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, 1998
----------------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number: 0-25808
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GREAT AMERICAN BANCORP, INC.
----------------------------
Delaware 52-1923366
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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
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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)
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
At April 30, 1998, the Registrant had 1,588,378 shares of Common Stock
outstanding, for ownership purposes, which excludes 464,372 shares held as
treasury stock.
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
Great American Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets
As of March 31, 1998 and December 31, 1997
(in thousands)
March 31, 1998 Dec. 31, 1997
(unaudited)
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ASSETS
Cash and due from banks $ 6,145 $ 5,285
Interest-bearing demand deposits 15,598 12,191
--------------------------------
Cash and cash equivalents 21,743 17,476
Investment securities
Available for sale 2,001 1,999
Held to maturity 1,200 1,300
--------------------------------
Total investment securities 3,201 3,299
Loans 112,147 112,312
Allowance for loan losses (537) (497)
--------------------------------
Net loans 111,610 111,815
Premises and equipment 7,208 7,090
Federal Home Loan Bank stock 580 580
Other assets 1,892 1,713
--------------------------------
Total assets $ 146,234 $ 141,973
================================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 7,308 $ 5,463
Interest bearing 110,210 106,521
--------------------------------
Total deposits 117,518 111,984
Other liabilities 1,909 1,695
--------------------------------
Total liabilities 119,427 113,679
--------------------------------
Commitments and Contingent Liabilities
(Continued)
Great American Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets (Continued)
As of March 31, 1998 and December 31, 1997
(in thousands)
March 31, 1998 Dec. 31, 1997
(unaudited)
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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 19,715 19,655
Retained earnings -- substantially restricted 16,253 16,167
Net unrealized gain on securities
available for sale 1 2
--------------------------------
35,990 35,845
Less:
Treasury stock, at cost -- 464,372 and
380,773 shares (7,674) (5,925)
Unallocated employee stock ownership plan
shares - 81,842 and 87,891 shares (818) (879)
Unearned incentive plan shares - 47,905 and
51,802 shares (691) (747)
--------------------------------
(9,183) (7,551)
--------------------------------
Total stockholders' equity 26,807 28,294
--------------------------------
Total liabilities and
stockholders' equity $ 146,234 $ 141,973
================================
See notes to consolidated financial statements.
Great American Bancorp, Inc. and Subsidiary
Consolidated Income Statements
For the Three Months Ended March 31, 1998 and 1997
(unaudited, in thousands except share data)
1998 1997
- ----------------------------------------------------------------------------
Interest income:
Loans $ 2,381 $ 2,062
Investment securities
Taxable 55 82
Tax exempt 2 3
Deposits with financial
institutions and other 211 288
--------------------------------
Total interest income 2,649 2,435
--------------------------------
Interest expense:
Deposits 1,205 1,052
Other 8 8
--------------------------------
Total interest expense 1,213 1,060
--------------------------------
Net interest income 1,436 1,375
Provision for loan losses 39 39
--------------------------------
Net interest income after
provision for loan losses 1,397 1,336
--------------------------------
Noninterest income:
Brokerage commissions 37 8
Insurance sales commissions 98 --
Service charges on deposit accounts 106 94
Loan servicing fees 7 9
Other customer fees 34 34
Other income 1 13
--------------------------------
Total noninterest income 283 158
--------------------------------
(Continued)
Great American Bancorp, Inc. and Subsidiary
Consolidated Income Statements (Continued)
For the Three Months Ended March 31, 1998 and 1997
(unaudited, in thousands except share data)
1998 1997
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Noninterest expense:
Salaries and employee benefits 688 615
Net occupancy expenses 126 117
Equipment expenses 81 74
Data processing fees 50 53
Deposit insurance expense 17 14
Printing and office supplies 65 78
Legal and professional fees 40 61
Directors and committee fees 26 25
Insurance expense 11 11
Marketing and advertising expenses 36 42
Other expenses 103 75
--------------------------------
Total noninterest expense 1,243 1,165
--------------------------------
Income before income tax 437 329
Income tax expense 193 138
--------------------------------
Net income $ 244 $ 191
================================
Per Share Data:
Earnings
Basic:
Net income $ 0.16 $ 0.12
================================
Average number of shares 1,490,469 1,621,988
================================
Diluted:
Net income $ 0.15 $ 0.11
================================
Average number of shares 1,592,773 1,705,502
================================
Dividends $ 0.10 $ 0.10
================================
See notes to consolidated financial statements.
