UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
--------------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
---------------- ----------------
Commission File Number: 0-25808
----------------------------------------
GREAT AMERICAN BANCORP, INC.
----------------------------
Delaware 52-1923366
- - ----------------------------------------------------------------
State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
1311 S. Neil St., P.O. Box 1010, Champaign, IL 61824-1010
- - ---------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(217) 356-2265
- - ---------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
(1) [X] Yes [ ] No
(2) [X] Yes [ ] No
The Registrant had 1,759,976 shares of Common Stock issued and
outstanding as of April 30, 1997. These shares include 105,008
shares held by the Registrant's Employee Stock Ownership Plan
("ESOP") and 62,997 shares held by the Registrant's 1995
Incentive Plan that have not been committed to be released to
participants.
<PAGE>
Table of Contents
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
Consolidated Income Statements
Consolidated Statements of Cash Flows
Item 2. Management's Discussion and Analysis or
Plan of Operation
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security
Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
Great American Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets
As of March 31, 1997 and December 31, 1996
(unaudited, in thousands)
March 31, December 31,
1997 1996
Assets -------- --------
Cash and due from banks $ 4,272 $ 6,361
Interest-bearing demand deposits 21,413 20,049
-------- --------
Cash and cash equivalents 25,685 26,410
Interest-bearing time deposits -- 2,000
Investment securities
Available for sale -- --
Held to maturity 6,296 3,400
-------- --------
Total investment securities 6,296 3,400
Loans 97,181 91,817
Allowance for loan losses (408) (374)
-------- --------
Net loans 96,773 91,443
Premises and equipment 7,237 7,306
Federal Home Loan Bank stock 454 454
Other assets 1,453 1,356
-------- --------
Total assets $ 137,898 $ 132,369
======== ========
Liabilities
Deposits
Noninterest bearing $ 4,618 $ 4,253
Interest bearing 102,746 96,461
-------- --------
Total deposits 107,364 100,714
Other liabilities 1,362 1,193
-------- --------
Total liabilities 108,726 101,907
-------- --------
(Continued)
<PAGE>
Great American Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets (Continued)
As of March 31, 1997 and December 31, 1996
(unaudited, in thousands)
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 -- 1,588,478 and
1,671,691 shares 21 21
Paid-in-capital 19,516 19,486
Retained earnings -- substantially
restricted 15,964 15,938
-------- --------
35,501 35,445
Less:
Treasury stock -- 292,774
and 200,144 shares (4,343) (2,875)
Unearned employee stock ownership
plan shares -- 107,148 and
113,566 shares (1,071) (1,136)
Unearned incentive plan shares --
64,350 and 67,349 shares (915) (972)
-------- --------
Total stockholders' equity 29,172 30,462
-------- --------
Total liabilities and
stockholders' equity $ 137,898 $ 132,369
======== ========
See notes to consolidated financial statements.
Great American Bancorp, Inc. and Subsidiary
Consolidated Income Statements
For the Three Months Ended March 31, 1997 and 1996
(unaudited, in thousands except share data)
1997 1996
-------- --------
Interest income
Loans $ 2,062 $ 1,678
Investment securities
Taxable 82 96
Tax exempt 3 5
Deposits with financial institutions
and other 288 298
-------- --------
Total interest income 2,435 2,077
-------- --------
Interest expense
Deposits 1,052 741
Other 8 7
-------- --------
Total interest expense 1,060 748
-------- --------
Net Interest Income 1,375 1,329
Provision for loan losses 39 50
-------- --------
Net Interest Income After
Provision for Loan Losses 1,336 1,279
-------- --------
Noninterest income
Income from joint venture 5 15
Commissions 8 9
Service charges on deposit accounts 94 87
Other customer fees 34 12
Net gains on loan sales -- 19
Other income 17 23
-------- --------
158 165
-------- --------
(Continued)
<PAGE>
Great American Bancorp, Inc. and Subsidiary
Consolidated Income Statements (Continued)
For the Three Months Ended March 31, 1997 and 1996
(unaudited, in thousands except share data)
Noninterest Expenses
Salaries and employee benefits 615 575
Net occupancy and equipment expenses 191 169
Data processing fees 53 49
Deposit insurance expense 14 51
Legal and professional fees 61 61
Director fees 25 35
Marketing and advertising expenses 42 32
Other expenses 164 166
-------- --------
Total noninterest expense 1,165 1,138
-------- --------
Income Before Income Tax 329 306
Income tax expense 138 134
-------- --------
Net income $ 191 $ 172
======== ========
Per Share Data:
Earnings per share
Assuming no dilution
Net income $ 0.12 $ 0.09
Average number ======== ========
of shares 1,642,221 1,900,366
======== ========
Assuming full dilution:
Net income $ 0.10 $ 0.08
Average number ======== ========
of shares 1,820,405 2,056,260
======== ========
Dividends $ 0.10 $ 0.28
======== ========
See notes to consolidated financial statements.
