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) July 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 July
15, 1997 attached as Exhibit 20, relating to the Registrant's unaudited
results for the second quarter of 1997.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated July
15, 1997 attached as Exhibit 20, relating to the Registrant's unaudited
results for the second 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 July 17, 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 7/15/97
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Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 15, 1997
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS 2ND QUARTER 1997 -- YEAR-TO-DATE $384,000
Champaign, Illinois - Great American Bancorp, Inc.(NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $384,000 for the six months ended June 30, 1997, an increase of $41,000, or
12.0%, above the $343,000 reported for the six months ended June 30, 1996.
Primary earnings per share were $0.24 in 1997, compared to $0.18 in 1996,
while fully diluted earnings per share were $0.21 in 1997, compared to $0.17
in 1996.
Net interest income was $2,735,000 for the six months ended June 30, 1997,
compared to $2,672,000 for the same period in 1996, an increase of $63,000,
or 2.4%. The provision for loan losses was $78,000 in 1997, $32,000, or
29.1%, lower than the $110,000 recorded for the six months ended June 30,
1996.
Noninterest income of $340,000 for 1997 was $36,000, or 11.8% higher than the
$304,000 recorded for the first six months of 1996. Noninterest expense
totaled $2,335,000 in 1997, $72,000, or 3.2%, higher than the $2,263,000
reported for the six months ended June 30, 1996.
Net income totaled $193,000 for the quarter ended June 30, 1997, which was
$22,000, or 12.9%, higher than net income for the quarter ended June 30, 1996
of $171,000. Primary earnings per share for the quarter were $0.12 in 1997,
compared to $0.09 in 1996, while fully diluted earnings per share were $0.11
in 1997, compared to $0.08 in 1996.
Total assets at June 30, 1997 were $136.9 million, an increase of $4.5
million, or 3.4%, from total assets of $132.4 million at December 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-97-10
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Great American Bancorp, Inc.
Consolidated Balance Sheet
June 30, 1997 and December 31, 1996
(in thousands)
June 30, 1997 Dec. 31, 1996
(Unaudited)
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ASSETS
Cash and due from banks $ 4,715 $ 6,361
Interest-bearing demand deposits 12,439 20,049
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Cash and cash equivalents 17,154 26,410
Interest-bearing time deposits 3,000 2,000
Investment securities:
Available for sale 999 --
Held to maturity 6,297 3,400
Loans 100,777 91,817
Allowance for loan losses (446) (374)
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Net loans 100,331 91,443
Premises and equipment 7,217 7,306
Federal Home Loan Bank stock 580 454
Other assets 1,399 1,356
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Total assets $ 136,977 $ 132,369
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 4,637 $ 4,253
Interest bearing 101,730 96,461
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Total deposits 106,367 100,714
Other liabilities 1,247 1,193
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Total liabilities 107,614 101,907
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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 -- 1,598,956 and
1,671,691 shares 21 21
Paid-in-capital 19,553 19,486
Retained earnings --
substantially restricted 15,992 15,938
Net unrealized gain on securities
available for sale 3 --
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35,569 35,445
Less:
Treasury stock -- 292,774 and
200,144 shares (4,343) (2,875)
Unearned employee stock
ownership plan shares (1,007) (1,136)
Unearned incentive plan shares (856) (972)
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(6,206) (4,983)
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Total stockholders' equity 29,363 30,462
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Total liabilities and
stockholders' equity $ 136,977 $ 132,369
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three and Six Months Ended June 30, 1997 and 1996
(unaudited, in thousands, except share data)
For the Three Months For the Six Months
Ended June 30 Ended June 30
1997 1996 1997 1996
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Interest income:
Loans $ 2,093 $ 1,742 $ 4,155 $ 3,420
Investment securities
Taxable 115 129 197 225
Tax exempt 4 4 7 9
Deposits with financial
institutions and other 278 237 566 535
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Total interest income 2,490 2,112 4,925 4,189
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Interest expense:
Deposits 1,122 762 2,174 1,503
Other 8 7 16 14
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Total interest expense 1,130 769 2,190 1,517
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Net interest income 1,360 1,343 2,735 2,672
Provision for loan losses 39 60 78 110
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Net interest income after
provision for loan losses 1,321 1,283 2,657 2,562
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Noninterest income:
Income from joint venture 6 17 11 32
Commissions 7 2 15 11
Service charges on
deposit accounts 115 98 209 185
Other customer fees 35 14 69 26
Net gains on loan sales 1 4 1 23
Other income 18 4 35 27
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Total noninterest income 182 139 340 304
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Noninterest expense:
Salaries and employee benefits 628 573 1,243 1,148
Net occupancy expenses 115 110 232 226
Equipment expenses 69 57 143 110
Data processing fees 43 51 96 100
Deposit insurance expense 16 48 30 99
Printing and office supplies 60 51 145 121
Legal and professional fees 59 47 120 108
Directors' fees 27 26 52 61
Insurance expense 8 11 19 20
Marketing and
advertising expenses 48 56 90 88
Other expenses 97 95 165 182
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Total noninterest expense 1,170 1,125 2,335 2,263
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Income before income tax 333 297 662 603
Income tax expense 140 126 278 260
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Net income $ 193 $ 171 $ 384 $ 343
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Earnings per share:
Assuming no dilution $ 0.12 $ 0.09 $ 0.24 $ 0.18
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Assuming full dilution $ 0.11 $ 0.08 $ 0.21 $ 0.17
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Great American Bancorp, Inc.
Selected Financial Data
(in thousands, except per share data)
As of As of
June 30, 1997 Dec 31, 1996*
(Unaudited)
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Total assets $ 136,977 $ 132,369
Total loans, net 100,331 91,443
Loan loss reserve 446 374
Non-performing assets 317 177
Non-performing assets to total assets 0.23% 0.13%
Allowance for loan losses to total assets 0.33% 0.28%
Investment securities 7,296 3,400
Total deposits 106,367 100,714
Checking deposits 18,581 18,601
Money market deposits 6,476 6,212
Passbook savings deposits 14,967 15,372
Certificates of deposit 66,343 60,529
Total stockholders' equity 29,363 30,462
Book value per share 18.36 18.22
* Selected financial data for December 31, 1996 is from audited financial
statements.
For the Three Months For the Six Months
Ended June Ended June
1997 1996 1997 1996
(Unaudited) (Unaudited)
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Net interest margin 4.26% 4.94% 4.38% 4.98%
ROA (annualized) 0.57% 0.57% 0.56% 0.58%
ROE (annualized) 2.64% 2.06% 2.64% 2.05%
