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 21, 1997
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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 October
21, 1997 attached as Exhibit 20, relating to the Registrant's unaudited
results for the third quarter of 1997.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated October
21, 1997 attached as Exhibit 20, relating to the Registrant's unaudited
results for the third quarter of 1997.
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 22, 1997 /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 10/21/97
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 21, 1997
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS THIRD QUARTER 1997 -- YEAR-TO-DATE $612,000
Champaign, Illinois - Great American Bancorp, Inc.(NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $612,000 for the nine months ended September 30, 1997, an increase of
$411,000, or 204.5%, above the $201,000 reported for the nine months ended
September 30, 1996. Primary earnings per share were $0.38 in 1997, compared
to $0.11 in 1996, while fully diluted earnings per share were $0.34 in 1997,
compared to $0.10 in 1996.
Earnings for the nine months ended September 30, 1996 include a one-time
charge of $572,000, ($350,000 net of taxes), relating to a special assessment
paid to the Federal Deposit Insurance Corporation ("FDIC"). On September 30,
1996, legislation was enacted to recapitalize the Savings Associations
Insurance Fund ("SAIF"). This legislation provided for a one-time special
assessment on all SAIF insured deposits.
The Company's earnings for the nine months ended September 30, 1997 were
$61,000, or 11.1%, higher than the results for the same period in 1996,
excluding the special SAIF assessment. Primary earnings per share for 1996,
before deducting the special SAIF assessment, were $0.30, while fully diluted
earnings per share were $0.27.
Net interest income was $4,154,000 for the nine months ended September 30,
1997, compared to $4,054,000 for the same period in 1996, an increase of
$100,000 or 2.5%. The provision for loan losses was $117,000 in 1997,
$53,000, or 31.2%, lower than the $170,000 recorded for the nine months ended
September 30, 1996.
Noninterest income of $517,000 for 1997 was $65,000, or 14.4%, higher than the
$452,000 recorded for the nine months ended September 30, 1996. Noninterest
expense totaled $3,509,000 in 1997, $417,000, or 10.6%, lower than the
$3,926,000 reported for the nine months ended September 30, 1996. The special
one-time SAIF assessment of $572,000 is included in noninterest expense for
1996.
Net income totaled $228,000 for the quarter ended September 30, 1997, compared
to a loss of $142,000 for the quarter ended September 30, 1996. Earnings for
the quarter ended September 30, 1996 before deducting the one-time SAIF
assessment were $208,000. Primary earnings per share for the third quarter of
1997 were $0.14 in 1997, compared to a loss of ($0.08) in 1996, while fully
diluted earnings per share were $0.13 in 1997, compared to a loss of ($0.07)
in 1996.
Total assets at September 30, 1997 were $139.6 million, an increase of $7.2
million, or 5.4%, from total assets of $132.4 million at December 31, 1996.
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's deposits are insured by the Federal Deposit Insurance Corporation.
Great American Bancorp, Inc. stock is traded on the NASDAQ National Market
System under the symbol "GTPS."
###
GTPS-pr-97-13
Great American Bancorp, Inc.