<PAGE>
Great American Bancorp, Inc. and Subsidiary
Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 1997 and 1996
(unaudited, in thousands)
1997 1996
-------- --------
Operating Activities
Net income $ 191 $ 172
Adjustments to reconcile net
income to net cash provided
by operating activities:
Provision for loan losses 39 50
Depreciation 111 90
Amortization of deferred
loan fees (7) (4)
Deferred income tax (34) --
Investment securities accretion,
net (1) --
Net gain on loan sales -- (19)
Employee stock ownership plan
compensation expense 100 95
Incentive plan expense 52 44
Loans originated for sale -- (2,285)
Proceeds from sales of loans
originated for resale -- 2,304
Net change in
Other assets (97) (329)
Other liabilities 209 25
-------- --------
Net cash provided by
operating activities 563 143
-------- --------
(Continued)
<PAGE>
Great American Bancorp, Inc. and Subsidiary
Consolidated Statements of Cash Flows (Continued)
For the Three Months Ended March 31, 1997 and 1996
(unaudited, in thousands)
Investing Activities
Net change in interest-bearing
time deposits 2,000 --
Purchase of securities held
to maturity (2,995) (1,000)
Proceeds from maturities of
securities held to maturity 100 --
Proceeds from sale of Federal Home
Loan Bank stock -- 29
Net change in loans (5,362) (549)
Purchase of premises and equipment (42) (60)
-------- --------
Net cash used by
investing activities (6,299) (1,580)
-------- --------
Financing Activities
Net change in
Noninterest-bearing, interest-
bearing demand and savings
deposit 1,809 1,675
Certificates of deposit 4,841 2,561
Cash dividends (171) (535)
Purchase of stock for incentive plan -- (1,185)
Purchase of stock under repurchase
programs (1,468) --
-------- --------
Net cash provided by
financing activities 5,011 2,516
-------- --------
Net Change in Cash and Cash Equivalents (725) 1,079
Cash and Cash Equivalents,
Beginning of Period 26,410 25,037
-------- --------
Cash and Cash Equivalents,
End of Period $ 25,685 $ 26,116
======== ========
(Continued)
<PAGE>
Great American Bancorp, Inc. and Subsidiary
Consolidated Statements of Cash Flows (Continued)
For the Three Months Ended March 31, 1997 and 1996
(unaudited, in thousands)
Additional Cash Flows Information
Interest paid $ 1,067 $ 795
======== ========
Income tax paid $ -- $ 251
======== ========
See notes to consolidated financial statements.
<PAGE>
Great American Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
1. Background Information
Great American Bancorp, Inc. (the "Company") was incorporated
on February 23, 1995 and on June 30, 1995 acquired all of the
outstanding shares of common stock of First Federal Savings
Bank of Champaign-Urbana, ("the "Bank") upon the Bank's
conversion from a federally chartered mutual savings bank to a
federally chartered stock savings bank. The Company purchased
100% of the outstanding capital stock of the Bank using 50% of
the net proceeds from the Company's initial stock offering
which was completed on June 30, 1995. The Company sold
2,052,750 shares of common stock in the initial offering at
$10 per share. The Company began trading on the NASDAQ Stock
Market on June 30, 1995 under the symbol "GTPS".
In November, 1995, the Company's Board of Directors voted to
change the Company's fiscal year end from September 30 to
December 31, beginning with December 31, 1995.
2. Statement of Information Furnished
The accompanying unaudited consolidated financial statements
have been prepared in accordance with Form 10-QSB instructions
and Item 310(b) of Regulation S-B, and in the opinion of
management contain all adjustments necessary to present fairly
the financial position as of March 31, 1997 and December 31,
1996, the results of operations for the three months ended
March 31, 1997 and 1996, and the cash flows for the three
months ended March 31, 1997 and 1996. All adjustments to the
financial statements were normal and recurring in nature.