Great American Bancorp, Inc. and Subsidiary
Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 1998 and 1997
(unaudited, in thousands)
1998 1997
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Operating Activities:
Net income $ 244 $ 191
Adjustments to reconcile net
income to net cash provided
by operating activities:
Provision for loan losses 39 39
Depreciation 109 111
Amortization of deferred loan fees (8) (7)
Deferred income tax (22) (34)
Investment securities accretion, net (1) (1)
Employee stock ownership plan
compensation expense 122 100
Incentive plan expense 55 52
Net change in:
Other assets (179) (97)
Other liabilities 235 209
--------------------------------
Net cash provided by
operating activities 594 563
--------------------------------
Investing Activities:
Net change in interest-bearing time deposits -- 2,000
Purchases of securities available for sale (1,000) --
Proceeds from maturities of securities
available for sale 997 --
Purchases of securities held to maturity (1,000) (2,995)
Proceeds from maturities of securities held
to maturity 1,100 100
Net change in loans 174 (5,362)
Purchase of premises and equipment (227) (42)
--------------------------------
Net cash used by
investing activities 44 (6,299)
--------------------------------
(continued)
Great American Bancorp, Inc. and Subsidiary
Consolidated Statements of Cash Flows (Continued)
For the Three Months Ended March 31, 1998 and 1997
(unaudited, in thousands)
1998 1997
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Financing Activities:
Net change in:
Noninterest-bearing demand, interest-
bearing demand and savings deposits 3,795 1,809
Certificates of deposit 1,739 4,841
Cash dividends (156) (171)
Purchase of treasury stock (1,749) (1,468)
--------------------------------
Net cash provided by
financing activities 3,629 5,011
--------------------------------
Net Change in Cash and Cash Equivalents 4,267 (725)
Cash and Cash Equivalents, Beginning
of Period 17,476 26,410
--------------------------------
Cash and Cash Equivalents, End of
Period $ 21,743 $ 25,685
================================
Additional Cash Flows Information
Interest paid $ 1,210 $ 1,067
================================
Income tax paid $ 105 $ --
================================
See notes to consolidated financial statements.
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 began trading on the NASDAQ Stock Market on June 30, 1995 under the
symbol "GTPS".
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, 1998 and
December 31, 1997, the results of operations for the three months ended March
31, 1998 and 1997, and the cash flows for the three months ended March 31,
1998 and 1997. 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. Reclassifications of certain
amounts in the 1997 financial statements have been made to conform to the 1998
presentation. The results of operations for the three months ended March 31,
1998 are not necessarily indicative of the results to be expected for the
entire fiscal year.
The Company adopted Statement of Financial Accounting Standards No. 130
"Reporting Comprehensive Income," ("SFAS No. 130") in 1998. At March 31, 1998
and March 31, 1997, the amounts to be disclosed by the Company under SFAS No.
130 are considered immaterial and are therefor not shown in the accompanying
financial statements.
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 1997
Annual Report to Shareholders.
PART I -- Item 2.
GREAT AMERICAN BANCORP, INC.
Management's Discussion and Analysis
or Plan of Operation
The Company is the holding company for the Bank. The Bank operates a wholly
owned subsidiary, Park Avenue Service Corporation ("PASC"). PASC offers full
service brokerage activities through Scout Brokerage Services, Inc., a
subsidiary of United Missouri Bank, and also engages in the sale of fixed-rate
and variable-rate tax deferred annuities. In September, 1997, PASC also
established the GTPS Insurance Agency which offers a variety of insurance
products, including life, health, automobile, and property and casualty
insurance. At the inception of GTPS Insurance Agency, PASC hired two
insurance agents to provide these services to customers. Effective March 1,
1998, GTPS Insurance Agency merged with another local insurance agency, the
Cox Lowry and Marsh Insurance Agency, and added four additional insurance
agents. The merged entity assumed the GTPS Insurance Agency name.
