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, 1999
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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
13, 1999 attached as Exhibit 20, relating to the unaudited results for the
three months ended March 31, 1999.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated April
13, 1999 attached as Exhibit 20, relating to the unaudited results for the
three months ended March 31, 1999.
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, 1999 /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 4/13/99.
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 13, 1999
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS FIRST QUARTER 1999 -- $212,000
Champaign, Illinois - Great American Bancorp, Inc.(NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $212,000 for the quarter ended March 31, 1999, a decrease of $32,000, or
13.1%, below the $244,000 reported for the same period in 1998. Basic
earnings per share were $0.17 in 1999, compared to $0.16 in 1998, while fully
diluted earnings per share were $0.17 in 1999, compared to $0.15 in 1998.
Net interest income was $1,437,000 for the three months ended March 31, 1999,
compared to $1,436,000 for the first quarter in 1998. The provision for loan
losses was $123,000 for the quarter ended March 31, 1999 and $39,000 for the
quarter ended March 31, 1998.
Noninterest income totaled $406,000 in 1999, $123,000, or 43.4%, higher than
the $283,000 recorded for the three months ended March 31, 1998. Noninterest
expense was $1,363,000 in 1999, $120,000, or 9.6%, higher than the $1,243,000
reported for the quarter ended March 31, 1998.
Total assets at March 31, 1999 were $157.0 million, compared to $157.1 million
at December 31, 1998.
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 National Market
System under the symbol "GTPS."
###
GTPS-pr-99-04
Great American Bancorp, Inc.
Consolidated Balance Sheet
March 31, 1999 and December 31, 1998
(in thousands)
March 31, 1999 Dec. 31, 1998
(Unaudited)
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ASSETS
Cash and due from banks $ 6,552 $ 6,429
Interest-bearing demand deposits 15,846 15,386
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Cash and cash equivalents 22,398 21,815
Investment securities:
Available for sale -- 1,001
Held to maturity 977 1,977
Loans 124,106 122,672
Allowance for loan losses (1,048) (925)
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Net loans 123,058 121,747
Premises and equipment 7,483 7,551
Federal Home Loan Bank stock 736 736
Other assets 2,395 2,344
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Total assets $ 157,047 $ 157,171
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 7,867 $ 8,401
Interest bearing 114,817 114,619
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Total deposits 122,684 123,020
Short-term borrowings 2,500 2,000
Long-term debt 7,000 7,000
Other liabilities 2,124 1,999
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Total liabilities 134,308 134,019
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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 and outstanding -- 2,052,750 shares 21 21
Paid-in-capital 19,903 19,877
Retained earnings --
substantially restricted 16,471 16,411
Net unrealized gain on securities
available for sale -- 1
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36,395 36,310
Less:
Treasury stock - 732,867 and
693,067 shares (12,610) (11,999)
Unearned employee stock
ownership plan shares (580) (637)
Unearned incentive plan shares (466) (522)
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(13,656) (13,158)
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Total stockholders' equity 22,739 23,152
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Total liabilities and
stockholders' equity $ 157,047 $ 157,171
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended March 31, 1999 and March 31, 1998
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
March 31, 1999 March 31, 1998
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Interest income:
Loans $ 2,514 $ 2,381
Investment securities
Taxable 38 55
Tax exempt 9 2
Deposits with financial
institutions and other 196 211
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Total interest income 2,757 2,649
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Interest expense:
Deposits 1,205 1,205
Other 115 8
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Total interest expense 1,320 1,213
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Net interest income 1,437 1,436
Provision for loan losses 123 39
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Net interest income after
provision for loan losses 1,314 1,397
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Noninterest income:
Brokerage commissions 25 37
Insurance sales commissions 210 98
Service charges on deposit accounts 131 106
Loan servicing fees 5 7
Other customer fees 35 34
Other income -- 1
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Total noninterest income 406 283
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Noninterest expense:
Salaries and employee benefits 740 688
Net occupancy expenses 149 126
Equipment expenses 108 81
Data processing fees 15 50
Deposit insurance expense 18 17
Printing and office supplies 71 65
Legal and professional fees 90 40
Directors and committee fees 26 26
Insurance expense 12 11
Marketing and advertising expenses 39 36
Other expenses 95 103
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Total noninterest expense 1,363 1,243
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Income before income tax 357 437
Income tax expense 145 193
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Net income $ 212 $ 244
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Earnings per share:
Basic $ 0.17 $ 0.16
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Diluted $ 0.16 $ 0.15
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
March 31, 1999 March 31, 1998
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Total assets $ 157,047 $ 146,234
Total loans, net 123,058 111,610
Loan loss reserve 1,048 537
Non-performing assets 1,472 136
Non-performing assets to total assets 0.94% 0.09%
Allowance for loan losses to total assets 0.67% 0.37%
Investment securities 977 3,201
Total deposits 122,685 117,518
Checking deposits 22,550 21,881
Money market deposits 8,458 7,848
Passbook savings deposits 15,442 15,589
Certificates of deposit 75,408 72,200
Total stockholders' equity 23,739 26,807
Three Months Ended
March, 1999 March, 1998
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Net interest margin (annualized) 4.09% 4.47%
ROA (annualized) 0.55% 0.69%
ROE (annualized) 3.67% 3.59%