These results have been determined on the basis of generally
accepted accounting principles. The results of operations for
the three months ended March 31, 1997 are not necessarily
indicative of the results to be expected for the entire fiscal
year.
The consolidated financial statements are those of the Company
and the Bank. These consolidated financial statements should
be read in conjunction with the audited financial statements
and notes thereto included in the Company's 1996 Annual Report
to Shareholders.
<PAGE>
PART I -- Item 2.
GREAT AMERICAN BANCORP, INC.
Management's Discussion and Analysis
or Plan of Operation
Great American Bancorp, Inc. (the "Company") is the holding company for
First Federal Savings Bank of Champaign-Urbana (the "Bank"). The Bank
operates a wholly owned subsidiary, Park Avenue Service Corporation
("PASC"). PASC engages in the sale of fixed-rate, tax deferred
annuities and real estate development ventures. In August, 1996, PASC
also began offering full service brokerage activities through Scout
Brokerage Services, Inc., a subsidiary of United Missouri Bank.
Financial Condition
Total assets increased from $132,369,000 at December 31, 1996 to
$137,898,000 at March 31, 1997, an increase of $5,529,000 or 4.2%. This
growth was mainly due to increases in investment securities held to
maturity and net loans offset by decreases in cash and due from banks
and interest-bearing time deposits.
Investment securities held to maturity increased by $2,896,000, from
$3,400,000 at December 31, 1996 to $6,296,000 at March 31, 1997. The
securities purchased were all callable Agency securities with maturities
ranging from one to two years.
Net loans increased by $5,330,000, or 5.8%, from $91,443,000 at December
31, 1996 to $96,773,000 at March 31, 1997. The growth in loans occurred
mainly in one-to four-family, multi-family residential, and commercial
loans. One-to four-family residential loans increased from $51,710,000
at December 31, 1996 to $52,692,000 at March 31, 1997, an increase of
$982,000, or 1.9%. Multi family loans increased from $9,446,000 at
December 31, 1996 to $13,284,000 at March 31, 1997, an increase of
$3,838,000, or 40.6%. The majority of this increase related to one loan
secured by several apartment buildings. Commercial loans increased $242,000 or
2.5% from $9,861,000 at December 31, 1996 to $10,103,000 at March 31,
1997. Security purchases and loan growth were funded by an increase in
deposits and by the reduction in cash and due from banks and
interest-bearing time deposits.
Total deposits increased from $100,714,000 at December 31, 1996 to
$107,364,000 at March 31, 1997, an increase of $6,650,000, or 6.6%. The
increase in total deposits was due to increases in all categories:
demand deposits, NOW accounts, passbook savings accounts, and
certificates of deposit. Demand deposits, NOW accounts, and passbook
savings accounts increased by $1,809,000, or 4.5% from $40,186,000 at
December 31, 1996 to $41,995,000 at March 31, 1997. This increase was
mainly the result of three new deposit products introduced in January,
<PAGE>
1997 and increased marketing efforts to promote these products.
Certificates of deposit increased by $4,841,000, or 8.0% from
$60,529,000 at December 31, 1996 to $65,370,000 at March 31, 1997. The
growth was mainly in certificates of deposits maturing in 18 months to 2
1/2 years.
Total stockholders' equity decreased $1,290,000 from $30,462,000 at
December 31, 1996 to $29,172,000 at March 31, 1997. Book value per
share increased from $18.22 at December 31, 1996 to $18.36 at March 31,
1997. The decrease in stockholders' equity is summarized as follows (in
thousands):
Stockholders' equity, December 31, 1996 $ 30,462
Net income 191
Purchase of treasury stock (1,468)
Dividends declared (165)
Incentive plan shares allocated 52
ESOP shares allocated 100
------
Stockholders' equity, March 31, 1997 $ 29,172
======
On February 28, 1997, the Company completed the repurchase of
5% of the Company's common stock or 92,630 shares at an average
price of $15.84 per share. The repurchased shares will be held
as treasury shares to be used for general corporate purposes.