Financial Condition
The Company's total assets increased from $141.97 million at December 31, 1997
to $146.23 million at March 31, 1998, an increase of $4.26 million or 3.0%.
This growth was primarily in interest-bearing demand deposits, which occurred
as a result of an increase in customers' deposits. Total interest-bearing
demand deposits increased from $12.19 million at December 31, 1997 to $16.00
million at March 31, 1998, an increase of $3.81 million or 31.3%.
Total deposits increased $5.54 million, or 5.0%, from $111.98 million at
December 31, 1997 to $117.52 million at March 31, 1998. Total noninterest-
bearing demand, interest-bearing demand and savings deposits increased $3.80
million, or 9.2%, from $41.52 million at December 31, 1997 to $45.32 million
at March 31, 1998. This increase was mainly due to seasonal fluctuations.
Total certificates of deposit increased $1.74 million, or 2.5%, from $70.46
million at December 31, 1997 to $72.20 million at March 31, 1998. The growth
in certificates of deposit was primarily in certificates maturing in two years
to thirty months.
Total stockholders' equity decreased $1.48 million, or 5.2%, from $28.29
million at December 31, 1997 to $26.81 million at March 31, 1998. Book value
per outstanding voting share decreased from $16.92 at December 31, 1997 to
$16.88 at March 31, 1998. The decrease in stockholders' equity is summarized
as follows (in thousands):
Stockholders' equity, December 31, 1997 $ 28,294
Net income 244
Purchase of treasury stock (1,749)
Dividends declared (158)
Incentive plan shares allocated 55
ESOP shares allocated 122
Decrease in unrealized loss on securities
available for sale, net of income tax effect (1)
------
Stockholders' equity, March 31, 1998 $ 26,807
======
Results of Operations
Comparison of Three Month Periods Ended March 31, 1998 and 1997
Net income was $244,000 for the three months ended March 31, 1998,
compared to $191,000 for the three months ended March 31, 1997. This
represents a $53,000, or 27.8% increase. Basic earnings per share
were $0.16 for the three months ended March 31, 1998, compared to $0.12
for the three months ended March 31, 1997. Diluted earnings per
share were $0.15 in 1998, compared to $0.11 in 1997.
Net income in 1998 was higher than net income in 1997 due to increases
in net interest income and noninterest income, offset by an increase in
noninterest expense.
Net interest income was $1,436,000 for the three months ended March 31, 1998,
compared to $1,375,000 for the same period in 1997, an increase of
$61,000 or 4.4%. Interest income was $2,649,000 for the three months
ended March 31, 1998, compared to $2,435,000 for the same period in 1997,
an increase of $214,000, or 8.8%, primarily the result of higher interest
income on loans. Interest income on loans in 1998 was $2,381,000, $319,000 or
15.5%, greater than the $2,062,000 recorded in 1997.
The increase in interest income on loans was due to higher average total loans
in 1998. Average total loans for the three months ended March 31, 1998 were
$111.55 million, compared to $96.05 million for the same period in 1997, an
increase of $15.50 million or 16.1%. The average total balance of all loan
categories increased in 1998, with the majority of the increase in mortgage
loans. Total mortgage loans averaged $86.58 million for the three months
ended March 31, 1998, compared to $74.89 million for the three months ended
March 31, 1997, an increase of $11.69 million or 15.6%. This growth occurred
in both one-to four-family and multifamily residential loans and in commercial
mortgage loans.
Average total commercial loans were $11.38 million in 1998, compared to $8.54
million in 1997, an increase of $2.84 million or 33.3%. Average total
consumer loans were $11.93 million during the three months ended March 31,
1998, an increase of $1.41 million, or 13.4%, over the $10.52 million average
total balance during 1997. The increase in loans is due to strategies
management began implementing during 1996 and 1997 which were designed to
promote loan growth, including special rate promotions, employee referral
programs and the hiring of an additional commercial loan officer. The average
yield on loans was 8.66% for the three months ended March 31, 1998, compared
to 8.71% for the three months ended March 31, 1997.