Consolidated Balance Sheet
September 30, 1997 and December 31, 1996
(in thousands)
Sept. 30, 1997 Dec. 31, 1996
(Unaudited)
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ASSETS
Cash and due from banks $ 4,934 $ 6,361
Interest-bearing demand deposits 11,101 20,049
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Cash and cash equivalents 16,035 26,410
Interest-bearing time deposits - 2,000
Investment securities:
Available for sale 1,001 --
Held to maturity 3,299 3,400
Loans 110,194 91,817
Allowance for loan losses (468) (374)
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Net loans 109,726 91,443
Premises and equipment 7,164 7,306
Federal Home Loan Bank stock 580 454
Other assets 1,763 1,356
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Total assets $ 139,568 $ 132,369
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 5,267 $ 4,253
Interest bearing 104,311 96,461
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Total deposits 109,578 100,714
Other liabilities 1,483 1,193
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Total liabilities 111,061 101,907
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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 -- 1,545,901 and
1,671,691 shares 21 21
Paid-in-capital 19,598 19,486
Retained earnings --
substantially restricted 16,062 15,938
Net unrealized gain on securities
available for sale 3 --
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35,684 35,445
Less:
Treasury stock -- 355,774 and
200,144 shares (5,436) (2,875)
Unearned employee stock
ownership plan shares (943) (1,136)
Unearned incentive plan shares (798) (972)
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(7,177) (4,983)
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Total stockholders' equity 28,507 30,462
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Total liabilities and
stockholders' equity $ 139,568 $ 132,369
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three and Nine Months Ended September 30, 1997 and 1996
(unaudited, in thousands, except share data)
For the Three Months For the Nine Months
Ended September 30 Ended September 30
1997 1996 1997 1996
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Interest income:
Loans $ 2,261 $ 1,921 $ 6,416 $ 5,341
Investment securities
Taxable 107 142 304 367
Tax exempt 3 4 10 13
Deposits with financial
institutions and other 211 150 777 685
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Total interest income 2,582 2,217 7,507 6,406
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Interest expense:
Deposits 1,155 827 3,329 2,330
Other 8 8 24 22
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Total interest expense 1,163 835 3,353 2,352
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Net interest income 1,419 1,382 4,154 4,054
Provision for loan losses 39 60 117 170
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Net interest income after
provision for loan losses 1,380 1,322 4,037 3,884
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Noninterest income:
Income from joint venture 1 7 12 39
Commissions 10 6 25 17
Service charges on
deposit accounts 120 111 329 296
Other customer fees 36 13 105 39
Net gains on loan sales - - 1 23
Other income 10 11 45 38
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Total noninterest income 177 148 517 452
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Noninterest expense:
Salaries and employee benefits 638 576 1,881 1,724
Net occupancy expenses 119 115 351 341
Equipment expenses 82 60 225 170
Data processing fees 48 42 144 142
Deposit insurance expense 17 622 47 721
Printing and office supplies 64 71 209 192
Legal and professional fees 43 39 163 147
Directors' fees 24 26 76 87
Insurance expense 11 10 30 30
Marketing and
advertising expenses 37 46 127 134
Other expenses 91 56 256 238
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Total noninterest expense 1,174 1,663 3,509 3,926
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Income before income tax 383 (193) 1,045 410
Income tax expense 155 (51) 433 209
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Net income $ 228 $ (142) $ 612 $ 201
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Earnings per share:
Assuming no dilution $ 0.14 $ (0.08) $ 0.38 $ 0.11
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Assuming full dilution $ 0.13 $ (0.07) $ 0.34 $ 0.10
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Great American Bancorp, Inc.
Selected Financial Data
(in thousands, except per share data)
As of As of
Sept 30, 1997 Dec 31, 1996*
(Unaudited)
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Total assets $ 139,568 $ 132,369
Total loans, net 109,726 91,443
Loan loss reserve 468 374
Non-performing assets 369 177
Non-performing assets to total assets 0.26% 0.13%
Allowance for loan losses to total assets 0.34% 0.28%
Investment securities 4,300 3,400
Total deposits 109,578 100,714
Checking deposits 19,127 18,601
Money market deposits 6,746 6,212
Passbook savings deposits 14,790 15,372
Certificates of deposit 68,915 60,529
Total stockholders' equity 28,507 30,462
Book value per share 18.44 18.22
* Selected financial data for December 31, 1996 is from audited financial
statements.
For the Three Months For the Nine Months
Ended September Ended September
1997 1996 1997 1996
(Unaudited) (Unaudited)
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Net interest margin 4.41% 5.00% 4.39% 4.97%
ROA (annualized) 0.66% (0.47%) 0.60% 0.22%
ROE (annualized) 3.16% (1.77%) 2.81% 0.80%