Results of Operations
Comparison of Three Month Periods Ended March 31, 1997 and 1996
Net income was $191,000 for the three months ended March 31, 1997,
compared to $172,000 for the three months ended March 31, 1996. This
represents a $19,000, or 11.1% increase. Primary earnings per share
were $0.12 for the three months ended March 31, 1997, compared to $0.09
for the three months ended March 31, 1996. Fully diluted earnings per
share were $0.10 in 1997, compared to $0.08 in 1996.
Net income for the three months ended March 31, 1997 was higher due to
an increase in net interest income offset by a decrease in other income
and an increase in other expenses.
Net interest income was $1,375,000 for the quarter ended March 31, 1997
compared to $1,329,000 for the same quarter in 1996, an increase of
$46,000 or 3.5%. Interest income was $2,435,000 for the three months
ended March 31, 1997 compared to $2,077,000 for the same period in 1996,
an increase of $358,000, or 17.2%. Interest income on loans for the
<PAGE>
three months ended March 31, 1997 was $2,062,000, $384,000 or 22.9%,
greater than the $1,678,000 recorded for the same period in 1996.
Interest income on investment securities for the three months ended
March 31, 1997 was $85,000, $16,000, or 15.8%, lower than the $101,000
experienced for the same period in 1996.
The increase in interest income on loans was due to higher average
balances in 1997. Average total loans for the three months ended March
31, 1997 were $96,053,000 compared to $77,602,000 for the same period in
1996, an increase of $18,451,000, or 23.8%. While average balances of
all loan categories increased, the majority of this increase was in
mortgage loans and consumer loans. Total mortgage loans averaged
$77,000,000 for the three months ended March 31, 1997, compared to
$59,857,000 for the three months ended March 31, 1996, an increase of
$17,143,000, or 28.6%. Average total consumer loans were $10,516,000
during the three months ended March 31, 1997, an increase of $880,000,
or 9.1% over the $9,636,000 average balance during the same period in
1996. Average commercial loans increased by $428,000, or 5.3% from
$8,109,000 for the three months ended March 31, 1996 to $8,537,000
during the same period in 1997. The growth in mortgage loans was
primarily in one-to four-family and multi-family residential loans and
was due to increased marketing efforts targeted toward these types of
loans. The increase in consumer loans was due to several consumer loan
promotions held during 1996.
The average yield on loans was 8.59% for the three months ended March
31, 1997 compared to 8.65% for the three months ended March 31, 1996.
The average yields on commercial and consumer loans were slightly lower
in 1997 due to a decline in the prime rate in February, 1996. The
average yield on mortgage loans for 1997 was unchanged from the average
yield on mortgage loans for 1996. The average prime rate was 8.34%
during the three months ended March 31, 1997, compared to 8.26% during
the same period ended March 31, 1997.
While interest income on loans was higher, interest income on investment
securities and deposits with financial institutions and other decreased
by $26,000, or 6.5% from $399,000 for the three months ended March 31,
1996 to $373,000 for the three months ended March 31, 1997. The
decrease was mainly attributable to lower overall average balances due
to the liquidation of $6,000,000 of available for sale securities in
November, 1996. The average balance of investment securities and
deposits with financial institutions and other declined from $29,429,000
for the three months ended March 31, 1996 to $28,260,000 for the three
months ended March 31, 1997, a decrease of $1,169,000, or 4.0%. The
average yield on investment securities and deposits with financial
institutions and other declined from 5.41% for the three months ended
March 31, 1996 to 5.35% for the same period ended in 1997.
Interest expense increased by $312,000, or 41.7% from $748,000 for the
three months ended March 31, 1996 to $1,060,000 for the same period in
1997. The increase was mainly attributable to growth in deposits during
<PAGE>
1996 and in 1997. Average total deposits increased from $83,853,000 in
the first three months of 1996 to $105,713,000 during the same period in
1997, an increase of $21,860,000, or 26.1%. Most of this growth
occurred in higher rate certificates of deposit, mainly certificates
maturing in 18 months to 2 1/2 years. The average rates on deposits were
4.07% and 3.60% for the three months ended March 31, 1997 and 1996,
respectively.
Net interest income as a percent of average interest earning assets was
4.49% for the three months ended March 31, 1997 versus 4.99% for the
same period in 1996. The spread between the yield on interest earning
assets and the rate on interest bearing liabilities was 3.78% and 4.15%
for the three months ended March 31, 1997 and 1996, respectively.
