $61.46 million for the quarter ended March 31, 2003. Since the Company
maintained significant levels of cash and short-term investments during 2004,
which was mainly generated from residential loan sales during 2003, the
Company did not actively promote certificates of deposit during the first
quarter of 2004. The Company also maintained lower balances of FHLB advances
during 2004 compared to balances maintained in 2003.
The Company recorded no provision for loan losses for the quarters ended March
31, 2004 and March 31, 2003. Management's analyses of the allowance for loan
losses during both 2004 and 2003 determined that no additional allocation to
the allowance was warranted.
Noninterest income totaled $933,000 for the quarter ended March 31, 2004,
$37,000, or 4.1%, higher than the $896,000 recorded for the quarter ended
March 31, 2003. This increase was mostly due to higher insurance sales
commissions, offset by lower net gains from loan sales. Insurance sales
commissions increased $265,000 or 65.3%, from $406,000 for the quarter ended
March 31, 2003 to $671,000 for the quarter ended March 31, 2004. This
increase was mainly due to growth in new commercial and group life and health
insurance customers and an increase in contingent commissions which are
commissions paid by an insurance company based on the overall profit and/or
volume of business placed with that insurance company. Total net gains on
loan sales totaled $12,000 for the first quarter of 2004 compared to $259,000
for the first quarter of 2003. The Company sold $649,000 in loans during the
first quarter of 2004 compared to $8.91 million in loan sales for the first
quarter of 2003.
Noninterest expense was $1,674,000 for the three months ended March 31, 2004,
$50,000, or 3.1% higher than the $1,624,000 reported for the three months
ended March 31, 2003. Noninterest expense categories that were higher in 2004
included salaries and employee benefits expense and equipment expense.
Income tax expense was $221,000 for the first quarter of 2004 compared to
$298,000 for the first quarter of 2003, declining $77,000, or 25.8%. This
decrease was primarily due to lower pretax earnings.
Total assets at March 31, 2004 were $157.77 million, compared to $159.45
million at December 31, 2003. The decline occurred primarily in cash and cash
equivalents, which decreased from $44.06 million at December 31, 2003 to
$39.04 million at March 31, 2004. Total net loans increased $3.71 million, or
3.7%, from $100.77 million at December 31, 2003 to $104.48 million at March
31, 2004, due mainly to increases in residential mortgage loans. Total
deposits decreased $1.73 million from $126.66 million at December 31, 2003 to
$124.93 million at March 31, 2004.
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 also provides full service brokerage activities through a third-party
broker-dealer and the Bank's subsidiary, Park Avenue Service Corporation, also
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-2004-0
Great American Bancorp, Inc.
Consolidated Balance Sheets
March 31, 2004 and December 31, 2003
(in thousands, except share data)
March 31, 2004 Dec. 31, 2003
(Unaudited)
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Assets
Cash and due from banks $ 4,154 $ 4,388
Interest-bearing demand deposits 7,890 9,674
Federal Home Loan Bank term deposit 27,000 30,000
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Cash and cash equivalents 39,044 44,062
Available-for-sale securities 4,054 4,200
Held-to-maturity securities 458 532
Loans, net of allowance for loan
losses of $1,191 and $1,190 104,476 100,772
Premises and equipment 6,205 6,299
Federal Home Loan Bank stock 1,346 1,324
Other assets 2,187 2,261
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Total assets $ 157,770 $ 159,450
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Liabilities and Stockholders' Equity
Liabilities
Deposits
Demand $ 12,339 $ 13,008
Savings, NOW and money market 61,345 59,945
Time 51,245 53,711
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Total deposits 124,929 126,664
Federal Home Loan Bank advances 13,000 13,000
Other liabilities 2,065 2,150
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Total liabilities 139,994 141,814
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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 -- 2,052,750 shares
Outstanding: 2004 - 757,703 shares,
2003 - 756,003 shares 21 21
Additional paid-in-capital 20,545 20,412
Retained earnings 20,777 20,508
Unearned incentive plan shares (62) (63)
Accumulated other comprehensive income 46 20
Treasury stock, at cost, - 1,295,047 and
2002 - 1,296,747 shares (23,551) (23,262)
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Total stockholders' equity 17,776 17,636
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Total liabilities and
stockholders' equity $ 157,770 $ 159,450
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Great American Bancorp, Inc.
Consolidated Statements of Income
For the Three Months Ended March 31, 2004 and March 31, 2003
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
March 31, 2004 March 31, 2003
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Interest Income:
Loans $ 1,715 $ 2,208
Securities 50 19
Dividends on Federal Home Loan Bank stock 21 15
Deposits with financial institutions
and other 83 87
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Total interest income 1,869 2,329
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Interest Expense:
Deposits 410 677
Federal Home Loan Bank advances 141 154
Other 5 7
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Total interest expense 556 838
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Net Interest Income 1,313 1,491
Provision for Loan Losses -- --
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Net Interest Income After
Provision for Loan Losses 1,313 1,491
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Noninterest Income:
Insurance sales commissions 671 406
Customer service fees 124 126
Other service charges and fees 58 60
Net gains on loan sales 12 259
Loan servicing fees 41 25
Other 27 20
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Total noninterest income 933 896
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Noninterest Expense:
Salaries and employee benefits 1,013 908
Net occupancy expense 138 141
Equipment expense 148 122
Professional fees 62 73
Marketing expense 40 52
Printing and office supplies 72 77
Directors and committee fees 34 37
Amortization of mortgage servicing rights 25 45
Other 142 169
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Total noninterest expense 1,674 1,624
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Income Before Income Taxes 572 763
Provision for Income Taxes 221 298
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Net income $ 351 $ 465
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Basic Earnings per Share $ 0.47 $ 0.60
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Diluted Earnings per Share $ 0.43 $ 0.53
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
March 31, 2004 March 31, 2003
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Total assets $ 157,770 $ 172,060
Total loans, net 104,476 114,376
Loan loss reserve 1,191 1,189
Non-performing assets 38 399
Non-performing assets to total assets 0.02% 0.23%
Allowance for loan losses to total assets 0.75% 0.69%
Investment securities 4,512 1,055
Total deposits 124,929 138,107
Checking deposits 34,725 37,202
Money market deposits 19,075 22,082
Passbook savings deposits 19,884 18,498
Certificates of deposit 51,245 60,325
Federal Home Loan Bank advances 13,000 14,000
Total stockholders' equity 17,776 17,728
Three Months Ended
March, 2004 March, 2003
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Net interest margin (annualized) 3.65% 3.92%
ROA (annualized) 0.89% 1.12%
ROE (annualized) 8.03% 10.38%