Interest income on investment securities declined from $85,000 for the three
months ended March 31, 1997 to $57,000 for the same period in 1998, due to a
decrease in average total investment securities. Total investment securities
averaged $5.20 million in 1997, compared to $2.99 million in 1998, a decline
of $2.21 million or 42.5%. Interest income on deposits with financial
institutions and other decreased from $288,000 for the three months ended
March 31, 1997 to $211,000 for the three months ended March 31, 1998. The
average total balance of deposits with financial institutions and other
declined from $22.10 million for the three months ended March 31, 1997 to
$15.67 million for the three months ended March 31, 1998, a decrease of $6.43
million or 29.1%. The declines in total average investment securities and
total average deposits with financial institutions and other were due to these
funds being used to partially fund loan growth and also to fund the purchase
of treasury stock. The average yield on investment securities increased from
6.56% for the three months ended March 31, 1997 to 7.65% for the same period
in 1998. The average yield on deposits with financial institutions and other
increased from 5.23% for the three months ended March 31, 1997 to 5.40% for
the same period in 1998.
Interest expense increased by $153,000, or 14.4% from $1,060,000 for the
three months ended March 31, 1997 to $1,213,000 for the same period in
1998. The increase was mainly attributable to growth in interest-bearing
deposits during 1997 and in 1998. Average total interest-bearing deposits
increased from $99.57 million in the first three months of 1997 to $107.08
million during 1998, an increase of $7.51 million, or 7.54%. Most of this
growth occurred in certificates of deposit, mainly certificates maturing in
two years to two and one-half years. The average rates on deposits were 4.54%
and 4.27% for the three months ended March 31, 1998 and 1997, respectively.
Net interest income as a percent of average interest earning assets was
4.47% for the three months ended March 31, 1998 versus 4.50% for the
same period in 1997. The spread between the yield on interest earning
assets and the rate on interest bearing liabilities was 3.68% and 3.67%
for the three months ended March 31, 1998 and 1997, respectively.
The provision for loan losses was $39,000 for both the quarter ended March 31,
1998 and the quarter ended March 31, 1997. There were no loans charged-off
in the three months ended March 31, 1998 and recoveries totaled $1,000. Total
charge-offs in the first three months of 1997 were $5,000, with no recoveries.
Non-performing loans, which are loans past due 90 days or more and
non-accruing loans, totaled $136,000 at March 31, 1998, compared to $217,000
at March 31, 1997. Non-performing loans at March 31, 1998 consisted of four
residential mortgage loans totaling $106,000 and four consumer loans totaling
$30,000. All of these loans are past due 90 days or more with $20,000 of the
balance in non-accrual status.
The ratio of the Company's allowance for loan losses to total loans was .48%
at March 31, 1998 and .44% at March 31, 1997. Management assesses the
adequacy of the allowance for loan losses based on evaluating known and
inherent risks in the loan portfolio and upon management's continuing analysis
of the factors underlying the quality of the loan portfolio. While management
believes that, based on information currently available, the allowance for
loan losses is sufficient to cover losses inherent in its loan portfolio at
this time, no assurance can be given that the level of the allowance for loan
losses will be sufficient to cover future possible loan losses incurred by the
Company or that future adjustments to the allowance for loan losses will not
be necessary if economic and other conditions differ substantially from the
economic and other conditions used by management to determine the current
level of the allowance for loan losses. Management may in the future increase
the level of the allowance for loan losses as a percentage of total loans and
non-performing loans in the event it increases the level of commercial real
estate, multifamily, or consumer lending as a percentage of its total loan
portfolio. In addition, various regulatory agencies, as an integral part of
their examination process, periodically review the allowance for loan losses.
Such agencies may require the Company to provide additions to the allowance
based upon judgements different from management.