The provision for loan losses was $39,000 for the three months ended
March 31, 1997, compared to $50,000 for the same period in 1996. The
lower provision for 1997 reflects management's decision to decrease the
monthly provision for loan losses as a result of a decrease in
non-performing loans and decreased charge-off activity occurring in the
first three months of 1997. Non-performing loans, which are loans past
due 90 days or more and non accruing loans, totaled $217,000 at March
31, 1997, compared to $548,000 at March 31, 1996. Non-performing loans
at March 31, 1997 were comprised of five residential mortgage borrowers
with balances totaling $94,000, four consumer borrowers with secured
balances totaling $39,000 and unsecured balances totaling $27,000, and
one commercial borrower with a secured balance totaling $57,000. All of
these loans are 90 days or more past due, with $20,000 of the total in
non-accrual status at March 31, 1997. Loans charged-off in 1997 totaled
$5,000, with no recoveries. Total charge-offs in the first three months
of 1996 were $25,000 with no recoveries. The ratios of the Company's
allowance for loan losses to total loans and allowance for loan losses
to nonperforming loans were .42% and 188.02%, respectively, at March 31,
1997, compared to .37% and 53.28%, respectively, at March 31, 1996.
Noninterest income totaled $158,000 for the three months ended March 31,
1997, compared to $165,000 for the same period in 1996. The decrease in
noninterest income was due to loans sold during 1996 which generated net
gains of $19,000. There were no loans sold during 1997. Other customer
fees were $34,000 in 1997 compared to $12,000 in 1996 due to increases
in ATM fees, credit card fees and safety deposit box rentals.
Noninterest expense was $1,165,000 for the three months ended March 31,
1997, compared to $1,138,000 recorded for the three months ended March
31, 1996, an increase of $27,000, or 2.4%. The increase was mainly due
to higher salaries and employee benefits and net occupancy and equipment
expenses, offset by a decrease in deposit insurance expense. Salaries
and employee benefits expense was $40,000, or 7.0% higher in the first
three months ended March 31, 1997 as compared to the same period in
1996, due to normal pay increases and higher compensation expense
recorded for stock based benefit plans implemented in February, 1996.
Net occupancy and equipment expenses were $22,000, or 13.0% higher in
<PAGE>
the first three months of 1997 due to an increase in depreciation
expense mainly related to the purchase of check processing and imaging
equipment in January, 1997. The Bank began to process checks in-house
in January, 1997. Previously, a correspondent bank provided this
service.
Total income taxes increased by $4,000, or 3.0% from $134,000 for the
three months ended March 31, 1997 to $138,000 for the same period in
1996. The increase in income taxes was mainly due to the increased
earnings. The effective tax rates for the three months ended March 31,
1997 and 1996, were 41.95% and 43.79%, respectively.
Liquidity and Capital Resources
The Bank's primary sources of funds are deposits and principal and
interest payments on loans. While maturities and scheduled amortization
of loans are predictable sources of funds, deposit flows and mortgage
prepayments are greatly influenced by general interest rates, economic
conditions, and competition. The Company's initial stock offering,
which was completed on June 30, 1995, contributed substantially to the
Company's overall liquidity levels. The Office of Thrift Supervision
("OTS"), the Company's and the Bank's primary regulator, requires the
Bank to maintain minimum levels of liquid assets. Currently, the
required ratio is 5%. The Bank's liquidity ratios were 25.56% and
18.87% at March 31, 1997 and December 31, 1996, respectively, well above
the required minimum.
A review of the Consolidated Statements of Cash Flows included in the
accompanying financial statements shows that the Company's cash and cash
equivalents ("cash") decreased $725,000 for the three months ended March
31, 1997, compared to an increase of $1,079,000 for the three months
ended March 31, 1996. During the three months ended March 31, 1997,
cash was primarily provided from earnings, matured time deposits, and
increases in demand and savings deposits and certificates of deposit.
During 1997, cash was primarily used to fund loan originations, purchase
securities held to maturity, purchase treasury stock under repurchase
programs, and to pay dividends. During the three months ended March 31,
1996, cash was primarily provided from earnings, proceeds from the sale
of loans, and increases in demand and savings deposits and certificates
of deposit. During the first three months of 1996, cash was primarily
used to fund loan originations, purchase securities held to maturity,
purchase stock for stock based benefit plans, and to pay dividends.
