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) January 13, 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 releases dated January
13, 1998, January 14, 1998 and January 16, 1998 attached as Exhibit 20,
relating to the Registrant's adoption of a stock repurchase program,
preliminary unaudited results for fiscal year 1997, and the establishment of a
meeting date for the Annual Meeting of Stockholders.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press releases dated January
13, 1998, January 14, 1998 and January 16, 1998 attached as Exhibit 20,
relating to the Registrant's adoption of a stock repurchase program,
preliminary unaudited results for fiscal year 1997, and the establishment of a
meeting date for the Annual Meeting of Stockholders.
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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 January 16, 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 Releases Filed herewith
Dated 1/13/98,
1/14/98 and
1/16/98
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Exhibit 20
NEWS RELEASE
Great American Bancorp, Inc.
Holding Company for First Federal Savings Bank of Champaign-Urbana
FOR IMMEDIATE RELEASE
January 13, 1998
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC. TO REPURCHASE COMMON STOCK
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, has announced that it has received
regulatory clearance to purchase up to 5% or 83,599 shares of its outstanding
common stock.
The Board of Directors of the Company previously authorized, subject to
regulatory clearance, the repurchase of up to five percent of the Company's
1,671,977 outstanding shares. Stock repurchased under the repurchase program
will be made in open market transactions, subject to the availability of
stock, and will commence as soon as practicable after the release of the
Company's earnings for the year ended 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's deposits are insured by the Federal Deposit Insurance Corporation.
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GTPS-pr-98-01
<PAGE>
NEWS RELEASE
FOR IMMEDIATE RELEASE
January 14, 1998
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
PRELIMINARY UNAUDITED RESULTS 1997 -- NET INCOME $873,000
Champaign, Illinois - Great American Bancorp, Inc.(NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $873,000 for the year ended December 31, 1997, an increase of $576,000, or
193.9%, above the $297,000 reported for the twelve months ended December 31,
1996. Earnings per common share were $0.55 in 1997, compared to $0.17 in
1996, while earnings per common share - assuming dilution were $0.49 in 1997,
compared to $0.15 in 1996.
Earnings for the twelve months ended December 31, 1996 include a one-time
charge of $572,000, ($350,000 net of taxes), relating to a special assessment
paid to the Federal Deposit Insurance Corporation ("FDIC"). On September 30,
1996, legislation was enacted to recapitalize the Savings Associations
Insurance Fund ("SAIF"). This legislation provided for a one-time special
assessment on all SAIF insured deposits.
The Company's earnings for the year ended December 31, 1997 were $226,000, or
34.9%, higher than the results for the same period in 1996, excluding the
special SAIF assessment. Earnings per common share for 1996, before deducting
the special SAIF assessment, were $0.36, while earnings per common share -
assuming dilution were $0.32.
Net interest income was $5,604,000 for the year ended December 31, 1997,
compared to $5,412,000 for the same period in 1996, an increase of $192,000 or
3.5%. The provision for loan losses was $156,000 in 1997, $124,000, or 44.3%,
lower than the $280,000 recorded in 1996.
Noninterest income of $783,000 for 1997 was $268,000, or 52.0%, higher than
the $515,000 recorded for the twelve months ended December 31, 1996. Total
noninterest income for 1996 included a loss on the sale of securities of
$127,000. Noninterest expense totaled $4,707,000 in 1997, $360,000, or 7.1%,
lower than the $5,067,000 reported for the twelve months ended December 31,
1996. The special one-time SAIF assessment of $572,000 is included in
noninterest expense for 1996.
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Net income totaled $261,000 for the quarter ended December 31, 1997, compared
to $96,000 for the quarter ended December 31, 1996. Net income for the fourth
quarter of 1996 included the loss on sale of securities of $127,000 ($78,000
net of taxes). Earnings per common share for the fourth quarter of 1997 were
$0.17 in 1997, compared to $0.06 in 1996, while earnings per common share -
assuming dilution were $0.15 in 1997, compared to $0.05 in 1996.
Total assets at December 31, 1997 were $142.0 million, an increase of $9.6
million, or 7.3%, from total assets of $132.4 million at December 31, 1996.
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."
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GTPS-pr-98-02
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Great American Bancorp, Inc.