Noninterest income totaled $283,000 for the three months ended March 31,
1998, compared to $158,000 for the same period in 1997, an increase of
$125,000, or 79.1%. Insurance sales commissions, which totaled $98,000 in
1998 with no commissions being recorded in 1997, accounted for the majority of
the increase in noninterest income. These commissions were generated by GTPS
Insurance Agency, the division of PASC formed in September, 1997. Brokerage
commissions also increased in 1998 by a total of $29,000, from $8,000 for the
quarter ended March 31, 1997 to $37,000 for the quarter ended March 31, 1998.
Noninterest expense was $1,243,000 for the three months ended March 31,
1998, compared to $1,165,000 recorded for the three months ended March 31,
1997, an increase of $78,000, or 6.7%. The majority of this increase was in
salaries and employee benefits which increased by $73,000 or 11.9%. Salaries
and employee benefits expense was higher in 1998 due partly to additional
salaries and related benefits paid to employees hired for GTPS Insurance
Agency. Also, expenses related to stock based benefit plans were higher in
1998 due to the growth in the price of the Company's stock during 1997 and in
1998.
Total income taxes increased by $55,000, or 39.9% from $138,000 for the
three months ended March 31, 1997 to $193,000 for the same period in
1998 due to the increase in pretax net income. The effective tax rates for
the three months ended March 31, 1998 and 1997, were 44.2% and 42.0%,
respectively. The effective tax rate was lower in 1997 due to a higher level
of state tax exempt interest income from U.S. Treasury and qualified Federal
agency securities.
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 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 4%. The
Bank's liquidity ratios were 16.77% and 15.38% at March 31, 1998 and December
31, 1997, 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") increased $4,267,000 for the three months ended March 31,
1998, compared to a decrease of $725,000 for the three months ended March 31,
1997. During the three months ended March 31, 1998, cash was primarily
provided from earnings, proceeds from maturities of securities, and increases
in noninterest-bearing, interest-bearing demand and savings deposits and
certificates of deposit. During 1998, cash was primarily used to fund
security purchases, purchase treasury stock, and to pay dividends.
During the three months ended March 31, 1997, cash was primarily provided from
earnings, proceeds from matured interest-bearing time deposits and increases
in noninterest-bearing, interest-bearing demand and savings deposits and
certificates of deposit. During this period, cash was primarily used to fund
loan originations, purchase securities held to maturity, purchase treasury
stock and to pay dividends.
The Company's primary investment activities during the three months ended
March 31, 1998 was the origination of loans and the purchase of securities
held to maturity and available for sale. During the three months ended March
31, 1998 and March 31, 1997, the Company originated mortgage loans in the
amounts of $7.3 million and $15.7 million, respectively, commercial loans in
the amounts of $3.9 million and $2.3 million, respectively, and consumer loans
in the amounts of $2.2 million and $2.6 million, respectively. Approximately
$8.8 million of the total mortgage loans originated in 1997 was participated
to other financial institutions at the time of origination.
As of March 31, 1998, the Company had outstanding commitments (including
undisbursed loan proceeds) of $6.8 million. The Company 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, 1998 totaled $48.1 million. Management
believes a significant portion of such deposits will remain with the
Company.
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, 1998,
the Bank's capital percentages for tangible capital of 11.55%, core
capital of 11.55%, and risk-based capital of 20.07% significantly exceed
the regulatory requirement for each category.
Current Accounting Issues
In June 1997, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 130, which establishes standards for reporting and display of
comprehensive income and its components in a full set of general-purpose
financial statements. Comprehensive income is defined as "the change in
equity of a business enterprise during a period from transactions and other
events and circumstances from nonowner sources. It includes all changes in
equity during a period except those resulting from investments by owners and
distributions to owners." The comprehensive income and related cumulative
equity impact of comprehensive income items are required to be disclosed
prominently as part of the notes to the financial statements. Only the impact
of unrealized gains or losses on securities available for sale would be
disclosed as an additional component of the Company's income under the
requirements of SFAS No.130. The statement is effective for fiscal years
beginning after December 31, 1997. The Company adopted SFAS No. 130 in 1998.
At March 31, 1998 and March 31, 1997, the amounts to be disclosed by the
Company under SFAS No. 130 are considered immaterial and are therefor not
shown in the accompanying financial statements.