The Bank's primary investment activities during the three months ended
March 31, 1997 was the origination of loans, and the purchase of
securities held to maturity. During the three months ended March 31,
1997 and March 31, 1996, the Bank originated mortgage loans in the
amounts of $15,695,000 and $7,166,000, respectively, commercial loans in
<PAGE>
the amounts of $2,277,000 and $3,145,000, respectively, and consumer
loans in the amounts of $2,588,000 and $2,885,000, respectively.
Approximately $8,800,000 of the total mortgage loans originated was
participated to other financial institutions at the time of origination.
As of March 31, 1997, the Bank had outstanding commitments (including
undisbursed loan proceeds) of $1,242,000. The Bank anticipates it will
have sufficient funds available to meet its current loan origination
commitments. Certificates of deposit which are scheduled to mature in
one year or less from March 31, 1997 totaled $40,697,000. Management
believes a significant portion of such deposits will remain with the
Bank.
The OTS capital regulations require savings institutions to meet three
capital standards: a 1.5% tangible capital standard; a 3% leverage
(core capital) ratio and an 8% risk-based capital standard. The core
capital requirement is effectively 4%, since OTS regulations stipulate
that, effective December 19, 1992, an institution with less than 4% core
capital will be deemed to be "undercapitalized." As of March 31, 1997,
the Bank's capital percentages for tangible capital of 18.59%, core
capital of 18.59%, and risk-based capital of 33.45% significantly exceed
the regulatory requirement for each category.
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings
The Company is involved in various legal actions incident to its
business, none of which is believed by management to be material
to the financial condition of the Company.
Item 2. Changes in Securities
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security
Holders
Not applicable
Item 5. Other Information
Not Applicable
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
3.1 Certificate of Incorporation of Great American
Bancorp, Inc.*
3.2 By-laws of Great American Bancorp, Inc.*
11.0 Computation of earnings per share (filed herewith)
b. Report on Form 8-K
1. On January 17, 1997, the Registrant filed a Current
Report on Form 8-K reporting information under Items
5 and 7, incorporating by reference a press release
dated January 17, 1997 relating to the Registrant's
fiscal year 1996 unaudited results and the
Registrant's annual meeting date.
2. On March 12, 1997, the Registrant filed a Current
Report on Form 8-K reporting information under Items
17 & 22 relating to the Registrant's completion of a
stock repurchase program and the appointment by the
Company's subsidiary First Federal Savings Bank of
three new directors.
_______________
* Incorporated herein by reference into this document from Form
S-1 Registration Statement, as amended, filed on March 24, 1995,
Registration No. 33-90614.
<PAGE>
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 thereunto duly authorized.
Great American Bancorp, Inc.
Dated: May 15, 1997 /s/ George R. Rouse
--------------------- ----------------------------
George R. Rouse
President and
Chief Executive Officer
Dated: May 15, 1997 /s/ Jane F. Adams
--------------------- ----------------------------
Jane F. Adams
Chief Financial Officer,
Secretary and Treasurer
<PAGE>
Exhibit 11.0
Statement Regarding Computation of Earnings Per Share
For the Three Months Ended March 31, 1997 and 1996
(unaudited)
1997 1996
--------- ---------
Assuming no dilution:
Net income (in thousands) $ 191 $ 172
========= =========
Weighted average number
of shares:
Average shares outstanding 1,622,306 1,896,856
Average incremental shares
related to stock options 19,915 3,510
--------- ---------
1,642,221 1,900,366
========= =========
Earnings per share assuming
no dilution $ 0.12 $ 0.09
========= =========
Assuming full dilution:
Net income (in thousands) $ 191 $ 172
========= =========
Weighted average number
of shares:
Average shares issued 2,052,750 2,052,750
Average incremental shares
related to stock options 19,915 3,510
Average treasury shares (252,260) --
--------- ---------
1,820,405 2,056,260
========= =========
Earnings per share assuming
full dilution $ 0.10 $ 0.08
========= =========
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from SEC
Form 10-QSB and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 4,272
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<LONG-TERM> 0
0
0
<COMMON> 21
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</TABLE>
