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) October 20, 1998
-------------------
GREAT AMERICAN BANCORP, INC.
- ----------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 000-25808 52-1923366
- ----------------------------------------------------------------------
(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
- ----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(217) 356-2265
- ----------------------------------------------------------------------
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events.
The Registrant incorporates by reference the press releases dated
October 20, 1998 and October 22,1998 attached as Exhibit 20, relating to
unaudited results for the third quarter of 1998 and the completion of a
common stock repurchase program.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press releases dated
October 20, 1998 and October 22,1998 attached as Exhibit 20, relating to
unaudited results for the third quarter of 1998 and the completion of a
common stock repurchase program.
<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 hereunto duly authorized.
Great American Bancorp, Inc.
----------------------------
(Registrant)
Date October 23, 1998 /s/ Jane F. Adams
--------------------------- ----------------------------
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
---------------------
Exhibit
No. Description Method of Filing
- ----------------------------------------------------------------------
20 News Releases Filed herewith
Dated 10/20/98
Dated 10/22/98
<PAGE>
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 20, 1998
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS THIRD QUARTER 1998
YEAR-TO-DATE EARNINGS OF $779,000
Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $779,000 for the nine months ended September 30, 1998, an increase of
$167,000, or 27.3%, above the $612,000 reported for the same period in 1997.
Basic earnings per share were $0.54 in 1998, compared to $0.38 in 1997, while
fully diluted earnings per share were $0.50 in 1998, compared to $0.37 in
1997.
Net interest income was $4,441,000 for the nine months ended September 30,
1998, compared to $4,154,000 for the first nine months in 1997, an increase of
$287,000 or 6.9%. The provision for loan losses was $117,000 for both the
nine months ended September 30, 1998 and the nine months ended September 30,
1997.
Noninterest income totaled $945,000 in 1998, $428,000, or 82.8%, higher than
the $517,000 recorded for the nine months ended September 30, 1997. This
increase was mostly due to commissions generated from GTPS Insurance Agency,
which was formed in September, 1997 and an increase in brokerage commissions.
Noninterest expense was $3,881,000 in 1998, $372,000, or 10.6%, higher than
the $3,509,000 reported for the nine months ended September 30, 1997.
Net income totaled $260,000 for the quarter ended September 30, 1998, compared
to $228,000 for the quarter ended September 30, 1997. Basic earnings per
share for the third quarter of 1998 were $0.19 in 1998, compared to $0.15 in
1997, while fully diluted earnings per share were $0.18 in 1998, compared to
$0.14 in 1997.
Total assets at September 30, 1998 were $149.1 million, an increase of $7.1
million, or 5.0%, 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 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.
Great American Bancorp, Inc. stock is traded on the NASDAQ National Market
System under the symbol "GTPS."
###
GTPS-pr-98-13
Great American Bancorp, Inc.
Consolidated Balance Sheet
September 30, 1998 and December 31, 1997
(in thousands)
September 30, 1998 Dec. 31, 1997
(Unaudited)
- ------------------------------------------------------------------------------
ASSETS
Cash and due from banks $ 8,086 $ 5,285
Interest-bearing demand deposits 1,539 12,191
--------------------------------
Cash and cash equivalents 9,625 17,476
Investment securities:
Available for sale 2,001 1,999
Held to maturity 1,650 1,300
Loans 125,754 112,312
Allowance for loan losses (590) (497)
--------------------------------
Net loans 125,164 111,815
Premises and equipment 7,597 7,090
Federal Home Loan Bank stock 698 580
Other assets 2,379 1,713
--------------------------------
Total assets $ 149,114 $ 141,973
================================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 10,360 $ 5,463
Interest bearing 109,518 106,521
--------------------------------
Total deposits 119,878 111,984
Short-term borrowings 4,000 --
Other liabilities 1,972 1,695
--------------------------------
Total liabilities 125,850 113,679
--------------------------------
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 19,842 19,655
Retained earnings --
substantially restricted 16,490 16,167
Net unrealized gain on securities
available for sale 1 2
--------------------------------
36,354 35,845
Less:
Treasury stock - 681,991 and
380,773 shares (11,814) (5,925)
Unearned employee stock
ownership plan shares (697) (879)
Unearned incentive plan shares (579) (747)
--------------------------------
(13,090) (7,551)
--------------------------------
Total stockholders' equity 23,264 28,294
--------------------------------
Total liabilities and
stockholders' equity $ 149,114 $ 141,973
================================
Great American Bancorp, Inc.