YEAR 2000 Compliance
The Company has recently contracted with a software company to provide the
Company with software to process the majority of the Company's financial
transactions in-house and is scheduled to convert to this software in October,
1998. The new software provider has pledged in its contract with the Company
that its software is already year 2000 compliant, meaning that the date fields
in its software are already capable of handling the change to the year 2000.
The Company will perform year 2000 testing on the new software once
installation is complete. The Company has also completed identification of
other computer applications that may be affected by the year 2000 date change.
All vendors and service providers have been contacted, and the majority of
these vendors have assured the Company that their software is or will be year
2000 compliant by the end of 1998. The Company is also in the process of
developing a contingency plan in the event computer applications fail to
handle the year 2000 date change properly. The Company does not expect that
the cost of its year 2000 compliance program will be material to its financial
condition or results of operations and believes that it will be able to
satisfy such compliance program by the end of the first quarter of 1999
without any material disruption to its operations.
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
None
Item 5. Other Information
Not Applicable
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)
27.0 Financial Data Schedule
b. Report on Form 8-K
1. On January 16, 1998, the Registrant filed a Current
Report on Form 8-K reporting information under Items
5 and 7, incorporating by reference press releases
dated January 13, 1998, January 14, 1998 and January
16, 1998 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.
_______________
* 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 14, 1998 /s/ George R. Rouse
----------------------- ----------------------------
George R. Rouse
President and
Chief Executive Officer
Dated: May 14, 1998 /s/ Jane F. Adams
-------------------------- ----------------------------
Jane F. Adams
Chief Financial Officer,
Secretary and Treasurer
Exhibit 11.0
Earnings per share (unaudited)
Earnings per share (EPS) were computed as follows
(dollar amounts in thousands except share data):
Three Months Ended
March 31, 1998
-------------------------------
Weighted
Average Per-Share
Income Shares Amount
-------------------------------
Basic Earnings Per Share
Income available to common stockholders $ 244 1,490,469 $ 0.16
Effect of Dilutive Securities
Stock options 57,581
Unearned incentive plan shares 44,723
-------------------------------
Diluted Earnings Per Share
Income available to common stockholders
and assumed conversion $ 244 1,592,773 $ 0.15
===============================
Three Months Ended
March 31, 1997
-------------------------------
Weighted
Average Per-Share
Income Shares Amount
-------------------------------
Basic Earnings Per Share
Income available to common stockholders $ 191 1,621,988 $ 0.12
Effect of Dilutive Securities
Stock options 19,915
Unearned incentive plan shares 63,599
-------------------------------
Diluted Earnings Per Share
Income available to common stockholders
and assumed conversion $ 191 1,705,502 $ 0.11
===============================
<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-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 6,145
<INT-BEARING-DEPOSITS> 15,598
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 2,001
<INVESTMENTS-CARRYING> 1,200
<INVESTMENTS-MARKET> 1,200
<LOANS> 112,147
<ALLOWANCE> 537
<TOTAL-ASSETS> 146,234
<DEPOSITS> 117,518
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,909
<LONG-TERM> 0
0
0
<COMMON> 21
<OTHER-SE> 26,786
<TOTAL-LIABILITIES-AND-EQUITY> 146,234
<INTEREST-LOAN> 2,381
<INTEREST-INVEST> 57
<INTEREST-OTHER> 211
<INTEREST-TOTAL> 2,649
<INTEREST-DEPOSIT> 1,205
<INTEREST-EXPENSE> 1,213
<INTEREST-INCOME-NET> 1,436
<LOAN-LOSSES> 39
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,243
<INCOME-PRETAX> 437
<INCOME-PRE-EXTRAORDINARY> 437
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 244
<EPS-PRIMARY> 0.16
<EPS-DILUTED> 0.15
<YIELD-ACTUAL> 4.47
<LOANS-NON> 20
<LOANS-PAST> 116
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 571
<ALLOWANCE-OPEN> 497
<CHARGE-OFFS> 0
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 537
<ALLOWANCE-DOMESTIC> 537
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
