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 14, 1998
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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
14, 1998 attached as Exhibit 20, relating to the unaudited results for the six
months ended June 30, 1998.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated July
14, 1998 attached as Exhibit 20, relating to the unaudited results for the six
months ended June 30, 1998.
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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 21, 1998 /s/ Jane F. Adams
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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 7/14/98.
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Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 14, 1998
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS SECOND QUARTER 1998 - YEAR-TO-DATE $519,000
Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $519,000 for the six months ended June 30, 1998, an increase of $135,000,
or 35.2%, above the $384,000 reported for the same period in 1997. Basic
earnings per share were $0.35 in 1998, compared to $0.24 in 1997, while fully
diluted earnings per share were $0.33 in 1998, compared to $0.23 in 1997.
Net interest income was $2,942,000 for the six months ended June 30, 1998,
compared to $2,735,000 for the first six months in 1997, an increase of
$207,000 or 7.6%. The provision for loan losses was $78,000 for both the six
months ended June 30, 1998 and the six months ended June 30, 1997.
Noninterest income totaled $619,000 in 1998, $279,000, or 82.1%, higher than
the $340,000 recorded for the six months ended June 30, 1997. Noninterest
expense was $2,554,000 in 1998, $219,000, or 9.4%, higher than the $2,335,000
reported for the six months ended June 30, 1997.
Net income totaled $275,000 for the quarter ended June 30, 1998, compared to
$193,000 for the quarter ended June 30, 1997. Basic earnings per share for
the second quarter of 1998 were $0.19 in 1998, compared to $0.12 in 1997,
while fully diluted earnings per share were $0.18 in 1998, compared to $0.12
in 1997.
Total assets at June 30, 1998 were $148.3 million, an increase of $6.3
million, or 4.4%, from total assets of $142.0 million at December 31, 1997.
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 to customers and sells insurance
products through the GTPS Insurance Agency. 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-98-10
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Great American Bancorp, Inc.
Consolidated Balance Sheet
June 30, 1998 and December 31, 1997
(in thousands)
June 30, 1998 Dec. 31, 1997
(Unaudited)
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ASSETS
Cash and due from banks $ 6,382 $ 5,285
Interest-bearing demand deposits 5,307 12,191
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Cash and cash equivalents 11,689 17,476
Investment securities:
Available for sale 2,000 1,999
Held to maturity 1,200 1,300
Loans 123,530 112,312
Allowance for loan losses (577) (497)
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Net loans 122,953 111,815
Premises and equipment 7,488 7,090
Federal Home Loan Bank stock 698 580
Other assets 2,314 1,713
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Total assets $ 148,342 $ 141,973
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 6,596 $ 5,463
Interest bearing 110,711 106,521
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Total deposits 117,307 111,984
Short-term borrowings 2,000 --
Other liabilities 1,924 1,695
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Total liabilities 121,231 113,679
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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 19,785 19,655
Retained earnings --
substantially restricted 16,372 16,167
Net unrealized gain on securities
available for sale -- 2
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36,178 35,845
Less:
Treasury stock -- 464,372 and
380,773 shares (7,674) (5,925)
Unearned employee stock
ownership plan shares (758) (879)
Unearned incentive plan shares (635) (747)
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(9,067) (7,551)
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Total stockholders' equity 27,111 28,294
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Total liabilities and
stockholders' equity $ 148,342 $ 141,973
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Six Months Ended June 30, 1998 and June 30, 1997
(unaudited, in thousands, except share data)
Six Months Ended Six Months Ended
June 30, 1998 June 30, 1997
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Interest income:
Loans $ 4,927 $ 4,155
Investment securities
Taxable 112 197
Tax exempt 5 7
Deposits with financial
institutions and other 371 566
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Total interest income 5,415 4,925
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Interest expense:
Deposits 2,447 2,174
Other 26 16
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Total interest expense 2,473 2,190
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Net interest income 2,942 2,735
Provision for loan losses 78 78
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Net interest income after
provision for loan losses 2,864 2,657
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Noninterest income:
Income from joint venture -- 11
Brokerage commissions 86 15
Insurance sales commissions 220 --
Service charges on deposit accounts 222 209
Loan servicing fees 13 17
Other customer fees 68 69
Net gains on loan sales -- 1
Other income 10 18
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Total noninterest income 619 340
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Noninterest expense:
Salaries and employee benefits 1,408 1,243
Net occupancy expenses 266 232
Equipment expenses 175 143
Data processing fees 99 96
Deposit insurance expense 34 30
Printing and office supplies 126 145
Legal and professional fees 79 120
Directors and committee fees 52 52
Insurance expense 21 19
Marketing and advertising expenses 95 90
Other expenses 199 165
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Total noninterest expense 2,554 2,335
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Income before income tax 929 662
Income tax expense 410 278
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Net income $ 519 $ 384
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Earnings per share:
Basic $ 0.35 $ 0.24
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Diluted $ 0.33 $ 0.23
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended June 30, 1998 and June 30, 1997
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
June 30, 1998 June 30, 1997
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Interest income:
Loans $ 2,546 $ 2,093
Investment securities
Taxable 56 115
Tax exempt 2 4
Deposits with financial
institutions and other 160 278
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Total interest income 2,764 2,490
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Interest expense:
Deposits 1,241 1,122
Other 18 8
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Total interest expense 1,259 1,130
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Net interest income 1,505 1,360
Provision for loan losses 39 39
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Net interest income after
provision for loan losses 1,466 1,321
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Noninterest income:
Income from joint venture -- 6
Brokerage commissions 49 7
Insurance sales commissions 122 --
Service charges on deposit accounts 116 115
Loan servicing fees 6 8
Other customer fees 34 35
Net gain on loan sales -- 1
Other income 10 10
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Total noninterest income 337 182
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Noninterest expense:
Salaries and employee benefits 720 628
Net occupancy expenses 140 115
Equipment expenses 94 69
Data processing fees 50 43
Deposit insurance expense 17 16
Printing and office supplies 60 60
Legal and professional fees 39 59
Directors and committee fees 26 27
Insurance expense 10 8
Marketing and advertising expenses 59 48
Other expenses 96 97
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Total noninterest expense 1,311 1,170
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Income before income tax 492 333
Income tax expense 217 140
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Net income $ 275 $ 193
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Earnings per share:
Basic $ 0.19 $ 0.12
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Diluted $ 0.18 $ 0.12
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
June 30, 1998 June 30, 1997
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Total assets $ 148,342 $ 136,979
Total loans, net 122,953 100,331
Loan loss reserve 577 446
Non-performing assets 119 317
Non-performing assets to total assets 0.08% 0.23%
Allowance for loan losses to total assets 0.39% 0.33%
Investment securities 3,200 7,296
Total deposits 117,307 106,367
Checking deposits 20,411 18,581
Money market deposits 6,961 6,476
Passbook savings deposits 15,339 14,967
Certificates of deposit 74,596 66,343
Total stockholders' equity 27,111 29,363
For the Three Months For the Six Months
Ended June Ended June
1998 1997 1998 1997
(unaudited) (unaudited)
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Net interest margin 4.47% 4.26% 4.47% 4.38%
ROA (annualized) 0.75% 0.57% 0.72% 0.56%
ROE (annualized) 4.09% 2.64% 3.84% 2.64%
