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 15, 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)
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Item 5. Other Events.
The Registrant incorporates by reference the press release dated April
15, 1997 attached as Exhibits 20, relating to the Registrant's unaudited
results for the first quarter of 1997.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated April
15, 1997 attached as Exhibits 20, relating to the Registrant's unaudited
results for the first quarter of 1997.
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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 23, 1997 /s/ Jane F. Adams
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Jane F. Adams
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit
No. Description Method of Filing
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20 News Release Filed herewith
Dated 4/15/97
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Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 15 , 1997
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS 1ST QUARTER 1997 -- $191,000
Champaign, Illinois, April 15, 1997 - Great American Bancorp, Inc.
(NASDAQ/GTPS). Great American Bancorp, Inc., the holding company for First
Federal Savings Bank of Champaign-Urbana, Champaign, Illinois, reported
earnings of $191,000 for the quarter ended March 31, 1997, an increase of
$19,000, or 11.0%, above the $172,000 reported for the quarter ended March 31,
1996. Primary earnings per share were $0.12 in 1997, compared to $0.09 in
1996, while fully diluted earnings per share were $0.10 in 1997, compared to
$0.08 in 1996.
Net interest income was $1,375,000 for the quarter ended March 31, 1997,
compared to $1,329,000 for the first quarter of 1996, an increase of $46,000,
or 3.5%. The provision for loan losses was $39,000 in 1997, $11,000, or
22.0%, lower than the $50,000 recorded for the first quarter of 1996.
Noninterest income of $158,000 for 1997 was $7,000 less than the $165,000
recorded for the first quarter of 1996. Noninterest expense totaled
$1,165,000 in 1997, $27,000 or 2.4%, higher than the $1,138,000 recorded for
the quarter ended March 31, 1996.
Total assets at March 31, 1997 were $137.9 million, an increase of $17.4
million, or 14.4%, from total assets of $120.5 million at March 31, 1996.
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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-97-07
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Great American Bancorp, Inc.
Consolidated Balance Sheet
March 31, 1997 and March 31, 1996
(unaudited, in thousands)
As of As of
March 31, 1997 March 31, 1996
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ASSETS
Cash and due from banks $ 25,685 $ 26,116
Investment securities:
Available for sale -- 5,841
Held to maturity 6,296 1,400
Loans 97,181 78,204
Allowance for loan losses (408) (292)
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Net loans 96,773 77,912
Premises and equipment 7,237 7,227
Federal Home Loan Bank stock 454 454
Other assets 1,453 1,590
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Total assets $ 137,898 $ 120,540
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 4,618 $ 4,114
Interest bearing 102,746 82,040
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Total deposits 107,364 86,154
Other liabilities 1,362 1,174
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Total liabilities 108,726 87,328
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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 -- 1,588,478 and
1,849,562 shares 21 21
Paid-in-capital 19,516 19,374
Retained earnings --
substantially restricted 15,964 16,356
Net unrealized loss on securities
available for sale -- (94)
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35,501 35,657
Less:
Treasury stock -- 292,774 (4,343) --
Unearned employee stock
ownership plan shares (1,071) (1,339)
Unearned incentive plan shares (915) (1,106)
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(6,329) (2,445)
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Total stockholders' equity 29,172 33,212
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Total liabilities and
stockholders' equity $ 137,898 $ 120,540
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended March 31, 1997 and March 31, 1996
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
March 31, 1997 March 31, 1996
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Interest income:
Loans
Mortgage $ 1,615 $ 1,252
Consumer and other loans 447 426
Investment securities 85 101
Deposits with financial
institutions and other 288 298
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Total interest income 2,435 2,077
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Interest expense:
Deposits 1,052 741
Other 8 7
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Total interest expense 1,060 748
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Net interest income 1,375 1,329
Provision for loan losses 39 50
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Net interest income after
provision for loan losses 1,336 1,279
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Noninterest income:
Income from joint venture 5 15
Commissions 8 9
Service charges on deposit accounts 94 87
Other customer fees 34 16
Net gains on loan sales -- 19
Other income 17 19
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Total noninterest income 158 165
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Noninterest expense:
Salaries and employee benefits 640 610
Net occupancy and equipment expenses 191 169
Data processing fees 53 49
Deposit insurance expense 14 51
Legal and professional fees 61 58
Marketing and advertising expenses 42 32
Other expenses 164 169
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Total noninterest expense 1,165 1,138
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Income before income tax 329 306
Income tax expense 138 134
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Net income $ 191 $ 172
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Earnings per share:
Assuming no dilution $ 0.12 $ 0.09
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Assuming full dilution $ 0.10 $ 0.08
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
March 31, 1997 March 31, 1996
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Total assets $ 137,898 $ 120,540
Total loans, net 96,773 77,912
Loan loss reserve 408 292
Non-performing assets 217 548
Non-performing assets to total assets 0.16% 0.45%
Allowance for loan losses to total assets 0.30% 0.24%
Investment securities 6,296 7,241
Total deposits 107,364 86,154
Checking deposits 19,109 17,832
Money market deposits 7,090 6,804
Passbook savings deposits 15,797 16,892
Certificates of deposit 65,368 44,626
Total stockholders' equity 29,172 33,212
Book value per share 18.36 17.96
Three Months Ended
March, 1997 March, 1996
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Net interest margin 4.48% 4.99%
ROA (annualized) 0.57% 0.58%
ROE (annualized) 2.63% 2.03%