Consolidated Income Statement
For the Nine Months Ended September 30, 1998 and September 30, 1997
(unaudited, in thousands, except share data)
Nine Months Ended Nine Months Ended
September 30, 1998 September 30, 1997
- ------------------------------------------------------------------------------
Interest income:
Loans $ 7,578 $ 6,416
Investment securities
Taxable 168 304
Tax exempt 11 10
Deposits with financial
institutions and other 464 777
--------------------------------
Total interest income 8,221 7,507
--------------------------------
Interest expense:
Deposits 3,712 3,329
Other 68 24
--------------------------------
Total interest expense 3,780 3,353
--------------------------------
Net interest income 4,441 4,154
Provision for loan losses 117 117
--------------------------------
Net interest income after
provision for loan losses 4,324 4,037
--------------------------------
Noninterest income:
Income from joint venture -- 12
Brokerage commissions 119 25
Insurance sales commissions 353 --
Service charges on deposit accounts 336 329
Loan servicing fees 19 24
Other customer fees 107 105
Net gains on loan sales 1 1
Other income 10 21
--------------------------------
Total noninterest income 945 517
--------------------------------
Noninterest expense:
Salaries and employee benefits 2,157 1,881
Net occupancy expenses 426 351
Equipment expenses 280 225
Data processing fees 118 144
Deposit insurance expense 52 47
Printing and office supplies 187 209
Legal and professional fees 110 163
Directors and committee fees 78 76
Insurance expense 31 30
Marketing and advertising expenses 148 127
Other expenses 294 256
--------------------------------
Total noninterest expense 3,881 3,509
--------------------------------
Income before income tax 1,388 1,045
Income tax expense 609 433
--------------------------------
Net income $ 779 $ 612
================================
Earnings per share:
Basic $ 0.54 $ 0.38
================================
Diluted $ 0.50 $ 0.37
================================
Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended September 30, 1998 and September 30, 1997
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
September 30, 1998 September 30, 1997
- ------------------------------------------------------------------------------
Interest income:
Loans $ 2,651 $ 2,261
Investment securities
Taxable 57 107
Tax exempt 7 3
Deposits with financial
institutions and other 93 211
--------------------------------
Total interest income 2,808 2,582
--------------------------------
Interest expense:
Deposits 1,265 1,155
Other 43 8
--------------------------------
Total interest expense 1,308 1,163
--------------------------------
Net interest income 1,500 1,419
Provision for loan losses 39 39
--------------------------------
Net interest income after
provision for loan losses 1,461 1,380
--------------------------------
Noninterest income:
Income from joint venture -- 1
Brokerage commissions 33 10
Insurance sales commissions 133 --
Service charges on deposit accounts 114 120
Loan servicing fees 6 8
Other customer fees 38 36
Net gain on loan sales 1 --
Other income -- 2
--------------------------------
Total noninterest income 325 177
--------------------------------
Noninterest expense:
Salaries and employee benefits 749 638
Net occupancy expenses 160 119
Equipment expenses 104 82
Data processing fees 19 48
Deposit insurance expense 17 17
Printing and office supplies 61 64
Legal and professional fees 31 43
Directors and committee fees 26 24
Insurance expense 10 11
Marketing and advertising expenses 54 37
Other expenses 96 91
--------------------------------
Total noninterest expense 1,327 1,174
--------------------------------
Income before income tax 459 383
Income tax expense 199 155
--------------------------------
Net income $ 260 $ 228
================================
Earnings per share:
Basic $ 0.19 $ 0.15
================================
Diluted $ 0.18 $ 0.14
================================
Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
September 30, 1998 September 30, 1997
- ------------------------------------------------------------------------------
Total assets $ 149,114 $ 139,568
Total loans, net 125,164 109,726
Loan loss reserve 590 468
Non-performing assets 178 369
Non-performing assets to total assets 0.12% 0.26%
Allowance for loan losses to total assets 0.40% 0.34%
Investment securities 3,651 4,300
Total deposits 119,878 109,578
Checking deposits 23,989 19,127
Money market deposits 7,045 6,746
Passbook savings deposits 14,160 14,790
Certificates of deposit 74,684 68,915
Total stockholders' equity 23,264 28,507
For the Three Months For the Nine Months
Ended September Ended September
1998 1997 1998 1997
(unaudited) (unaudited)
- ------------------------------------------------------------------------------
Net interest margin 4.40% 4.41% 4.45% 4.39%
ROA (annualized) 0.69% 0.66% 0.71% 0.60%
ROE (annualized) 4.01% 3.16% 3.89% 2.81%
<PAGE>
NEWS RELEASE
Great American Bancorp, Inc.
Holding Company for First Federal Savings Bank of Champaign-Urbana
FOR IMMEDIATE RELEASE
October 22, 1998
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
COMPLETES COMMON STOCK REPURCHASE PROGRAM
Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ/GTPS). Great
American Bancorp, Inc., the holding company for First Federal Savings Bank of
Champaign-Urbana, Champaign, Illinois, announced that it has completed the
repurchase of 10% of its outstanding common stock, or 151,076 shares, at an
average price of $17.24 per share. The Company's Board of Directors had
previously authorized the repurchase of up to ten percent of the Company's
1,510,759 outstanding shares.
First Federal Savings Bank of Champaign-Urbana is headquartered 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.
Great American Bancorp, Inc. stock is traded on the NASDAQ National Market
System under the symbol "GTPS".
###
GTPS-pr-98-14