Consolidated Balance Sheet
December 31, 1997 and 1996
(in thousands)
Dec. 31, 1997 Dec. 31, 1996
(Unaudited)
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ASSETS
Cash and due from banks $ 5,285 $ 6,361
Interest-bearing demand deposits 12,191 20,049
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Cash and cash equivalents 17,476 26,410
Interest-bearing time deposits - 2,000
Investment securities:
Available for sale 1,999 --
Held to maturity 1,300 3,400
Loans 112,312 91,817
Allowance for loan losses (497) (374)
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Net loans 111,815 91,443
Premises and equipment 7,090 7,306
Federal Home Loan Bank stock 580 454
Other assets 1,716 1,356
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Total assets $ 141,976 $ 132,369
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 5,463 $ 4,253
Interest bearing 106,521 96,461
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Total deposits 111,984 100,714
Other liabilities 1,698 1,193
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Total liabilities 113,682 101,907
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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 -- 1,532,282 and
1,671,691 shares 21 21
Paid-in-capital 19,655 19,486
Retained earnings --
substantially restricted 16,167 15,938
Net unrealized gain on securities
available for sale 2 --
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35,845 35,445
Less:
Treasury stock -- 380,773 and
200,144 shares (5,925) (2,875)
Unearned employee stock
ownership plan shares (879) (1,136)
Unearned incentive plan shares (747) (972)
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(7,551) (4,983)
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Total stockholders' equity 28,294 30,462
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Total liabilities and
stockholders' equity $ 141,976 $ 132,369
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three and Twelve Months Ended December 31, 1997 and 1996
(unaudited, in thousands, except share data)
For the Three Months For the Twelve Months
Ended December 31 Ended December 31
1997 1996 1997 1996
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Interest income:
Loans $ 2,395 $ 1,986 $ 8,811 $ 7,327
Investment securities
Taxable 66 101 370 468
Tax exempt 4 5 14 18
Deposits with financial
institutions and other 183 216 960 902
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Total interest income 2,648 2,308 10,155 8,715
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Interest expense:
Deposits 1,189 943 4,518 3,273
Other 9 7 33 30
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Total interest expense 1,198 950 4,551 3,303
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Net interest income 1,450 1,358 5,604 5,412
Provision for loan losses 39 110 156 280
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Net interest income after
provision for loan losses 1,411 1,248 5,448 5,132
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Noninterest income:
Income from joint venture 21 8 33 47
Commissions:
Brokerage activity 36 12 61 29
Insurance sales 41 -- 41 --
Service charges on deposits 122 107 451 403
Other customer fees 37 28 142 67
Net gains on loan sales - 1 1 24
Net loss from security sales - (127) - (127)
Other income 9 34 54 72
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Total noninterest income 266 63 783 515
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Noninterest expense:
Salaries and employee benefits 650 556 2,531 2,280
Net occupancy expenses 113 111 464 453
Equipment expenses 80 82 305 251
Data processing fees 49 47 193 189
Deposit insurance expense 17 39 64 760
Printing and office supplies 66 50 275 242
Legal and professional fees 40 50 203 197
Directors' fees 24 26 100 113
Insurance expense 11 11 41 41
Marketing expenses 38 44 165 178
Other expenses 110 125 366 363
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Total noninterest expense 1,198 1,141 4,707 5,067
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Income before income tax 479 170 1,524 580
Income tax expense 218 74 651 283
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Net income $ 261 $ 96 $ 873 $ 297
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Earnings per common share $ 0.17 $ 0.06 $ 0.55 $ 0.17
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Earnings per common share -
assuming dilution $ 0.15 $ 0.05 $ 0.49 $ 0.15
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Great American Bancorp, Inc.
Selected Financial Data
(in thousands, except per share data)
As of As of
Dec. 31, 1997 Dec. 31, 1996*
(Unaudited)
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Total assets $ 141,976 $ 132,369
Total loans, net 111,815 91,443
Loan loss reserve 497 374
Non-performing assets 392 177
Non-performing assets to total assets 0.28% 0.13%
Allowance for loan losses to total assets 0.35% 0.28%
Investment securities 3,299 3,400
Total deposits 111,984 100,714
Checking deposits 19,482 18,601
Money market deposits 6,969 6,212
Passbook savings deposits 15,072 15,372
Certificates of deposit 70,461 60,529
Total stockholders' equity 28,294 30,462
Book value per share 18.47 18.22
* Selected financial data for December 31, 1996 is from audited financial
statements.
For the Three Months For the Twelve Months
Ended December Ended December
1997 1996 1997 1996
(Unaudited) (Unaudited)
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Net interest margin 4.47% 4.69% 4.41% 4.88%
ROA (annualized) 0.73% 0.30% 0.63% 0.24%
ROE (annualized) 3.65% 1.26% 3.02% 0.92%
<PAGE>
NEWS RELEASE
FOR IMMEDIATE RELEASE
January 16, 1998
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
ANNUAL MEETING DATE - APRIL 28, 1998
Champaign, Illinois - Great American Bancorp, Inc.(NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana has announced that
its Annual Meeting of Stockholders will be held on Tuesday, April 28, 1998 at
9:30 a.m., Central Time, at the offices of First Federal Savings Bank of
Champaign-Urbana, 1311 South Neil Street, Champaign, Illinois. The record
date for shareholders entitled to vote at the Annual Meeting is March 3, 1998.
The Company intends to distribute its proxy solicitation materials on
approximately March 27, 1998.
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.
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GTPS-pr-98-03
